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FIV7XEXI[LIVIXLIWIVZMGIMWTVSZMHIH XEMR EPP VIPIZERX MRJSVQEXMSR ERH GSQTPIXI EPP RIGIWWEV]
TVSGIHYVIW¯[MXLSYXLEZMRKXSGSRXEGXERYQFIVSJEH
8LMW VIZMI[ ERH WMQTPMJMGEXMSR SJ REXMSREP PIKMWPEXMSR VI QMRMWXVEXMZISVTVSJIWWMSREPFSHMIWEWMWXLIGEWIXSHE]

2 S          , , ,


1IQFIV 7XEXIW EVI JVII XS HIWMKREXI XLI FSHMIW MR
GLEVKISJWIXXMRKYTXLI 4SMRXWSJ7MRKPI'SRXEGX ERHXS %*VEQI[SVO(MVIGXMZIJSVWIVZMGIW
HIGMHI SR XLIMV RYQFIV ERH JMRERGMRK8LIMV WIXXMRKYT 8LI7IVZMGIW(MVIGXMZIGSZIVWE[MHIEVVE]SJWIVZMGIEG
VIUYMVIW1IQFIV7XEXIWEXEPPPIZIPWSJXLIMVEHQMRMWXVE XMZMXMIWEWMXETTPMIWXSEPPWIVZMGIWXLEXEVIRSXI\TPMGMXP]
XMSR XS VEXMSREPMWI ERH QSHIVRMWI EHQMRMWXVEXMZI TVSGI I\GPYHIHJVSQMX
HYVIW8LMW [MPP GSRWMHIVEFP] WTIIH YT TVSGIHYVIW ERH
VIHYGIGSWXW &][E]SJI\EQTPIWMXGSZIVWWIVZMGIWWYGLEWGSRWXVYG
XMSR ERH GVEJXW VIXEMP QSWX SJ XLI VIKYPEXIH TVSJIWWMSRW
8LI TSWWMFMPMX] XS GSQTPIXI EPP TVSGIHYVIW XLVSYKL WYGL EW PIKEP ERH JMWGEP EHZMWIVW EVGLMXIGXW IRKMRIIVW
4SMRXWSJ7MRKPI'SRXEGX LEWXSFIEZEMPEFPIEXEHMWXERGI ERH EGGSYRXERXW  FYWMRIWWVIPEXIH WIVZMGIW WYGL EW SJ J
ERH F] IPIGXVSRMG QIERW QIERMRK XLEX 1IQFIV 7XEXIW JMGI QEMRXIRERGI QEREKIQIRX GSRWYPXERG] ERH EHZIV V
[MPPLEZIXSTVSZMHIJSVI+SZIVRQIRXWIVZMGIWXLEXGER XMWMRK  XSYVMWQ GEXIVMRK ERH EGGSQQSHEXMSR WIVZMGIW
EPWSFIYWIHEGVSWWFSVHIVW¯F]ETTPMGERXW[LSVIWMHI VIEPIWXEXIWIVZMGIWSVVIRXMRKERHPIEWMRKEGXMZMXMIW
ERH TVSZMHIVW [LS EVI IWXEFPMWLIH MR SXLIV 1IQFIV
7XEXIW-XMWXLIJMWXXMQIXLEX1IQFIV7XEXIWEVIYRHIVE 7IZIVEP WIVZMGI EGXMZMXMIW EVI I\TPMGMXP] I\GPYHIH JVSQ
PIKEPSFPMKEXMSRXSTYXMRTPEGIWYGLI+SZIVRQIRXWIVZ MXW WGSTI SJ ETTPMGEXMSR RSXEFP] JMRERGMEP WIVZMGIW IPIG
MGIWERHQEOIXLIMVYWITSWWMFPIEGVSWWFSVHIVW8LMWMWE XVSRMG GSQQYRMGEXMSRW RIX[SVOW XVERWTSVX WIVZMGIW
TEVXMGYPEVP] GLEPPIRKMRK SFNIGXMZI ERH XLI 'SQQMWWMSR LIEPXL WIVZMGIW EYHMSZMWYEP WIVZMGIW KEQFPMRK EGXMZMXMIW
MW GPSWIP] EWWMWXMRK 1IQFIV 7XEXIW MR JMRHMRK E GSQQSR ERHGIVXEMRWSGMEPWIVZMGIW
ETTVSEGLXSXLIOI]MWWYIWPMROIHXSMXWYGLEWXLIGVSWW
FSVHIVYWISJIPIGXVSRMGWMKREXYVIW
%HQMRMWXVEXMZIGSSTIVEXMSRFIX[IIR1IQFIV7XEXIW 1SZMRKSRRS[©

