#OVUURTCEJGP FGT 'WTQRKUEJGP 7PKQP

+P FGT
YGTFGP CMVWGNN  5RTCEJGP
CNU
CPGTMCPPV &KG 5RTC
EJGPHTCIG YWTFG FWTEJ FKG GTUVG 8GTQTFPWPI HGUVIGNGIV
FKG DGTJCWRV XQP FGT '9) GTNCUUGP YWTFG
6GZV FGT 81
 UKGJG WPVGP 4GEJVUITWPFNCIG HT FKG 8GTQTFPWPI
KUV CMVWGNN #TV  #'78 &KG 4GIGNWPI FGT 5RTCEJGP
HTCIG HT FKG 1TICPG FGT 7PKQP YKTF WPDGUEJCFGV FGT 5CV
\WPI FGU )GTKEJVUJQHU FGT 'WTQRKUEJGP 7PKQP XQO 4CV
GKPUVKOOKI FWTEJ 8GTQTFPWPIGP IGVTQGP

8QP FGP #OVUURTCEJGP YGTFGP KO KPVGTPGP 8GTMGJT FGT

1TICPG XQT CNNGO 'PINKUEJ (TCP\UKUEJ WPF &GWVUEJ CNU
#TDGKVUURTCEJGP XGTYGPFGV WO FKG 8GTUVPFKIWPI \YK
UEJGP FGP /KVCTDGKVGTP FGT GWTQRKUEJGP +PUVKVWVKQPGP \W
GTNGKEJVGTP
#WEJ FKG 8GTVTIG
'78GTVTCI #'78GTVTCI WPF
'74#61/8GTVTCI UKPF KP CNNGP KP #TV  '78GTVTCI
IGPCPPVGP #OVUURTCEJGP XGTHCUUV WPF XGTDKPFNKEJ 'KPG
$GUQPFGTJGKV DKNFGVG DKU  FKG KTKUEJG 5RTCEJG FKG PWT
8GTVTCIUURTCEJG YCT PKEJV CDGT CNU #OVUURTCEJG XGTYGP
FGV YWTFG 'TUV CPNUUNKEJ FGU $GKVTKVVU XQP $WNICTKGP WPF
4WOPKGP YWTFG PGDGP FGP 5RTCEJGP FKGUGT DGKFGP .P
FGT CWEJ FCU +TKUEJG PGW CNU #OVUURTCEJG CWHIGPQOOGP

0CEJ #TV  #'78 JCDGP CNNG 7PKQPUDTIGT FCU

4GEJV UKEJ KP GKPGT FGT  KP #TV  '78GTVTCI
IGPCPPVGP 5RTCEJGP CP FKG 1TICPG FGT '7 \W YGP
FGP WPF GKPG #PVYQTV KP FGTUGNDGP 5RTCEJG \W GT
JCNVGP 0GDGP FKGUGP #OVUURTCEJGP GZKUVKGTGP \CJNTGK
EJG /KPFGTJGKVGPURTCEJGP YKG \ $ -CVCNCPKUEJ QFGT
$CUMKUEJ KP 5RCPKGP QFGT 4WUUKUEJ KP FGP DCNVKUEJGP .P
FGTP &KG '7 GTMNTV FKG 5RTCEJGP WPF 5RTCEJGPXKGNHCNV
\W CEJVGP WPF \W TGURGMVKGTGP /KV FGO $GKVTKVV -TQCVKGPU
\WO  ,WNK  YWTFG FKG MTQCVKUEJG 5RTCEJG \WT 
#OVUURTCEJG FGT '7

=?

