%'-1
QIXVMG
7TIGMJMGEXMSRJSV8SPIVERGIWJSV
'SRGVIXI'SRWXVYGXMSRERH1EXIVMEPW
%'-1 ERH'SQQIRXEV]
%R%'-7XERHEVH
6ITSVXIHF]%'-'SQQMXXII
*MVWXTVMRXMRK
.YP]
%QIVMGER'SRGVIXI-RWXMXYXI’
%HZERGMRKGSRGVIXIORS[PIHKI
7TIGMJMGEXMSRJSV8SPIVERGIWJSV'SRGVIXI'SRWXVYGXMSRERH1EXIVMEPW
ERH'SQQIRXEV]
'ST]VMKLX F] XLI %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW 1- %PP VMKLXW VIWIVZIH 8LMW QEXIVMEP
QE]RSXFIVITVSHYGIHSVGSTMIHMR[LSPISVTEVXMRER]TVMRXIHQIGLERMGEPIPIGXVSRMGJMPQSVSXLIV
HMWXVMFYXMSRERHWXSVEKIQIHME[MXLSYXXLI[VMXXIRGSRWIRXSJ%'-
8LIXIGLRMGEPGSQQMXXIIWVIWTSRWMFPIJSV%'-GSQQMXXIIVITSVXWERHWXERHEVHWWXVMZIXSEZSMHEQFMKYMXMIW
SQMWWMSRWERHIVVSVWMRXLIWIHSGYQIRXW-RWTMXISJXLIWIIJJSVXWXLIYWIVWSJ%'-HSGYQIRXWSGGEWMSREPP]
JMRH MRJSVQEXMSR SV VIUYMVIQIRXW XLEX QE] FI WYFNIGX XS QSVI XLER SRI MRXIVTVIXEXMSR SV QE] FI
MRGSQTPIXI SV MRGSVVIGX 9WIVW [LS LEZI WYKKIWXMSRW JSV XLI MQTVSZIQIRX SJ %'- HSGYQIRXW EVI
VIUYIWXIH XS GSRXEGX %'- 4VSTIV YWI SJ XLMW HSGYQIRX MRGPYHIW TIVMSHMGEPP] GLIGOMRK JSV IVVEXE EX
[[[GSRGVIXISVKGSQQMXXIIWIVVEXEEWTJSVXLIQSWXYTXSHEXIVIZMWMSRW
%'-GSQQMXXIIHSGYQIRXWEVIMRXIRHIHJSVXLIYWISJMRHMZMHYEPW[LSEVIGSQTIXIRXXSIZEPYEXIXLI
WMKRMJMGERGIERHPMQMXEXMSRWSJMXWGSRXIRXERHVIGSQQIRHEXMSRWERH[LS[MPPEGGITXVIWTSRWMFMPMX]JSVXLI
ETTPMGEXMSRSJXLIQEXIVMEPMXGSRXEMRW-RHMZMHYEPW[LSYWIXLMWTYFPMGEXMSRMRER][E]EWWYQIEPPVMWOERH
EGGITXXSXEPVIWTSRWMFMPMX]JSVXLIETTPMGEXMSRERHYWISJXLMWMRJSVQEXMSR
%PPMRJSVQEXMSRMRXLMWTYFPMGEXMSRMWTVSZMHIHwEWMWx[MXLSYX[EVVERX]SJER]OMRHIMXLIVI\TVIWWSVMQTPMIH
MRGPYHMRKFYXRSXPMQMXIHXSXLIMQTPMIH[EVVERXMIWSJQIVGLERXEFMPMX]JMXRIWWJSVETEVXMGYPEVTYVTSWISV
RSRMRJVMRKIQIRX
%'-ERHMXWQIQFIVWHMWGPEMQPMEFMPMX]JSVHEQEKIWSJER]OMRHMRGPYHMRKER]WTIGMEPMRHMVIGXMRGMHIRXEP
SV GSRWIUYIRXMEP HEQEKIW MRGPYHMRK [MXLSYX PMQMXEXMSR PSWX VIZIRYIW SV PSWX TVSJMXW [LMGL QE] VIWYPX
JVSQXLIYWISJXLMWTYFPMGEXMSR
-XMWXLIVIWTSRWMFMPMX]SJXLIYWIVSJXLMWHSGYQIRXXSIWXEFPMWLLIEPXLERHWEJIX]TVEGXMGIWETTVSTVMEXIXS
XLIWTIGMJMGGMVGYQWXERGIWMRZSPZIH[MXLMXWYWI%'-HSIWRSXQEOIER]VITVIWIRXEXMSRW[MXLVIKEVHXS
LIEPXLERHWEJIX]MWWYIWERHXLIYWISJXLMWHSGYQIRX8LIYWIVQYWXHIXIVQMRIXLIETTPMGEFMPMX]SJEPP
VIKYPEXSV]PMQMXEXMSRWFIJSVIETTP]MRKXLIHSGYQIRXERHQYWXGSQTP][MXLEPPETTPMGEFPIPE[WERHVIKYPEXMSRW
MRGPYHMRKFYXRSXPMQMXIHXS9RMXIH7XEXIW3GGYTEXMSREP7EJIX]ERH,IEPXL%HQMRMWXVEXMSR 37,% LIEPXL
ERHWEJIX]WXERHEVHW
3VHIVMRJSVQEXMSR%'-HSGYQIRXWEVIEZEMPEFPIMRTVMRXF]HS[RPSEHSR'(631XLVSYKLIPIGXVSRMG
WYFWGVMTXMSRSVVITVMRXERHQE]FISFXEMRIHF]GSRXEGXMRK%'-
1SWX%'-WXERHEVHWERHGSQQMXXIIVITSVXWEVIKEXLIVIHXSKIXLIVMRXLIERRYEPP]VIZMWIH%'-1ERYEPSJ
'SRGVIXI4VEGXMGI 1'4 %QIVMGER'SRGVIXI-RWXMXYXI
'SYRXV]'PYF(VMZI
*EVQMRKXSR,MPPW1-
97%
4LSRI
*E\
[[[GSRGVIXISVK
-7&2
%'-1
7TIGMJMGEXMSRJSV8SPIVERGIWJSV'SRGVIXI
'SRWXVYGXMSRERH1EXIVMEPW %'-1
ERH'SQQIRXEV]
%R%'-7XERHEVH
6ITSVXIHF]%'-'SQQMXXII
)PHSR+8MTTMRK
'LEMV
7GSXX1%RHIVWSR
/EVP.&EOOI
(EZMH/&EPPEWX
&V]ER1&MVH[IPP
+VIKSV]4&MVPI]
8LSQEW.(S[RW
6SR)PHVMHKI
7GSXX1MGLEIP%RHIVWSR
7IGVIXEV]
%PPIR*EGI
6SFIVX%,EPZSVWSR
1EVO+.SWXIR
6MGLEVH0/RS\
.IJJ00E6YI
1MGLEIP;0II
1MGLEIP00IQMRK
(SREPH11EVOW
6SWW71EVXMR
7XIZIR;1G'VEV]
%VXLYV;1G/MRRI]
'SPMR81MPFIVK
;MPPMEQ62EWL
&SF04E]RI
(EZMH24IXIVWSR
;MPPMEQ74LIPER
&(YOI4SMRXIV
4IXIV.6YXXYVE
1MGLEIP.7GLRIMHIV
&VYGI%7YTVIRERX
1MGLEIP%;IWX
7TIGMJMGEXMSRW]RSTWMW8LMWWTIGMJMGEXMSRTVSZMHIWWXERHEVHXSPIVERGIWJSVGSRGVIXIGSRWXVYGXMSRERHQEXIVMEPW8LMWHSGYQIRXMWMRXIRHIHXSFIYWIH
F]WTIGMJMGEXMSR[VMXIVWERH%'-GSQQMXXIIW[VMXMRKWXERHEVHWEWXLIVIJIVIRGIHSGYQIRXJSVIWXEFPMWLMRKXSPIVERGIWJSVGSRGVIXIGSRWXVYGXMSR
ERHQEXIVMEPW
'SQQIRXEV]W]RSTWMW8LMWVITSVXMWEGSQQIRXEV]SRXLIw7TIGMJMGEXMSRWJSV8SPIVERGIWJSV'SRGVIXI'SRWXVYGXMSRERH1EXIVMEPW %'-1 x-XMWMRXIRHIHXSFI
YWIH[MXL%'-1JSVGPEVMX]SJMRXIVTVIXEXMSRERHMRWMKLXMRXSXLIMRXIRXSJXLIGSQQMXXIIVIKEVHMRKXLIETTPMGEXMSRSJXLIXSPIVERGIWWIXJSVXLXLIVIMR
/I][SVHWEVGLMXIGXYVEPGSRGVIXIGSRGVIXIGSRWXVYGXMSRHVMPPIHTMIVWJSVQ[SVOJSYRHEXMSRQEWWGSRGVIXITMIVTVIGEWXGSRGVIXITVIWXVIWWIHGSRGVIXI
VIMRJSVGIHGSRGVIXIVIMRJSVGIQIRXWTIGMJMGEXMSRWTPMGIXMPXYTGSRGVIXIXSPIVERGIW
%'-'SQQMXXII6ITSVXW+YMHIW1ERYEPWERH'SQQIRXEVMIW
EVIMRXIRHIH JSV KYMHERGI MR TPERRMRK HIWMKRMRKI\IGYXMRK
ERHMRWTIGXMRKGSRWXVYGXMSR8LMWHSGYQIRXMWMRXIRHIHJSVXLI
YWI SJ MRHMZMHYEPW [LS EVI GSQTIXIRX XS IZEPYEXI XLI
WMKRMJMGERGIERHPMQMXEXMSRWSJMXWGSRXIRXERHVIGSQQIRHEXMSRW
ERH[LS [MPPEGGITXVIWTSRWMFMPMX]JSV XLIETTPMGEXMSR SJXLI
QEXIVMEPMXGSRXEMRW8LI%QIVMGER'SRGVIXI-RWXMXYXIHMWGPEMQW
ER]ERHEPPVIWTSRWMFMPMX]JSVXLIWXEXIHTVMRGMTPIW8LI-RWXMXYXI
WLEPPRSXFIPMEFPIJSVER]PSWWSVHEQEKIEVMWMRKXLIVIJVSQ
6IJIVIRGI XS XLMW HSGYQIRX WLEPP RSX FI QEHI MR GSRXVEGX
HSGYQIRXW-JMXIQWJSYRHMRXLMWHSGYQIRXEVIHIWMVIHF]XLI
%VGLMXIGX)RKMRIIVXSFIETEVXSJXLIGSRXVEGXHSGYQIRXWXLI]
WLEPPFIVIWXEXIHMRQERHEXSV]PERKYEKIJSVMRGSVTSVEXMSRF]
XLI%VGLMXIGX)RKMRIIV
%'-17TIGMJMGEXMSRERH'SQQIRXEV]EVITVIWIRXIHMREWMHI
F]WMHI GSPYQRJSVQEX[MXLGSHIXI\XTPEGIHMRXLIPIJXGSPYQR
ERH XLI GSVVIWTSRHMRK GSQQIRXEV] XI\X EPMKRIH MR XLI VMKLX
GSPYQR8SHMWXMRKYMWLXLIWTIGMJMGEXMSRJVSQXLIGSQQIRXEV]XLI
WTIGMJMGEXMSRLEWFIIRTVMRXIHMR,IPZIXMGE[LMGLMWXLIX]TIJEGI
JSVXLMWTEVEKVETL
8LI'SQQIRXEV]MWTVMRXIHMR8MQIW6SQER[LMGLMWXLIX]TIJEGIJSV
XLMWTEVEKVETL'SQQIRXEV]WIGXMSRRYQFIVWEVITVIGIHIHF]XLIPIXXIV
w6x XS HMWXMRKYMWL XLIQ JVSQ WTIGMJMGEXMSR WIGXMSR RYQFIVW 8LI
GSQQIRXEV]MWRSXETEVXSJ%'-7TIGMJMGEXMSR1
%'-1WYTIVWIHIW%'-ERH[EWEHSTXIH1EVGLERHTYFPMWLIH
.YP]
'ST]VMKLX%QIVMGER'SRGVIXI-RWXMXYXI
%PPVMKLXWVIWIVZIHMRGPYHMRKVMKLXWSJVITVSHYGXMSRERHYWIMRER]JSVQSVF]ER]
QIERW MRGPYHMRK XLI QEOMRK SJ GSTMIW F] ER] TLSXS TVSGIWW SV F] IPIGXVSRMG SV
QIGLERMGEPHIZMGITVMRXIH[VMXXIRSVSVEPSVVIGSVHMRKJSVWSYRHSVZMWYEPVITVSHYGXMSR
SVJSVYWIMRER]ORS[PIHKISVVIXVMIZEPW]WXIQSVHIZMGIYRPIWWTIVQMWWMSRMR[VMXMRK
MWSFXEMRIHJVSQXLIGST]VMKLXTVSTVMIXSVW
1
1
%'-78%2(%6('311)28%6=
'328)287
-RXVSHYGXMSRT1
7IGXMSR{+IRIVEPVIUYMVIQIRXWT1
{7GSTI
{6IUYMVIQIRXW
{(IJMRMXMSRW
{6IJIVIRGIHWXERHEVHW
7IGXMSR{1EXIVMEPWT1
{6IMRJSVGMRKWXIIPJEFVMGEXMSRERHEWWIQFP]
{6IMRJSVGIQIRXPSGEXMSR
{4PEGIQIRXSJIQFIHHIHMXIQWI\GPYHMRKHS[IPWMR
WPEFWSRKVSYRH
{'SRGVIXIFEXGLMRK
{'SRGVIXITVSTIVXMIW
7IGXMSR{*SYRHEXMSRWT1
{(IZMEXMSRJVSQTPYQF
{(IZMEXMSRJVSQPSGEXMSR
{(IZMEXMSRJVSQIPIZEXMSR
{(IZMEXMSRJVSQTPERI
{(IZMEXMSR JVSQ GVSWWWIGXMSREP HMQIRWMSRW SJ
JSYRHEXMSRW
7IGXMSR{'EWXMRTPEGIGSRGVIXIJSVFYMPHMRKW
T1
{(IZMEXMSRJVSQTPYQF
{(IZMEXMSRJVSQPSGEXMSR
{2SXYWIH
{(IZMEXMSRJVSQIPIZEXMSR
{(IZMEXMSRJVSQGVSWWWIGXMSREPHMQIRWMSRW
{(IZMEXMSRJVSQJSVQIHSTIRMRK[MHXLSVLIMKLX
{(IZMEXMSRJVSQVIPEXMZIIPIZEXMSRWSV[MHXLWJSVWXEMVW
{(IZMEXMSRJVSQWPSTISVTPERI
{7E[GYXHITXLMRWPEFSRKVSYRH
{,SVM^SRXEPHIZMEXMSR
{:IVXMGEPHIZMEXMSR
{'VSWWWIGXMSREPHMQIRWMSR
{(IZMEXMSRJVSQTPERI
7IGXMSR{'EREPPMRMRKT1
{,SVM^SRXEPHIZMEXMSR
{:IVXMGEPHIZMEXMSR
{'VSWWWIGXMSREPHMQIRWMSRW
7IGXMSR{1SRSPMXLMG[EXIVGSRZI]MRKXYRRIPW
WMTLSRWGSRHYMXWERHWTMPP[E]WT1
{,SVM^SRXEPHIZMEXMSR
{:IVXMGEPHIZMEXMSR
{'VSWWWIGXMSREPHMQIRWMSRW
{(IZMEXMSRJVSQTPERI
7IGXMSR{'EWXMRTPEGIFVMHKIWT1
{(IZMEXMSRJVSQTPYQF
{,SVM^SRXEPHIZMEXMSR
{:IVXMGEPHIZMEXMSR
{0IRKXL[MHXLSVHITXLSJWTIGMJMIHIPIQIRXW
{(IZMEXMSRJVSQTPERI
{(IGOVIMRJSVGIQIRXGSZIV
{&IEVMRKTEHW
7IGXMSR{)\XIVMSVTEZIQIRXWERHWMHI[EPOW
T1
{,SVM^SRXEPHIZMEXMSR
{:IVXMGEPHIZMEXMSRSJWYVJEGI
7IGXMSR{'LMQRI]WERHGSSPMRKXS[IVW
T1
{(IZMEXMSRJVSQTPYQF
{3YXWMHIWLIPPHMEQIXIV
{;EPPXLMGORIWW
7IGXMSR{'EWXMRTPEGIGSRGVIXIEXMRXIVJEGI[MXL
TVIGEWXGSRGVIXI I\GITXXMPXYTGSRGVIXI T1
{(IZMEXMSRJVSQIPIZEXMSR{GEWXMRTPEGIGSRGVIXI
{(IZMEXMSRJVSQPSGEXMSR{GEWXMRTPEGIGSRGVIXI
{(IZMEXMSRJVSQHMQIRWMSR{GEWXMRTPEGIGSRGVIXI
{(IZMEXMSR JVSQ TPERI EX FIEVMRK WYVJEGI{GEWXMR
TPEGI GSRGVIXI QIEWYVIH SZIV PIRKXL SV [MHXL SJ
FIEVMRKWYVJEGI
7IGXMSR{'EWXMRTPEGIRSRVIMRJSVGIHTMTI
T1
{;EPPXLMGORIWW
{4MTIHMEQIXIV
{3JJWIXW
{7YVJEGIMRHIRXEXMSRW
{+VEHIERHEPMKRQIRX
{'SRGVIXIWPYQT
7IGXMSR{1EWSRV]T1
8LMWWIGXMSRLEWFIIRVIQSZIH
7IGXMSR{8MPXYTGSRGVIXIT1
{4ERIPJSVQMRK
{(IZMEXMSRJVSQTPYQF
{(IZMEXMSRJVSQIPIZEXMSR
{(IZMEXMSRJVSQPSGEXMSR
{(IZMEXMSRJVSQWPSTISVTPERI
{(IZMEXMSRJVSQVIPEXMZI[MHXLW
7IGXMSR{'EWXMRTPEGIZIVXMGEPP]WPMTJSVQIH
FYMPHMRKIPIQIRXWT1
{(IZMEXMSRJVSQTPYQFJSVFYMPHMRKWERHGSVIW
{,SVM^SRXEPHIZMEXMSR
{'VSWWWIGXMSREPHMQIRWMSRW
{3TIRMRKWXLVSYKLIPIQIRXW
{)QFIHHIHTPEXIW
{(IZMEXMSR JVSQ TPYQF JSV WPMTJSVQIH ERH NYQT
JSVQIHWMPSW
7IGXMSR{1EWWGSRGVIXIT1
{(IZMEXMSRJVSQTPYQF
2SXIWXS7TIGMJMIVT1
+IRIVEPRSXIW
*SVI[SVHXSGLIGOPMWXWT1
1ERHEXSV]6IUYMVIQIRXW'LIGOPMWXT1
3TXMSREP6IUYMVIQIRXW'LIGOPMWXT1
830)6%2')7*36'32'6)8)'327869'8-32
1
-2863(9'8-32
74)'-*-'%8-32
'311)28%6=
8LMWGSQQIRXEV]TIVXEMRWXSw7TIGMJMGEXMSRWJSV8SPIVERGIW
JSV 'SRGVIXI 'SRWXVYGXMSR ERH 1EXIVMEPW %'- 1 x
8LITYVTSWISJXLIGSQQIRXEV]MWXSTVSZMHIERMPPYWXVEXMZI
ERH REVVEXMZI GSQTPIQIRX XS XLI WTIGMJMGEXMSR MX MW RSX E
TEVXSJXLIWTIGMJMGEXMSR
2S WXVYGXYVI MW I\EGXP] PIZIP TPYQF WXVEMKLX ERH XVYI
8SPIVERGIWEVIEQIERWXSIWXEFPMWLTIVQMWWMFPIZEVMEXMSRMR
HMQIRWMSR ERH PSGEXMSR KMZMRK FSXL XLI HIWMKRIV ERH XLI
GSRXVEGXSVPMQMXW[MXLMR[LMGLXLI[SVOMWXSFITIVJSVQIH
8LI] EVI XLI QIERW F] [LMGL XLI HIWMKRIV GSRZI]W XS XLI
GSRXVEGXSV XLI TIVJSVQERGI I\TIGXEXMSRW YTSR [LMGL XLI
HIWMKRMWFEWIHSVXLEXXLITVSNIGXVIUYMVIW7YGLWTIGMJMIH
XSPIVERGIW WLSYPH VIJPIGX HIWMKR EWWYQTXMSRW ERH TVSNIGX
RIIHWFIMRKRIMXLIVSZIVP]VIWXVMGXMZIRSVPIRMIRX
2IGIWWMX] VEXLIV XLER HIWMVEFMPMX] WLSYPH FI XLI FEWMW SJ
WIPIGXMRKXSPIVERGIW
%W XLI XMXPI w7TIGMJMGEXMSRW JSV 8SPIVERGIW JSV 'SRGVIXI
'SRWXVYGXMSR ERH 1EXIVMEPW %'- 1 x MQTPMIW XLI
XSPIVERGIWKMZIREVIWXERHEVHSVYWYEPXSPIVERGIWXLEXETTP]
XSZEVMSYWX]TIWERHYWIWSJGSRGVIXIGSRWXVYGXMSR8LI]EVI
FEWIHSRRSVQEPRIIHWERHGSQQSRGSRWXVYGXMSRXIGLRMUYIW
ERH TVEGXMGIW 7TIGMJMIH XSPIVERGIW EX ZEVMERGI [MXL XLI
WXERHEVH ZEPYIW GER GEYWI FSXL MRGVIEWIW ERH HIGVIEWIW MR
XLIGSWXSJGSRWXVYGXMSR
)GSRSQMGJIEWMFMPMX]{8LIWTIGMJMIHHIKVIISJEGGYVEG]LEW
EHMVIGXMQTEGXSRXLIGSWXSJTVSHYGXMSRERHXLIGSRWXVYGXMSR
QIXLSH -R KIRIVEP XLI LMKLIV HIKVII SJ GSRWXVYGXMSR
EGGYVEG]VIUYMVIHXLILMKLIVXLIGSRWXVYGXMSRGSWXERHXLI
PS[IV XLI HIKVII SJ GSRWXVYGXMSR EGGYVEG] XLI LMKLIV XLI
GSWXSJVIUYMVIHVITEMVW
6IPEXMSRWLMT SJ EPP GSQTSRIRXW{8LI VIUYMVIH HIKVII SJ
EGGYVEG]SJMRHMZMHYEPTEVXWGERFIMRJPYIRGIHF]EHNEGIRX
YRMXW ERH QEXIVMEPW NSMRX ERH GSRRIGXMSR HIXEMPW ERH XLI
TSWWMFMPMX] SJ XLI EGGYQYPEXMSR SJ XSPIVERGIW MR GVMXMGEP
HMQIRWMSRW
'SRWXVYGXMSR XIGLRMUYIW{8LI JIEWMFMPMX] SJ E XSPIVERGI
HITIRHW SREZEMPEFPI GVEJXWQERWLMT XIGLRSPSK]QEXIVMEPW
ERHTVSNIGXQEREKIQIRX
'SQTEXMFMPMX]{(IWMKRIVW EVI GEYXMSRIH XS YWI JMRMWL ERH
EVGLMXIGXYVEP HIXEMPW XLEX EVI GSQTEXMFPI [MXL XLI X]TI ERH
ERXMGMTEXIHQIXLSHSJGSRWXVYGXMSR8LIJMRMWLERHEVGLM
XIGXYVEPHIXEMPWYWIH WLSYPHFIGSQTEXMFPI[MXL EGLMIZEFPI
GSRGVIXIXSPIVERGIW
1
%'-78%2(%6('311)28%6=
74)'-*-'%8-32
'311)28%6=
'SRXVEGXHSGYQIRXVIJIVIRGIW
%'- WTIGMJMGEXMSR HSGYQIRXW{8LI JSPPS[MRK %QIVMGER
'SRGVIXI -RWXMXYXI WXERHEVHW TVSZMHI QERHEXSV] XSPIVERGI
VIUYMVIQIRXWJSVGSRGVIXIGSRWXVYGXMSRERHGERFIVIJIVIRGIH
MR'SRXVEGX(SGYQIRXW
1
7TIGMJMGEXMSR JSV 8SPIVERGIW JSV 'SRGVIXI
'SRWXVYGXMSRERH1EXIVMEPWERH'SQQIRXEV]
-8+1
7TIGMJMGEXMSR JSV 8SPIVERGIW JSV 4VIGEWX
'SRGVIXI
1
7TIGMJMGEXMSRWJSV7XVYGXYVEP'SRGVIXI
7XERHEVH 7TIGMJMGEXMSR JSV 'EWXMR4PEGI
%VGLMXIGXYVEP'SRGVIXI
7TIGMJMGEXMSRJSVXLI'SRWXVYGXMSRSJ(VMPPIH
4MIVW
%7')
817
7TIGMJMGEXMSR JSV 1EWSRV] 7XVYGXYVIW ERH
'SQQIRXEV]
%'- MRJSVQEXMZI HSGYQIRXW{8LI HSGYQIRXW SJ XLI
JSPPS[MRK %QIVMGER 'SRGVIXI -RWXMXYXI GSQQMXXIIW GSZIV
TVEGXMGI TVSGIHYVIW ERH WXEXISJXLIEVX KYMHERGI JSV XLI
GEXIKSVMIWSJGSRWXVYGXMSREWPMWXIH
+IRIVEPFYMPHMRK %'-
7TIGMEPWXVYGXYVIW%'-
1EXIVMEPW 3XLIV 830)6%2')7*36'32'6)8)'327869'8-32
1
7)'8-32{+)2)6%06)59-6)1)287
74)'-*-'%8-32
{7GSTI
'311)28%6=
6{7GSTI
8LMW WTIGMJMGEXMSR HIWMKREXIW WXERHEVH XSPIVERGIW
JSVGSRGVIXIGSRWXVYGXMSR
8LIMRHMGEXIHXSPIVERGIWKSZIVRYRPIWWSXLIV[MWI
WTIGMJMIH