%XLMVHPEVKIWGEPITVSNIGXMWXLIWIXXMRKYTSJERIX[SVO % WYFWXERXMEP EQSYRX SJ [SVO LEW FIIR EGGSQTPMWLIH


SJ EHQMRMWXVEXMZI GSSTIVEXMSR FIX[IIR 1IQFIV 7XEXIW´ MR XLI JMVWX LEPJ SJ XLI MQTPIQIRXEXMSR TIVMSH &YX E PSX
EYXLSVMXMIW8LIEMQMWGPIEVIRLERGIXVYWXMRXLIMRXIVREP VIQEMRWXSFIHSRIF]XLIIRHHIEHPMRIERHIJJSVXW
QEVOIX F] LIPTMRK EHQMRMWXVEXMSRW [SVO XSKIXLIV SR E RIIHXSFIWXITTIHYTMRGIVXEMREVIEW3R1E]
VIKYPEVFEWMW 'SQQMWWMSRIV1G'VIIZ]TEVXMGMTEXIHMRXLIQIIXMRKSJ
XLI 'SQTIXMXMZIRIWW 'SYRGMP XS TVSZMHI QMRMWXIVW [MXL
8LI -RXIVREP 1EVOIX -RJSVQEXMSR W]WXIQ -1-  MW XLI ERSZIVZMI[SJXLIWXEXISJMQTPIQIRXEXMSREXQMHXIVQ
IPIGXVSRMG XSSP XLEX [MPP TVSZMHI XLI FEWMW JSV EHQMRMW WXEKI
XVEXMZI GSSTIVEXMSR -1- MW GYVVIRXP] FIMRK HIZIPSTIH
F]XLI'SQQMWWMSRMRGPSWIGSSTIVEXMSR[MXLXLI1IQ 3R XLMW SGGEWMSR XLI 'SQQMWWMSRIV MRZMXIH 1IQFIV
FIV 7XEXIW -X [MPP EPPS[ GSQTIXIRX EYXLSVMXMIW XS IEWMP] 7XEXIWXSGEVV]SYXJSYVTVMSVMX]EGXMSRW[MXLSYXJYVXLIV
MHIRXMJ] XLIMV GSYRXIVTEVXW MR SXLIV 1IQFIV 7XEXIW ERH HIPE]XSFIEFPIXSQIIXXLI(MVIGXMZI´WMQTPIQIRXEXMSR
I\GLERKI MRJSVQEXMSR [MXL XLIQ YWMRK TVIXVERWPEXIH HIEHPMRI WIIFS\SRTEKI 
JSVQWERHGSQTVILIRWMZIWIEVGLJEGMPMXMIW%JMVWXZIVWMSR
SJ-1-MWGYVVIRXP]FIMRKXIWXIHXSWYTTSVXXLIEHQMRMW 0SSOMRK JSV[EVH XLI 'SQQMWWMSRIV IQTLEWMWIH XLEX
XVEXMZIGSSTIVEXMSRTVSZMWMSRWSJXLI 4VSJIWWMSREP5YEPM ±1IQFIV7XEXIWRIIHXSQEOIWYWXEMRIHERHGSRWMWXIRX
JMGEXMSRW(MVIGXMZI ;SVO[MXL1IQFIV7XEXIWXSTVITEVI IJJSVXW XLVSYKLSYX XLI VIQEMRHIV SJ XLI MQTPIQIRXE
MXW YWI MRGPYHMRK WSQI RI[ WTIGMJMG JYRGXMSREPMXMIW  MR XMSR TVSGIWW² EHHMRK XLEX WXVSRK TSPMXMGEP FEGOMRK ERH
WYTTSVX SJ EHQMRMWXVEXMZI GSSTIVEXMSR YRHIV XLI 7IVZ HITPS]QIRX SJ WYJJMGMIRX VIWSYVGIW EVI OI] XS QEOMRK
MGIW(MVIGXMZIMWYRHIV[E]8SQEOIWYVIXLEXXLIW]WXIQ XLI7MRKPI1EVOIXMRWIVZMGIWEVIEPMX]JSVFYWMRIWWIWERH
[MPP FI JYPP] XIWXIH ERH STIVEXMSREP F] XLI MQTPIQIRXE GSRWYQIVW
XMSRHIEHPMRIETMPSXTVSNIGX[MPPFIPEYRGLIHMRXLIFI
KMRRMRKSJRI\X]IEV