&GT 4CV FGT 'WTQRKUEJGP 9KTVUEJCHVUIGOGKPUEJCHV JCV

IGUVV\V CWH #TVKMGN  FGU 8GTVTCIGU "ONFSLVOH KFU[U
"SU  "&67
 PCEJ FGO FKG 4GIGNWPI FGT 5RTCEJGP
HTCIG HT FKG 1TICPG FGT )GOGKPUEJCHV WPDGUEJCFGV FGT
8GTHCJTGPUQTFPWPI FGU )GTKEJVUJQHGU XQO 4CV GKPUVKO
OKI IGVTQGP YKTF KP FGT 'TYIWPI FCUU LGFG FGT
XKGT 5RTCEJGP KP FGPGP FGT 8GTVTCI CDIGHCUUV KUV KP GK
PGO QFGT KP OGJTGTGP /KVINKGFUVCCVGP FGT )GOGKPUEJCHV
#OVUURTCEJG KUV HQNIGPFG 8GTQTFPWPIGP GTNCUUGP

 8GTVTCIUURTCEJG UGKV 

&KG #OVUURTCEJGP WPF FKG #TDGKVUURTCEJGP

FGT 1TICPG FGT )GOGKPUEJCHV UKPF &GWVUEJ (TCP\
UKUEJ +VCNKGPKUEJ WPF 0KGFGTNPFKUEJ "ONFSLVOH
*N 3BINFO EFS #FJUSJUUTWFSUSHF XVSEFO IJFS XFJUF
SF "NUTTQSBDIFO FJOHFGHU  XVSEF EVSDI FJOF
7FSPSEOVOH *SJTDI JO EJF -JTUF BVGHFOPNNFO

5EJTKHVUVEMG FKG GKP /KVINKGFUVCCV QFGT GK

PG FGT *QJGKVUIGYCNV GKPGU /KVINKGFUVCCVGU WPVGTUVG
JGPFG 2GTUQP CP 1TICPG FGT )GOGKPUEJCHV TKEJVGV
MPPGP PCEJ 9CJN FGU #DUGPFGTU KP GKPGT FGT #OVU
URTCEJGP CDIGHCUUV YGTFGP &KG #PVYQTV KUV KP FGT
UGNDGP 5RTCEJG \W GTVGKNGP

(QNIGPFG 5RTCEJGP UKPF YGFGT #TDGKVU PQEJ 8GTVTCIU

URTCEJGP FGT 'WTQRKUEJGP 7PKQP MPPGP LGFQEJ HT FKG
-QTTGURQPFGP\ OKV FGP +PUVKVWVKQPGP FGT '7 XGTYGPFGV
YGTFGP

5EJTKHVUVEMG FKG GKP 1TICP FGT )GOGKPUEJCHV

CP GKPGP /KVINKGFUVCCV QFGT CP GKPG FGT *QJGKVU


 8&#-*/,4
IGYCNV GKPGU /KVINKGFUVCCVGU WPVGTUVGJGPFG 2GTUQP
TKEJVGV UKPF KP FGT 5RTCEJG FKGUGU 5VCCVGU CD\WHCU
UGP
8GTQTFPWPIGP WPF CPFGTG 5EJTKHVUVEMG XQP
CNNIGOGKPGT )GNVWPI YGTFGP KP FGP XKGT #OVUURTC
EJGP CDIGHCUUV