8SPIVERGIW MR XLMW WTIGMJMGEXMSR EVI JSV X]TMGEP GSRGVIXI
GSRWXVYGXMSRERHGSRWXVYGXMSRTVSGIHYVIWERHEVIETTPM
GEFPIXSI\TSWIHGSRGVIXIERHXSEVGLMXIGXYVEPGSRGVIXI
1EXIVMEPW XLEX MRXIVJEGI [MXL SV GSRRIGX XS GSRGVIXI
IPIQIRXWQE]LEZIXSPIVERGIVIUYMVIQIRXWXLEXEVIRSX
GSQTEXMFPI[MXLXLSWIGSRXEMRIHMRXLMWHSGYQIRX
6 7TIGMJMGEXMSR SJ QSVI VIWXVMGXMZI XSPIVERGIW JSV
WTIGMEPM^IH GSRWXVYGXMSR WYGL EW EVGLMXIGXYVEP GSRGVIXI
SJXIR VIWYPXW MR ER MRGVIEWI MR QEXIVMEP GSWX ERH XMQI SJ
GSRWXVYGXMSR
8LMW WTIGMJMGEXMSR HSIW RSX ETTP] XS WTIGMEPM^IH
WXVYGXYVIWWYGLEWRYGPIEVVIEGXSVWERHGSRXEMRQIRX
ZIWWIPW FMRW TVIWXVIWWIH GMVGYPEV WXVYGXYVIW ERH
WMRKPIJEQMP] VIWMHIRXMEP GSRWXVYGXMSR -X EPWSHSIW RSX
ETTP]XSTVIGEWXGSRGVIXISVXSWLSXGVIXI
8SPIVERGIW JSV WTIGMEPM^IH GSRGVIXI GSRWXVYGXMSR XLEX
MW SYXWMHI XLI WGSTI SJ XLMW WTIGMJMGEXMSR WLEPP FI
WTIGMJMIHMR'SRXVEGX(SGYQIRXW
% WIVMIW SJ TVIGSRWXVYGXMSR XSPIVERGI GSSVHMRE
XMSRQIIXMRKWWLEPPFIWGLIHYPIHERHLIPHTVMSVXSXLI
GSQQIRGIQIRX SJ XLI ;SVO 8LI 'SRXVEGXSV
WYFGSRXVEGXSVW QEXIVMEP WYTTPMIVW ERH SXLIV OI]
TEVXMIW WLEPP EXXIRH %PP TEVXMIW WLEPP FI KMZIR XLI
STTSVXYRMX] XS MHIRXMJ] ER] XSPIVERGI UYIWXMSRW ERH
GSRJPMGXWXLEXEVIETTPMGEFPIXSXLI[SVO[MXLQEXIVMEPW
TVIJEFVMGEXIHIPIQIRXWERH;SVOEWWIQFPIHMRWXEPPIH
MRXLIJMIPHF]XLI'SRXVEGXSV
6 4VIGSRWXVYGXMSR XSPIVERGI GSSVHMREXMSR QIIXMRKW
TVSZMHIERSTTSVXYRMX]JSVOI]TEVXMGMTERXWXSMHIRXMJ]ERHXS
VIWSPZIXSPIVERGIGSQTEXMFMPMX]MWWYIWTVMSVXSGSRWXVYGXMSR
{6IUYMVIQIRXW
6{6IUYMVIQIRXW
'SRGVIXI GSRWXVYGXMSR ERH QEXIVMEPW WLEPP
GSQTP][MXLWTIGMJMIHXSPIVERGIW
%RI\EQTPISJEWTIGMJMGETTPMGEXMSRXLEXYWIWEQYPXMTPISJ
XSPIVERGIHMXIQWXLEXXSKIXLIV]MIPHEXSPIVERGIHVIWYPXMWXLI
PSGEXMSRSJXLIJEGISJEGSRGVIXI[EPP8LI[EPPLEWEXSPIV
ERGISRPSGEXMSR 7IGXMSR QIEWYVIHEXXLIJSYRHEXMSR
SJ XLI [EPP ERH MW EPPS[IH XS HIZMEXI JVSQ XLI WTIGMJMIH
TPERI 7IGXMSRWERH 8LIETTPMGEXMSRSJXLIPSGEXMSR
XSPIVERGI 7IGXMSR GERRSX FI YWIH XS MRGVIEWI XLI
TPYQF XSPIVERGI GSRXEMRIH MR 7IGXMSR 7MQMPEVP] XLI
XSPIVERGI SR QIQFIV XLMGORIWW 7IGXMSR WLEPP RSX FI
EPPS[IHXSMRGVIEWIXLIXSPIVERGIIRZIPSTIVIWYPXMRKJVSQXLI
ETTPMGEXMSRSJ7IGXMSRW ERH -JXLIFEWISJXLI
[EPPMWMRGSVVIGXP]PSGEXIHF]XLIQE\MQYQEQSYRXEPPS[IH
F] 7IGXMSR XLIR XLI TPYQF XSPIVERGI 7IGXMSR HMGXEXIW XLEX XLI JEGI SJ XLI [EPP QSZI FEGO XS[EVH XLI
GSVVIGX PSGEXMSR ERH EX E VEXI XLEX HSIW RSX I\GIIH XLI
TVSZMWMSRWSJ7IGXMSR6IJIVXS*MK6
1
%'-78%2(%6('311)28%6=
74)'-*-'%8-32
'311)28%6=
*MK6{9WISJQYPXMTPISJXSPIVERGIHMXIQWXS]MIPHXSPIVERGIHVIWYPX
8SPIVERGIWWLEPPRSXI\XIRHXLIWXVYGXYVIFI]SRH
PIKEP FSYRHEVMIW 8SPIVERGIW EVI QIEWYVIH JVSQ XLI
TSMRXW PMRIW ERH WYVJEGIW HIJMRIH MR 'SRXVEGX (SGY
QIRXW-JETTPMGEXMSRSJXSPIVERGIWGEYWIWXLII\XIRWMSR
SJXLIWXVYGXYVIFI]SRHPIKEPFSYRHEVMIWXLIXSPIVERGI
QYWXFIVIHYGIH
6-JXLIETTPMGEXMSRSJXSPIVERGIWGEYWIWXLII\XIRWMSR
SJ XLI WXVYGXYVI FI]SRH PIKEP FSYRHEVMIW XLI %VGLMXIGX
)RKMRIIVWLSYPHFIRSXMJMIHXSMRMXMEXIGSRJPMGXVIWSPYXMSR
8SPIVERGIWEVIRSXGYQYPEXMZI8LIQSWXVIWXVMGXMZI
XSPIVERGIGSRXVSPW
6%GGYQYPEXMSRW SJ MRHMZMHYEP XSPIVERGIWSREWMRKPI
MXIQWLSYPHRSXFIYWIHXSMRGVIEWIERIWXEFPMWLIHXSPIVERGI
-RHMZMHYEPXSPIVERGIWEVIYRMUYIXSXLIMVWTIGMJMGETTPMGEXMSR
ERHWLSYPHRSXFIGSQFMRIH[MXLSXLIVXSPIVERGIWXSJSVQE
XSPIVERGI IRZIPSTI 8LI WITEVEXIP] WTIGMJMIH XSPIVERGIW
QYWXVIQEMRWITEVEXIERHRSXGYQYPEXMZI
)EGLXSPIVERGIWXERHWEPSRI[LIRIZEPYEXMRKXLIEGGITXEFMPMX]
SJGSRGVIXIGSRWXVYGXMSR6IJIVXS*MK6
4PYW XSPIVERGI MRGVIEWIW XLI EQSYRX SV
HMQIRWMSR XS [LMGL MX ETTPMIW SV VEMWIW E HIZMEXMSR
JVSQPIZIP1MRYW z XSPIVERGIHIGVIEWIWXLIEQSYRX
SVHMQIRWMSRXS[LMGLMXETTPMIWSVPS[IVWEHIZMEXMSR
JVSQPIZIP;LIVISRP]SRIWMKRIHXSPIVERGIMWWTIGM
JMIH SV z XLIVI MW RS WTIGMJMIH XSPIVERGI MR XLI
STTSWMRKHMVIGXMSR
830)6%2')7*36'32'6)8)'327869'8-32
1
74)'-*-'%8-32
'311)28%6=
-JXLIXSPIVERGIWMRXLMWHSGYQIRXEVII\GIIHIH
JSVWXVYGXYVEPGSRGVIXIVIJIVXS'SRXEGX(SGYQIRXWJSV
EGGITXERGIGVMXIVME*SVSXLIV GSRGVIXIXLI%VGLMXIGX
)RKMRIIVQE]EGGITXXLIIPIQIRXMJMXQIIXWSRISJXLI
JSPPS[MRKGVMXIVME
6*SVEGGITXERGIGVMXIVMEJSVWXVYGXYVEPGSRGVIXIVIJIV
XS%'-17IGXMSR
E )\GIIHMRK XLI XSPIVERGIW HSIW RSX EJJIGX XLI
WXVYGXYVEPMRXIKVMX] PIKEPFSYRHEVMIW SV EVGLM
XIGXYVEPVIUYMVIQIRXWSJXLIIPIQIRXSV
F 8LIIPIQIRXSVXSXEPIVIGXIHEWWIQFP]GERFI
QSHMJMIH XS QIIX EPP WXVYGXYVEP ERH EVGLMXIG
XYVEPVIUYMVIQIRXW
{(IJMRMXMSRW
6{(IJMRMXMSRW
%'- TVSZMHIW E GSQTVILIRWMZI PMWX SJ HIJMRMXMSRW
XLVSYKL ER SRPMRI VIWSYVGI w%'- 'SRGVIXI 8IVQM
RSPSK]x LXXTXIVQMRSPSK]GSRGVIXISVK (IJMRMXMSRW
TVSZMHIHLIVIGSQTPIQIRXXLEXVIWSYVGI
%VGLMXIGX)RKMRIIV{XLIEVGLMXIGXIRKMRIIVEVGLMXIG
XYVEP JMVQ SV IRKMRIIVMRK JMVQ MWWYMRK 'SRXVEGX (SGY
QIRXW SV EHQMRMWXIVMRK XLI ;SVO YRHIV 'SRXVEGX
(SGYQIRXWSVFSXL
EVVMW{XLI WLEVT I\XIVREP GSVRIV IHKI XLEX MW JSVQIH
EXXLINYRGXMSRSJX[STPERIWSVWYVJEGIW
EVVMW{VIJIVXS*MK6
FS[MRK{HIZMEXMSRSJXLIIHKISVWYVJEGISJETPEREV
IPIQIRX JVSQE PMRI TEWWMRK XLVSYKLER]X[S GSVRIVW
SJXLIIPIQIRX
FS[MRK{VIJIVXS*MK6
FYRHPIHFEVIUYMZEPIRXEVIE{XSXEPEVIESJVIMRJSVGMRK
FEVWGSRXEMRIHMRXLIFYRHPI
GSRGVIXII\TSWIH{GSRGVIXIWYVJEGIWJSVQIHWSEW
XS]MIPHEREGGITXEFPIXI\XYVIERHJMRMWLJSVTIVQERIRX
I\TSWYVIXSZMI[
'SRXVEGX (SGYQIRXW{E WIX SJ HSGYQIRXW WYTTPMIH
F]XLI3[RIVXSXLI'SRXVEGXSVXLEXWIVZIEWXLIFEWMW
JSV GSRWXVYGXMSR XLIWI HSGYQIRXW GSRXEMR GSRXVEGX
JSVQW GSRXVEGX GSRHMXMSRW WTIGMJMGEXMSRW HVE[MRKW
EHHIRHEERHGSRXVEGXGLERKIW
'SRXVEGXSV{XLITIVWSRJMVQSVIRXMX]YRHIVGSRXVEGX
JSVGSRWXVYGXMSRSJXLI;SVO
*MK6{%VVMW
*MK6{&S[MRK
1
%'-78%2(%6('311)28%6=
74)'-*-'%8-32
'311)28%6=
GSZIV{XLI PIEWX HMWXERGI FIX[IIR XLI WYVJEGI SJ
IQFIHHIH VIMRJSVGIQIRX ERH XLI WYVJEGI SJ XLI
GSRGVIXI
GSZIV{VIJIVXS*MK6
HIZMEXMSR{HITEVXYVI JVSQ ERIWXEFPMWLIH TSMRXPMRI
SV WYVJEGI QIEWYVIH RSVQEP TIVTIRHMGYPEV XS XLI
VIJIVIRGIPMRISVWYVJEGI
HIZMEXMSR{VIJIVXS*MK6
HIZMEXMSRJVSQTPERI{XLI HMWXERGIFIX[IIRETSMRX
SREVIJIVIRGITPERI ERH XLIGSVVIWTSRHMRK TSMRX SR
XLIEGXYEPTPERI
HIZMEXMSRJVSQTPERI{VIJIVXS*MK6 E ERH F *MK6{'SZIV
*MK6{(IZMEXMSR
*MK6{(IZMEXMSRJVSQTPERI
830)6%2')7*36'32'6)8)'327869'8-32
1
74)'-*-'%8-32
'311)28%6=
HIZMEXMSRLSVM^SRXEP{HITEVXYVIJVSQERIWXEFPMWLIH
TSMRXPMRISVWYVJEGIQIEWYVIHRSVQEP TIVTIRHMGYPEV
XSEZIVXMGEPPMRIXLVSYKLXLITSMRXSJMRXIVIWX
HIZMEXMSRLSVM^SRXEP{VIJIVXS*MK6 E F ERH G HIZMEXMSR ZIVXMGEP{HITEVXYVI JVSQ ER IWXEFPMWLIH
TSMRXPMRISVWYVJEGIQIEWYVIHRSVQEP TIVTIRHMGYPEV
XSELSVM^SRXEPPMRIXLVSYKLXLITSMRXSJMRXIVIWX
HIZMEXMSRZIVXMGEP{VIJIVXS*MK6 E ERH F *MK6{,SVM^SRXEPHIZMEXMSR
*MK6{:IVXMGEPHIZMEXMSR
1
%'-78%2(%6('311)28%6=
74)'-*-'%8-32
'311)28%6=
:IVXMGEPHIZMEXMSRLSVM^SRXEPHIZMEXMSRERHHIZMEXMSRJVSQ
TPYQFEVIMRHMZMHYEPP]YWIHXSIWXEFPMWLEXSPIVERGIIRZIPSTI
JSVIEGLHIZMEXMSRX]TI[MXLMR[LMGLTIVQMWWMFPIZEVMEXMSRW
GER SGGYV (IZMEXMSR JVSQ TPERI MW YWIH XS HIXIVQMRI XLI
VEXISJGLERKISJEHNEGIRXTSMRXW WPSTIXSPIVERGI SGGYVVMRK
[MXLMRXLIXSPIVERGIIRZIPSTI-RXLMWJEWLMSRXLIWPSTIERH
WQSSXLRIWWSJWYVJEGIWERHPMRIW[MXLMREXSPIVERGIIRZIPSTI
EVIGSRXVSPPIH%FVYTXGLERKIWWYGLEWSJJWIXWWE[XSSXLMRK
ERHWPSTMRKSJPMRIWERHWYVJEGIWTVSTIVP]PSGEXIH[MXLMRE
XSPIVERGI IRZIPSTI QE] FI SFNIGXMSREFPI JSV I\TSWIH
GSRGVIXI 8LI EGGITXEFPI VIPEXMZI EPMKRQIRX SJ TSMRXW SR E
WYVJEGI SV PMRI MW HIXIVQMRIH F] YWMRK E WPSTI XSPIVERGI
)JJIGXMZIYWISJEWPSTIXSPIVERGIVIUYMVIWXLEXXLIWTIGMJMG
HMWXERGI SZIV [LMGL XLI WPSTI MW XS FI QIEWYVIH MW IWXEF
PMWLIH ERH XLEX XLI QIEWYVIQIRX HIZMGI SRP] GSRXEGXW XLI
WYVJEGIEXXLMWWTIGMJMGHMWXERGI
JPEXRIWW{HIZMEXMSRSJEWYVJEGIJVSQETPERI
JPEXRIWW{VIJIVXS*MK6
JSSXMRK{E WXVYGXYVEP IPIQIRX SJ E JSYRHEXMSR XLEX
XVERWQMXWPSEHWHMVIGXP]XSXLIWSMP
JSYRHEXMSR{E W]WXIQ SJ WXVYGXYVEP IPIQIRXW XLEX
XVERWQMXPSEHWJVSQXLIWXVYGXYVIEFSZIXSXLIIEVXL
PIZIPRIWW{HIZMEXMSRSJEPMRISVWYVJEGIJVSQELSVM
^SRXEPPMRISVWYVJEGI
PIZIPRIWW{VIJIVXS*MK6
4VSNIGX (VE[MRKW{KVETLMG TVIWIRXEXMSR SJ TVSNIGX
VIUYMVIQIRXW
4VSNIGX 7TIGMJMGEXMSR{XLI [VMXXIR HSGYQIRX XLEX
HIXEMPW VIUYMVIQIRXW JSV XLI ;SVOMR EGGSVHERGI [MXL
WIVZMGITEVEQIXIVWERHSXLIVWTIGMJMGGVMXIVME
XSPIVERGI{XLI TIVQMXXIH HIZMEXMSR JVSQ E WTIGMJMIH
HMQIRWMSRPSGEXMSRSVUYERXMX]
;SVO{XLI IRXMVI GSRWXVYGXMSR SV WITEVEXIP] MHIRXMJM
EFPI TEVXW XLIVISJ VIUYMVIH XS FI JYVRMWLIH YRHIV
'SRXVEGX(SGYQIRXW
*MK6{*PEXRIWWERHPIZIPRIWW
830)6%2')7*36'32'6)8)'327869'8-32
74)'-*-'%8-32
1
'311)28%6=
{6IJIVIRGIWXERHEVHW
6{-RJSVQEXMZIVIJIVIRGIW
%781-RXIVREXMSREP
''1
7XERHEVH 7TIGMJMGEXMSR JSV 6IEH]
1M\IH'SRGVIXI
''1 7XERHEVH 8IWX 1IXLSH JSV
1IEWYVMRK 8LMGORIWW SJ 'SRGVIXI
)PIQIRXW 9WMRK (VMPPIH 'SRGVIXI
'SVIW
'
7XERHEVH 8IWX 1IXLSH JSV
1IEWYVMRK XLI 4;EZI7TIIH ERH
XLI 8LMGORIWW SJ 'SRGVIXI 4PEXIW
9WMRKXLI-QTEGX)GLS1IXLSH
(
7XERHEVH 8IWX 1IXLSH JSV (IXIV
QMRMRK 8LMGORIWW SJ &SYRH 4EZI
QIRX 0E]IVW 9WMRK 7LSVX4YPWI
6EHEV
)1 7XERHEVH 8IWX 1IXLSH JSV (IXIV
QMRMRK ** *PSSV *PEXRIWW ERH *0
*PSSV0IZIPRIWW2YQFIVW
)1 7XERHEVH 8IWX 1IXLSH JSV (IXIV
QMRMRK *PSSV 8SPIVERGIW 9WMRK
;EZMRIWW ;LIIP 4EXL ERH 0IZIP
RIWW'VMXIVME
8LI HSGYQIRXWPMWXIH FIPS[[IVIXLIPEXIWXIHMXMSRWEX XLI
XMQIXLMWHSGYQIRX[EWTVITEVIH&IGEYWIXLIWIHSGYQIRXW
EVIVIZMWIH JVIUYIRXP] XLI VIEHIV MW EHZMWIH XS GSRXEGX XLI
TVSTIVWTSRWSVMRKKVSYTMJMXMWHIWMVIHXSVIJIVXSXLIPEXIWX
ZIVWMSR
%QIVMGER'SRGVIXI-RWXMXYXI
1
7TIGMJMGEXMSRWJSV7XVYGXYVEP'SRGVIXI
6
+YMHIJSVXLI9WISJ:SPYQIXVMG1IEWYVMRKERH
'SRXMRYSYW1M\MRK'SRGVIXI)UYMTQIRX
1
&YMPHMRK 'SHI 6IUYMVIQIRXW JSV 7XVYGXYVEP
'SRGVIXIERH'SQQIRXEV]
%QIVMGER-RWXMXYXISJ7XIIP'SRWXVYGXMSR
(IWMKR+YMHI&EWI4PEXIWERH%RGLSV6SH(IWMKR
%QIVMGER7SGMIX]SJ'SRGVIXI'SRXVEGXSVW
4SWMXMSR7XEXIQIRX{%RGLSV&SPX8SPIVERGIW
%781-RXIVREXMSREP
''1 7XERHEVH7TIGMJMGEXMSRJSV'SRGVIXI1EHIF]
:SPYQIXVMG&EXGLMRKERH'SRXMRYSYW1M\MRK
'SRGVIXI6IMRJSVGMRK7XIIP-RWXMXYXI
174
1ERYEPSJ7XERHEVH4VEGXMGI
4VIGEWX4VIWXVIWWIH'SRGVIXI-RWXMXYXI
120
1ERYEP JSV 5YEPMX] 'SRXVSP JSV 4PERXW ERH
4VSHYGXMSR SJ 7XVYGXYVEP 4VIGEWX 'SRGVIXI
4VSHYGXW
120
8SPIVERGI 1ERYEP JSV 4VIGEWX ERH
4VIWXVIWWIH'SRGVIXI'SRWXVYGXMSR
2EXMSREP6IEH]1M\IH'SRGVIXI%WWSGMEXMSR
5YEPMX]'SRXVSP1ERYEP{7IGXMSR'IVXMJMGEXMSRSJ6IEH]
1M\IH'SRGVIXI4VSHYGXMSR*EGMPMXMIW 'LIGOPMWX
:SPYQIXVMG1M\IV1ERYJEGXYVIVW&YVIEY
:11&
:SPYQIXVMG 1M\IV 7XERHEVHW SJ XLI
:SPYQIXVMG1M\IV1ERYJEGXYVIVW&YVIEY
8LIWITYFPMGEXMSRWQE]FISFXEMRIHJVSQ
%QIVMGER'SRGVIXI-RWXMXYXI
'SYRXV]'PYF(VMZI
*EVQMRKXSR,MPPW1-
[[[GSRGVIXISVK
%QIVMGER-RWXMXYXISJ7XIIP'SRWXVYGXMSR
3RI)EWX;EGOIV(V7YMXI
'LMGEKS-0
[[[EMWGSVK
1
%'-78%2(%6('311)28%6=
74)'-*-'%8-32
'311)28%6=
%QIVMGER7SGMIX]SJ'SRGVIXI'SRXVEGXSVW
&VIRX[SSH&PZH
7X0SYMW13
[[[EWGGSRPMRISVK
%781-RXIVREXMSREP
&EVV,EVFSV(V
;IWX'SRWLSLSGOIR4%
[[[EWXQSVK
'SRGVIXI6IMRJSVGMRK7XIIP-RWXMXYXI
2SVXL4PYQ+VSZI6H
7GLEYQFYVK-0
[[[GVWMSVK
4VIGEWX4VIWXVIWWIH'SRGVIXI-RWXMXYXI
;%HEQW7X
'LMGEKS-0
[[[TGMSVK
2EXMSREP6IEH]1M\IH'SRGVIXI%WWSGMEXMSR
7TVMRK7XVIIX
7MPZIV7TVMRK1(
[[[RVQGESVK
:SPYQIXVMG1M\IV1ERYJEGXYVIVW&YVIEY
7TVMRK7XVIIX
7MPZIV7TVMRK1(
[[[ZQQFSVK
830)6%2')7*36'32'6)8)'327869'8-32
7)'8-32{1%8)6-%07
74)'-*-'%8-32
'311)28%6=
{6IMRJSVGMRKWXIIPJEFVMGEXMSRERH
EWWIQFP]
*SVFEVW2SXLVSYKLMRWM^IVIJIVXS*MK E *SVFEVW2SERHMRWM^IVIJIVXS*MK F *MK E {7XERHEVHJEFVMGEXMRKXSPIVERGIWJSVFEVWM^IW2SXLVSYKL *MKYVIGSYVXIW]
SJ'SRGVIXI6IMRJSVGMRK7XIIP-RWXMXYXI
1
1
%'-78%2(%6('311)28%6=
74)'-*-'%8-32
'311)28%6=
*MK E GSRX {7XERHEVHJEFVMGEXMRKXSPIVERGIWJSVFEVWM^IW2SXLVSYKL *MKYVIGSYVXIW]SJ'SRGVIXI6IMRJSVGMRK
7XIIP-RWXMXYXI
830)6%2')7*36'32'6)8)'327869'8-32
74)'-*-'%8-32
'311)28%6=
*MK F {7XERHEVHJEFVMGEXMRKXSPIVERGIWJSVFEVWM^IW2SERH *MKYVIGSYVXIW]SJ'SRGVIXI6IMRJSVGMRK7XIIP-RWXMXYXI
1
1
%'-78%2(%6('311)28%6=
74)'-*-'%8-32
*SVFEVW2SXLVSYKLMRWM^IYWIHMRIRHFIEVMRK
WTPMGIWVIJIVXS*MK G *SVEPPIRHFIEVMRKWTPMGIEWWIQFPMIWVIJIVXS*MK H *SV EPP FEV WM^IW WTIGMJMIH QMRMQYQ MRWMHI VEHMYW SJ
FIRH zQQ
*MK G {1E\MQYQ IRH HIZMEXMSR JSV FEVW 2S XLVSYKLMRWM^IYWIHMRIRHFIEVMRKWTPMGIW *MKYVI
GSYVXIW]SJ'SRGVIXI6IMRJSVGMRK7XIIP-RWXMXYXI
*MK H {1E\MQYQ EWWIQFPIH KET JSV EPP FEVW
YWIH MR IRHFIEVMRK WTPMGIW *MKYVI GSYVXIW] SJ 'SRGVIXI