MRJS LXXTIGIYVSTEIYMRXIVREPCQEVOIXWIVZMGIWWIVZMGIWHMVMRHI\CIRLXQ

  2 S          , , ,



'ST]VMKLX


-RXIPPIGXYEP4VSTIVX]
4IVJSVQIVGST]VMKLXXIVQ
I\XIRHIHXS]IEVW
8LI'SQQMWWMSRLEWTVSTSWIHGLERKIWXSGST]VMKLXVYPIWXS
EPPS[TIVJSVQIVWXSVIGIMZIVS]EPX]TE]QIRXWJSVXLIMV[SVO
JSVMRWXIEHSJXLIGYVVIRX]IEVW%HHMXMSREPP]XLIGST]
VMKLX VYPIW VIPEXMRK XS GS[VMXXIR QYWMG [MPP FI LEVQSRMWIH
EGVSWWXLI)9XSIRWYVIIUYMXEFPIXVIEXQIRX

9 RHIVGYVVIRX)9PE[WVIGSVHIHQY
WMGEP TIVJSVQERGIW EVI TVSXIGXIH
JSV E QE\MQYQ SJ  ]IEVW EJXIV [LMGL
;MXL XLI GST]VMKLX XIVQ I\XIRHIH
VIGSVHTVSHYGIVWEPWS[MPPVIGIMZIEHHM
XMSREP VIZIRYI JVSQ XLI WEPI SJ VIGSVHW
XLITIVJSVQIVWGIEWIXSVIGIMZIVIQY MRWLSTWERHSRXLI-RXIVRIX8LMWWLSYPH
RIVEXMSR [LIR [SVO MW TPE]IH MR TYFPMG EPPS[ TVSHYGIVWXS EHETX XS XLI VETMHP]
8LI'SQQMWWMSRMWTVSTSWMRKXSI\XIRH GLERKMRK FYWMRIWW IRZMVSRQIRX [LMGL
XLI XIVQ SJ GST]VMKLX JSV TIVJSVQIVW MWGLEVEGXIVMWIHF]EJEWXHIGPMRIMRTL]W
XS]IEVWMRPMRI[MXLSXLIVXIVVMXSVMIW MGEPWEPIW  SZIVXLITEWXJMZI]IEVW 8LMW QIERW XLEX E WMRKPI TMIGI SJ QYWMG
WYGLEWXLI9RMXIH7XEXIW ERH XLI GSQTEVEXMZIP] WPS[ KVS[XL SJ [MPP LEZI HMJJIVIRX XIVQW SJ TVSXIGXMSR
SRPMRIWEPIWVIZIRYI MR HMJJIVIRX 1IQFIV 7XEXIW ,EVQSRMWE
8LMWQIERWXLEXEVXMWXWMR)YVSTI[MPPFI XMSRSJGST]VMKLXXIVQW[MXLVIWTIGXXS
EWWYVIH SJ E WXIEH] MRGSQI JVSQ XLIMV 'S[VMXXIRGSQTSWMXMSRW XLSWI[SVOWMWXLIVIJSVIMRGSQTPIXI
TIVJSVQERGIW HYVMRK XLIMV IRXMVI PMJI
XMQI 8LI 'SQQMWWMSR MW EPWS TVSTSWMRK XS 8LI'SQQMWWMSRMWTVSTSWMRKEYRMJSVQ
JYPP] LEVQSRMWI XLI GST]VMKLX XIVQ XLEX [E] SJ GEPGYPEXMRK XLI XIVQ SJ TVSXIG
8LMW [MPP FIRIJMX RSX SRP] LMKL TVSJMPI ETTPMIW XS GS[VMXXIR QYWMGEP GSQTSWM XMSR
EVXMWXW WYGL EW 7MV 'PMJJ 6MGLEVH SV XLI XMSRW
&IEXPIWFYXEPWSXLIXLSYWERHWSJERSR 8LI(MVIGXMZISRGST]VMKLXXIVQ[LMGL
]QSYW WIWWMSR QYWMGMERW [LS GSRXVMF 1YWMGMWSZIV[LIPQMRKP]GS[VMXXIR*SV [MPP FI EQIRHIH F] XLMW TVSTSWEP SR
YXIHXSXLISVMKMREPWSYRHVIGSVHMRKWMR I\EQTPIMRERSTIVEXLIVIEVISJXIRHMJ J XIVQ I\XIRWMSR EPVIEH] GSRXEMRW E WTI
XLIPEXIJMJXMIWERHWM\XMIW JIVIRX EYXLSVW XS XLI QYWMG ERH XS XLI GMEPVYPI[LMGLWSPZIWEWMQMPEVTVSFPIQ
P]VMGW 1SVISZIV MR QYWMGEP KIRVIW WYGL WTIGMJMGEPP]JSVJMPQW
-R XLMW [E]  XLI MRGSQI KET XLEX TIV V EWNE^^VSGOERHTSTQYWMGXLIGVIEXMZI
JSVQIVW JEGI XS[EVH XLI IRH SJ XLIMV TVSGIWWMWSJXIRGSPPEFSVEXMZIMRREXYVI 8LI TVSTSWEP [SYPH WMQTP] I\XIRH
PMZIW[MPPFIFVMHKIH XLEX VYPI XS GS[VMXXIR QYWMG MR SVHIV
-R HMJJIVIRX 1IQFIV 7XEXIW WYGL GS XS IRWYVI XLEX WYGL QYWMG IRNS]W XLI
8LI 'SQQMWWMSR´W MQTEGX WXYH] HIQ [VMXXIRQYWMGEPGSQTSWMXMSRWEVIIMXLIV WEQI XIVQ SJ TVSXIGXMSR MR EPP 1IQFIV
SRWXVEXIW XLEX XLI TVSTSWEP [SYPH KMZI GPEWWMJMIHEW 7XEXIW
EZIVEKI TIVJSVQIVW EHHMXMSREP MRGSQI  %WMRKPI[SVOSJNSMRXEYXLSVWLMT
XS XLI XYRI SJ ER]XLMRK VERKMRK JVSQ [MXLEYRMXEV]XIVQSJTVSXIGXMSR
IIYVSXSIYVSTIV]IEV8LIWI VYRRMRKJVSQXLIHIEXLSJXLIPEWX
EQSYYRXW QSWXP] EXXVMFYXEFPI XS EMVTPE] WYVZMZMRKGSEYXLSVSV
VS]EPXXMIW QMKLX RSX ETTIEV WTIGXEGYPEV  7ITEVEXI[SVOW[MXLWITEVEXIXIVQW
JSV XXLSWI XLEX LEZI WEPEVMIH NSFW FYX VYRRMRKJVSQXLIHIEXLSJIEGL
XLI] EVI SJXIR GSRWMHIVEFPI JSV QYWMGEP MRHMZMHYEPEYXLSV
TIVJSSVQIVW