'PINKUEJ
(TCP\UKUEJ
5RCPKUEJ
+VCNKGPKUEJ
4WUUKUEJ

&CU #OVUDNCVV FGT )GOGKPUEJCHV GTUEJGKPV KP

FGP XKGT #OVUURTCEJGP
&KG 1TICPG FGT )GOGKPUEJCHV MPPGP KP KJTGP
)GUEJHVUQTFPWPIGP HGUVNGIGP YKG FKGUG 4GIGNWPI
FGT 5RTCEJGPHTCIG KO 'KP\GNPGP CP\WYGPFGP KUV
&KG 5RTCEJGPHTCIG HT FCU 8GTHCJTGP FGU )G
TKEJVUJQHGU YKTF KP FGUUGP 8GTHCJTGPUQTFPWPI IGTG
IGNV
*CV GKP /KVINKGFUVCCV OGJTGTG #OVUURTCEJGP
UQ DGUVKOOV UKEJ FGT )GDTCWEJ FGT 5RTCEJG CWH #P
VTCI FKGUGU 5VCCVGU PCEJ FGP CWH UGKPGO 4GEJV DGTW
JGPFGP CNNIGOGKPGP 4GIGNP
&KGUG 8GTQTFPWPI KUV KP CNNGP KJTGP 6GKNGP XGTDKPFNKEJ WPF
IKNV WPOKVVGNDCT KP LGFGO /KVINKGFUVCCV
&KG 5RTCEJGP YWTFGP LGYGKNU OKV FGO $GKVTKVV FGU LG
YGKNKIGP 5VCCVGU \WT #OVUURTCEJG &CU +TKUEJG KUV LGFQEJ
GTUV FWTEJ 8GTQTFPWPI FGU 4CVGU XQO  ,WPK =?
CNU #OVUURTCEJG FGT '7 CPGTMCPPV YQTFGP &KG 4GIG
NWPI VTCV CDGT GTUV CO  ,CPWCT  KP -TCHV (CUUWPIGP
FGT 8GTVTIG CWH .WZGODWTIKUEJ IKDV GU JKPIGIGP PKEJV
FC FCU .WZGODWTIKUEJG GTUV  \WT 0CVKQPCN WPF 8GT
YCNVWPIUURTCEJG .WZGODWTIU GTMNTV YWTFG WPF )GUGV\G
FQTV DKU JGWVG CWUUEJNKGNKEJ CWH (TCP\UKUEJ IGUEJTKGDGP
YGTFGP &KG 4GIKGTWPI XQP .WZGODWTI XGT\KEJVGVG HT
.WZGODWTIKUEJ CWH FGP 5VCVWU GKPGT '7#OVUURTCEJG=?

0CEJ FGT 'WTQUVCV5VWFKG &KG 'WTQRGT WPF KJTG

5RTCEJGP=?  FKG XQP 0QXGODGT DKU &G\GODGT  KP
FGP FCOCNKIGP  /KVINKGFUVCCVGP FGT 'WTQRKUEJGP 7PK
QP FWTEJIGHJTV WPF KO (GDTWCT  XGTGPVNKEJV YWT
FG GTIKDV UKEJ HQNIGPFGU $KNF FGT NCWV 5GNDUVGKPUEJV\WPI
FGT $GHTCIVGP CO OGKUVGP IGURTQEJGPGP 5RTCEJGP KP FGT
7PKQP
'7 
0CEJ FGT XQP /CK DKU ,WPK  FWTEJIGHJTVGP 'TJG
DWPI FGU 'WTQDCTQOGVGTU=? YKEJGP FKG <CJNGP VGKNYGKUG
CD
5RTCEJMGPPVPKUUG KP FGT '7
WPF CWUIGYJNVGP
-CPFKFCVGPNPFGTP
&GWVUEJ

2GVGT %KEJQP /KEJCGN /KVVGTCWGT

*TUI &VSPQB
TQSBDIFO $JNCW 9KGP  -NP  )TC\  +5$0

 4UVEJFO [V 1PMJUJL VOE 7FS
XBMUVOH $CPF 
/CTMWU # -TVGP %JF #FEFVUVOH EFS EFVUTDIFO
4QSBDIF JN 3FDIU EFS &VSPQJTDIFO 6OJPO FJOF
6OUFSTVDIVOH EFS BLUVFMMFO TPXJF [VLOGUJH NHMJ
DIFO #FEFVUVOH EFS EFVUTDIFO 4QSBDIF JO EFS &6
&WPEMGT  *WODNQV $GTNKP  +5$0 

 4DISJGUFO [VN FVSPQJTDIFO 3FDIU $CPF
 \WINGKEJ &KUUGTVCVKQP CP FGT 7PKXGTUKVV -NP

5CPFTC 0KN %JF 4QSBDIFOGSBHF JO EFS &VSPQJ
TDIFO 6OJPO .HMJDILFJUFO VOE (SFO[FO FJOFS 4QSB
DIFOQPMJUJL GS &VSPQB 7V\ /PEJGP  +5$0