6IMRJSVGMRK7XIIP-RWXMXYXI
'311)28%6=
830)6%2')7*36'32'6)8)'327869'8-32
74)'-*-'%8-32
{6IMRJSVGIQIRXPSGEXMSR
1
'311)28%6=
6{6IMRJSVGIQIRXPSGEXMSR
8LIXSPIVERGIJSV HEWWXEXIHMR%'-1MW for use in
a strength GEPGYPEXMSRERHWLSYPHRSXFIYWIHEWETPEGIQIRX
tolerance JSVGSRWXVYGXMSR
4PEGIQIRXSJRSRTVIWXVIWWIHVIMRJSVGIQIRX
;LIRQIQFIVHITXL SVXLMGORIWW MWQQSVPIWW
•QQ
;LIR QIQFIV HITXL SV XLMGORIWW MW SZIV QQ
ERHRSXSZIVQQ•QQ
;LIRQIQFIVHITXL SVXLMGORIWW MWSZIVQQ
•QQ
6 6 ERH 6 8SPIVERGIW JSV JEFVMGEXMSR
TPEGIQIRX ERH PET WTPMGIW JSV [IPHIH [MVI VIMRJSVGIQIRX
EVIRSX GSZIVIH F] %'- 1ERH MJ VIUYMVIHWLSYPH FI
WTIGMJMIH F] XLI 7TIGMJMIV &IJSVI TPEGIQIRX SJ GSRGVIXI
MRWTIGXMSRSJVIMRJSVGMRKFEVWJSVGSRJSVQERGIXSWTIGMJMIH
TPEGIQIRX XSPIVERGIW QE] MRZSPZI QIEWYVIQIRXW XS JSVQ
[SVOSVWSMP6IJIVXS*MK6 E F ERH G %REFWSPYXI
PMQMXEXMSR SR SRI WMHI SJ XLI VIMRJSVGIQIRX TPEGIQIRX MW
IWXEFPMWLIHF]XLIPMQMXSRXLIVIHYGXMSRMRGSZIV6IJIVXS
*MK6 E XS H ERH*MK6
'SRGVIXI GSZIV QIEWYVIH TIVTIRHMGYPEV XS
GSRGVIXIWYVJEGI
;LIRQIQFIVHITXL SVXLMGORIWW MWQQSVPIWW
zQQ
;LIRQIQFIVHITXL SVXLMGORIWW MWSZIVQQ
zQQ
6IHYGXMSRMRGSZIV WLEPPRSXI\GIIH XLI WTIGMJMIH
GSRGVIXIGSZIV
6IHYGXMSRMRGSZIVXSJSVQIHWSJJMXWWLEPPRSXI\GIIH
QQ
:IVXMGEPHIZMEXMSRJSVWPEFSRKVSYRHVIMRJSVGIQIRX
•QQ
*MK6{4PEGIQIRX
1
%'-78%2(%6('311)28%6=
74)'-*-'%8-32
'311)28%6=
*MK6{'SZIV
*MK6{:IVXMGEPTPEGIQIRX
830)6%2')7*36'32'6)8)'327869'8-32
1
74)'-*-'%8-32
'311)28%6=
'PIEVERGI FIX[IIR VIMRJSVGIQIRX SV FIX[IIR
VIMRJSVGIQIRXERHIQFIHQIRX
3RIUYEVXIVWTIGMJMIHHMWXERGIRSXXSI\GIIH
•QQ
6ERH68LIWTEGMRKXSPIVERGISJVIMRJSVGIQIRX
GSRWMWXWSJERIRZIPSTI[MXLEREFWSPYXIPMQMXEXMSRSRSRI
WMHISJXLIIRZIPSTIHIXIVQMRIHF]XLIPMQMXSRXLIVIHYGXMSR
MRHMWXERGIFIX[IIRVIMRJSVGIQIRX-REHHMXMSRXLIEPPS[EFPI
XSPIVERGI SR WTEGMRK WLSYPH RSX GEYWI E VIHYGXMSR MR XLI
WTIGMJMIH RYQFIV SJ VIMRJSVGMRK FEVW YWIH (IWMKRIVW EVI
GEYXMSRIH XLEX WIPIGXMRK E FIEQ [MHXL XLEX I\EGXP] QIIXW
XLIMVHIWMKRVIUYMVIQIRXWQE]RSXEPPS[JSVVIMRJSVGIQIRX
TPEGIQIRX XSPIVERGI 8LMW WSQIXMQIW LETTIRW [LIR PET
WTPMGIH FEVW XEOI YT I\XVE WTEGI ERH GERRSX EGGSQQSHEXI
XLI TPEGIQIRX XSPIVERGI ;LIVI VIMRJSVGIQIRX UYERXMXMIW
ERH EZEMPEFPI WTEGI EVI MR GSRJPMGX [MXL WTEGMRK VIUYMVI
QIRXWSJXLIWIWIGXMSRWXLI'SRXVEGXSVERHHIWMKRIVQMKLX
GSRWMHIVFYRHPMRKETSVXMSRSJXLIVIMRJSVGIQIRX&YRHPMRKSJ
FEVWVIUYMVIWETTVSZEPSJXLIHIWMKRIV6IJIVXS*MK6 E
XS I ERH6
(MWXERGIFIX[IIRVIMRJSVGIQIRXWLEPPRSXFIPIWWXLER
XLIKVIEXIVSJXLIFEVHMEQIXIVSVQQJSVYRFYRHPIH
FEVW
*SVFYRHPIHFEVWXLIHMWXERGIFIX[IIRFYRHPIWWLEPP
RSXFIPIWWXLERXLIKVIEXIVSJQQSVEFEVHMEQIXIV
HIVMZIHJVSQXLIIUYMZEPIRXXSXEPEVIESJEPPFEVWMRXLI
FYRHPI
7TEGMRK SJ RSRTVIWXVIWWIH VIMRJSVGIQIRX
QIEWYVIHEPSRKEPMRITEVEPPIPXSXLIWTIGMJMIHWTEGMRK
)\GITXEWRSXIHFIPS[•QQ
7XMVVYTWXLIPIWWIVSJ•QQSV•QQTIVQQ
SJFIEQHITXL
8MIWXLIPIWWIVSJ•QQSV•QQTIVQQSJ
PIEWXGSPYQR[MHXL
8LIXSXEPRYQFIVSJFEVWWLEPPRSX FIJI[IV XLERXLEX
WTIGMJMIH
*MK6{'PIEVHMWXERGI
1
%'-78%2(%6('311)28%6=
74)'-*-'%8-32
'311)28%6=
*MK6{6IMRJSVGIQIRXWTEGMRK
4PEGIQIRX SJ TVIWXVIWWMRK VIMRJSVGIQIRX SV
TVIWXVIWWMRKHYGXWQIEWYVIHJVSQJSVQWYVJEGI
,SVM^SRXEPHIZMEXMSR
)PIQIRXHITXL SVXLMGORIWW QQSVPIWW •QQ
)PIQIRXHITXL SVXLMGORIWW SZIVQQ •QQ
68LIZIVXMGEPHIZMEXMSRXSPIVERGIWLSYPHFIGSRWMHIVIH
MRIWXEFPMWLMRKQMRMQYQTVIWXVIWWMRKXIRHSRGSZIVWTEVXMG
YPEVP] MR ETTPMGEXMSRW I\TSWIH XS HIMGIV GLIQMGEPW SV WEPX
[EXIV IRZMVSRQIRXW [LIVI YWI SJ EHHMXMSREP GSZIV MW
VIGSQQIRHIH XS GSQTIRWEXI JSV TPEGMRK XSPIVERGIW 7PEF
FILEZMSV MW VIPEXMZIP] MRWIRWMXMZI XS LSVM^SRXEP PSGEXMSR SJ
XIRHSRW6IJIVXS*MK6 E ERH F :IVXMGEPHIZMEXMSR
)PIQIRXHITXL SVXLMGORIWW QQSVPIWW •QQ
)PIQIRXHITXL SVXLMGORIWW SZIV QQ ERH RSX
SZIVQQ •QQ
)PIQIRXHITXL SVXLMGORIWW QSVIXLERQQ
•QQ
*MK6{4VIWXVIWWMRKVIMRJSVGIQIRXTPEGIQIRX
0SRKMXYHMREPPSGEXMSRSJFIRHWMRFEVWERHIRHW
SJFEVW
%XHMWGSRXMRYSYWIRHWSJGSVFIPWERHFVEGOIXW •QQ
%XHMWGSRXMRYSYWIRHWSJSXLIVIPIQIRXW •QQ
%XSXLIVPSGEXMSRW •QQ
)QFIHHIHPIRKXLSJFEVWERHPIRKXLSJFEVPETW
2SXLVSYKLFEVWM^IW zQQ
2SERHFEVWM^IW zQQ
6ERH68LIXSPIVERGIJSVXLIPSGEXMSRSJXLIIRHW
SJVIMRJSVGMRKWXIIPMWHIXIVQMRIHF]XLIWIX[SWIGXMSRW
830)6%2')7*36'32'6)8)'327869'8-32
1
74)'-*-'%8-32
'311)28%6=
&IEVMRKTPEXIJSVTVIWXVIWWMRKXIRHSRWHIZMEXMSR
JVSQWTIGMJMIHTPERI
•QQTIVQFYXRSXPIWWXLER•QQ
6 8LI XSPIVERGI JSV GSRJSVQERGI SJ TVIWXVIWWMRK
XIRHSRFIEVMRKTPEXIWXSXLIWTIGMJMIHTPERIMWIWXEFPMWLIHF]
XLMWWIGXMSR6IJIVXS*MK6
*MK6{&IEVMRKTPEXIJSVTVIWXVIWWMRKXIRHSRW
4PEGIQIRX SJ WQSSXL VSH SV TPEXI HS[IPW MR
WPEFWSRKVSYRH
68LIXSPIVERGIJSVTPEGIQIRXSJHS[IPWMWHIXIVQMRIH
F] XLMW WIGXMSR 6IJIV XS *MK 6 6 ERH
6
'IRXIVPMRI SJ HS[IP ZIVXMGEP HIZMEXMSR
QIEWYVIHJVSQFSXXSQSJGSRGVIXIWPEFEXXLINSMRXJSV
IPIQIRXHITXLQQSVPIWW •QQ
;LIRIPIQIRXHITXLMWSZIVQQ •QQ
7TEGMRK SJ HS[IPW QIEWYVIH EPSRK EPMRI
TEVEPPIPXSXLIWTIGMJMIHWTEGMRK•QQ
8LIXSXEPRYQFIVSJHS[IPWWLEPPRSXFIJI[IVXLERXLEX
WTIGMJMIH
'IRXIVPMRI SJ HS[IP [MXL VIWTIGX XS E
LSVM^SRXEP PMRI XLEX MW TIVTIRHMGYPEV XS XLI TPERI
IWXEFPMWLIHF]XLINSMRX
,SVM^SRXEPHIZMEXMSR •QQ
*MK6{(S[IPTPEGIQIRX
:IVXMGEPHIZMEXMSR•QQ
*MK6{(S[IPWTEGMRK
*MK6{(S[IPHIZMEXMSRJVSQPMRI
1
%'-78%2(%6('311)28%6=
74)'-*-'%8-32
'311)28%6=
{4PEGIQIRXSJIQFIHHIHMXIQW
I\GPYHMRKHS[IPWMRWPEFWSRKVSYRH
6{4PEGIQIRXSJIQFIHHIHMXIQW
I\GPYHMRKHS[IPWMRWPEFWSRKVSYRH
'PIEVERGIXSRIEVIWXVIMRJSVGIQIRXWLEPPFIXLI
KVIEXIVSJXLIFEVHMEQIXIVPEVKIWXEKKVIKEXIWM^ISV
QQ
6 8LIQMRMQYQGPIEVERGIFIX[IIRVIMRJSVGIQIRXERH
IQFIHHIH MXIQW MW HIXIVQMRIH F] XLMW WIGXMSR 6IJIV XS
*MK6 E ERH F 'IRXIVPMRISJEWWIQFP]JVSQWTIGMJMIHPSGEXMSR
,SVM^SRXEPHIZMEXMSR •QQ
:IVXMGEPHIZMEXMSR •QQ
*MK6{'PIEVHMWXERGI
7YVJEGISJEWWIQFP]JVSQWYVJEGISJIPIQIRX
%WWIQFP]HMQIRWMSRQQSVWQEPPIV
•QQTIVQ
FYXRSXPIWWXLER •QQ
%WWIQFP]HMQIRWMSRKVIEXIVXLERQQ •QQ
%RGLSVFSPXWMRGSRGVIXI
8STSJERGLSVFSPXJVSQWTIGMJMIHIPIZEXMSR
:IVXMGEPHIZMEXMSR •QQ
'IRXIVPMRI SJ MRHMZMHYEP ERGLSV FSPXW JVSQ
WTIGMJMIHPSGEXMSR
,SVM^SRXEPHIZMEXMSR
JSV1ERH1FSPXW •QQ
JSV1111ERH1FSPXW •QQ
JSVPEVKIVXLER1FSPXW •QQ
6 8LIXSPIVERGIJSVXLIIPIZEXMSRSJXLIXSTSJERGLSV
FSPXWMWGSRWMWXIRX[MXLXLEXGSRXEMRIHMRXLI%QIVMGER-RWXMXYXI
SJ7XIIP'SRWXVYGXMSRvW'SHISJ7XERHEVH4VEGXMGI 174 8LI XSPIVERGI JSV XLI PSGEXMSR SJ ERGLSV FSPXW MW FEWIH SR
YWMRK SZIVWM^IH LSPIW TIV XLI %-7' (IWMKR +YMHI &EWI
4PEXIW ERH %RGLSV 6SH (IWMKR VIGSQQIRHEXMSRW SJ XLI
7XVYGXYVEP7XIIP)HYGEXMSREP'SYRGMPERHGSRGVIXIGSRXVEGXSV
ERGLSV FSPX TPEGIQIRX XIGLRMUYIW 6IJIV XS XLI %QIVMGER
7SGMIX]SJ'SRGVIXI'SRXVEGXSVvW4SWMXMSR7XEXIQIRX
830)6%2')7*36'32'6)8)'327869'8-32
74)'-*-'%8-32
1
'311)28%6=
{'SRGVIXIFEXGLMRK
6{'SRGVIXIFEXGLMRK
6IJIVXS8EFPI
6IJIVXS%781''1ERH%'-6JSVEHHMXMSREP
MRJSVQEXMSR VIKEVHMRK GSRGVIXI FEXGLMRK %781 '
'1TVSZMHIWMRJSVQEXMSRJSVGSRGVIXIQEHI[MXLQEXIVMEPW
GSRXMRYSYWP] FEXGLIH F] ZSPYQI 8LI :SPYQIXVMG 1M\IV
1ERYJEGXYVIVW&YVIEY :11& TVSZMHIWWXERHEVHM^IH
MRJSVQEXMSRGSRGIVRMRKZSPYQIXVMGQM\IVW
8EFPI{'SRGVIXIFEXGLMRKXSPIVERGIW
%781''1
1EXIVMEP
8SPIVERGI
'IQIRXMXMSYWQEXIVMEPW
SJWGEPIGETEGMX]SVKVIEXIV • SJVIUYMVIHQEWW
0IWWXLER SJWGEPIGETEGMX] zXS SJXLIVIUYMVIHQEWW
;EXIV
%HHIH[EXIVSVMGIERHJVII
• SJXLIXSXEP[EXIVGSRXIRX
[EXIVSREKKVIKEXIW
MRGPYHMRKEHHIH[EXIVMGIERH
[EXIVSREKKVIKEXIW
8SXEP[EXIVGSRXIRX QIEWYVIHF] • SJXSXEP[EXIVGSRXIRX
[IMKLXSVZSPYQI
%KKVIKEXIW
'YQYPEXMZIFEXGLMRK
3ZIV SJWGEPIGETEGMX]
• SJXLIVIUYMVIHQEWW
SJWGEPIGETEGMX]SVPIWW
• SJWGEPIGETEGMX]SV SJ
XLIVIUYMVIHQEWW[LMGLIZIVMW
PIWW
-RHMZMHYEPQEXIVMEPFEXGLMRK
%HQM\XYVIW
• SJXLIVIUYMVIHQEWW
• SJXLIVIUYMVIHEQSYRXSV
TPYWSVQMRYWXLIEQSYRXSJ
HSWEKIVIUYMVIHJSVOKSJ
GIQIRX[LMGLIZIVMWKVIEXIV
{'SRGVIXITVSTIVXMIW
6{'SRGVIXITVSTIVXMIW
7PYQT
6 ;LIVIXLIWTIGMJMGEXMSRLEWWTIGMJMIHWPYQTEW
EQE\MQYQXLI4VSNIGX7TIGMJMGEXMSRWWLSYPHTVSZMHI
JSV SRI EHHMXMSR SJ [EXIV EX XLI NSF WMXI JSV WPYQT
EHNYWXQIRX TIV %781 ''1 7IGXMSR 'SRGVIXIWPYQTWLSYPHMRGPYHIEXSPIVERGIXLEXEPPS[W
JSV FSXL TPYW SV QMRYW HIZMEXMSRW WS XLEX GSRGVIXI
WPYQTWEVI RSX YRHIVHIWMKRIH XS EZSMHVINIGXMSR 8LI
[EXIVEHHIHEXXLINSFWMXIWLSYPHFI[MXLMRXLI[EXIV
GIQIRXMXMSYW QEXIVMEP VEXMS [GQ PMQMXEXMSRW SJ XLI
WTIGMJMGEXMSRWSVETTVSZIHQM\XYVITVSTSVXMSRW
;LIVI WPYQT MW WTIGMJMIH EW wQE\MQYQx SV wRSX XS
I\GIIHx
*SVEPPZEPYIWQQ
7TIGMJMIHWPYQTQQSVPIWWzQQ
7TIGMJMIHWPYQTQSVIXLERQQ zQQ
;LIVIWPYQTMWWTIGMJMIHEWEWMRKPIZEPYI
7TIGMJMIHWPYQTQQERHPIWW •QQ
7TIGMJMIH WPYQT QSVI XLER QQ FYX RSX KVIEXIV
XLERQQ •QQ
7TIGMJMIHWPYQTQSVIXLERQQ•QQ
;LIVIWPYQTMWWTIGMJMIHEWEVERKI RSXSPIVERGI
*PS[MRK GSRGVIXI EGLMIZIH F] XLI MRGSVTSVEXMSR SJ
LMKLVERKI [EXIVVIHYGMRK EHQM\XYVIW ,6;6%W
EPWS GEPPIH WYTIVTPEWXMGM^IVW EVI VIKYPEVP] YWIH EX
WTIGMJMIHWPYQTWSJQQSVKVIEXIV-REHHMXMSRMX
MW HMJJMGYPX XS QIEWYVI LMKL WPYQTW EGGYVEXIP]
'SRWMHIVEXMSR WLSYPH FI KMZIR XS IPMQMREXMRK E
QE\MQYQWPYQT[LIRE,6;6%MWYWIHXSEGLMIZI
JPS[MRKGSRGVIXI;LIR,6;6%WEVIYWIHGSRGVIXI
WPYQT WLSYPH FI WTIGMJMIH JSV XLI GSRGVIXI QM\XYVI
TVMSVXSXLIEHHMXMSRSJXLI,6;6%
8LI WPYQT WTIGMJMIH WLSYPH EP[E]W FI IZEPYEXIH XS
HIXIVQMRI MJ MX MW WYMXEFPI JSV HIPMZIV] TPEGMRK ERH
VIMRJSVGIQIRXGPIEVERGI
1
%'-78%2(%6('311)28%6=
74)'-*-'%8-32
'311)28%6=
%MVGSRXIRX[LIVIRSVERKIMWWTIGMJMIHXLIEMV
GSRXIRXXSPIVERGIMW •
6 ;LIREREMVGSRXIRXVERKIMWWTIGMJMIHGEVIWLSYPHFI
KMZIRXSEHHVIWWEKKVIKEXIWM^IERHNSFWMXIVIUYMVIQIRXW8LI
VERKIWLSYPHFIEHIUYEXIP][MHIXSEGGSQQSHEXIXLITVIGIHMRK
830)6%2')7*36'32'6)8)'327869'8-32
7)'8-32{*392(%8-327
74)'-*-'%8-32
'311)28%6=
{(IZMEXMSRJVSQTPYQF
6{(IZMEXMSRJVSQTPYQF
2SXI )\GEZEXMSR WLEPP FI QIEWYVIH FIJSVI GSRGVIXI
TPEGIQIRX
6IJIVXS*MK66ERH6
'EXIKSV] %{*SV YRVIMRJSVGIH GSRGVIXI TMIVW
I\XIRHMRK XLVSYKL QEXIVMEPW SJJIVMRK RS SV QMRMQEP
PEXIVEP VIWXVEMRX JSV I\EQTPI [EXIV RSVQEPP] GSRWSPM
HEXIHSVKERMGWSMPWERHWSMPWXLEXQMKLXPMUYIJ]HYVMRK
ERIEVXLUYEOI {• SJWLEJXHMEQIXIV
'EXIKSV] &{*SV YRVIMRJSVGIH GSRGVIXI TMIVW
I\XIRHMRK XLVSYKL QEXIVMEPW SJJIVMRK PEXIVEP VIWXVEMRX
WSMPW SXLIV XLER XLSWI MRHMGEXIH MR 'EXIKSV] % {
• SJWLEJXPIRKXL
'EXIKSV] '{*SV VIMRJSVGIH GSRGVIXI TMIVW{
• SJWLEJXPIRKXL
*MK6{'EXIKSV]%
*MK6{'EXIKSV]&
*MK6{'EXIKSV]'
1
1
%'-78%2(%6('311)28%6=
74)'-*-'%8-32
'311)28%6=
{(IZMEXMSRJVSQPSGEXMSR
6{(IZMEXMSRJVSQPSGEXMSR
*SYRHEXMSRW YRPIWW RSXIH SXLIV[MWI MR XLMW
WIGXMSR
6 (IXIVQMRIWXLITIVQMWWMFPIPSGEXMSRSJJSYRHEXMSRW
SV TMIVW 8LI EPPS[EFPI HIZMEXMSR JSV XLI PSGEXMSR SJ
JSYRHEXMSRW SV TMIVW MW KSZIVRIH F] XLI HMQIRWMSR SJ XLI
JSYRHEXMSRW SV TMIVW [MXL ER EFWSPYXI PMQMX HITIRHMRK SR
[LIXLIV XLI JSYRHEXMSRW SV TMIVW WYTTSVX GSRGVIXI SV
QEWSRV]6IJIVXS*MK6 E ERH F ,SVM^SRXEPHIZMEXMSRSJXLIEWGEWXIHKI
;LIVIHMQIRWMSRMWQSVQSVI •QQ
;LIVIHMQIRWMSRMWPIWWXLERQ
XLIKVIEXIVSJ• SJWTIGMJMIHHMQIRWMSRSVQQ
*MK6{*SYRHEXMSRWYRPIWWSXLIV[MWIRSXIH
830)6%2')7*36'32'6)8)'327869'8-32
74)'-*-'%8-32
1
'311)28%6=
*SYRHEXMSRWWYTTSVXMRKQEWSRV]
6 *SYRHEXMSRWWYTTSVXMRKQEWSRV]
,SVM^SRXEPHIZMEXMSRSJXLIEWGEWXIHKIWLEPPFIXLI
PIWWIVSJ• SJXLIJSYRHEXMSRvW[MHXLSV•QQ
6IJIVXS*MK6 E ERH F *MK6{*SYRHEXMSRWWYTTSVXMRKQEWSRV]
8STSJHVMPPIHTMIVW
6 8STSJHVMPPIHTMIVW
,SVM^SRXEPHIZMEXMSRSJXLIEWGEWXGIRXIVWLEPPFIXLI
PIWWIVSJ SJXLIWLEJXHMEQIXIVSV•QQ
6IJIVXS*MK6
*MK6{8STSJHVMPPIHTMIVWLSVM^SRXEPHIZMEXMSR
1
%'-78%2(%6('311)28%6=
74)'-*-'%8-32
'311)28%6=
{(IZMEXMSRJVSQIPIZEXMSR
6{(IZMEXMSRJVSQIPIZEXMSR
8STWYVJEGISJJSYRHEXMSRW
:IVXMGEPHIZMEXMSR QQ
zQQ
(IXIVQMRIWXLIPSGEXMSRSJER]TSMRXSRXLIXSTWYVJEGISJE
JSSXMRKVIPEXMZIXSXLIWTIGMJMIHTPERI6IJIVXS*MK6
ERH6
8STWYVJEGISJHVMPPIHTMIVW
:IVXMGEPHIZMEXMSR QQ
zQQ
*MK6{8STWYVJEGISJJSYRHEXMSRWZIVXMGEPHIZMEXMSR
*MK6{8STWYVJEGISJHVMPPIHTMIVWZIVXMGEPHIZMEXMSR
{(IZMEXMSRJVSQTPERI
6{(IZMEXMSRJVSQTPERI
&EWISJFIPPTMIV
(IXIVQMRIW XLI EPPS[EFPI WPSTI SJ XLI FEWI SJ E FIPP TMIV
6IJIVXS*MK6
8LIPIWWIVSJ SJXLIFIPPHMEQIXIVSV•QQ
8ST WYVJEGI SJ JSSXMRKW EX MRXIVJEGI [MXL
WYTTSVXIHIPIQIRX
1E\MQYQ KET FIX[IIR XLI GSRGVIXI ERH XLI RIEV
WYVJEGISJEQWXVEMKLXIHKIQIEWYVIHFIX[IIRXLI
WYTTSVXTSMRXWWLEPPRSXI\GIIHQQ
*MK6{&EWISJFIPPTMIV
830)6%2')7*36'32'6)8)'327869'8-32