LQIR LXXTIGIYVSTEIYMRXIVREPCQEVOIXGST]VMKLXXIVQTVSXIGXMSRXIVQTVSXIGXMSRCIRLXQ

2 S          , , ,

-RHYWXVMEP4VSTIVX]

'SQQMWWMSRPEYRGLIWWXVEXIK]
XSHVMZIMRRSZEXMSRJVSQXLI
PEFSVEXSV]XSXLIQEVOIXTPEGI
%RI[WXVEXIK]XSWXVIRKXLIRXLIMRHYWXVMEPTVSTIVX]VMKLXWJSV)Y
VSTILEWFIIRTYFPMWLIHF]XLI'SQQMWWMSR-XWIXWSYXXSWYTTSVX
MRZIRXSVW MR QEOMRK MRJSVQIH GLSMGIW SR XLI TVSXIGXMSR SJ XLIMV
MRHYWXVMEPTVSTIVX]VMKLXWERHGEPPWJSVVSFYWXIRJSVGIQIRXEKEMRWX
GSYRXIVJIMXMRKERHTMVEG]

)JJIGXMZIIRJSVGIQIRXSRXLI
8 LI'SQQMWWMSRLEWEHSTXIHE'SQ
QYRMGEXMSRSRERI[MRHYWXVMEPTVST
IVX]VMKLXWWXVEXIK]JSV)YVSTI8SKIXLIV
ERH MQTVSZMRK GSQTIXMXMZIRIWW -R XLI
 G]GPI SJ XLI VIRI[IH 0MWFSR
WXVEXIK]JSVKVS[XLERHNSFWXLIMRZIWX
KVSYRHEKEMRWXGSYRXIVJIMX
[MXLXLIGVIEXMSRSJE'SQQYRMX]TEXIRX QIRX MR ORS[PIHKI ERH MRRSZEXMSR MW MRKERHTMVEG]MWIWWIRXMEP8LMW
ERH MRXIKVEXIH TEXIRX NYVMWHMGXMSR XLI SRISJXLIJSYVTVMSVMX]EVIEWJSVJSGYWIH TVSFPIQMWVIEGLMRKEPEVQMRK
'SQQYRMGEXMSR SYXPMRIW E RYQFIV SJ EGXMSRW
EGXMSRW EW XLI OI]WXSRI XS QEMRXEMRMRK PIZIPW
E LMKL UYEPMX] MRHYWXVMEP TVSTIVX] VMKLXW -R SVHIV JSV )YVSTI XS VIWTSRH XS XLI
W]WXIQJSVXLI)9MRXLIWXGIRXYV] GLEPPIRKIW SJ XLI KPSFEP IGSRSQ] E
WXVEXIK] SR MRHYWXVMEP TVSTIVX] VMKLXW MW %PSRK [MXL XLI YVKIRX EHSTXMSR SJ XLI
8LI'SQQYRMGEXMSREPWSEMQWXSIRWYVI RIIHIH XS IRWYVI E LMKLUYEPMX] EJJSVH 'SQQYRMX] TEXIRX TVSTSWEP ERH XLI
XLEXMRHYWXVMEPTVSTIVX]VMKLXWMR)YVSTI EFPIGSRWMWXIRXERHFEPERGIHW]WXIQ GVIEXMSR SJ ER MRXIKVEXIH )9[MHI NY
EVISJLMKLUYEPMX]ERHXLEXXLI]EVIEG VMWHMGXMSR JSV TEXIRXW XLI EGXMSRW TVS
GIWWMFPI XS EPP MRRSZEXSVW TEVXMGYPEVP] )YVSTIER FYWMRIWWIW RIIH WXVSRK MR TSWIH MR XLI 'SQQYRMGEXMSR WIX SYX