 4QSBDI VOE -JUFSBUVSXJTTFO
TDIBGUFO $CPF  \WINGKEJ &KUUGTVCVKQP CP FGT
7PKXGTUKVV /PEJGP 
)GTCNF ) 5CPFGT %JF ;VLVOGU EFT 4QSBDIFOSFHJNFT
JO FJOFS FSXFJUFSUFO &VSPQJTDIFO 6OJPO +P )GTCNF
) 5CPFGT +XQ /CT[MC
*TUI %JF &VSPQJTDIF
6OJPO WPS OFVFO )FSBVTGPSEFSVOHFO 7FSGBTTVOH
0TUFSXFJUFSVOH 8FMUIBOEFM 2GVGT .CPI (TCPMHWTV
CO /CKP WC  +5$0  5 

4GIKQPCN WPF /KPFGTJGKVGPURTCEJGP KP 'WTQRC

'WTQNKPIWKUVKM
5RTCEJRQNKVKM

'78GTYCNVWPI $GFKGPUVGVG 5RTCEJGP WPF 5VCPF

QTVG 9GDUKVG FGT 'WTQRKUEJGP 7PKQP
*WI IGUVGNNVG (TCIGP \WT /GJTURTCEJKIMGKV KP FGT
'7 /GOQ FGT 'WTQRKUEJGP -QOOKUUKQP
5RTCEJGPTGIGNWPI KP '71TICPGP 'WTQRC.GZKMQP
FGT FGWVUEJGP $WPFGUTGIKGTWPI

=? #OVUDNCVV 0T  XQO  1MVQDGT  5 

=? #OVUDNCVV . XQO  ,WPK 
=? 5CPFTC 0KN %JF 4QSBDIFOGSBHF JO EFS &VSPQJTDIFO 6OJ
PO .HMJDILFJUFO VOE (SFO[FO FJOFS 4QSBDIFOQPMJUJL GS
&VSPQB /PEJGP  +5$0  5 
=? 'WTQRKUEJG 7PKQP 'WTQDCTQOGVGT 5RG\KCN  &KG 'WTQ
RGT WPF KJTG 5RTCEJGP
RFH&CVGK  /$[VG <WITK
CO  0QXGODGT 
=? JVVRGEGWTQRCGWRWDNKEAQRKPKQPCTEJKXGUGDUGDUA
GPRFH
CDIGTWHGP \WNGV\V CO  ,CPWCT 