74)'-*-'%8-32
1
'311)28%6=
{(IZMEXMSRJVSQGVSWWWIGXMSREP
HMQIRWMSRWSJJSYRHEXMSRW
6{(IZMEXMSRJVSQGVSWWWIGXMSREP
HMQIRWMSRWSJJSYRHEXMSRW
*SVQIHJSYRHEXMSRW
,SVM^SRXEPHIZMEXMSR QQ
zQQ
(IXIVQMRIWXLITIVQMWWMFPIWM^ISJEJSYRHEXMSR6IJIVXS
*MK66ERH6
9RJSVQIHJSYRHEXMSRWGEWXEKEMRWXWSMP
6 -RWTIGXMSR JSV GSRJSVQERGI XS WTIGMJMIH XLMGORIWW
XSPIVERGIWQE]MRZSPZIQIEWYVIQIRXWTVMSVXSTPEGIQIRXSJ
GSRGVIXI 7TIGMJMIH XSPIVERGIW ETTP] XS XLI GSQTPIXIH
GSRGVIXIIPIQIRX
,SVM^SRXEP HIZMEXMSR JVSQ TPERHMQIRWMSR )\GEZEXMSR
WLEPP FI QIEWYVIH FIJSVI GSRGVIXI TPEGIQIRX
8SPIVERGIWLEPPETTP]EXEPPPSGEXMSRW
;LIVIHMQIRWMSRMWQQSVPIWWQQ
zQQ
;LIVIHMQIRWMSRMWQSVIXLERQQ QQ
zQQ
(IZMEXMSRJVSQJSYRHEXMSRXLMGORIWW 8 z8
*MK6{*SVQIHJSYRHEXMSRWGVSWWWIGXMSREPHMQIRWMSRW
*MK6{9RJSVQIHJSYRHEXMSRWGEWXEKEMRWXWSMP
*MK6{(IZMEXMSRJVSQJSYRHEXMSRXLMGORIWW
1
%'-78%2(%6('311)28%6=
2SXIW
830)6%2')7*36'32'6)8)'327869'8-32
1
7)'8-32{'%78-240%')'32'6)8)*36&9-0(-2+7
74)'-*-'%8-32
'311)28%6=
{(IZMEXMSRJVSQTPYQF
6{(IZMEXMSRJVSQTPYQF
*SVLIMKLXWPIWWXLERSVIUYEPXSQ
68LIXSPIVERGIJSVTPYQFZEVMIW[MXLXLILIMKLXEFSZI
XLI XST SJ JSYRHEXMSR SV XLI PS[IWX WYTTSVX PIZIP SJ XLI
WXVYGXYVI&IX[IIRXLIXSTSJJSYRHEXMSRERHELIMKLXSJ
QXLIXSPIVERGIMW SJXLILIMKLXYRXMPEQE\MQYQ
HMQIRWMSR SJ QQ MW VIEGLIH 6IJIV XS *MK 6 E
ERH F 8LI XSPIVERGI JSV XLI SYXWMHI GSVRIV SJ I\TSWIH
GSVRIVGSPYQRWERHJSVGSRXVEGXMSRNSMRXKVSSZIWMRI\TSWIH
GSRGVIXIMWQSVIWXVMRKIRX
*SV PMRIW WYVJEGIW GSVRIVW ERH EVVMWIW XLI PIWWIV SJ
XMQIW XLI LIMKLX EFSZI XLI XST SJ JSYRHEXMSRW SV
PS[IWX WYTTSVX PIZIPEW WLS[R SR 4VSNIGX(VE[MRKW
SV • QQ 8LMW WIGXMSRWLEPP RSX FI YWIHXS IZEPYEXI
PSGEPHITEVXYVIJVSQEWTIGMJMIHTPERISVJSVQMVVIKYPEVM
XMIW6IJIVXS7IGXMSRERHVIWTIGXMZIP]
*SV XLI SYXWMHI GSVRIV SJ ER I\TSWIH GSVRIV GSPYQR
ERH KVSSZIW MR I\TSWIH GSRGVIXI XLI PIWWIV SJ XMQIWXLILIMKLXEFSZIXLIXSTSJJSYRHEXMSRWSVPS[IWX
WYTTSVXPIZIPEWWLS[RSR4VSNIGX(VE[MRKWSV•QQ
8LMWWIGXMSRWLEPPRSXFIYWIHXSIZEPYEXIPSGEPHITEV
XYVIJVSQEWTIGMJMIHTPERISVJSVQMVVIKYPEVMXMIW6IJIV
XS 7IGXMSRERHVIWTIGXMZIP]
*MK6{(IZMEXMSRJVSQTPYQF
1
%'-78%2(%6('311)28%6=
74)'-*-'%8-32
*SVLIMKLXWKVIEXIVXLERQ
*SV PMRIW WYVJEGIW GSVRIVW EVVMWIW ERH IPIQIRXW
XLIPIWWIVSJ XMQIWXLILIMKLXEFSZIXLIXSTSJ
JSYRHEXMSRW SV PS[IWX WYTTSVX PIZIP EW WLS[R SR
4VSNIGX (VE[MRKWSV• QQ8LMW WIGXMSRWLEPPRSX
FIYWIHXSIZEPYEXIPSGEPHITEVXYVIJVSQEWTIGMJMIH
TPERI SV JSVQ MVVIKYPEVMXMIW 6IJIV XS 7IGXMSR ERH VIWTIGXMZIP]
'311)28%6=
6*VSQQXSQEFSZIXLIXSTSJJSYRHEXMSR
XLIXSPIVERGIJSVTPYQFMW XMQIW XLILIMKLX
8LI QE\MQYQ XSPIVERGI MW QQ EX LIMKLXW QSVI XLER
Q EFSZI XLIXST SJ JSYRHEXMSRSJ XLI WXVYGXYVI8LI
WXVYGXYVI ERH I\XIVMSV GPEHHMRK WLSYPH RSX I\XIRH FI]SRH
PIKEP FSYRHEVMIW IWXEFPMWLIH F] XLI 'SRXVEGX (SGYQIRXW
6IJIVXS*MK6 E ERH F *SV XLI SYXWMHI GSVRIV SJ ER I\TSWIH GSVRIV GSPYQRW
ERH GSRXVEGXMSR NSMRX KVSSZIW MR GSRGVIXI I\TSWIH XS
ZMI[XLIPIWWIVSJ XMQIWXLILIMKLXEFSZIXLIXST
SJ JSYRHEXMSRW SV PS[IWX WYTTSVX PIZIP EW WLS[R SR
4VSNIGX (VE[MRKW SV QQ 8LMW WIGXMSR WLEPP RSX FI
YWIH XS IZEPYEXI PSGEP HITEVXYVI JVSQ E WTIGMJMIH
TPERISVJSVQMVVIKYPEVMXMIW6IJIVXS7IGXMSRERH
VIWTIGXMZIP]
*MK6{(IZMEXMSRJVSQTPYQF
:IVXMGEPIHKIWSJSTIRMRKWPEVKIVXLERQQ
QIEWYVIHSZIVXLIJYPPLIMKLXSJXLISTIRMRK •QQ
68LITPYQFXSPIVERGIJSVIHKIWSJSTIRMRKWPEVKIVXLER
QQMWIWXEFPMWLIHF]XLMWWIGXMSR6IJIVXS*MK6
*MK6{(IZMEXMSRJVSQTPYQF
830)6%2')7*36'32'6)8)'327869'8-32
74)'-*-'%8-32
1
'311)28%6=
{(IZMEXMSRJVSQPSGEXMSR
6{(IZMEXMSRJVSQPSGEXMSR
,SVM^SRXEPHIZMEXMSR
:IVXMGEP IPIQIRXW QIEWYVIH EX XLI XST SJ IPIQIRX
JSYRHEXMSRSVPS[IWXWYTTSVXPIZIP •QQ
6,SVM^SRXEPHIZMEXMSR MWHIJMRIH MR 7IGXMSR8LI
XSPIVERGI JSV LSVM^SRXEP HIZMEXMSR [SYPH ETTP] XS XLI TPER
PSGEXMSRSJMXIQWWYGLEWXLIZIVXMGEPIHKISJEJPSSVSTIRMRK
SVSJE[EPPFIEQSVGSPYQR8LIXSPIVERGIJSVLSVM^SRXEP
HIZMEXMSR [SYPH EPWS ETTP] XS MXIQW WYGL EW XLI ZIVXMGEP
IHKIWSJSTIRMRKWMR[EPPWFIEQWSVGSPYQRW6IJIVXS
*MK 6 E XS G 8LI XSPIVERGI SR WE[GYX PSGEXMSR MW
HVMZIR F] EIWXLIXMG GSRGIVRW 6IWIEVGL 1EVXMRI^ ERH
(EZIRTSVX WYKKIWXW XLEX JSV E QQ HS[IP XLI
WE[GYX GER FI SJJWIX JVSQ XLI GIRXIV EW QYGL EW QQ
[MXLSYXMQTEGXMRKNSMRXTIVJSVQERGI
3XLIVIPIQIRXW •QQ
)HKIPSGEXMSRSJEPPSTIRMRKW•QQ
7E[GYXWNSMRXWERH[IEOIRIH TPERIIQFIHQIRXWMR
WPEFW •QQ
*MK6{,SVM^SRXEPHIZMEXMSR
1
%'-78%2(%6('311)28%6=
74)'-*-'%8-32
'311)28%6=
:IVXMGEPHIZMEXMSR
)PIQIRXW •QQ
6:IVXMGEPHIZMEXMSRMWEPWSHIJMRIHMR7IGXMSR8LI
XSPIVERGIJSVZIVXMGEPHIZMEXMSR[SYPHETTP]XSXLIPSGEXMSR
SJ MXIQW WYGL EW XLI LSVM^SRXEP IHKIWSJ E [EPP SV GSPYQR
STIRMRK 8LI XSPIVERGI JSV ZIVXMGEP HIZMEXMSR [SYPH EPWS
ETTP]XSMXIQWWYGLEWXLILSVM^SRXEPIHKIWSJSTIRMRKWMR
[EPPWFIEQWSVGSPYQRW6IJIVXS*MK6 E ERH F )HKIPSGEXMSRSJEPPSTIRMRKW •QQ
*MK6{:IVXMGEPHIZMEXMSR
{2SXYWIH
{(IZMEXMSRJVSQIPIZEXMSR
6{(IZMEXMSRJVSQIPIZEXMSR
8STWYVJEGISJWPEFW
7PEFWSRKVSYRH •QQ
6 8LI XST IPIZEXMSR JSV WPEFW SR WXVYGXYVEP WXIIP SV
TVIGEWX GSRGVIXI [MPP FI HIXIVQMRIH F] IPIZEXMSR SJ XLI
WYTTSVXMRKWXIIPSVTVIGEWXGSRGVIXITPYWSVQMRYWZEVMEXMSRWMR
WPEF XLMGORIWW EW WTIGMJMIH MR 7IGXMSR -R WMXYEXMSRW
[LIVIXLMWTVSGIHYVIQE]VIWYPXMRYRWEXMWJEGXSV]WPEFIPIZE
XMSRW JSV I\EQTPI YRWLSVIH FIEQW XLEX HIJPIGX SV
WYTTSVXMRK WXIIP SV TVIGEWX WIX [MXL PEVKI HIZMEXMSRW JVSQ
WTIGMJMIHIPIZEXMSR XLI%VGLMXIGX)RKMRIIVWLSYPHWTIGMJ]
SV XLI GSRXVEGXSVW MRZSPZIH WLSYPH EKVII SR E WEXMWJEGXSV]
TVSGIHYVI8LIGSRGVIXIJPSSVMRKGSRXVEGXSVGERRSXGSRXVSP
IPIZEXMSRWSJWXIIPSVTVIGEWXGSRGVIXIQIQFIVWYTSR[LMGL
GSRGVIXIWPEFWEVIGEWX-RXLIMRWXERGISJWPEFWGEWXSRQIXEP
HIGOXLIVIMWEPWS ETVEGXMGEPPMQMXEXMSRSRXLIMRGVIEWISJ
WPEF XLMGORIWW XS EGGSQQSHEXI HMJJIVIRXMEP IPIZEXMSRW SV
HIJPIGXMSRW-JXLI7TIGMJMIVVIUYMVIWXLIGSRGVIXIWPEFXSFI
TPEGIH PIZIP SRHIJPIGXMRK SV GEQFIVIH WYTTSVXMRK WXIIP SV
TVIGEWXXLITPYWXSPIVERGIMWPMOIP]XSFII\GIIHIH
*SVQIHWYWTIRHIHWPEFWFIJSVIVIQSZEPSJWYTTSVXMRK
WLSVIW •QQ
7PEFWSRWXVYGXYVEPWXIIPSVTVIGEWXGSRGVIXI
RSVIUYMVIQIRX
830)6%2')7*36'32'6)8)'327869'8-32
74)'-*-'%8-32
1
'311)28%6=
*SVQIHWYVJEGIWFIJSVIVIQSZEPSJWLSVIW
•QQ
0MRXIPW WMPPW TEVETIXW LSVM^SRXEP KVSSZIW ERH
SXLIVPMRIWMRI\TSWIHGSRGVIXI •QQ
68LI XIVQ wI\TSWIH GSRGVIXIx MW YWIH EW HIJMRIH MR
%'-'SRGVIXI8IVQMRSPSK])\TSWIH'SRGVIXIMWEHHVIWWIH
MRXLI1ERHEXSV]6IUYMVIQIRXW'LIGOPMWX7IGXMSR
8STSJ[EPPW •QQ
*MRI KVEHI SJ WSMP MQQIHMEXIP] FIPS[ WPEFWSR
KVSYRH•QQ
{(IZMEXMSRJVSQGVSWWWIGXMSREP
HMQIRWMSRW
6 8LI IPIZEXMSR SJ XLI WSMP YTSR [LMGL E WPEFSR
KVSYRHMWXSFITPEGIHMWKIRIVEPP]QSVIHMJJMGYPXXSGSRXVSP
XLERXLEXSJXLIGSRGVIXIWYVJEGI8LIMRXIRXSJIWXEFPMWLMRK
ER IPIZEXMSR XSPIVERGI SJ • QQ JSV JMRI KVEHMRK FIPS[
WPEFWSRKVSYRH MW XS TVSZMHI ER IRZMVSRQIRX MR [LMGL E
WPEFSRKVSYRH MRWXEPPEXMSR GER WYGGIWWJYPP] GSQTP] [MXL
XLI XLMGORIWW VIUYMVIQIRXW IWXEFPMWLIH MR 7IGXMSR -J
QSVIWXVMRKIRXXSPIVERGIVIUYMVIQIRXWEVIHIIQIHRIGIWWEV]
F]XLI7TIGMJMIVGSRWMHIVEJMRIKVEHIIPIZEXMSRXSPIVERGISJ
•QQ8LMWXSPIVERGIMWVIEWSREFPIJSVMRHYWXVMEPETTPMGEXMSRW
FIGEYWIQSVIWSTLMWXMGEXIH IUYMTQIRX MW RSVQEPP] YWIH XS
IWXEFPMWL XLI JMRI KVEHI IPIZEXMSR ERH FIGEYWI SJ XLI
TIVJSVQERGIVIUYMVIQIRXWJSVMRHYWXVMEPWPEFW
6{(IZMEXMSRJVSQGVSWWWIGXMSREP
HMQIRWMSRW
'VSWWWIGXMSREPHMQIRWMSRWHIXIVQMRIXLITIVQMWWMFPIXLMGO
RIWWSJGSRGVIXIQIQFIVWSVZEVMEXMSRMRSTIRMRK[MHXL
8LMGORIWW SJ IPIQIRXW I\GITX WPEFW [LIVI
WTIGMJMIHGVSWWWIGXMSREPHMQIRWMSRMW
QQSVPIWW QQ
zQQ
1SVIXLERQQERHRSXQSVIXLERQQ
QQ
zQQ
1SVIXLERQQQQ
zQQ
9RJSVQIHFIEQWERH[EPPWGEWXEKEMRWXWSMP
,SVM^SRXEPHIZMEXMSRJVSQTPERHMQIRWMSR
;LIVIHMQIRWMSRMWQQSVPIWWQQ
zQQ
;LIVIHMQIRWMSRMWQSVIXLERQQ QQ
zQQ
6 -RWTIGXMSR SJJSVQ[SVO JSV GSRJSVQERGI XS WTIGMJMIH
TPEGIQIRX XLMGORIWWXSPIVERGIWQE]MRZSPZIQIEWYVIQIRXW
TVMSVXSTPEGIQIRXSJGSRGVIXI7TIGMJMIHXSPIVERGIWETTP]XS
XLIGSQTPIXIHGSRGVIXIIPIQIRX
1
%'-78%2(%6('311)28%6=
74)'-*-'%8-32
'311)28%6=
8LMGORIWWSJWYWTIRHIHWPEFW zQQ
67YWTIRHIH IPIZEXIH WPEFWVIUYMVISRP]XLEXEXSPIVERGI
JSVIPIZEXMSRERHGVSWWWIGXMSREPHMQIRWMSRFIIWXEFPMWLIH
8LMGORIWWSJWYWTIRHIHWPEFWMWSJTVMQEV]GSRGIVRFIGEYWI
MRWYVERGI GEVVMIVW IWXEFPMWL E JMVI VEXMRK SJ XLI WXVYGXYVI
HITIRHMRK SR XLI SGGYTERG] 8LI JMVI VEXMRK MW HIVMZIH MR
TEVXJVSQXLIMRWYPEXMRKTVSTIVXMIWSJGSRGVIXIERHXLIXLMGORIWW
SJXLIGSRGVIXIWPEF%GLMIZMRKXLIQMRMQYQTIVMSHSJJMVI
WITEVEXMSR FIX[IIR JPSSVW HITIRHW MR TEVX SR EGLMIZMRK E
QMRMQYQ XLMGORIWW :EVMEXMSRW MR XLI IPIZEXMSR SJ IVIGXIH
WXIIPSVTVIGEWXGSRGVIXIERHMRHIJPIGXMSRWSJXLIWYTTSVXMRK
QIXEPHIGOERHJVEQIYRHIV[IMKLXSJGSRGVIXISJXIRQEOI
MX RIGIWWEV] XS TVSZMHI EHHMXMSREP WPEF XLMGORIWW MR PSGEP
EVIEW[LIVIXLIMRXIRXMWXSTVSHYGIEVIPEXMZIP]PIZIPWPEF
'EVI WLSYPH FI XEOIR XS IRWYVI XLEX TVSZMHMRK EHHMXMSREP
GSRGVIXI MR PSGEP EVIEW HSIW RSX SZIVPSEH XLI WYTTSVXMRK
JSVQ[SVOSVQIXEPHIGO7MKRMJMGERXMRGVIEWIXSWPEFXLMGORIWW
GERLEZIERIKEXMZIMQTEGXSRWXVYGXYVEPTIVJSVQERGI
7EQTPIW JSV WPEF XLMGORIWW [LIR XEOIR
WLEPPGSRJSVQXSXLIVIUYMVIQIRXWSJ7IGXMSRW
XLVSYKL 8LMGORIWWSJWPEFWSRKVSYRH
%ZIVEKISJEPPWEQTPIW zQQ
-RHMZMHYEPWEQTPI zQQ
67TIGMJMIVWWLSYPHERXMGMTEXIPSGEPM^IHSGGYVVIRGIWSJ
VIHYGIHXLMGORIWWJSVWPEFWSRKVSYRH8LIWPEFSRKVSYRH
XLMGORIWWXSPIVERGILEWFIIRWIX[MXLVIWTIGXXSFSXLEZIVEKI
XLMGORIWW JSV EPP XLI WEQTPIW QIEWYVIH ERH E QMRMQYQ
XLMGORIWWJSVMRHMZMHYEPWEQTPIW
;LIVIXLI7TIGMJMIVHIXIVQMRIWVIUYMVIQIRXWSJXLMWWIGXMSR
EVI MREHIUYEXI JSV E TEVXMGYPEV ETTPMGEXMSR XLI 7TIGMJMIV
WLSYPHMRGSVTSVEXI[MXLMRXLI4VSNIGX7TIGMJMGEXMSRWWTIGMJMG
WEQTPMRKTVSGIHYVIWERHEGGITXERGIGVMXIVMEJSVEPPIPIQIRXW
MQTEGXMRK XLMGORIWW SJ WPEFWSRKVSYRH 7IGXMSRW 6
6 ERH 6 -R WYGL ER MRWXERGI GSRWMHIVEXMSR
QMKLXFIKMZIRXSWXEXMWXMGEPGSRXVSPSJXLIWYFKVEHIIPIZEXMSR
SJXLIGSRGVIXIWYVJEGIERHWPEFXLMGORIWW
1MRMQYQRYQFIVSJWPEFXLMGORIWWWEQTPIW
[LIRXEOIRWLEPPFIJSYV JSVIEGLQ SVTEVX
XLIVISJ
6 8LMGORIWW WEQTPIW EVI WSQIXMQIW XEOIR MR
GSQFMREXMSR[MXLSXLIVXIWXMRKERHXLIMRJSVQEXMSRKEXLIVIH
JVSQ XLEX XIWXMRK MW ZEPMH JSVMRJSVQEXMSR TYVTSWIW 8LMGO
RIWWWEQTPIWXEOIRJSVTYVTSWIWSJIZEPYEXMRKXLIWPEF[MXL
VIWTIGX XS XSPIVERGIW MR XLMW WTIGMJMGEXMSR LS[IZIV QYWX
QIIXXLIVIUYMVIQIRXWSJXLMWWIGXMSR
7EQTPIWWLEPPFIXEOIR[MXLMRWIZIR HE]W
SJTPEGIQIRX
6 7EQTPMRK EJXIV XLI WTIGMJMIH HE] TIVMSH [MPP
RSX EHZIVWIP] EJJIGX XLI QIEWYVIH ZEPYIW LS[IZIV MX QE]
EJJIGXXLIEFMPMX]XSXEOIGSVVIGXMZIEGXMSR
7EQTPIWWLEPPFIVERHSQP]PSGEXIHSZIVXLI
XIWXEVIEERHWLEPPFIXEOIRF]GSVMRKSJXLIWPEFSVF]
YWMRKERMQTEGXIGLSHIZMGI
6 %'- 6 GSRXEMRW E HMWGYWWMSR SJ XLI
EHZERXEKIW ERH PMQMXEXMSRW SJ XLI ZEVMSYW XIWX QIXLSHW %
WLSVXTYPWI VEHEV HIZMGI GER EPWS TVSZMHI WPEF XLMGORIWW
HEXE8LITVIGMWMSRSJXLMWQIXLSHQE]VIUYMVIXLEXEPEVKIV
RYQFIVSJWEQTPIWFIXEOIRXSTVSZMHIXLIWEQIHIKVIISJ
VIPMEFMPMX] EW XLI QIXLSHW MHIRXMJMIH MR XLMW WIGXMSR 4VSTIV
YWI SJ XLI IUYMTQIRX VIUYMVIW GEPMFVEXMSR EW IWXEFPMWLIH MR
%781 ( ERH HEXE GSPPIGXMSR MR EGGSVHERGI [MXL XLI
TVSZMWMSRWSJ%781(YWMRKERSRGSRXEGXLSVRERXIRRE
;LIVIGSRGVIXIGSVIWEQTPIWEVIXEOIR
XLI PIRKXL SJ IEGL GSVI WEQTPI WLEPP FI HIXIVQMRIH
YWMRK%781''1
%RMQTEGXIGLSHIZMGI[LIRYWIHWLEPP
FIGEPMFVEXIHYWMRKEQMRMQYQSJXLVIIVERHSQPSGEXMSRW
[MXLMRXLIXIWXEVIE[LIVIXLIEGXYEPGSRGVIXIXLMGORIWW
MWORS[R8LIMQTEGXIGLSXIWXWLEPPFIGSRHYGXIHMR
EGGSVHERGI[MXL%781'
830)6%2')7*36'32'6)8)'327869'8-32
74)'-*-'%8-32
1
'311)28%6=
%781(QE]RSXFIETTVSTVMEXIJSVYWISR%'-
'PEWW JPSSVW %781 ( 8EFPI WLS[W XLEX
GSRGVIXILEWEHMIPIGXVMGGSRWXERXVERKISJXSJSVTSVX
PERHGIQIRX GSRGVIXI FYX HSIW RSX HMWXMRKYMWL FIX[IIR
LMKLHIRWMX]SVPS[HIRWMX]GSRGVIXI[LMGLGSYPHQEKRMJ]
ER]IVVSVEWWSGMEXIH[MXLMRGSVVIGXP]EWWYQMRKXLIEZIVEKI
HMIPIGXVMG GSRWXERX 7IGXMSR SJ XLI %781 XIWX QIXLSH
WLS[WTEZIQIRXW[MXLMRGVIEWIHEXXIRYEXMSRSJXLIIPIGXVS
QEKRIXMGWMKREPWLSYPHRSXFIQIEWYVIH[MXLXLMWQIXLSH
8LI %781 7XERHEVH 7IGXMSR VIUYMVIW IMXLIV EGXYEP
GSVIW JSV GEPMFVEXMSR SV wFIWX KYIWWx TVEGXMGIW JVSQ JMIPH
STIVEXSVW-XMWVIGSQQIRHIHXLEXwFIWXKYIWWxRSXFIYWIH
JSVTYVTSWIWSJXLMWHSGYQIRX
0SGEXMSR SJ XLI WEQTPIW WLEPP FI MHIRXMJMIH
ERH VIWYPXW VIGSVHIH MR E QERRIV XLEX [MPP EPPS[ ER
MRHITIRHIRXXLMVHTEVX]XSZIVMJ]XLIEGGYVEG]SJXLIHEXE