WQEPP ERH QIHMYQWM^IH IRXIVTVMWIW HYWXVMEPTVSTIVX]VMKLXWXSQEMRXEMRXLIMV XS IRWYVI XLEX )YVSTI [MPP LEZI E LMKL
71)W  GSQTIXMXMZI EHZERXEKI MR XLI KPSFEP UYEPMX] MRHYWXVMEP TVSTIVX] VMKLXW W]WXIQ
QEVOIX TPEGI XLVSYKL TVSHYGX MRRSZE MRXLI]IEVWXSGSQI
-RHYWXVMEP TVST XMSR
IVX] VMKLXW MR ,MKLUYEPMX]VMKLXW
GPYHI VMKLXW WYGL 7GSTISJXLI'SQQYRMGEXMSR
EW TEXIRXW XVEHI )YVSTI LEW XS LEZI LMKLUYEPMX] MRHYW
QEVOW MRHYWXVMEP 8LI'SQQYRMGEXMSRWIXWSYXEGSLIVIRX XVMEP TVSTIVX] VMKLXW 7YGL VMKLXW XLEX
HIWMKRW TPERX ZE JVEQI[SVOJSVHMJJIVIRXGEXIKSVMIWSJMR SRP] SJJIV VI[EVHW XS MRZIRXMSRW XLEX
VMIX] VMKLXW KIS HYWXVMEPTVSTIVX]VMKLXW QIIX XLI PIKEP VIUYMVIQIRXW EVI IWWIR
KVETLMGEP MRHMGE XMEP XS E [IPPJYRGXMSRMRK W]WXIQ EPSRK
XMSRW IXG  -X MW ER 8LIWYFNIGXWHIEPX[MXLMRGPYHI MRJS
[MXLYWIVJVMIRHP]EGGIWWSRMRJSVQEXMSR
MQTSVXERX FVERGL SRXLIWIVMKLXWXSFYWMRIWWERHWSGMIX]
SJ³-46´ MRXIPPIGXYEPTVSTIVX]VMKLXW XLI ˆ XLIUYEPMX]SJMRHYWXVMEPTVSTIVX]
SXLIV FIMRK GST]VMKLX ERH RIMKLFSYV V VMKLXW 8SXLMWIRHXLI'SQQMWWMSR[MPPYRHIV V
MRK VMKLXW [LMGL GSZIVW GVIEXMSRWSJ XLI ˆ WYTTSVXJSVWQEPPERHQIHMYQWM^IH XEOI WXYHMIW SR TEXIRX UYEPMX] ERH SR
QMRHWYGLEWPMXIVEV]ERHEVXMWXMG[SVOW IRXIVTVMWIW XLISZIVEPPJYRGXMSRMRKSJXLIXVEHIQEVO
WYGLEWJMPQWSVFSSOWEW[IPPEWWSYRH ˆ XLI½KLXEKEMRWXGSYRXIVJIMXMRKERH W]WXIQWMRXLI)9
VIGSVHMRKWERHTIVJSVQERGIW TMVEG]
8LMW[SYPHEPWSMRGPYHIXLI'SQQYRMX]
;L])9EGXMSR 8LIWIEVIGSZIVIHMRVIPEXMSRXSEGXMSRMR XVEHIQEVO [LMGL XLI 3JJMGI JSV ,EV V
XLI )9 ERH XLI MRXIVREXMSREP HMQIRWMSR QSRMWEXMSR SJ XLI -RXIVREP 1EVOIX LEW
% WXVSRK ERH FEPERGIH -46 W]WXIQ MW E [MXLXLMVHGSYRXVMIW FIIRWYGGIWWJYPP]VIKMWXIVMRKJSVSZIV
HVMZMRK JSVGI JSV TVSQSXMRK MRRSZEXMSR ]IEVW