 5&95 6/% #*-%26&--&/ "6503&/ 6/% -*;&/;&/

2VFMMF JVVRUFGYKMKRGFKCQTIYKMK#OVUURTCEJGPAFGTA'WTQR%#KUEJGPA7PKQP!
QNFKF "VUPSFO #MC 6QO- /CIPWU .CPIGE +NLC .QTGM *GCF $WPEKE -CTN )TWDGT )WIICPKL <YQDQV &EWVVGT 4Q
DGTV 9GGOG[GT 5KPP 6JG#[`FGYKMK 2GVGT 5GYC 5GKFN /PJ #.'  6JG- 7PUEJGKPDCT -QGTRGTVTCKPKPI 8QGXQFC , OCEJ
YWUV -TKUVLCP %JTKUHTGP\GN %GRJGKFGP 7YG )KNNG +OOCPWGN )KGN 2EQ 5VGX[ $QVVGNGT .NQR $KGTFKOR <CWPICUV 2GN\ &KDC ,GT
IGP (NC$QV )GTDKN $NCWOCNGT %CRTKEEKQ ,CEMUQP #PIT 5VGHCP 0GWTQEC $GTPDWTIGTKP 4GF$QV 5CUKM -QNLC +VVK 5KPCVTC /KNNDCTV
&CCCXKF ;WTKM &T 5VGNNGT 4QDQV' 5XGPUVGGP CTPFV 4QDQV3WKUVPKZ 9+-+OCPKCE 6UECDQV /GNCPEJQNKG$QV 5GDGUVC 'UMKODQV 0K
EQNCK 2 0KIJV[GT 9GTPGT -QNNGT &[PCOQ  ,CIKGNNQ::YKGMW /KEJMCNCU`FGYKMK (QTTGUVGT 1NCJWU 9FYF 2GVGT $WEJ 'NMCYG
/EJVGIGTP 5RWM %GNUWU`FGYKMK 9WNH +UGDTCPF`FGYKMK 2U;E*Q +PHQTOCVKEQ *QTUV )TDPGT ,%+8 1PMGN 5CO ,#P&DQV /CV
VJKCUD /CTEWU 5EJV\NG *GNGPQRGN 5GKVGPXGTDGUUGTGT -QPVTQNNUVGNNGMWPFN +KKIGN %QORNGZ 5EJOKFVK  6CTQP .C %QTQPC $CFTKZ
'0KIJV 4GIK -GPLK *CUVGT 5PQQR[ 'OFGG 6QTYCTVHGJNGT ,VV 'OGTIGPE[ FQE 5GDDG Z[ 6CUVGCV 6JQOCU )NKPV\GT &CXKF)
.KPM(#$QV /GVUCXGPF %CTUTCE$QV 6TGKUKLU #DE TQQV .WEMCUDQV 5VGXUKG 9KNNKYKNNK )TQWEJQ$QV 'N &WGPFG :SDQV #TVJWT$QV *QY
YK )GKGTMTEJ\ 4KDQV$16 .WEKGP$16 4GOQVGN[UGPUGF <GTQ 6JTWUV (NIGN4CF &T #PIGNKMC 4QUGPDGTIGT #PVQPUWUK $KIDQUUHCTKP
/CTVKP ,QUEJ -KNNKM 9KMKLWPMKG$QV -QRQEJ /GTN+Y$QV -.$QV #WUVTKCPVTCXGNGT -FGTOCWU 5VGHCP ,OX )KCN #EMDCT
&GZDQV 5(HO. .GMVQT Y 5RCPIG`FGYKMK -PKUHQ (KTGQYGT %GPVGPKGT WPF #PQP[OG 

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPU$CPFGTCAFGA0CXCTTCUXI -J[FO[ 2W

DNKE FQOCKP "VUPSFO
&KGUGU 9GTM UVGNNV GKPG (NCIIG GKP 9CRRGP GKP 5KGIGN QFGT GKP CPFGTGU Q\KGNNGU
FCT &KG 8GTYGPFWPI UQNEJGT 5[ODQNG KUV KP
OCPEJGP .PFGTP DGUEJTPMV &KGUG $GUEJTPMWPIGP UKPF WPCDJPIKI XQP FGO JKGT DGUEJTKGDGPGP 7TJGDGTTGEJVUUVCVWU
6STQSOHMJDIFS 4DIQGFS /KIWKNNGP

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPU(NCIAQHA#NDCPKCUXI -J[FO[ 2WDNKE FQOCKP

"VUPSFO ! 6STQSOHMJDIFS 4DIQGFS !

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPU(NCIAQHA#WUVTKCUXI -J[FO[ 2WDNKE FQOCKP

"VUPSFO 'KIGPGU 9GTM JVVRYYYDONXIXCVCD\GKEJGPFGMQTCVKQPGPUJVON 6STQSOHMJDIFS 4DIQGFS 7UGT5-QRR

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPU(NCIAQHA$GNIKWOAEKXKN
UXI -J[FO[ 2WDNKE FQOCKP "VUPSFO ! 6STQSOHMJDIFS 4DIQGFS !