;LIRGSQTYXMRKXLIEZIVEKISJEPPWEQTPIW
WEQTPIW[MXLEXLMGORIWWQSVIXLERQQEFSZIXLI
WTIGMJMIHXLMGORIWWWLEPPFIEWWYQIHXSLEZIEXLMGO
RIWWQQQSVIXLERXLIWTIGMJMIHXLMGORIWW
;LIRGSVVIGXMZIEGXMSRMWVIUYMVIHEHHMXMSREP
WEQTPIWWLEPPFIXEOIRMRXLIZMGMRMX]SJYREGGITXEFPI
VIWYPXWXSIWXEFPMWLXLII\XIRXSJGSVVIGXMZIEGXMSR
{(IZMEXMSRJVSQJSVQIHSTIRMRK[MHXL
SVLIMKLX
3TIRMRK[MHXLSVLIMKLXzQQ
QQ
{(IZMEXMSRJVSQVIPEXMZIIPIZEXMSRWSV
[MHXLWJSVWXEMVW
7XEMVWQIEWYVIHEPSRKEPMRITEVEPPIPXSXLIWXEMV
E\MW
(MJJIVIRGIFIX[IIRPEVKIWXERHWQEPPIWXXVIEHSVVMWIV
MRER]JPMKLXWLEPPRSXI\GIIHQQ
(MJJIVIRGIMRLIMKLXSJEHNEGIRXVMWIVWQIEWYVIHEXXLI
RSWIWLEPPRSXI\GIIHQQ
(MJJIVIRGIMRHITXLSJEHNEGIRXXVIEHWWLEPPRSXI\GIIH
QQ
{(IZMEXMSRJVSQWPSTISVTPERI
7XEMVXVIEHJVSQFEGOXSRSWMRK•QQ
1
%'-78%2(%6('311)28%6=
74)'-*-'%8-32
*SVQIHWYVJEGIWSZIVHMWXERGIWSJQ
%PPGSRHMXMSRWYRPIWWRSXIHSXLIV[MWIMRXLMWWIGXMSR
•
3YXWMHIGSVRIVSJI\TSWIHGSVRIVGSPYQR •
'SRXVEGXMSRNSMRXKVSSZIWMRI\TSWIHGSRGVIXI•
*SVQIHWYVJEGIMVVIKYPEVMXMIW KVEHYEPSVEFVYTX
%FVYTXMVVIKYPEVMXMIWWLEPPFIQIEWYVIH[MXLMRQQ
SJXLIMVVIKYPEVMX]+VEHYEPWYVJEGIMVVIKYPEVMXMIWWLEPPFI
QIEWYVIH F] HIXIVQMRMRK XLI KET FIX[IIR GSRGVIXI
ERH RIEV WYVJEGI SJ E Q WXVEMKLXIHKI QIEWYVIH
FIX[IIRGSRXEGXTSMRXW
'PEWW%7YVJEGI QQ
'PEWW&7YVJEGI QQ
'PEWW'7YVJEGI QQ
'311)28%6=
6 8LMW MW SRI SJ WIZIVEP TEVEKVETLW XLEX EHHVIWW XLI
TVSTIV PSGEXMSR SJ JSVQIHWYVJEGIW 0SGEP HITEVXYVISJXLI
JSVQIH WYVJEGI JVSQ XLI WTIGMJMIH WPSTI SV TPERI MW
EHHVIWWIHMRXLMW WIGXMSR % HITEVXYVI SJ MW ETTVS\M
QEXIP]QQSZIVEHMWXERGISJQ8SPIVERGIWEVIFEWIH
SREQQIEWYVIHPIRKXL-RXIVTSPEXMSRSVI\XVETSPEXMSRSJ
XSPIVERGIWJSVHMQIRWMSRWKVIEXIVXLERSVPIWWXLERQEVI
RSX TIVQMXXIH 3XLIV WIGXMSRW WYGL EW 7IGXMSRW ERH
IWXEFPMWLEKPSFEPXSPIVERGIJSVIPIQIRXW
6 7TIGMJMIVW WLSYPH ERXMGMTEXI PSGEP MVVIKYPEVMXMIW MR
JSVQIH WYVJEGIW 8LI TYVTSWI SJ IWXEFPMWLMRK HMJJIVIRX
GPEWWIWSJWYVJEGIMWXSHIJMRIXLIQEKRMXYHISJMVVIKYPEVMXMIW
MR E QERRIV XLEX MW GSRWMWXIRX [MXL XLI I\TSWYVI SJ XLI
GSRGVIXI [LIR MR WIVZMGI%W WXEXIH MR 7IGXMSR 6 XLI
XIVQwI\TSWIHGSRGVIXIxMWYWIHEWHIJMRIHMR%'-'SRGVIXI
8IVQMRSPSK])\TSWIH'SRGVIXIMWEHHVIWWIHMRXLI1ERHE
XSV] 6IUYMVIQIRXW 'LIGOPMWX 7IGXMSR 8LI 7TIGMJMIV
WLSYPH EPWS ERXMGMTEXI EFVYTX XVERWMXMSRW EX XLI WYVJEGI SJ
QIQFIVW[LIVIWIKQIRXEPWXIIPZSMHJSVQWEVIYWIHXSJSVQ
JPSSV JVEQMRK QIQFIVW 8LI 7TIGMJMIV WLSYPH VIJIV XS XLI
1ERHEXSV]6IUYMVIQIRXW'LIGOPMWX
'PEWW(7YVJEGI QQ
6ERHSQ XVEJJMG JPSSV WYVJEGI JMRMWL XSPIVERGIW
WLEPPQIIXXLIVIUYMVIQIRXWSJ7IGXMSRSV
EWWTIGMJMIHMRXLI'SRXVEGX(SGYQIRXW
% WTIGMJMIH SZIVEPP EVIE MW XLI IRXMVI JPSSV
WYVJEGI WTIGMJMIH XS GSRJSVQ XS E TEVXMGYPEV WYVJEGI
GPEWWMJMGEXMSR
8LI WYVJEGI GPEWWMJMGEXMSR SJ EPP JPSSVW WLEPP
FIWTIGMJMIHMRXLI'SRXVEGX(SGYQIRXW
)EGLMRHMZMHYEPWPEFTPEGIQIRXWLEPPGSRWXMXYXI
EWITEVEXIXIWXWYVJEGI
68LITYVTSWISJIWXEFPMWLMRKJPSSVWYVJEGIXSPIVERGIW
MWXSHIJMRIWYVJEGIGLEVEGXIVMWXMGWXLEXEVISJMQTSVXERGIXS
XLSWI[LS[MPPFIYWMRKXLIWYVJEGI8LIX[SWYVJEGIGLEVEG
XIVMWXMGW XLSYKLX XS FI SJ KVIEXIWX MQTSVXERGI JSV GSRGVIXI
JPSSVWEVIJPEXRIWWERHPIZIPRIWW*PEXRIWWGERFIHIWGVMFIH
EWFYQTMRIWWSJXLIJPSSVERHMWXLIHIKVIIXS[LMGLEJPSSV
WYVJEGIMWWQSSXLSVTPERI0IZIPRIWWMWXLIHIKVIIXS[LMGL
EJPSSVWYVJEGITEVEPPIPWXLIWPSTIIWXEFPMWLIHSRXLITVSNIGX
HVE[MRKW8[SQIXLSHWEVIMHIRXMJMIHJSVYWIMRXLIIZEPYE
XMSR SJ JPSSV WYVJEGI JMRMWL XSPIVERGIW 8LI *2YQFIV
7]WXIQ YWIW HEXE XEOIR EX VIKYPEV MRXIVZEPW EPSRK PMRIW
PSGEXIH MR VERHSQ PSGEXMSRW SR XLI XIWX WYVJEGI 8LI
HIWGVMFIHQIXLSHWYWIHMJJIVIRXGVMXIVMEXSIZEPYEXIXLIEW
GSRWXVYGXIHHEXE8LIVIJSVIMXMWMQTSVXERXXLEXXLI7TIGMJMIV
WIPIGX XLI QIXLSH QSWX ETTPMGEFPI XS XLI IRH YWIV SJ XLI
JPSSV8LI;EZMRIWW-RHI\QE]FIYWIHMRWXIEHSJXLIX[S
QIXLSHWMHIRXMJMIHMR7IGXMSRWERH F]WTIGMJ]MRK
TEVEQIXIVW IWXEFPMWLIH MR XLI 3TXMSREP 'LIGOPMWX &IJSVI
GSRXVEGXMRKXSFYMPHXSER]JPSSVXSPIVERGIWTIGMJMGEXMSRMXMW
WYKKIWXIHXLIGSRWXVYGXSVIZEPYEXIHEXEJVSQXIWXWSJMXWS[R
JPSSVW (EXE WLSYPH FI TVSGIWWIH YWMRK XLI TVSTSWIH JPSSV
XSPIVERGI WTIGMJMGEXMSR XS GSRJMVQ ER YRHIVWXERHMRK SJ XLI
WTIGMJMG ETTVSEGL ERH MXW MQTPMGEXMSRW SR TVSTSWIH
GSRWXVYGXMSRQIERWERHQIXLSHW7TIGMJMIVWQE]VIUYMVIXLI
GSRWXVYGXSV XS HIQSRWXVEXI TVSZIR EFMPMX] F] XIWXMRK ER
I\MWXMRKJPSSVWPEFMRWXEPPIHF]XLIGSRWXVYGXSV
)EGL SJ XLIQIXLSHW HIWGVMFIH LIVIMR [MPP ]MIPH E WPMKLXP]
HMJJIVIRX VIWYPX )EGL SJ XLI HIWGVMFIH ETTVSEGLIW YWIW E
HMJJIVIRXQIXLSHXSIZEPYEXIJPEXRIWW8LI*2YQFIV7]WXIQ
830)6%2')7*36'32'6)8)'327869'8-32
74)'-*-'%8-32
1
'311)28%6=
YWIWSRP]QQWPSTIGLERKIW GIRXIVSJJWIXJVSQEQQ
GLSVH 8LIQERYEPWXVEMKLXIHKIERHGSQTYXIVM^IHWMQYPE
XMSRSJXLIQERYEPWXVEMKLXIHKIQIXLSHWFSXLYWIQE\MQYQ
SJJWIXWJVSQGLSVHWSJZEV]MRKPIRKXLWYTXSQ
8S HIZIPST ER YRHIVWXERHMRK SJ XLI VIPEXMSRWLMT EQSRK
XLIWI ETTVSEGLIW XLI GSQQMXXII YRHIVXSSO E WXYH] SJ WM\
KVSYTW SJ MRHMZMHYEP TVSJMPIW IEGL XSXEP 8LI
TVSJMPIW MRGPYHIH EPP UYEPMX] PIZIPW PMOIP] XS FI TVSHYGIH
YWMRK GYVVIRX GSRWXVYGXMSR XIGLRMUYIW IEGL SJ XLI TVSJMPIW
[EW Q PSRK 8EFPI 6 WLS[W TEVXMEP VIWYPXW SJ XLEX
WXYH] )ZEPYEXMSR SJ XLI VIWYPXW VIWYPXIH MR XLI XSPIVERGI
ZEPYIWGSRXEMRIHMR7IGXMSRWERH
*PSSV WYVJEGI GPEWWMJMGEXMSRW WLS[R MR 7IGXMSRW ERH
ZEV]JVSQGSRZIRXMSREPEXXLIPS[IRHXSWYTIVJPEXEX
XLI LMKL IRH SJ XLI JPEXRIWWPIZIPRIWW WTIGXVYQ %PXLSYKL
XLIVIMWRSHMVIGXGSVVIPEXMSREQSRKXLIHIWGVMFIHXSPIVERGMRK
QIXLSHWWMQMPEVP]GPEWWMJMIHJPSSVWMR7IGXMSRWERH
WLSYPH TVSZMHI XLI YWIV [MXL JPSSV WYVJEGIW SJ
ETTVS\MQEXIP]XLIWEQIJPEXRIWWERHPIZIPRIWW
*PSSVWYVJEGIWMRXLIGSRZIRXMSREPGEXIKSV]GERFIVSYXMRIP]
TVSHYGIHYWMRKWXVMOISJJERHJMRMWLMRKXIGLRMUYIWXLEXMRGPYHI
RS VIWXVEMKLXIRMRK STIVEXMSRW EJXIV MRMXMEP WXVMOISJJ 8LMW
GPEWWMJMGEXMSR SJ JPSSV WYVJEGI MW KIRIVEPP] RSX GSQTEXMFPI
[MXL JPSSV GSZIVMRKW WYGL EW GEVTIXMRK ERH ZMR]P JPSSVMRK
'SRZIRXMSREP JPSSV WYVJEGI XSPIVERGIW EVI ETTVSTVMEXIP]
ETTPMIHXSEVIEWWYGLEWQIGLERMGEPVSSQWRSRTYFPMGEVIEW
SVWYVJEGIWYRHIVVEMWIHGSQTYXIVJPSSVMRKSVXLMGOWIXXMPI
8LIQSHIVEXIP]JPEXGPEWWMJMGEXMSRSJWYVJEGIXSPIVERGIW[MPP
VSYXMRIP] VIUYMVI XLI YWI SJ JPSEX HMWL EXXEGLQIRXW XS XLI
TS[IV JPSEX QEGLMRIW SV WSQI VIWXVEMKLXIRMRK SJ XLI
GSRGVIXIWYVJEGIHYVMRKJMRMWLMRKSTIVEXMSRWXSGSRWMWXIRXP]
EGLMIZI JPEXRIWW VIUYMVIQIRXW 8LI QSHIVEXIP] JPEX WYVJEGI
GERVSYXMRIP]FITVSHYGIHF]YWMRKE[MHIFYPPJPSEX XS
Q XS WQSSXL XLI GSRGVIXI ERH E QSHMJMIH LMKL[E]
8EFPI6{1IXLSHWXSIZEPYEXIJPEXRIWW
*PSSVGPEWWMJMGEXMSR
**JPEXRIWW 73**
QQERYEPWXVEMKLXIHKI
QE\MQYQKETQQ
'SRZIRXMSREP
XS
1SHIVEXIP]JPEX
XS
*PEX
XS
:IV]JPEX
XS
7YTIVJPEX
XS
*PSSVGPEWWMJMGEXMSR
QQERYEPWXVEMKLXIHKI
QE\MQYQKETQQ
73**VERKI
'SRZIRXMSREP
XS
1SHIVEXIP]JPEX
XS
*PEX
XS
:IV]JPEX
XS
7YTIVJPEX
XS
1
%'-78%2(%6('311)28%6=
74)'-*-'%8-32
'311)28%6=
WXVEMKLXIHKIXSVIWXVEMKLXIRXLIWYVJEGIEJXIVGSQTPIXMSRSJ
XLIMRMXMEPTS[IVJPSEXTEWW8LIYWISJEVMHIV[MXLJPSEXHMWLIW
EXXEGLIH XS XLI XVS[IP FPEHIW GER VIHYGI XLI EQSYRX SJ
VIWXVEMKLXIRMRKVIUYMVIHF]XLIQSHMJMIHLMKL[E]WXVEMKLXIHKI
%R ETTVSTVMEXI YWI SJ JPSSV WYVJEGIW [MXL XLMW GPEWWMJMGEXMSR
[SYPH FI GEVTIXIH EVIEW SJ GSQQIVGMEP SJJMGI FYMPHMRKW SV
MRHYWXVMEPFYMPHMRKW[MXLPS[WTIIHZILMGYPEVXVEJJMG
*PEX JPSSV XSPIVERGIW EVI ETTVSTVMEXI JSV GSRGVIXI JPSSVW
YRHIVXLMRWIXGIVEQMGZMR]PXMPISVWMQMPEVGSZIVMRKW*PEX
JPSSVXSPIVERGIWEVIEPWSETTVSTVMEXIJSVYWIMR[EVILSYWIW
IQTPS]MRK GSRZIRXMSREP PMJX XVYGOW ERH VEGOW 8LI JPEX
GPEWWMJMGEXMSR VIUYMVIW VIWXVEMKLXIRMRK EJXIV JPSEXMRK ERH MW
XLILMKLIWXJIEWMFPIXSPIVERGIPIZIPJSVWYWTIRHIHWPEFW
:IV]JPEXJPSSVXSPIVERGIWEVIKIRIVEPP]VIWXVMGXIHXSLMKLIRH
MRHYWXVMEP ETTPMGEXMSRW WYGL EW QMKLX FI VIUYMVIH JSV
WYGGIWWJYP STIVEXMSR SJ LMKLWTIIH PMJXXVYGOW EMV TEPPIXWSV
WMQMPEV IUYMTQIRX 1YPXMTPI VIWXVEMKLXIRMRKW MR QYPXMTPI
HMVIGXMSRW JSPPS[MRK FSXL XLI JPSEXMRK ERH MRMXMEP JMRMWLMRK
TLEWIWEVIVIUYMVIHXSTVSHYGIJPSSVWGSRJSVQMRKXSZIV]JPEX
XSPIVERGIW8LIYWISJEPEWIVWGVIIHSVVMKMHIHKIJSVQWYTXS
QETEVXGEREGLMIZIXLIVIUYMVIHHIKVIISJPIZIPRIWW
8LIWYTIVJPEXGEXIKSV]MWXLILMKLIWXUYEPMX]VERHSQXVEJJMG
JPSSV WYVJEGI GPEWWMJMGEXMSR XLEX GER FI VSYXMRIP] TVSHYGIH
YWMRK GYVVIRX XIGLRSPSK] 3RP] WOMPPIH GSRXVEGXSVW YWMRK
WSTLMWXMGEXIHIUYMTQIRX[MPPFIEFPIXSEGLMIZIXLMWPIZIPSJ
UYEPMX]6IWXVEMKLXIRMRKSTIVEXMSRWJSVXLMWJPSSVGEXIKSV]EVI
QSVIVMKSVSYWXLERXLEXHIWGVMFIHJSVXLIZIV]JPEXGEXIKSV]
8LIWYTIVJPEXVERHSQXVEJJMGGEXIKSV]MWSRP]ETTVSTVMEXIJSV
PMQMXIHETTPMGEXMSRWWYGLEW8:TVSHYGXMSRWXYHMSW
%RSXLIV X]TI SJ WYTIVJPEX JPSSV WYVJEGI SRI XLEX JEPPW
SYXWMHI XLI WGSTI SJ VERHSQ XVEJJMG WTIGMJMGEXMSRW MW XLEX
[LMGL MW VIUYMVIH JSV HIJMRIH XVEJJMG ETTPMGEXMSRW WYGL EW
REVVS[EMWPIMRHYWXVMEP[EVILSYWIJPSSVW8LIEMWPI[MHXLMR
XLIWI MRWXEPPEXMSRW MW X]TMGEPP] EFSYX Q [MHI ERH XLI
REVVS[ GPIEVERGI FIX[IIR XLI ZILMGPIW ERH VEGOW VIUYMVIW
GSRWXVYGXMSRSJERI\XVIQIP]WQSSXLERHPIZIPWYVJEGI8LI
XSPIVERGI VIUYMVIQIRXWRSVQEPP] HMGXEXIWXVMTTPEGIQIRXSJ
GSRGVIXI YWMRK GPSWIP] WTEGIH VMKMH JSVQW ETTVS\MQEXIP]
Q SR GIRXIV FYX XLI] GER SGGEWMSREPP] FI EGLMIZIH
[MXLSYXREVVS[WXVMTTPEGIQIRXF]WOMPPIHGSRXVEGXSVWYWMRK
WSTLMWXMGEXIHIUYMTQIRX
8LI IZEPYEXMSR SJ XLI WYTIVJPEX HIJMRIH XVEJJMG WYVJEGI
GPEWWMJMGEXMSRVIUYMVIWWTIGMEPM^IHXIGLRMUYIWXLEXWLSYPHFI
EKVIIH SR F] EPP TEVXMIW FIJSVI GSRWXVYGXMSR 8LI XIWX
QIXLSHWLSYPHQIEWYVI
8LI QE\MQYQ XVERWZIVWI IPIZEXMSR HMJJIVIRGI
FIX[IIR[LIIPXVEGOW
8LI QE\MQYQ IPIZEXMSR HMJJIVIRGI FIX[IIR
JVSRXERHVIEVE\PIERH
8LI QE\MQYQ VEXI SJ GLERKI TIV QIXIV JSV ERHEWXLIZILMGPIXVEZIPWHS[RXLIEMWPI
830)6%2')7*36'32'6)8)'327869'8-32
74)'-*-'%8-32
1
'311)28%6=
*PEXRIWWSJHIJMRIHXVEJJMG[LIIPXVEGOWGEREPWSFIWTIGMJMIH
F]VIJIVIRGIXS%781)17IGXMSR
8LIVIQIH]JSVRSRGSQTPMERGI[MXLWTIGMJMIHHIJMRIHJPEX
RIWW XSPIVERGIW WLSYPH FI MRGPYHIH MR WTIGMJMGEXMSR
PERKYEKI*SVVERHSQXVEJJMGWPEFWSRKVEHIXLIVIQIH]GER
VERKI JVSQ PMUYMHEXIH HEQEKIW XS PSGEPM^IH KVMRHMRK XS
ETTPMGEXMSR SJ E XSTTMRK XS VIQSZEP ERH VITPEGIQIRX
HITIRHMRK SR XLI TYVTSWI JSV [LMGL XLI WPEF MW FIMRK
MRWXEPPIH 8LI VIQIH] JSV HIJMRIH XVEJJMG MRWXEPPEXMSRW MW
KIRIVEPP]KVMRHMRKSJLMKLWTSXW
*PSSV XIWXWYVJEGIWWLEPPFIQIEWYVIHERH
VITSVXIH [MXLMR LSYVW EJXIV GSQTPIXMSR SJ WPEF
GSRGVIXI JMRMWLMRK STIVEXMSRW ERH FIJSVI VIQSZEP SJ
ER]WYTTSVXMRKWLSVIW
6 8LI TYVTSWI JSV IWXEFPMWLMRK E HIJEYPX LSYV
XMQIPMQMXSRXLIQIEWYVIQIRXSJJPSSVWYVJEGIWMWXSEZSMH
ER]TSWWMFPIGSRJPMGXSZIVXLIEGGITXEFMPMX]SJXLIJPSSVERH
XS EPIVX XLI 'SRXVEGXSV SJ XLI RIIH XS QSHMJ] JMRMWLMRK
XIGLRMUYIW SR WYFWIUYIRX TPEGIQIRXW MJ RIGIWWEV] XS
EGLMIZIGSQTPMERGI%PPWPEFW[MPPWLVMRONSMRXWERHGVEGOW
MRWPEFWSRKVSYRH[MPPGYVP[MXLXMQIVIWYPXMRKMREWYVJEGI
XLEXMWPIWWJPEX[MXLXLITEWWEKISJXMQI-JXLIRIIHWSJXLIYWIV
EVIWYGLXLEXEHIPE]MRXIWXMRKMWRIGIWWEV]XSEPPS[WYGGIWWJYP
MRWXEPPEXMSRSJWYFWIUYIRX;SVOXLMWVIUYMVIQIRXJSVHIPE]IH
XIWXMRKWLSYPHFIGPIEVP]WXEXIHMRXLIWTIGMJMGEXMSRW
8IWX VITSVXW WLEPP FI HMWXVMFYXIH XS XLI
3[RIVXLI%VGLMXIGXXLI+IRIVEP'SRXVEGXSVERHXLI
JPEX[SVOGSRXVEGXSV
8IWX WYVJEGI QIEWYVIQIRXW WLEPP RSX GVSWW
TPERRIHGLERKIWMRJPSSVWYVJEGIWPSTI
66EQTIH WPSTIH WYVJEGIWGERFIXSPIVERGIHF]
VIJIVIRGIXS%781)1SVXLIEZIVEKIWPSTISJQ
PIEWXWUYEVIWJMXSJIEGLWYVZI]PMRIGEPGYPEXIHMREGGSVHERGI
[MXL%781)17IGXMSRERH)U ERH
7YVZI] PMRIW WLSYPH FI TEVEPPIP XS XLI HMVIGXMSR SJ
WPSTI-RMRWXERGIW[LIVIXLI7TIGMJMIVGLSSWIWXSTVSZMHIE
XSPIVERGIEXGSRWXVYGXMSRNSMRXWWTIGMJMGTVSZMWMSRWJSVHEXE
GSPPIGXMSRWLSYPHFIMRGPYHIHMRXLI4VSNIGX7TIGMJMGEXMSRW
8IWX VIWYPXW WLEPP FI VITSVXIH MR E QERRIV
XLEX[MPPEPPS[XLIHEXEXSFIZIVMJMIHSVXLIXIWXWXSFI
VITPMGEXIH
6ERHSQ XVEJJMG JPSSV JMRMWL XSPIVERGIW EW
QIEWYVIH MR EGGSVHERGI [MXL %781 )1 WLEPP
GSRJSVQXSXLIJSPPS[MRKVIUYMVIQIRXW
7TIGMJMIH SZIVEPP ZEPYIW JSV JPEXRIWW 73**
ERH PIZIPRIWW 73*0 WLEPP GSRJSVQ XS XLI WTIGMJMIH
*PSSV7YVJEGI'PEWWMJMGEXMSRWEWPMWXIHMR8EFPI
6 8LI *2YQFIV 7]WXIQ IZEPYEXIW XLI JPEXRIWW SJ E
JPSSVWYVJEGIF]QIEWYVMRKWPSTIGLERKIWSZIVEHMWXERGISJ
QQ 7TIGMJMGW SJ XLI XIWX TVSGIHYVI EVI HMGXEXIH F]
%781)18LIQQWPSTIGLERKIHEXEEVIIZEPYEXIH
XS HIZIPST ER IWXMQEXI SJ XLI JPSSVvW JPEXRIWW 8LI W]WXIQ