2 S          , , ,


'ST]VMKLX

+VIIR4ETIVSR'ST]VMKLXMRXLI/RS[PIHKI)GSRSQ]
% GSRWYPXEXMZI +VIIR 4ETIV EFSYX JY
XYVI GST]VMKLX TSPMG] MR XLI ORS[
PIHKI IGSRSQ] LEW FIIR TYFPMWLIH F]
8LI GSRWYPXEXMSR HSGYQIRX EPWS PSSOW RIIHW JSV XLI HMWEFPIH XS TEVXMGMTEXI MR
EX XLI MWWYI SJ [LIXLIV XLI GYVVIRX XLIMRJSVQEXMSRWSGMIX]
GST]VMKLX JVEQI[SVO MW WYJJMGMIRXP] VS
XLI'SQQMWWMSR FYWX XS TVSXIGX ORS[PIHKI TVSHYGXW *YXYVIGLEPPIRKIW
ERH[LIXLIVEYXLSVWERHTYFPMWLIVWEVI
8LIEMQSJXLIGSRWYPXEXMSRTVSGIWWMWXS WYJJMGMIRXP] IRGSYVEKIH XS GVIEXI ERH 8LI +VIIR 4ETIV TSMRXW XS JYXYVI GLEP
LEZI E WXVYGXYVIH HIFEXI SR XLI PSRK HMWWIQMREXIIPIGXVSRMGZIVWMSRWSJXLIWI PIRKIW MR XLI JMIPHW SJ WGMIRXMJMG ERH
XIVQ JYXYVI SJ GST]VMKLX TSPMG] MR XLI TVSHYGXW WGLSPEVP] TYFPMWLMRK WIEVGL IRKMRIW
ORS[PIHKIMRXIRWMZIEVIEW ERH WTIGMEP HIVSKEXMSRW JSV PMFVEVMIW VI
8LI GSRWYPXEXMSR HSGYQIRX JSGYWIW SR WIEVGLIVWERHHMWEFPIHTISTPI
-R MXW 7MRKPI 1EVOIX 6IZMI[ TEGOEKI XSTMGW XLEX ETTIEV VIPIZERX JSV XLI HI
TYFPMWLIH PEWX 2SZIQFIV  XLI 'SQQMW ZIPSTQIRX SJ E QSHIVR IGSRSQ] HVMZ 8LI +VIIR TETIV JSGYWIW RSX SRP] SR
WMSR LMKLPMKLXIH XLI RIIH XS TVSQSXI IR F] XLI VETMH HMWWIQMREXMSR SJ ORS[ XLI HMWWIQMREXMSR SJ ORS[PIHKI JSV VI
JVII QSZIQIRX SJ ORS[PIHKI ERH MR PIHKIERHMRJSVQEXMSR WIEVGL WGMIRGI ERH IHYGEXMSR FYX EPWS
RSZEXMSR EW XLI *MJXL JVIIHSQ  MR XLI SR XLI GYVVIRX PIKEP JVEQI[SVO MR XLI
7MRKPI1EVOIX -R TEVXMGYPEV XLI +VIIR 4ETIV MW ER EX EVIE SJ GST]VMKLX ERH XLI TSWWMFMPMXMIW
XIQTXXSWXVYGXYVIXLIGST]VMKLXHIFEXI MXGERGYVVIRXP]SJJIVXSEZEVMIX]SJYW
8LI+VIIR4ETIV[LMGLMXLEWHVE[RYT EW MX VIPEXIW XS WGMIRXMJMG TYFPMWLMRK XLI IVW WSGMEP MRWXMXYXMSRW QYWIYQW WIEVGL
JSGYWIW SR LS[ VIWIEVGL WGMIRGI ERH HMKMXEP TVIWIVZEXMSR SJ )YVSTI´W GYPXYVEP IRKMRIW HMWEFPIH TISTPI XIEGLMRK IW
IHYGEXMSREP QEXIVMEPW EVI HMWWIQMREXIH LIVMXEKI SVTLER [SVOW GSRWYQIV EG XEFPMWLQIRXW 
XSXLITYFPMGERH[LIXLIVORS[PIHKIMW GIWWXSTVSXIGXIH[SVOWERHXLIWTIGMEP
GMVGYPEXMRKJVIIP]MRXLIMRXIVREPQEVOIX
MRJS LXXTIGIYVSTEIYMRXIVREPCQEVOIXGST]VMKLXMRHI\CIRLXQ