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPUC(NCIAQHA$WNICTKCUXI -J[FO[ 2WDNKE FQ

OCKP "VUPSFO 6JG CI QH $WNICTKC 6JG EQNQTU CTG URGEKGF CV JVVRYYYIQXGTPOGPVDIEIKDKPGEOUXKUXKURN!URP
I CU 6STQSOHMJDIFS 4DIQGFS 5-QRR

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPUEEG(NCIAQHA%CVCNQPKCUXI -J[FO[ %%$;

5# "VUPSFO 'KIGPGU 9GTM 6STQSOHMJDIFS 4DIQGFS 7UGT/CTVQTGNN

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPUD(NCIAQHA%TQCVKCUXI -J[FO[ 2WDNKE FQOCKP

"VUPSFO JVVRYYYUCDQTJT&GHCWNVCURZ!UGE 6STQSOHMJDIFS 4DIQGFS 0KIJVUVCNNKQP 'NGRJCPVWU 0GQPGQ &GPGNUQP
4CKPOCP 4 /KPGUVTQPG .WRQ <UEQWV
C JTGH EQOOQPUYKMKOGFKCQTIYKMK7UGT/C)C VKVNG 7UGT/C)C
C C JTGH EQOOQPUYKMKOGFKCQTIYKMK(KNG
%TQCVKCPAUSWCTGUA.LWDKEKERPI ENCUU KOCIG KOI CNV %TQCVKCP USWCTGU .LWDKEKERPI UTE JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKC
EQOOQPUVJWODH%TQCVKCPAUSWCTGUA.LWDKEKERPIRZ%TQCVKCPAUSWCTGUA.LWDKEKERPI YKFVJ  JGKIJV  UTEUGV JVVRU
WRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPUVJWODH%TQCVKCPAUSWCTGUA.LWDKEKERPIRZ%TQCVKCPAUSWCTGUA.LWDKEKERPI
Z
JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPUVJWODH%TQCVKCPAUSWCTGUA.LWDKEKERPIRZ%TQCVKCPAUSWCTGUA.LWDKEKERPI
Z FCVCNGYKFVJ  FCVCNGJGKIJV   C C JTGH EQOOQPUYKMKOGFKCQTIYKMK7UGTAVCNM/C)C VKVNG 7UGT
VCNM/C)C
C
DCUGF QP &GEKUKQP QH VJG 2CTNKCOGPV

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPUFF(NCIAQHA%[RTWUUXI -J[FO[ 2WDNKE FQOCKP

"VUPSFO 'KIGPGU 9GTM 6STQSOHMJDIFS 4DIQGFS 7UGT8\D

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPUE(NCIAQHA&GPOCTMUXI -J[FO[ 2WDNKE FQ

OCKP "VUPSFO 'KIGPGU 9GTM 6STQSOHMJDIFS 4DIQGFS 7UGT/CFFGP

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPUH(NCIAQHA'UVQPKCUXI -J[FO[ 2WDNKE FQOCKP

"VUPSFO JVVRYYYTKKIKMCPVUGNGKGG!KF 6STQSOHMJDIFS 4DIQGFS 1TKIKPCNN[ FTCYP D[ 7UGT5-QRR $NWG EQNQWT EJCPIGF D[ 7UGT
2GGR2 VQ OCVEJ VJG KOCIG CV =?

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPUDDE(NCIAQHA(KPNCPFUXI -J[FO[ 2WDNKE FQOCKP

"VUPSFO JVVRYYYHKPNGZHKHKNCMKCLCPVCUC 6STQSOHMJDIFS 4DIQGFS &TCYP D[ 7UGT5-QRR

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPUEE(NCIAQHA(TCPEGUXI -J[FO[ 2WDNKE FQOCKP

"VUPSFO JVVRYGDCTEJKXGQTIYGDJVVRYYYFKRNQOCVKGIQWXHTFGHTCPMTGKEJAHTCPMTGKEJGPVFGEMGPARQTVTCVHTCPMTGKEJUA
FKGU[ODQNGFGTHTCP\QUKUEJGPTGRWDNKMAVTKMQNQTGFKGPCVKQPCNHCJPGAJVON 6STQSOHMJDIFS 4DIQGFS &KGUG )TCM YWTFG
XQP 5-QRR GTUVGNNV