IZEPYEXIW XLI PIZIPRIWW SJ E JPSSV WYVJEGI F] QIEWYVMRK
IPIZEXMSRGLERKIWVIPEXMZIXSELSVM^SRXEPTPERIERHFIX[IIR
TSMRXWWITEVEXIHF]EHMWXERGISJQ8LIWIQIPIZEXMSR
HMJJIVIRGIW EVI IZEPYEXIH XS HIZIPST ER IWXMQEXI SJ XLI
JPSSVvW PIZIPRIWW ,MKLIV RYQFIVW MRHMGEXI FIXXIV UYEPMX]
MRXLIWYVJEGIGLEVEGXIVMWXMGFIMRKVITSVXIH
1
%'-78%2(%6('311)28%6=
74)'-*-'%8-32
'311)28%6=
8EFPI{%781)1QIXLSH
*PSSVWYVJEGI
GPEWWMJMGEXMSR
'SRZIRXMSREP
1SHIVEXIP]JPEX
*PEX
:IV]JPEX
7YTIVJPEX
7TIGMJMIHSZIVEPP
JPEXRIWW73* *
7TIGMJMIHSZIVEPP
PIZIPRIWW73*0
8LI 73** ERH 73*0 ZEPYIW WLEPP ETTP]
WSPIP]XSXLIWTIGMJMIHSZIVEPPEVIEERHRSWYFHMZMWMSR
XLIVISJ
68LIWTIGMJMIHSZIVEPPZEPYIW73**ERH73*0EVI
XLI**ERH*0RYQFIVWXS[LMGLXLIGSQTPIXIHTVSNIGXJPSSV
WYVJEGI QYWX GSRJSVQ ZMI[IH MR MXW IRXMVIX] (EMP] * **0
VIWYPXW QE] ZEV] EFSZI ERH FIPS[ 73**73*0 [MXLSYX
GSRWIUYIRGI TVSZMHIH E XLEX XLI GYQYPEXMZI VIWYPXW YPXM
QEXIP]IUYEPSVI\GIIH73**73*0 ERHF XLEXXLIWTIGM
JMIH 10** ERH 10*0 ZEPYIW EVI WEXMWJMIH EXEPP PSGEXMSRW
8LI*2YQFIV7]WXIQTVSZMHIWHEMP]VYRRMRKXSXEPWSJXLI
EKKVIKEXI MRTPEGI EVIEW XLEX EVI PIWW XLER IUYEP XS ERH
FIXXIVXLER73**ERH73*0'SRWIUYIRXP]EJXIVXLIIRXMVI
JPSSVLEWFIIRMRWXEPPIHXLIW]WXIQ TIVQMXWXLIMQQIHMEXI
GEPGYPEXMSR SJ PMUYMHEXIH HEQEKIW FEWIH SR XLI JMREP
EKKVIKEXI EVIEW HIJIGXMZI VIPEXMZI XS IMXLIV 73**SV 73*0
[LMGLIZIV]MIPHWXLIPEVKIVTIREPX] 1MRMQYQ PSGEP ZEPYIW JSV JPEXRIWW 10**
ERHPIZIPRIWW 10*0 WLEPPIUYEPSJXLI73**ERH
73*0ZEPYIWVIWTIGXMZIP]YRPIWWRSXIHSXLIV[MWI
6 7SQI PSGEP ZEVMEXMSR MR JPSSV WYVJEGI UYEPMX]
WLSYPHFIERXMGMTEXIHF]XLI7TIGMJMIVQYGLEWSRIWLSYPH
ERXMGMTEXIZEVMEXMSRWMRVIWYPXWSJGSRGVIXIGSQTVIWWMZIXIWXW
8LIWIZEVMEXMSRWGERFIGEYWIHF]RSVQEPSGGYVVIRGIWWYGL
EWMRGSRWMWXIRXWIXXMRKXMQISJGSRGVIXIGLERKIWMREQFMIRX
GSRHMXMSRW SV HIPE]W MR HIPMZIV] SV TPEGIQIRX SJ XLI
GSRGVIXI 8LI WTIGMJMIH 10** ERH 10*0 ZEPYIW IWXEFPMWL
XLI QMRMQYQ WYVJEGI UYEPMX] XLEX [MPP FI EGGITXEFPI
ER][LIVI SR ER] SJ XLI GSRGVIXI TPEGIQIRXW )\TIVMIRGI
LEW WLS[R XLEX XLI YWI SJ XSSPW ERH XIGLRMUYIW XLEX [MPP
KIRIVEPP] QIIX WTIGMJMG 73**73*0 VIUYMVIQIRXW JSV XLI
SZIVEPP GSRGVIXI TPEGIQIRX EVI EPWS WYJJMGMIRX XS QIIX XLI
EWWSGMEXIH10**10*0VIUYMVIQIRXWMRXLIQMRMQYQPSGEP
EVIEW %GGITXERGI SV VINIGXMSR SJ E QMRMQYQ PSGEP EVIE
VIUYMVIWXLEXHEXEGSPPIGXMSR[MXLMRXLIQMRMQYQPSGEPEVIE
MR UYIWXMSR QIIX XLI VIUYMVIQIRXW SJ %781 )1
&IGEYWI10** ERH10*0MRXLISV] HIJMRI XLI QMRMQYQ
YWEFPIJPSSV10**10*0HIJIGXWRSVQEPP]VIUYMVITL]WMGEP
QSHMJMGEXMSR XLEX MW KVMRHMRK XSTTMRK SV VIQSZEP ERH
VITPEGIQIRX SJXLIIRXMVIEJJIGXIHQMRMQYQPSGEPEVIE
8LI 73*0 ERH 10*0 PIZIPRIWW XSPIVERGIW
WLEPP ETTP] SRP] XS PIZIP WPEFWSRKVSYRH SV XS PIZIP
WYWTIRHIHWPEFWXLEXEVIWLSVIH[LIRXIWXIH
6 -RMXMEP GEQFIV GYVPMRK ERH HIJPIGXMSR EPP
EHZIVWIP] EJJIGX XLI GSRJSVQERGI SJ E JPSSV WYVJEGI XS E
TPERI0MQMXMRKXLIYWISJ*0XSIZEPYEXMSRSJPIZIPWPEFWSR
KVSYRHERHPIZIPWYWTIRHIHWPEFWFIJSVIWLSVIWSVJSVQWEVI
VIQSZIH IRWYVIW XLEX XLI JPSSVvW PIZIPRIWW MW EGGYVEXIP]
EWWIWWIH
830)6%2')7*36'32'6)8)'327869'8-32
1
74)'-*-'%8-32
'311)28%6=
6ERHSQ XVEJJMG JPSSV JMRMWL XSPIVERGIW EW
QIEWYVIH F] QERYEPP] TPEGMRK E JVIIWXERHMRK
YRPIZIPIH Q WXVEMKLXIHKI ER][LIVI SR XLI WPEF
ERH EPPS[MRK MX XS VIWX REXYVEPP] YTSRXLI XIWX WYVJEGI
WLEPPGSRJSVQXSXLIJSPPS[MRKVIUYMVIQIRXW
68LIQERYEPWXVEMKLXIHKIETTVSEGLIZEPYEXIWXLIJPEX
RIWWSJEJPSSVWYVJEGIF]TPEGMRKEQPSRKWXVEMKLXIHKISR
XLIJPSSVWYVJEGIERHQIEWYVMRKXLIQE\MQYQKETXLEXSGGYVW
YRHIVXLIWXVEMKLXIHKIERHFIX[IIRXLIWYTTSVXTSMRXW
8LIKETYRHIVXLIWXVEMKLXIHKIERHFIX[IIR
XLIWYTTSVXTSMRXWWLEPPRSXI\GIIHIMXLIVSJXLIZEPYIW
EWPMWXIHJSV XLIWTIGMJMIH*PSSV7YVJEGI'PEWWMJMGEXMSR
MR8EFPI
61IEWYVIQIRXWWLSYPHFIXEOIRFIX[IIRWXVEMKLX
IHKI WYTTSVX TSMRXW ERH TIVTIRHMGYPEV XS MXW FEWI 7QEPPIV
KETW FIX[IIR XLI WXVEMKLXIHKI ERH WYTTSVXMRK WYVJEGI EVI
MRHMGEXMZI SJ LMKLIV JPEXRIWW UYEPMX] 8LI YWI SJ XLMW
ETTVSEGL VIUYMVIW XLEX SJ XLI HEXE WEQTPIW WLSYPH
GSQTP][MXLZEPYIWMRXLIWIGSRHGSPYQRERH SJXLI
HEXE WEQTPIW WLSYPH GSQTP] [MXL ZEPYIW MR XLI XLMVH
GSPYQR8LMWQIXLSHMWRSXWYJJMGMIRXP]TVIGMWIXSIZEPYEXI
ZIV]JPEXERHWYTIVJPEXGEXIKSVMIW
8EFPI{1ERYEPWXVEMKLXIHKIQIXLSH
*PSSVWYVJEGI
GPEWWMJMGEXMSR
'SRZIRXMSREP
1SHIVEXIP]JPEX
*PEX
:IV]JPEX
7YTIVJPEX
1E\MQYQKET
1E\MQYQKET
GSQTPMERGI
GSQTPMERGI
7EQTPIWRSXXSI\GIIH 7EQTPIWRSXXSI\GIIH
QQ
QQ
QQ
2%
2%
QQ
QQ
QQ
2%
2%
8LI JSPPS[MRK QMRMQYQ WEQTPMRK VIUYMVI
QIRXWWLEPPETTP]JSVXIWXWYVJEGIWIZEPYEXIHYWMRKXLMW
XSPIVERGIQIXLSH
%XIWXWYVJEGIMWHIIQIHXSQIIXWTIGMJMIH
XSPIVERGIWMJMXGSQTPMIW[MXLXLIQE\MQYQKETYRHIV
XLIWXVEMKLXIHKI PMQMXEXMSRW KMZIR MR 7IGXMSR EFSZI 8LI QE\MQYQ HMWTEVMX] FIX[IIR E XEYX WXVMRK
WXVIXGLIH FIX[IIR XLI FSXXSQ GSVRIVW EX XLI IRHW SJ
XLIWXVEMKLXIHKIERHXLIYRHIVWMHISJXLIWXVEMKLXIHKI
WLEPPRSXI\GIIHQQEXER]TSMRX
8LIQMRMQYQRYQFIVSJWEQTPIW! EVIE JSV JPSSV EVIEW QIEWYVIH MR Q % WEQTPI MW E
WMRKPITPEGIQIRXSJXLIWXVEMKLXIHKI
3VMIRXEXMSR SJ XLI WXVEMKLXIHKI WLEPP FI
TEVEPPIP TIVTIRHMGYPEV SV EX E HIKVII ERKPI XS
PSRKIWXGSRWXVYGXMSRNSMRXFSYRHMRKXLIXIWXWYVJEGI
%R IUYEP RYQFIV SJ WEQTPIW WLEPP FI
XEOIRMRTIVTIRHMGYPEVHMVIGXMSRW
7EQTPIWWLEPPFIIZIRP]HMWXVMFYXIHSZIV
XLIXIWXWYVJEGI
7XVEMKLXIHKI GIRXIVTSMRX PSGEXMSRW JSV
WEQTPIWWLEPPRSXFIGPSWIVXLERQ
8IWXVIWYPXWWLEPPFIVITSVXIHMREQERRIV
XLEX[MPPEPPS[XLIHEXE XSFIZIVMJMIHSV XLIXIWXXSFI
VITPMGEXIH WYGL EW E OI] TPER WLS[MRK WXVEMKLXIHKI
GIRXIVTSMRXPSGEXMSRERHWXVEMKLXIHKISVMIRXEXMSR
6 %X XLI XMQI XLI HSGYQIRX [EW TVITEVIH RS
REXMSREPP] EGGITXIH WTIGMJMGEXMSR LEW FIIR HIZIPSTIH XS
KSZIVR IZEPYEXMSR SJ E JPSSV WYVJEGI YWMRK XLMW TVSGIHYVI
XLIVIJSVI QMRMQYQ WEQTPMRK VIUYMVIQIRXW LEZI FIIR
IWXEFPMWLIHMRXLMWWIGXMSR8LI7TIGMJMIVQE]TVSZMHIEPXIV
REXMZI TVSGIHYVIW EW PSRK EW WTIGMJMG XIWXMRK VIUYMVIQIRXW
ERHEGGITXERGIGVMXIVMEEVI IWXEFPMWLIH 8IWXVIWYPXWWLSYPH
FIVITSVXIHMREQERRIVXLEX[MPPEPPS[XLIHEXEXSFIZIVM
JMIHSVXLIXIWXXSFIVITPMGEXIH;LIRYWMRKXLMWETTVSEGLXS
IZEPYEXIJPSSVWYVJEGIWPIZIPRIWWMWWYFNIGXXSXLITVSZMWMSRW
SJ 7IGXMSRXLIQERYEPWXVEMKLXIHKIETTVSEGLHSIWRSX
HMVIGXP]QIEWYVIPIZIPRIWW
1
%'-78%2(%6('311)28%6=
74)'-*-'%8-32
'311)28%6=
%GSQTYXIVM^IHWMQYPEXMSRSJEJVIIWXERHMRK
QWXVEMKLXIHKIXIWXWLEPPFITIVQMXXIHXSFIYWIHEW
EREPXIVREXMZIXSXLIXIWXTVSGIHYVIIWXEFPMWLIHMRXLI
'SRXVEGX(SGYQIRXW SVXLITVIZMSYW TEVEKVETL(EXE
GSPPIGXMSR TVSGIHYVIW ERH IZEPYEXMSR SJ HEXE WLEPP
GSQTP] [MXL XLI VIUYMVIQIRXW IWXEFPMWLIH MR XLI
'SRXVEGX(SGYQIRXWSV7IGXMSR
6%GSQTYXIVM^IHWMQYPEXMSRSJEQERYEPWXVEMKLX
IHKIETTVSEGLGERFIYWIHXSIZEPYEXIXLIJPEXRIWWSJEJPSSV
WYVJEGI (EXE EVI XEOIR YWMRK ER MRWXVYQIRX SXLIV XLER E
WXVEMKLXIHKI ERH TVSGIWWIH YWMRK E GSQTYXIV XS TVSHYGI
VIWYPXWWMQMPEVXSXLEXEGLMIZIHYWMRKEQERYEPWXVEMKLXIHKI
8LMWQIXLSHVIUYMVIWXLEXHEXEFIGSPPIGXIHEPSRKPMRIWMRE
QERRIVWMQMPEVXSXLEXHIWGVMFIHF]%781)1SV%781
)18LIJPEXRIWWMWIZEPYEXIHF]QSZMRKEWMQYPEXIHQ
PSRK WXVEMKLXIHKIEPSRKIEGLHEXEPMRI EX QMRXIVZEPW 2S
%781WXERHEVHLEWFIIRHIZIPSTIHXSKSZIVRIZEPYEXMSRSJE
JPSSV WYVJEGI YWMRK XLMW TVSGIHYVI WS XLI 7TIGMJMIV WLSYPH
TVSZMHIWTIGMJMGXIWXMRKVIUYMVIQIRXWERHEGGITXERGIGVMXIVMEEW
HIWGVMFIH MR XLI 1ERHEXSV] 6IUYMVIQIRXW 'LIGOPMWX 6IWYPXW
WLSYPHFIVITVSHYGMFPI;LIRYWMRKXLMWETTVSEGLXSIZEPYEXI
JPSSVWYVJEGIWPIZIPRIWWMWWYFNIGXXSXLITVSZMWMSRWSJ7IGXMSR
XLI GSQTYXIVM^IH WMQYPEXMSR SJ E QERYEP WXVEMKLXIHKI
ETTVSEGLHSIWRSXHMVIGXP]QIEWYVIPIZIPRIWW8LI7TIGMJMIVMW
EHZMWIHXLEXGYVVIRXEZEMPEFPIWSJX[EVIJSVGSQTYXIVM^IHWMQY
PEXMSR SJ E JVIIWXERHMRK Q WXVEMKLXIHKI HSIW RSX QIIX XLI
VIUYMVIQIRXWSJ7IGXMSR
6SSX QIER WUYEVI 617 PIZIPRIWW XSPIVERGI MR
QQQJSVJPSSVWTYVTSWIP]TMXGLIHMRSRIHMVIGXMSRWLEPP
FI SFXEMRIHTIV XLIVIUYMVIQIRXWSJ 4EVEKVETL SJ
%781)1)EGLWYVZI]PMRIYWIHMRXLI617PIZIP
RIWWGEPGYPEXMSRWLEPPFITEVEPPIP[MXLXLISXLIVWERHEPP
PMRIWWLEPPFIMRXLIHMVIGXMSRSJXLITMXGLSVXMPX
{7E[GYXHITXLMRWPEFSRKVSYRH
(ITXLSJWE[GYXNSMRX •QQ
830)6%2')7*36'32'6)8)'327869'8-32
1
7)'8-32{'%78-240%')'32'6)8)%8-28)6*%');-8,
46)'%78'32'6)8) )<')488-0894'32'6)8)
74)'-*-'%8-32
'311)28%6=
8SPIVERGIWJSVGSRWXVYGXMSRERHIVIGXMSRSJTVIGEWXGSRGVIXI
YRMXWEVIRSXTEVXSJXLMWWXERHEVH6IJIVXS-8+1w7TIGM
JMGEXMSR JSV 8SPIVERGIW JSV 4VIGEWX 'SRGVIXIx JSV TVIGEWX
GSRGVIXI XSPIVERGIW 8SPIVERGIW MR XLMW WXERHEVH ETTP] XS
GEWXMRTPEGI GSRGVIXI IPIQIRXW XLEX MRXIVJEGI [MXL TVIGEWX
GSRGVIXIIPIQIRXW
8SPIVERGIWJSVXMPXYTGSRGVIXIEVIWTIGMJMIHMR7IGXMSR
{(IZMEXMSRJVSQIPIZEXMSR{
GEWXMRTPEGIGSRGVIXI
{(IZMEXMSRJVSQIPIZEXMSR{
GEWXMRTPEGIGSRGVIXI
-WSPEXIHJSSXMRK QQ
zQQ
6 -WSPEXIHJSSXMRK{6IJIVXS*MK6
'SRXMRYSYWJSSXMRK QQ
zQQ
6 'SRXMRYSYWJSSXMRK{6IJIVXS*MK6
*MK6{-WSPEXIHJSSXMRKIPIZEXMSRZMI[
*MK6{'SRXMRYSYWJSSXMRKIPIZEXMSRZMI[
1
%'-78%2(%6('311)28%6=
74)'-*-'%8-32
'311)28%6=
4MPEWXIVWTIHIWXEPWERHGSPYQRW QQ
zQQ
6 4MPEWXIVWTIHIWXEPWERHGSPYQRW{6IJIVXS*MK
6
-RHMZMHYEPGSVFIPW QQ
zQQ
6 ERH 6 -RHMZMHYEP GSVFIPW ERH GSRXMRYSYW
PIHKIW{6IJIVXS*MK6ERH6
'SRXMRYSYWPIHKIW QQ
zQQ
;EPPW QQ
zQQ
)QFIHHIHJEFVMGEXIHFIEVMRKWYVJEGI
EWWIQFPMIW QQ
zQQ
+VSYXJMPPIHWXIIPWPIIZIWTPMGI •QQ
8STSJIQFIHHIHHS[IP •QQ
*MK6{4MPEWXIVWTIHIWXEPWERHGSPYQRWIPIZEXMSRZMI[
8STSJIQFIHHIHWPIIZI QQ
zQQ
%RGLSVFSPXW VIJIVXS7IGXMSR
)QFIHHIHTPEXIW •QQ
-RWIVXWERHEWWIQFPMIW[MXLMRWIVXW •QQ
)QFIHHIHMXIQWJPYWL[MXLYRJSVQIH
GSRGVIXIWYVJEGII\GITXKVSYXJMPPIHWPIIZIW •QQ
*MK 6 ERH 6{-RHMZMHYEP GSVFIPW SV GSRXMRYSYW
PIHKIWIPIZEXMSRZMI[
830)6%2')7*36'32'6)8)'327869'8-32
74)'-*-'%8-32
{(IZMEXMSRJVSQPSGEXMSR{
GEWXMRTPEGIGSRGVIXI
1
'311)28%6=
{(IZMEXMSRJVSQPSGEXMSR{
GEWXMRTPEGIGSRGVIXI
,SVM^SRXEPHIZMEXMSR
8SEWXITHS[RMRGSRXMRYSYWJSSXMRKQQ
zQQ
6 8SEWXITHS[RMRGSRXMRYSYWJSSXMRK{6IJIVXS
*MK6
4MPEWXIVWTIHIWXEPWERHGSPYQRW •QQ
6 4MPEWXIVW TIHIWXEPW ERH GSPYQRW{6IJIV XS
*MK6
-RHMZMHYEPGSVFIPW•QQ
6 -RHMZMHYEPGSVFIPW{6IJIVXS*MK6
8STSJ[EPPW•QQ
*EFVMGEXIHFIEVMRKWYVJEGIEWWIQFPMIWJPYWL
[MXLGSRGVIXIWYVJEGI•QQ
+VSYXJMPPIHWXIIPWPIIZIWTPMGI
)QFIHHIHHS[IPSVWPIIZI•QQ
%RGLSVFSPXW VIJIVXS7IGXMSR
(MWXERGIFIX[IIRZIVXMGEPWYVJEGIW
EXSTTSWMXIIRHWSJETVIGEWXQIQFIV •QQ
*MK6{'SRXMRYSYWJSSXMRKIPIZEXMSRZMI[
)QFIHHIHTPEXIW•QQ
-RWIVXWERHEWWIQFPMIW[MXLMRWIVXW•QQ
)QFIHHIHMXIQWJPYWL[MXLJSVQIH
GSRGVIXIWYVJEGI •QQ
*MK6{4MPEWXIVWTIHIWXEPWERHGSPYQRWTPERZMI[
*MK6{-RHMZMHYEPGSVFIPTPERZMI[
1
%'-78%2(%6('311)28%6=
74)'-*-'%8-32
{(IZMEXMSRJVSQHMQIRWMSR{
GEWXMRTPEGIGSRGVIXI
'311)28%6=
{(IZMEXMSRJVSQHMQIRWMSR{
GEWXMRTPEGIGSRGVIXI
7TIGMJMIHPIRKXL
4VSNIGXMSRSJMRHMZMHYEPGSVFIPWERH
GSRXMRYSYWPIHKIWJVSQJEGISJWYTTSVX •QQ
;EPPW SV FIEQW [LIVI TVIGEWX QIQFIVW
EFYXFSXLIRHW zQQ
QQ
6 4VSNIGXMSR SJ MRHMZMHYEP GSVFIPW ERH GSRXMRYSYW
PIHKIWJVSQJEGISJWYTTSVX{6IJIVXS*MK6 E ERH F 6 -RHMZMHYEPGSVFIPW{6IJIVXS*MK6
7XIIPWPIIZIJSVKVSYXJMPPIHWXIIPWPIIZI
WTPMGI zQQ
7TIGMJMIH[MHXL
-RHMZMHYEPGSVFIPW •QQ
;EPPW[LIVIWTIGMJMIH[MHXLMWQQSVPIWW
QQ
zQQ
1SVIXLERQQFYXRSXQSVIXLERQQ
QQ
zQQ
1SVIXLERQQ QQ
zQQ
)\TSWIHZIVXMGEPI\XIVMSVNSMRX[MXLETVIGEWX
TERIP
9T XS • SJ XLI NSMRX [MHXL ERH RSX XS
I\GIIH•QQ
:EVMEXMSRMR[MHXLSZIVER]QTSVXMSRSJ
XLINSMRXPIRKXLSVXLIJYPPPIRKXLMJPIWWXLERQ
•QQ
*MK6{4VSNIGXMSRSJMRHMZMHYEPGSVFIPERHGSRXMRYSYW
PIHKIWTPERZMI[
*MK6{;MHXLSJMRHMZMHYEPGSVFIPTPERZMI[
830)6%2')7*36'32'6)8)'327869'8-32
74)'-*-'%8-32
1
'311)28%6=
{(IZMEXMSRJVSQTPERIEXFIEVMRK
WYVJEGI{GEWXMRTPEGIGSRGVIXIQIEWYVIH
SZIVPIRKXLSV[MHXLSJFIEVMRKWYVJEGI
6{(IZMEXMSRJVSQTPERIEXFIEVMRK
WYVJEGI{GEWXMRTPEGIGSRGVIXIQIEWYVIH
SZIVPIRKXLSV[MHXLSJFIEVMRKWYVJEGI
;EPPW[LIVIWTIGMJMIH[MHXLMW
QQSVPIWW •QQ
+VIEXIVXLERQQiii•QQ
6IJIVXS*MK6
-RHMZMHYEPGSVFIPW •QQ
'SRXMRYSYWPIHKIW •QQ
*MK 6{(IZMEXMSR JVSQ TPERI EX FIEVMRK WYVJEGI
IPIZEXMSRZMI[
1
%'-78%2(%6('311)28%6=
2SXIW
830)6%2')7*36'32'6)8)'327869'8-32
1
7)'8-32{1%7326=
74)'-*-'%8-32
'311)28%6=
8LMWWTIGMJMGEXMSRHSIWRSXEHHVIWWQEWSRV]GSRWXVYGXMSR
6IJIV XS %'- w7TIGMJMGEXMSR JSV 1EWSRV]
7XVYGXYVIWERH'SQQIRXEV]xJSVQEWSRV]XSPIVERGIW
*SV KYMHERGI ERH XSPIVERGIW JSV QEWSRV] XLI 7TIGMJMIV
WLSYPHVIJIVXSXLIQSWXVIGIRXIHMXMSRSJw7TIGMJMGEXMSRJSV