)\TPSMXEXMSRSJVMKLXW 'SRJIVIRGISR -RHYWXVMEP4VSTIVX]


MRK ERH VETMH MRJSVQEXMSR I\GLERKI SR
-XMWMQTSVXERXXSJEGMPMXEXIXLII\TPSMXE GSYRXIVJIMXERHTMVEXIHKSSHW
6MKLXWMRXLI-RXIVREP1EVOIX
XMSRF]71)WSJMRHYWXVMEPTVSTIVX]VMKLXW -R MXW VIGIRX 'SQQYRMGEXMSRW XLI 'SQ
*YVXLIVQSVI XLI 'SQQMWWMSR [MPP LIPT QMWWMSRLEWWIXSYXMXWZMWMSRJSVMQTVSZMRK
8LI'SQQYRMGEXMSRLEWSYXPMRIHQIEW JEGMPMXEXI EKVIIQIRXW MRZSPZMRK FSXL XLI XLITEXIRXW]WXIQMR)YVSTIERHJSVVIZM
YVIW XS JEGMPMXEXI EGGIWW XS MRHYWXVMEP TYFPMGERHTVMZEXIWIGXSVXSGVEGOHS[R XEPMWMRK XLI HIFEXI SR XLMW MWWYI 4EXIRXW
TVSTIVX] VMKLXW ERH HMWTYXI VIWSPYXMSR SR FPEXERX ZMSPEXMSRW SJ MRXIPPIGXYEP EVI MRHIIH E HVMZMRK JSVGI JSV TVSQSXMRK
TVSGIHYVIW ERH XS MQTVSZI E[EVIRIWW TVSTIVX]VMKLXW MRRSZEXMSR KVS[XL ERH GSQTIXMXMZIRIWW
EQSRK 71)W SJ XLI QEREKIQIRX SJ MR FYXXLIWMRKPIQEVOIXJSVTEXIRXWVIQEMRW
HYWXVMEP TVSTIVX] EW ER MRXIKVEP IPIQIRX 'LEVPMI 1G'VIIZ] 'SQQMWWMSRIV JSV MRGSQTPIXI
[MXLMRERSZIVEPPFYWMRIWWTPER -RXIVREP 1EVOIX ERH 7IVZMGIW WEMH±8LMW
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MWMQTSVXERXXLIVIJSVIXLEXXLI)9TYWL WE]W LMKLPMKLXW XLI MQTSVXERX VSPI XS XLI PMROW FIX[IIR XLI 7MRKPI 1EVOIX
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