1EWSRV]7XVYGXYVIW %'-%7')817 x
1
%'-78%2(%6('311)28%6=
2SXIW
830)6%2')7*36'32'6)8)'327869'8-32
1
7)'8-32{'%78-240%'):)68-'%00=70-4*361)(
&9-0(-2+)0)1)287
74)'-*-'%8-32
'311)28%6=
{(IZMEXMSRJVSQTPYQFJSVFYMPHMRKW
ERHGSVIW
6{(IZMEXMSRJVSQTPYQFJSVFYMPHMRKW
ERHGSVIW
8VERWPEXMSRERHVSXEXMSRJVSQEJM\IHTSMRXEXXLI
FEWISJXLIWXVYGXYVI
,IMKLXWQSVPIWW •QQTIVPIZIP
•QQQE\MQYQ
6IJIVXS*MK6
,IMKLXWKVIEXIVXLERQ
•XMQIWXLILIMKLX
•QQTIVPIZIP
•QQQE\MQYQ
*MK6{(IZMEXMSRJVSQTPYQFJSVFYMPHMRKWERHGSVIW
{,SVM^SRXEPHIZMEXMSR
6{,SVM^SRXEPHIZMEXMSR
&IX[IIREHNEGIRXIPIQIRXW •QQ
6IJIVXS*MK6ERH6
,SVM^SRXEPIPIQIRXW
)HKIWSJSTIRMRKWWPIIZIWERHIQFIHQIRXWQQ
SVWQEPPIV•QQ
)HKIWSJSTIRMRKWWPIIZIWERHIQFIHQIRXWKVIEXIV
XLERQQ•QQ
*MK6{,SVM^SRXEPHIZMEXMSR
*MK6{)HKIWSJSTIRMRKWWPIIZIWERHIQFIHQIRXW
1
%'-78%2(%6('311)28%6=
74)'-*-'%8-32
'311)28%6=
{'VSWWWIGXMSREPHMQIRWMSRW
6{'VSWWWIGXMSREPHMQIRWMSRW
'SPYQRWERH[EPPW
QQSVPIWW QQ
zQQ
6IJIVXS*MK6
1SVIXLERQQERHPIWWXLERQQ
QQ
zQQ
1SVIXLERQ QQ
zQQ
{3TIRMRKWXLVSYKLIPIQIRXW
(SSVSTIRMRKWSV[EPOXLVSYKLX]TISTIRMRKW
0IRKXLSV[MHXLSJSTIRMRK QQ
zQQ
3XLIVSTIRMRKWERHWPIIZIW
0IRKXLSV[MHXLSJSTIRMRK QQ
zQQ
{)QFIHHIHTPEXIW
0IRKXLSV[MHXLSJTPEXI QQ
zQQ
{(IZMEXMSRJVSQTPYQFJSVWPMTJSVQIH
ERHNYQTJSVQIHWMPSW
(IZMEXMSRJVSQTPYQF
8VERWPEXMSR SJ WMPS GIRXIVPMRI SV VSXEXMSR SJ WMPS [EPP
JVSQEJM\IHTSMRXEXXLIFEWISJXLIWXVYGXYVI
QSVPIWW •QQ
1SVIXLERQ •SJLIMKLX
-RWMHIHMEQIXIVSVHMWXERGIFIX[IIR[EPPW
,SVM^SRXEPHIZMEXMSR •QQTIVQ
•QQ
'VSWWWIGXMSREPHMQIRWMSRWSJGSQTSRIRX
QQ
zQQ
0SGEXMSR SJ STIRMRKW IQFIHHIH TPEXIW ERH
ERGLSVW
:IVXMGEPHIZMEXMSR •QQ
,SVM^SRXEPHIZMEXMSR •QQ
*MK6{'VSWWWIGXMSREPHMQIRWMSRW
830)6%2')7*36'32'6)8)'327869'8-32
1
7)'8-32{1%77'32'6)8)
74)'-*-'%8-32
'311)28%6=
8LI7TIGMJMIVWLSYPHVIZMI[XLI%'-WXERHEVHWVIJIVIRGIHMR
XLMWHSGYQIRXERHHIWMKREXI[LMGLTSVXMSRWSJXLIWXVYGXYVI
EVIQEWWGSRGVIXI
{(IZMEXMSRJVSQTPYQF
6666ERH6
7YVJEGIW
:MWMFPIWYVJEGIW•QQ
'SRGIEPIHWYVJEGIW •QQ
6IJIVXSGSQQIRXEV]7IGXMSRW6 6 6 6
ERH 6VIWTIGXMZIP]
7MHI[EPPWJSVVEHMEPKEXIWERHWMQMPEV[EXIVXMKLX
NSMRXW •QQ
{,SVM^SRXEPHIZMEXMSR
:MWMFPIWYVJEGIW•QQ
'SRGIEPIHWYVJEGIW •QQ
{:IVXMGEPHIZMEXMSR
+IRIVEP
:MWMFPIJPEX[SVOERHJSVQIHWYVJEGIW •QQ
'SRGIEPIHJPEX[SVOERHJSVQIHWYVJEGIW •QQ
7MPPWSJVEHMEPKEXIWERHWMQMPEV[EXIVXMKLXNSMRXW
•QQ
{'VSWWWIGXMSREPHMQIRWMSR
8LMGORIWWQQ
zQQ
{(IZMEXMSRJVSQTPERI
7PSTI SJ JSVQIH WYVJEGIW [MXL VIWTIGX XS XLI
WTIGMJMIH TPERI WLEPP RSX I\GIIH XLI JSPPS[MRK
EQSYRXW
7PSTIWZIVXMGEPHIZMEXMSR
:MWMFPIWYVJEGIW •
'SRGIEPIHWYVJEGIW •
7PSTIWLSVM^SRXEPHIZMEXMSR
:MWMFPIWYVJEGIW •
'SRGIEPIHWYVJEGIW •
1
%'-78%2(%6('311)28%6=
2SXIW
830)6%2')7*36'32'6)8)'327869'8-32
1
7)'8-32{'%2%00-2-2+
74)'-*-'%8-32
'311)28%6=
{,SVM^SRXEPHIZMEXMSR
66ERH6
7YVJEGIW
:MWMFPIWYVJEGIW•QQ
6IJIV XS GSQQIRXEV] 7IGXMSRW 6 6 ERH 6
VIWTIGXMZIP]
%PMKRQIRXSJGYVZIW •QQ
;MHXL ; SJWIGXMSREXER]LIMKLX
• ;QQ
{:IVXMGEPHIZMEXMSR
4VSJMPIKVEHI •QQ
7YVJEGISJMRZIVX•QQ
7YVJEGISJWMHIWPSTI •QQ
,IMKLX L SJPMRMRK • LQQ
{'VSWWWIGXMSREPHMQIRWMSRW
8LMGORIWWSJPMRMRKGVSWWWIGXMSR
• SJWTIGMJMIHXLMGORIWW
1
%'-78%2(%6('311)28%6=
2SXIW
830)6%2')7*36'32'6)8)'327869'8-32
1
7)'8-32{13230-8,-';%8)6'32:)=-2+8922)07
7-4,327'32(9-87%2(74-00;%=7
74)'-*-'%8-32
'311)28%6=
{,SVM^SRXEPHIZMEXMSR
666ERH6
'IRXIVPMRIEPMKRQIRX•QQ
6IJIV XS GSQQIRXEV] 7IGXMSRW 6 6 6 ERH
6VIWTIGXMZIP]
-RWMHIHMQIRWMSRW
• XMQIWMRWMHIHMQIRWMSR
{:IVXMGEPHIZMEXMSR
4VSJMPIKVEHI •QQ
7YVJEGISJMRZIVX•QQ
7YVJEGISJWMHIWPSTI •QQ
{'VSWWWIGXMSREPHMQIRWMSRW
'VSWWWIGXMSRXLMGORIWWEXER]TSMRX
-RGVIEWIXLMGORIWWKVIEXIVSJ SJXLMGORIWWSV
QQ
(IGVIEWIXLMGORIWWKVIEXIVSJ SJXLMGORIWWSV
zQQ
{(IZMEXMSRJVSQTPERI
7PSTI SJ JSVQIH WYVJEGIW [MXL VIWTIGX XS XLI
WTIGMJMIHTPERIWLEPPRSXI\GIIHXLIJSPPS[MRKEQSYRXW
[LIRQIEWYVIH[MXLEQWXVEMKLXIHKI
:IVXMGEPHIZMEXMSR
:MWMFPIWYVJEGIW •
'SRGIEPIHWYVJEGIW •
,SVM^SRXEPHIZMEXMSR
:MWMFPIWYVJEGIW •
'SRGIEPIHWYVJEGIW •
1
%'-78%2(%6('311)28%6=
2SXIW
830)6%2')7*36'32'6)8)'327869'8-32
1
7)'8-32{'%78-240%')&6-(+)7
74)'-*-'%8-32
'311)28%6=
{(IZMEXMSRJVSQTPYQF
)\TSWIHWYVJEGIW •QQ
'SRGIEPIHWYVJEGIW •QQ
{,SVM^SRXEPHIZMEXMSR
6{,SVM^SRXEPHIZMEXMSR
'IRXIVPMRIEPMKRQIRX•QQ
'IRXIVPMRISJFIEVMRK •QQ
6 'IRXIVPMRISJFIEVMRKVIJIVWXSXLITVMQEV]KMVHIVW
SV WXVMRKIVW 3R LMKL[E] TPERW HMQIRWMSRW EVI YWYEPP]
KMZIRMRLYRHVIHXLWSJEQIXIV1MPPMQIXIVWEVIYWIHLIVIXS
GSRJSVQXSXLIVIWXSJXLMWHSGYQIRX
%FVYTXJSVQSJJWIXEXFEVVMIVVEMP•QQ
0SGEXMSR SJ STIRMRKW XLVSYKL GSRGVIXI
IPIQIRXW •QQ
{:IVXMGEPHIZMEXMSR
6{:IVXMGEPHIZMEXMSR
4VSJMPIKVEHI •QQ
64VSJMPIKVEHIVIJIVWXSXLIYTTIVWYVJEGISJERSZIV
TEWW-JXLIWXVYGXYVIGVIEXIWELMKL[E]YRHIVTEWWXLIRXLI
GPIEVERGIJVSQXLITVSJMPIKVEHIXSXLIFSXXSQSJXLIPS[IWX
WXVYGXYVEPIPIQIRXWLSYPHFIQQzQQ
8ST SJ SXLIV GSRGVIXI WYVJEGIW ERH LSVM^SRXEP
KVSSZIW
)\TSWIH•QQ
'SRGIEPIH•QQ
0SGEXMSRSJSTIRMRKWXLVSYKLGSRGVIXIIPIQIRXW
•QQ
{0IRKXL[MHXLSVHITXLSJWTIGMJMIH
IPIQIRXW
&VMHKIWPEFXLMGORIWWQQ
zQQ
)PIQIRXWWYGLEWGSPYQRWFIEQWTMIVW ERH
[EPPWQQ
zQQ
3TIRMRKWXLVSYKLGSRGVIXIIPIQIRXW •QQ
1
%'-78%2(%6('311)28%6=
74)'-*-'%8-32
{(IZMEXMSRJVSQTPERI
7PSTI SJ JSVQIH ERH YRJSVQIH WYVJEGIW [MXL
VIWTIGX XS XLI WTIGMJMIH TPERI WLEPP RSX I\GIIH XLI
JSPPS[MRKEQSYRXWMRQ
;EXIVXMKLXNSMRXW •QQ
3XLIVI\TSWIHWYVJEGIW •QQ
'SRGIEPIHWYVJEGIW •QQ
(VMZMRKWYVJEGIJMRMWLXSPIVERGIWERHQIXLSHSJ
QIEWYVMRKRSXWTIGMJMIH
{(IGOVIMRJSVGIQIRXGSZIV
QQ
zQQ
{&IEVMRKTEHW
,SVM^SRXEPHIZMEXMSRSJGIRXIVPMRI •QQ
)HKIHMQIRWMSRWMRTPER •QQ
(IZMEXMSRJVSQTPERI•
'311)28%6=
830)6%2')7*36'32'6)8)'327869'8-32
1
7)'8-32{)<8)6-364%:)1)287%2(7-();%0/7
74)'-*-'%8-32
'311)28%6=
{,SVM^SRXEPHIZMEXMSR
4PEGIQIRXSJHS[IPW•QQ
%PMKRQIRX SJ HS[IPW VIPEXMZI XS GIRXIVPMRI SJ
TEZIQIRX
QQSVPIWWTVSNIGXMSR•QQ
+VIEXIVXLERQQTVSNIGXMSR RSXIWXEFPMWLIH
{:IVXMGEPHIZMEXMSRSJWYVJEGI
1EMRPMRI TEZIQIRXW MR PSRKMXYHMREP HMVIGXMSR
XLIKETFIPS[EQYRPIZIPIHWXVEMKLXIHKIVIWXMRKSR
LMKLWTSXWWLEPPRSXI\GIIH RSXWTIGMJMIH
1EMRPMRITEZIQIRXWMRXVERWZIVWIHMVIGXMSRXLI
KET FIPS[ E Q YRPIZIPIH WXVEMKLXIHKI VIWXMRK SR
LMKLWTSXWWLEPPRSXI\GIIH RSXWTIGMJMIH
6EQTW WMHI[EPOW ERH MRXIVWIGXMSRW MR ER]
HMVIGXMSRXLIKETFIPS[EQYRPIZIPIHWXVEMKLXIHKI
VIWXMRKSRLMKLWTSXWWLEPPRSXI\GIIHQQ
(VMZMRKWYVJEGIJMRMWLXSPIVERGIWEWWTIGMJMIHMR
'SRXVEGX(SGYQIRXW
6 ERH 6 7QSSXLRIWW XSPIVERGIW EVI RSX
EHHVIWWIH[MXLMRXLMWHSGYQIRX)RKMRIIVWERHGSRXVEGXSVW
WLSYPHVIJIVXSXLIVIKMSREPERHPSGEPLMKL[E]ERHVSEH[E]
HITEVXQIRXW MRGPYHMRK XLI %QIVMGER %WWSGMEXMSR SJ 7XEXI
,MKL[E]ERH8VERWTSVXEXMSR3JJMGMEPW %%7,83 1
%'-78%2(%6('311)28%6=
2SXIW
830)6%2')7*36'32'6)8)'327869'8-32
1
7)'8-32{',-12)=7%2('330-2+83;)67
74)'-*-'%8-32
{(IZMEXMSRJVSQTPYQF
8VERWPEXMSRVSXEXMSRSVZEVMERGIJVSQXLIZIVXMGEPE\MW
WLEPPRSXI\GIIHXLIKVIEXIVSJ• XMQIWXLILIMKLX
EXXMQISJQIEWYVIQIRXSV•QQ
-R ER] Q SJ LIMKLX XLI KISQIXVMG GIRXIV SJ XLI
GLMQRI] SV GSSPMRK XS[IV IPIQIRX WLEPP RSX GLERKI
QSVIXLER•QQ
{3YXWMHIWLIPPHMEQIXIV
3YXWMHIWLIPPHMEQIXIV• SJXLIWTIGMJMIHHMEQIXIV
TPYWQQ
{;EPPXLMGORIWW
8LI EZIVEKI SJ JSYV [EPP XLMGORIWW QIEWYVIQIRXW
XEOIRSZIVEHIKVIIEVGWLEPPRSXI\GIIH
WTIGMJMIH[EPPXLMGORIWWQQSVPIWW
QQ
zQQ
WTIGMJMIH[EPPXLMGORIWWKVIEXIVXLERQQ
QQ
zQQ
'311)28%6=
8SPIVERGI VIUYMVIQIRXW JSV STIRMRKW ERH MXIQW IQFIHHIH
[MXLMRGSRGVIXIGLMQRI]WQYWXFIIWXEFPMWLIHSRERMRHMZMHYEP
FEWMWHITIRHMRKSRXLIWTIGMJMGREXYVISJXLIMVYWI
1
%'-78%2(%6('311)28%6=
2SXIW
830)6%2')7*36'32'6)8)'327869'8-32
1
7)'8-32{'%78-240%')2326)-2*36')(4-4)
74)'-*-'%8-32
{;EPPXLMGORIWW
;EPP XLMGORIWW EX ER] TSMRX WLEPP FI IUYEP XS XLI
WTIGMJMIH[EPPXLMGORIWWSJXLITMTIFYXRSKVIEXIVXLER
XLI WTIGMJMIH XLMGORIWW TPYW QYPXMTPMIH F] XLI
WTIGMJMIHMRWMHIHMEQIXIV
zQQ»XLIWTIGMJMIHMRWMHIHMEQIXIV
{4MTIHMEQIXIV
8LI MRXIVREP HMEQIXIV EX ER] TSMRX WLEPP RSX FI PIWW
XLER SJXLIHIWMKRHMEQIXIV
{3JJWIXW
%XJSVQPETWERHLSVM^SRXEPIHKIWWLEPPRSXI\GIIH
*SVTMTI[MXLERMRXIVREPHMEQIXIVRSXPIWWXLERQ
•QQ
*SVTMTI[MXLERMRXIVREPHMEQIXIVKVIEXIVXLERQ
SVPIWWXLERSVIUYEPXSQ •QQ
*SVTMTI[MXLERMRXIVREPHMEQIXIVKVIEXIVXLERQ
•QQ
{7YVJEGIMRHIRXEXMSRW
1E\MQYQEPPS[EFPI •QQ
{+VEHIERHEPMKRQIRX
:IVXMGEPHIZMEXMSRJVSQKVEHI
•QQTIVQ
•QQQE\MQYQ
,SVM^SRXEPHIZMEXMSRJVSQEPMKRQIRX
•QQTIVQ
•QQQE\MQYQ
{'SRGVIXIWPYQT
*SVTMTI[MXLERMRXIVREPHMEQIXIVPIWWXLERQ
•QQ
*SVTMTI[MXLERMRXIVREPHMEQIXIVJVSQQYTXSQ
•QQ
*SVTMTI[MXLERMRXIVREPHMEQIXIVKVIEXIVXLERQ
•QQ
'311)28%6=
'EWXMRTPEGIGSRGVIXITMTIXSPIVERGIWVIPEXIXSXLIEGGYVEG]
SJ GSRWXVYGXMSR XLEX GER FI EGLMIZIH YWMRK QEGLMRIV] ERH
IUYMTQIRX GSRWMWXIRX [MXL XLI WXERHEVH TVEGXMGI JSV PSGEP
WSMPX]TIW
1
%'-78%2(%6('311)28%6=
2SXIW
830)6%2')7*36'32'6)8)'327869'8-32
1
7)'8-32{8-0894'32'6)8)
74)'-*-'%8-32
'311)28%6=
{4ERIPJSVQMRK
(IZMEXMSRJVSQWTIGMJMIHLIMKLXSV[MHXL
;LIVIWTIGMJMIHLIMKLXSV[MHXLMWQSVPIWW •QQ
)EGLEHHMXMSREPQSVTEVXXLIVISJ •QQ
2SXXSI\GIIH•QQ
(IZMEXMSR JVSQ WTIGMJMIH XLMGORIWW QIEWYVIH
FIJSVI IHKI JSVQ VIQSZEP YWMRK E WXVMRK WXVIXGLIH
XEYX SZIV QQ XLMGO FPSGOW EXXEGLIH XS XLI XSTW SJ
XLIIHKIJSVQW
9RJSVQIHWYVJEGI zQQ
QQ
6 8S GSRJSVQ XS XLI QQ XLMGORIWW XSPIVERGI
XLI YRJSVQIH WYVJEGI SJ XLI TERIP WLSYPH RSX XSYGL XLI
WXVMRKEXER]PSGEXMSR8SGSRJSVQXSXLIzQQXSPIVERGI
XLITERIPWLSYPHRSXFIQSVIXLERQQFIPS[XLIWXVMRK
EXER]PSGEXMSR
6EXLIV XLER QIEWYVMRK XLI TERIP XLMGORIWW HMVIGXP] WXVMRK
XIWXMRKXLIYTTIVTERIPWYVJEGI FIJSVIJSVQVIQSZEPMRJIVW
GSQTPMERGI [MXL XLI WTIGMJMIH XLMGORIWW XSPIVERGIW F]
EWWYQMRKXLEX
e 8LIIHKIJSVQLIMKLXIUYEPWXLIRSQMREPTERIPXLMGORIWW
e 8LI IHKI JSVQW EVI IVIGXIH HMVIGXP] SR XLI GEWXMRK FIH
ERH
e 8LIWYVJEGITVSJMPISJXLIGEWXMRKFIHMWRS[SVWIXLER
***0
2SXI XLEX ***0 MW XLI PS[IWXUYEPMX] JPSSV TVSJMPI
HMWGYWWIHMR%'-6ERHTERIPWGEWXSRWYGLERMVVIKYPEV
WYVJEGIQE]LEZIEIWXLIXMGTVSFPIQW
(MJJIVIRGI MR PIRKXL SJ XLI X[S HMEKSREPW SJ E
VIGXERKYPEV QIQFIV SV STIRMRK [LIVI PIRKXL SJ
HMEKSREPMW
QSVPIWW •QQ
)EGLEHHMXMSREPQSVTEVXXLIVISJ •QQ
2SXXSI\GIIH•QQ
3TIRMRKHMQIRWMSR•QQ
{(IZMEXMSRJVSQTPYQF
*SVLIMKLXWPIWWXLERSVIUYEPXSQ
8LI PIWWIV SJ XMQIW XLI LIMKLX EFSZI XLI XST SJ
JSYRHEXMSRWEWWLS[RSR4VSNIGX(VE[MRKWSV•QQ
*SVLIMKLXWKVIEXIVXLERQ
8LI PIWWIV SJ XMQIW XLI LIMKLX EFSZI XLI XST SJ
JSYRHEXMSRWEWWLS[RSR4VSNIGX(VE[MRKWSV•QQ
6 % TIVJIGXP] VIGXERKYPEV STIRMRK SV QIQFIV [MPP
LEZIHMEKSREPWSJIUYEPPIRKXL
1
%'-78%2(%6('311)28%6=
74)'-*-'%8-32
{(IZMEXMSRJVSQIPIZEXMSR
8STSJI\TSWIHMRHMZMHYEPTERIP •QQ
8STSJRSRI\TSWIHMRHMZMHYEPTERIP •QQ
(MJJIVIRGIEXXSTSJEHNEGIRXI\TSWIHTERIPW •QQ
(MJJIVIRGIEXXSTSJEHNEGIRXRSRI\TSWIHTERIPW
•QQ
*SYRHEXMSRW QQ
zQQ
&EWISJIVIGXIHTERIP •QQ
&IEVMRKTPEXIWSVWIEXW •QQ
{(IZMEXMSRJVSQPSGEXMSR
*EFVMGEXMSR
)HKISJSTIRMRKMRTERIP•QQ
-RWIVXWFSPXWWPIIZIW •QQ
*PEWLMRKVIKPIXW •QQ
0MJXMRKMRWIVXW •QQ
;IPHTPEXIW •QQ
&IEVMRKTPEXIWSVWIEXW •QQ
)VIGXMSR
*VSQGIRXIVPMRISJWXIIP KSZIVRWSZIVKVMHHEXYQ
•QQ
*VSQFYMPHMRKKVMHHEXYQQIEWYVIHEXFEWISJTERIP
•QQ
{(IZMEXMSRJVSQWPSTISVTPERI
*EFVMGEXMSR
;IPHTPEXIW •QQ
&IEVMRKTPEXIWERHWIEXW •QQ
)HKISJTERIPJVSQGIRXIVPMRISJTERIP •QQ
)VIGXMSR
&S[MRK HYI XS IVIGXMSR WXVIWWIW QIEWYVIH[MXLMRLSYVWEJXIVIVIGXMSR
XMQIWXLITERIPHMEKSREPHMQIRWMSRFYXRSX
QSVIXLER•QQ
'311)28%6=
830)6%2')7*36'32'6)8)'327869'8-32
74)'-*-'%8-32
(MJJIVIRXMEP FS[MRK EW IVIGXIH FIX[IIR
EHNEGIRXQIQFIVWSJXLIWEQIHIWMKR•QQ
;EVTMRK HYI XS IVIGXMSR WXVIWWIW QIEWYVIH[MXLMRLSYVWEJXIVIVIGXMSR
QQTIVQIXIVJVSQRIEVIWXEHNEGIRXGSVRIVFYXRSX
QSVIXLER•QQ
.SMRXXETIV
3ZIVTERIPLIMKLX •QQ
4IVQ •QQ
3JJWIXMREPMKRQIRXSJEHNEGIRXQEXGLMRKJEGIW
)\TSWIH•QQ
2SRI\TSWIH •QQ
'SVRIVWI\TSWIHERHRSRI\TSWIH•QQ
{(IZMEXMSRJVSQVIPEXMZI[MHXLW
.SMRX[MHXL KSZIVRWSZIVZEVMEXMSRMRNSMRX[MHXL
•QQ
:EVMEXMSRMRNSMRX[MHXLSZIVPIRKXLSJTERIP•QQ
'311)28%6=
1
1
%'-78%2(%6('311)28%6=
2SXIW
830)6%2')7*36'32'6)8)'327869'8-32
1
'311)28%6=
238)78374)'-*-)6
74)'-*-'%8-32
%'-7TIGMJMGEXMSR1MWMRGSVTSVEXIHF]VIJIVIRGIMR
XLI 4VSNIGX 7TIGMJMGEXMSR YWMRK XLI [SVHMRK MR + SJ XLI
+IRIVEP2SXIW8LI7TIGMJMIVQE]MRGPYHIMRJSVQEXMSRJVSQ
XLI 1ERHEXSV] 6IUYMVIQIRXW 'LIGOPMWX ERH 3TXMSREP
6IUYMVIQIRXW 'LIGOPMWX XLEX JSPPS[ XLI 7TIGMJMGEXMSR 8LI
7TIGMJMIVLS[IZIVQYWXWIPIGXXLIMXIQWERHMRGPYHIXLIQ
WITEVEXIP]MRXLI4VSNIGX7TIGMJMGEXMSRW
+IRIVEPRSXIW
+%'- 7TIGMJMGEXMSR1MWMRXIRHIHXSFIYWIHF]
VIJIVIRGI SV MRGSVTSVEXMSR MR MXW IRXMVIX] MR XLI 4VSNIGX
7TIGMJMGEXMSR(SRSXGST]MRHMZMHYEP7IGXMSRW4EVXW%VXMGPIW
SV4EVEKVETLWMRXSXLI4VSNIGX7TIGMJMGEXMSRFIGEYWIXEOMRK
XLIQSYXSJGSRXI\XQE]GLERKIXLIMVQIERMRK
+-J7IGXMSRWSV4EVXWSJ%'-7TIGMJMGEXMSR1EVI
GSTMIHMRXSXLI4VSNIGX7TIGMJMGEXMSRSVER]SXLIVHSGYQIRX
HS RSX VIJIV XS XLIQ EW ER %'- WTIGMJMGEXMSR FIGEYWI XLI
WTIGMJMGEXMSRLEWFIIREPXIVIH
+% WXEXIQIRX WYGL EW XLI JSPPS[MRK [MPP WIVZI XS QEOI
%'-7TIGMJMGEXMSR1ETEVXSJXLI4VSNIGX7TIGMJMGE
XMSR
'311)28%6=
w;SVOSR 4VSNIGX8MXPI WLEPPGSRJSVQXSEPPVIUYMVIQIRXW
SJ %'- 1 TYFPMWLIH F] XLI %QIVMGER 'SRGVIXI
-RWXMXYXI *EVQMRKXSR ,MPPW 1MGLMKER I\GITX EW QSHMJMIH
F]XLIWI'SRXVEGX(SGYQIRXWx
+)EGL XIGLRMGEP WIGXMSR SJ %'- 7TIGMJMGEXMSR 1
MR XLMW 7XERHEVH EWWSGMEXIH [MXL MXIQW MR XLI 1ERHEXSV]
6IUYMVIQIRXW'LIGOPMWXEVIEGGSQTERMIHF]XI\XMRHMGEXMRK
ER MXIQ MR XLI WIGXMSR MW WTIGMJMIH MR XLI 'SRXVEGX (SGY
QIRXW7IGXMSRWMRXLMW7XERHEVHEWWSGMEXIH[MXLMXIQWMRXLI
3TXMSREP 6IUYMVIQIRXW 'LIGOPMWX IWXEFPMWL E HIJEYPX ZEPYI
ERH EVI EGGSQTERMIH F] XLI JSPPS[MRK XI\X wYRPIWW RSXIH
SXLIV[MWIx8LIPERKYEKIMRIEGLXIGLRMGEP7IGXMSRSJ%'7TIGMJMGEXMSR1MWMQTIVEXMZIERHXIVWI
+ %'- 7TIGMJMGEXMSR 1 MW [VMXXIR XS XLI 'SRXVEGXSV
;LIRETVSZMWMSRSJXLMW7TIGMJMGEXMSRVIUYMVIWEGXMSRF]XLI
'SRXVEGXSVXLIZIVFwWLEPPxMWYWIH-JXLI'SRXVEGXSVMWEPPS[IH
XS I\IVGMWI ER STXMSR [LIR PMQMXIH EPXIVREXMZIW EVI EZEMPEFPI
XLITLVEWMRKwIMXLIVSVxMWYWIH7XEXIQIRXWTVSZMHIHMRXLI
WTIGMJMGEXMSR EW MRJSVQEXMSR XS XLI 'SRXVEGXSV YWI XLI ZIVFW
wQE]x SV w[MPPx -RJSVQEXMSREP WXEXIQIRXW X]TMGEPP] MHIRXMJ]
EGXMZMXMIWSVSTXMSRWXLEXw[MPPFIXEOIRxSVwQE]FIXEOIRxF]
XLI3[RIVSV%VGLMXIGX)RKMRIIV
1
%'-78%2(%6('311)28%6=
74)'-*-'%8-32
'311)28%6=
830)6%2')7*36'32'6)8)'327869'8-32
74)'-*-'%8-32
'311)28%6=
1
'311)28%6=
*36);36(83',)'/0-787
* 8LMW *SVI[SVH MW MRGPYHIH JSV I\TPEREXSV] TYVTSWIW
SRP]MXHSIWRSXJSVQETEVXSJ%'-7TIGMJMGEXMSR1
QEXIVMEPW ERH TIVJSVQERGI GVMXIVME XLEX EVI RSX HIJMRIH MR
%'-7TIGMJMGEXMSR1
*%'- 7TIGMJMGEXMSR 1 QE] FI VIJIVIRGIH F] XLI
7TIGMJMIV MR XLI 4VSNIGX 7TIGMJMGEXMSR JSV ER] FYMPHMRK
TVSNIGX XSKIXLIV [MXL WYTTPIQIRXEV] VIUYMVIQIRXW JSV XLI
WTIGMJMG TVSNIGX 6IWTSRWMFMPMXMIW JSV TVSNIGX TEVXMGMTERXW
QYWXFIHIJMRIHMRXLI4VSNIGX7TIGMJMGEXMSRW%'-7TIGMJM
GEXMSR 1 GERRSX ERH HSIW RSX EHHVIWW VIWTSRWMFMPM
XMIWJSVER]TVSNIGXTEVXMGMTERXSXLIVXLERXLI'SRXVEGXSV
*8LI3TXMSREP6IUYMVIQIRXW'LIGOPMWXMHIRXMJMIW7TIGMJMIV
GLSMGIW ERH EPXIVREXMZIW 8LI 'LIGOPMWX MHIRXMJMIW XLI
7IGXMSRW4EVXWERH%VXMGPIWSJXLI6IJIVIRGI7TIGMJMGEXMSR
1ERHXLIEGXMSRVIUYMVIHSVEZEMPEFPIXSXLI7TIGM
JMIV 8LI 7TIGMJMIV WLSYPH VIZMI[ IEGL SJ XLI MXIQW MR XLI
'LIGOPMWXERHQEOIEHNYWXQIRXWXSXLIRIIHWSJETEVXMGYPEV
TVSNIGX F]MRGPYHMRK XLSWIWIPIGXIHEPXIVREXMZIWEW QERHEXSV]
VIUYMVIQIRXWMRXLI4VSNIGX7TIGMJMGEXMSRW
*'LIGOPMWXWHSRSXJSVQETEVXSJ%'-7TIGMJMGEXMSR1
'LIGOPMWXW EWWMWX XLI 7TIGMJMIV MR WIPIGXMRK ERH WTIGMJ]MRK
TVSNIGXVIUYMVIQIRXWMRXLI4VSNIGX7TIGMJMGEXMSRW
*&YMPHMRKGSHIWWIXQMRMQYQVIUYMVIQIRXWRIGIWWEV]XS
TVSXIGXXLITYFPMG %'-7TIGMJMGEXMSR 1QE] WXMTYPEXI
VIUYMVIQIRXW QSVI VIWXVMGXMZI XLER XLI QMRMQYQ 8LI
7TIGMJMIVWLEPPQEOIEHNYWXQIRXWXSXLIRIIHWSJETEVXMGYPEV
TVSNIGXF]VIZMI[MRKIEGLSJXLIMXIQWMRXLIGLIGOPMWXWERH
MRGPYHMRKXLSWIXLI7TIGMJMIVWIPIGXWEWQERHEXSV]VIUYMVI
QIRXWMRXLI4VSNIGX7TIGMJMGEXMSRW
*8LI1ERHEXSV]6IUYMVIQIRXW'LIGOPMWXMRHMGEXIW;SVO
VIUYMVIQIRXW VIKEVHMRK WTIGMJMG UYEPMXMIW TVSGIHYVIW
* 6IGSQQIRHIH VIJIVIRGIW{(SGYQIRXW ERH TYFPMGEXMSRW
XLEXEVIVIJIVIRGIHMRXLI'SQQIRXEV]SJ%'-7TIGMJMGEXMSR
1 EVI PMWXIH FIPS[ 8LIWI VIJIVIRGIW TVSZMHI KYMH
ERGI XS XLI 7TIGMJMIV ERH EVI RSX GSRWMHIVIH XS FI TEVX SJ
%'-7TIGMJMGEXMSR1
1EVXMRI^ . ERH (EZIRTSVX & w8LI 6IPEXMSRWLMT
&IX[IIR 7E[IH .SMRXW ERH (S[IP &EVWx 'SRGVIXI 4EZI
QIRX4VSKVIWW8LI%QIVMGER'SRGVIXI4EZIQIRX%WWSGME
XMSR 7OSOMI -0 : 2S 1EV TT EPWS EW ER
IPIGXVSRMGRI[WPIXXIVLXXT[[[TEZIQIRXGSQ'44
'441EVGLTHJ EGGIWWIH1EVGL
1%2(%836=6)59-6)1)287',)'/0-78
7IGXMSR4EVX%VXMGPI
2SXIWXSXLI7TIGMJMIV
7IGXMSR{+IRIVEPVIUYMVIQIRXW
8SPIVERGIZEPYIWEJJIGXGSRWXVYGXMSRGSWX7TIGMJMGYWISJEXSPIVERGIMXIQQE][EVVERXPIWWSVQSVIWXVMRKIRXXSPIVERGIWXLER
GSRXEMRIHMRXLIWTIGMJMGEXMSR-HIRXMJ]MRXLI'SRXVEGX(SGYQIRXWER]XSPIVERGIWXLI'SRXVEGXSVMWVIUYMVIHXSEGLMIZIFYXEVIRSX
EHHVIWWIHMR%'-1(IWMKREXI)\TSWIH'SRGVIXIERH%VGLMXIGXYVEP'SRGVIXIMRXLI'SRXVEGX(SGYQIRXW'SSVHMREXIXSPIVERGIW
JSVGSRGVIXIGSRWXVYGXMSRERHXLSWISJER]QEXIVMEPWXLEXMRXIVJEGI[MXLSVEXXEGLXSXLIGSRGVIXIWXVYGXYVI7TIGMJ]GSRGVIXI
XSPIVERGIWXLEXEVIQSVISVPIWWWXVMRKIRXXLERXLSWIGSRXEMRIHMRXLMWWTIGMJMGEXMSR7TIGMJMGEXMSRSJQSVIVIWXVMGXMZIXSPIVERGIWJSV
WTIGMEPM^IHGSRWXVYGXMSRWWYGLEWEVGLMXIGXYVEPGSRGVIXISJXIRVIWYPXWMRERMRGVIEWIMRQEXIVMEPGSWXERHXMQISJGSRWXVYGXMSR
7GSTI
8LI7TIGMJMIVWLSYPHWTIGMJ]HMQIRWMSREPXSPIVERGIWGSRWMHIVIHIWWIRXMEPXSWYGGIWWJYPI\IGYXMSRSJXLIHIWMKR7YGGIWWQE]VIUYMVI
SRISVQSVISJXLIMRHMZMHYEPXSPIVERGIWXSFIQSVIVIWXVMGXMZIXLERXLSWIGSRXEMRIHMR%'-1
8LITVIGSRWXVYGXMSRQIIXMRKTVSZMHIWERSTTSVXYRMX]JSVXLIHIWMKRGSRWXVYGXMSRXIEQXSMHIRXMJ]ERHVIWSPZIFIJSVIEGXYEP
GSRWXVYGXMSRER]XSPIVERGIGSQTEXMFMPMX]MWWYIWVIPEXMZIXSGSRGVIXI;SVOERHQEXIVMEPW[MXL[LMGLGSRGVIXIMRXIVJEGIW7YGGIWWJYP
VIWSPYXMSRSJER]UYIWXMSRW[MPPEPQSWXGIVXEMRP]VIUYMVIEGXMZITEVXMGMTEXMSRSJXLI(IWMKR4VSJIWWMSREP
7TIGMJ]EGGITXERGIGVMXIVMEMREGGSVHERGI[MXL%'-1SVIUYMZEPIRX
7IGXMSR{1EXIVMEPW
6IMRJSVGIQIRX
8SPIVERGIWJSVJEFVMGEXMSRTPEGIQIRXERHPETWTPMGIWJSV[IPHIH[MVIVIMRJSVGIQIRXQYWXFIWTIGMJMIHF]XLI7TIGMJMIV
7IGXMSR{*SYRHEXMSRW
7TIGMJ]GEXIKSV]SJHVMPPIHTMIV8LI7TIGMJMIVWLSYPHFIE[EVIXLEXXLIVIGSQQIRHIHZIVXMGEPEPMKRQIRXXSPIVERGISJ SJXLI
(VMPPIHTMIVW
WLEJXPIRKXLMRHMGEXIHMR'EXIKSV]&HVMPPIHTMIVWMWFEWIHSRI\TIVMIRGIMRE[MHIZEVMIX]SJWSMPWMXYEXMSRWGSQFMRIH[MXLEPMQMXIH
EQSYRXSJXLISVIXMGEPEREP]WMWYWMRKXLIFIEQSRIPEWXMGJSYRHEXMSRXLISV]ERHQMRMQYQEWWYQIHLSVM^SRXEPWSMPVIWXVEMRX
7IGXMSR{'EWXMRTPEGIGSRGVIXIJSVFYMPHMRKW
(IWMKREXIGPEWWSJWYVJEGI %&'( EPWSVIJIVXS%'-1ERH 'PEWW%*SVWYVJEGIWTVSQMRIRXP]I\TSWIHXSTYFPMGZMI[[LIVIETTIEVERGIMWSJWTIGMEPMQTSVXERGI
*SVQSJJWIXW
'PEWW&'SEVWIXI\XYVIHGSRGVIXIJSVQIHWYVJEGIWMRXIRHIHXSVIGIMZITPEWXIVWXYGGSSV[EMRWGSEXMRK
'PEWW'+IRIVEPWXERHEVHJSVTIVQERIRXP]I\TSWIHWYVJEGIW[LIVISXLIVJMRMWLIWEVIRSXWTIGMJMIHERH
'PEWW(1MRMQYQUYEPMX]WYVJEGI[LIVIVSYKLRIWWMWRSXSFNIGXMSREFPIYWYEPP]ETTPMIH[LIVIWYVJEGIW[MPPFIGSRGIEPIH
*PSSVJMRMWL
(IWMKREXI 7IGXMSR ERH6IJIVXS8EFPI6
(IWMKREXIXLIWYVJEGIGPEWWMJMGEXMSRJSVEPPJPSSVW6IJIVXS8EFPIWERH
(IWMKREXI*PSSV7YVJEGI'PEWWMJMGEXMSR
(IWMKREXI*PSSV7YVJEGI'PEWWMJMGEXMSR
1
%'-78%2(%6('311)28%6=
74)'-*-'%8-32
'311)28%6=
'311)28%6=
1%2(%836=6)59-6)1)287',)'/0-78 GSRX
7IGXMSR{4VIGEWXGSRGVIXI
7TIGMJ]XSPIVERGIWJSVTVIGEWXGSRGVIXI
7IGXMSR{1EWSRV]
7TIGMJ]XSPIVERGIWJSVQEWSRV]IPIQIRXW
7IGXMSR{'EWXMRTPEGIFVMHKIW
(VMZMRKWYVJEGI
7TIGMJ]HVMZMRKWYVJEGIJMRMWLXSPIVERGIWERHQIXLSHSJXIWXMRK
JMRMWLXSPIVERGIW
7IGXMSR{)\XIVMSVTEZIQIRXWERHWMHI[EPOW
7TIGMJ]HVMZMRKWYVJEGIJMRMWLXSPIVERGIW7TIGMJ]QIXLSHSJXIWXMRK
348-32%06)59-6)1)287',)'/0-78
7IGXMSR4EVX%VXMGPI
7IGXMSR{+IRIVEPVIUYMVIQIRXW
7GSTI
2SXIWXSXLI7TIGMJMIV
7TIGMEPM^IHGSRGVIXIGSRWXVYGXMSRSVGSRWXVYGXMSRTVSGIHYVIWVIUYMVIXLI7TIGMJMIVXSMRGPYHIWTIGMEPM^IHXSPIVERGIW
%'-GSQQMXXIIHSGYQIRXWGSZIVMRKWTIGMEPM^IHGSRWXVYGXMSRQE]TVSZMHIKYMHERGISRWTIGMEPM^IHXSPIVERGIW
7TIGMJ]XSPIVERGIWJSV%VGLMXIGXYVEP'SRGVIXI6IJIVXS%'-JSVKYMHERGI
7IGXMSR{1EXIVMEPW
'SRGVIXIGSZIV
)QFIHHIHMXIQW
7IGXMSR{*SYRHEXMSRW
ERH
'67-174%TTIRHM\'TVSZMHIWZEPYEFPIMRJSVQEXMSRGSRGIVRMRKHIZIPSTQIRXSJHIXEMPWJSVTPEGIQIRXSJ
VIMRJSVGIQIRX
8LIXSPIVERGIJSVVIHYGXMSRMRGSZIVMRVIMRJSVGMRKWXIIPQE]VIUYMVIEVIHYGXMSRMRQEKRMXYHI[LIVIXLIVIMRJSVGIH
GSRGVIXIMWI\TSWIHXSGLPSVMHIWSVXLIIRZMVSRQIRX;LIVITSWWMFPII\GIWWGSZIVXSSXLIVTVSXIGXMSRSJXLIVIMRJSVGMRK
WXIIPWLSYPHFIWTIGMJMIHMRWXIEHSJVIHYGIHXSPIVERGIFIGEYWISJXLIEGGYVEG]SJPSGEXMRKVIMRJSVGMRKWXIIPYWMRK
WXERHEVHJEFVMGEXMSREGGIWWSVMIWERHMRWXEPPEXMSRTVSGIHYVIW
8LI7TIGMJMIVQE]IPIGXXSWTIGMJ]EPXIVREXIXSPIVERGIJSVLSVM^SRXEPHIZMEXMSRSJTVIWXVIWWMRKVIMRJSVGMRKSVTVIWXVIWWMRK
HYGXW
8SPIVERGIKMZIRMWJSVKIRIVEPETTPMGEXMSR7TIGMJMGHIWMKRYWISJIQFIHHIHMXIQWQE]VIUYMVIHXLI7TIGMJMIVXSHIWMK
REXIXSPIVERGIWSJVIHYGIHQEKRMXYHIJSVZEVMSYWIQFIHHIHMXIQW
8SPIVERGIWKMZIREVIJSVKIRIVEPETTPMGEXMSR6IJIVXS%'-JSVKYMHERGI
4PYWXSPIVERGIJSVXLIZIVXMGEPHMQIRWMSRMWRSXWTIGMJMIHFIGEYWIRSPMQMXMWMQTSWIH7TIGMJMIVWLSYPHHIWMKREXITPYW
XSPIVERGIMJHIWMVIH
7IGXMSR{'EWXMRTPEGIGSRGVIXIJSVFYMPHMRKW
'LSWITPYWXSPIVERGIJSVWPEFXLMGORIWW
7TIGMJMIVWEVIGEYXMSRIHXLEXEXMKLXIVXSPIVERGIWLSYPHFIWTIGMJMIH[LIVIXLIVIMWETSXIRXMEPJSVGYXXMRKVIMRJSVGIQIRX
'LSSWI;EZMRIWW-RHI\EWEPXIVREXMZIXSQIXLSHWWTIGMJMIHMR7IGXMSRSV8IWXMRKWLEPPFIMREGGSVHERGI[MXL
%781)17TIGMJMIH3ZIVEPP7YVJEGI;EZMRIWW-RHI\ERH1MRMQYQ0SGEP7YVJEGI;EZMRIWW-RHI\QYWXFIWTIGMJMIH
(IWMKREXIXIWXMRKEKIRG]
(IWMKREXIHMWXVMFYXMSRSJXIWXVITSVXW
'LSSWIGSQTYXIVM^IHWMQYPEXMSRSJQERYEPWXVEMKLXIHKI
7TIGMJ]QMRMQYQRYQFIVSJWEQTPIWXIWXTVSGIHYVI QYWXFIVITVSHYGMFPI ERHEGGITXERGIGVMXIVME
%QIVMGER'SRGVIXI-RWXMXYXI’
%HZERGMRKGSRGVIXIORS[PIHKI
%W %'- FIKMRW MXW WIGSRH GIRXYV] SJ EHZERGMRK GSRGVIXI ORS[PIHKI MXW SVMKMREP GLEVXIVIH TYVTSWI
VIQEMRW wXS TVSZMHI E GSQVEHIWLMT MR JMRHMRK XLI FIWX [E]W XS HS GSRGVIXI [SVO SJ EPP OMRHW ERH MR
WTVIEHMRKORS[PIHKIx-ROIITMRK[MXLXLMWTYVTSWI%'-WYTTSVXWXLIJSPPS[MRKEGXMZMXMIW
›8IGLRMGEPGSQQMXXIIWXLEXTVSHYGIGSRWIRWYWVITSVXWKYMHIWWTIGMJMGEXMSRWERHGSHIW
›7TVMRKERHJEPPGSRZIRXMSRWXSJEGMPMXEXIXLI[SVOSJMXWGSQQMXXIIW
›)HYGEXMSREPWIQMREVWXLEXHMWWIQMREXIVIPMEFPIMRJSVQEXMSRSRGSRGVIXI
›'IVXMJMGEXMSRTVSKVEQWJSVTIVWSRRIPIQTPS]IH[MXLMRXLIGSRGVIXIMRHYWXV]
›7XYHIRXTVSKVEQWWYGLEWWGLSPEVWLMTWMRXIVRWLMTWERHGSQTIXMXMSRW
›7TSRWSVMRKERHGSWTSRWSVMRKMRXIVREXMSREPGSRJIVIRGIWERHW]QTSWME
›*SVQEPGSSVHMREXMSR[MXLWIZIVEPMRXIVREXMSREPGSRGVIXIVIPEXIHWSGMIXMIW
›4IVMSHMGEPWXLI%'-7XVYGXYVEP.SYVREPERHXLI%'-1EXIVMEPW.SYVREPERH'SRGVIXI-RXIVREXMSREP
&IRIJMXW SJ QIQFIVWLMT MRGPYHI E WYFWGVMTXMSR XS 'SRGVIXI -RXIVREXMSREP ERH XS ER %'- .SYVREP %'QIQFIVWVIGIMZIHMWGSYRXWSJYTXS SREPP%'-TVSHYGXWERHWIVZMGIWMRGPYHMRKHSGYQIRXWWIQMREVW
ERHGSRZIRXMSRVIKMWXVEXMSRJIIW
%W E QIQFIV SJ %'- ]SY NSMR XLSYWERHW SJ TVEGXMXMSRIVW ERH TVSJIWWMSREPW [SVPH[MHI [LS WLEVI E
GSQQMXQIRX XS QEMRXEMR XLI LMKLIWX MRHYWXV] WXERHEVHW JSV GSRGVIXI XIGLRSPSK] GSRWXVYGXMSR ERH
TVEGXMGIW-REHHMXMSR%'-GLETXIVWTVSZMHISTTSVXYRMXMIWJSVMRXIVEGXMSRSJTVSJIWWMSREPWERHTVEGXMXMSRIVW
EXEPSGEPPIZIP
%QIVMGER'SRGVIXI-RWXMXYXI
'SYRXV]'PYF(VMZI
*EVQMRKXSR,MPPW1-
97%
4LSRI
*E\
[[[GSRGVIXISVK
7TIGMJMGEXMSRJSV8SPIVERGIWJSV'SRGVIXI'SRWXVYGXMSR
ERH1EXIVMEPWERH'SQQIRXEV]
8LI%1)6-'%2'32'6)8)-278-898)
[EWJSYRHIHMREWERSRTVSJMXQIQFIVWLMTSVKERM^EXMSRHIHMGEXIHXSTYFPMG
WIVZMGIERHVITVIWIRXMRKXLIYWIVMRXIVIWXMRXLIJMIPHSJGSRGVIXI%'-KEXLIVWERH
HMWXVMFYXIW MRJSVQEXMSR SR XLI MQTVSZIQIRX SJ HIWMKR GSRWXVYGXMSR ERH
QEMRXIRERGISJGSRGVIXITVSHYGXWERHWXVYGXYVIW8LI[SVOSJ%'-MWGSRHYGXIHF]
MRHMZMHYEP %'- QIQFIVW ERH XLVSYKL ZSPYRXIIV GSQQMXXIIW GSQTSWIH SJ FSXL
QIQFIVWERHRSRQIQFIVW
8LIGSQQMXXIIWEW[IPPEW%'-EWE[LSPISTIVEXIYRHIVEGSRWIRWYWJSVQEX
[LMGLEWWYVIWEPPTEVXMGMTERXWXLIVMKLXXSLEZIXLIMVZMI[WGSRWMHIVIH'SQQMXXII
EGXMZMXMIWMRGPYHIXLIHIZIPSTQIRXSJFYMPHMRKGSHIWERHWTIGMJMGEXMSRWEREP]WMWSJ
VIWIEVGL ERH HIZIPSTQIRX VIWYPXW TVIWIRXEXMSR SJ GSRWXVYGXMSR ERH VITEMV
XIGLRMUYIWERHIHYGEXMSR
-RHMZMHYEPWMRXIVIWXIHMRXLIEGXMZMXMIWSJ%'-EVIIRGSYVEKIHXSFIGSQIEQIQFIV
8LIVI EVI RS IHYGEXMSREP SV IQTPS]QIRX VIUYMVIQIRXW %'-vW QIQFIVWLMT MW
GSQTSWIH SJ IRKMRIIVW EVGLMXIGXW WGMIRXMWXW GSRXVEGXSVW IHYGEXSVW ERH
VITVIWIRXEXMZIWJVSQEZEVMIX]SJGSQTERMIWERHSVKERM^EXMSRW
1IQFIVWEVIIRGSYVEKIHXSTEVXMGMTEXIMRGSQQMXXIIEGXMZMXMIWXLEXVIPEXIXSXLIMV
WTIGMJMGEVIEWSJMRXIVIWX*SVQSVIMRJSVQEXMSRGSRXEGX%'-
[[[GSRGVIXISVK
%QIVMGER'SRGVIXI-RWXMXYXI’
%HZERGMRKGSRGVIXIORS[PIHKI