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPU(NCIAQHA)CNKEKCUXI -J[FO[ 2WDNKE FQOCKP

"VUPSFO 5QFKRQFKU %NKRCTV )CNNGT[ 6STQSOHMJDIFS 4DIQGFS 2GFTQ # )TCEKC (CLCTFQ

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPUDDC(NCIAQHA)GTOCP[UXI -J[FO[ 2WDNKE FQ

OCKP "VUPSFO ! 6STQSOHMJDIFS 4DIQGFS !

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPUE(NCIAQHA)TGGEGUXI -J[FO[ 2WDNKE FQOCKP

"VUPSFO QYP EQFG 6STQSOHMJDIFS 4DIQGFS
QH EQFG EU7UGTZHK
VCNM



#JMEFS

OCKP "VUPSFO

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPUEE(NCIAQHA*WPICT[UXI -J[FO[ 2WDNKE FQ

(NCIU QH VJG 9QTNF *WPICT[ 6STQSOHMJDIFS 4DIQGFS 5-QRR

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPU(NCIAQHA+TGNCPFUXI -J[FO[ 2WDNKE FQOCKP

"VUPSFO &TCYP D[ 7UGT5-QRR 6STQSOHMJDIFS 4DIQGFS !

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPU(NCIAQHA+VCN[UXI -J[FO[ 2WDNKE FQOCKP "VUP

SFO 6JGTG JCU DGGP C NQPI FKUEWUUKQP QP VJG EQNQTU QH VJKU CI 1MFBTF SFBE UIF UBML QBHF CFGPSF FEJUJOH PS SFWFSUJOH UIJT JNBHF 2CPVQPG VQ
4)$ RGTHQTOGF D[ JVVRYYYRCPVQPGEQORCIGURCPVQPGEQNQTHKPFGTCURZ 6STQSOHMJDIFS 4DIQGFS UGG DGNQY

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPU(NCIAQHA.CVXKCUXI -J[FO[ 2WDNKE FQOCKP "V

UPSFO 'KIGPGU 9GTM 6STQSOHMJDIFS 4DIQGFS 5-QRR

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPU(NCIAQHA.KVJWCPKCUXI -J[FO[ 2WDNKE FQ

OCKP "VUPSFO 'KIGPGU 9GTM 6STQSOHMJDIFS 4DIQGFS 5W-QRR

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPUFFC(NCIAQHA.WZGODQWTIUXI -J[FO[ 2W

DNKE FQOCKP "VUPSFO 'KIGPGU 9GTM JVVRYYYNGIKNWZRWDNKENWNGICCTEJKXGUCRFHRCIG EQNQTU HTQO JVVRYYY
NGIKNWZRWDNKENWNGICCTEJKXGURFH 6STQSOHMJDIFS 4DIQGFS &TCYP D[ 7UGT5-QRR

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPUHH(NCIAQHA/CEGFQPKCUXI -J[FO[ 2WDNKE

FQOCKP "VUPSFO 'KIGPGU 9GTM 6STQSOHMJDIFS 4DIQGFS 7UGT5-QRR TGYTKVVGP D[ 7UGT)CDDG

TQSOHMJDIFS 4DIQGFS !

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPU(NCIAQHA/CNVCUXI -J[FO[ %% "VUPSFO ! 6S

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPU(NCIAQHA/QPVGPGITQUXI -J[FO[ 2WDNKE

FQOCKP "VUPSFO 'KIGPGU 9GTM 6STQSOHMJDIFS 4DIQGFS $ODQ (TQ\VD[VG

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPU(NCIAQHA2QNCPFUXI -J[FO[ 2WDNKE FQOCKP

"VUPSFO 1YP YQTM OQFKGF EQNQT XCNWGU D[ VGZV UWDUVKVWVKQP KP VJG GZKUVKPI NG 6STQSOHMJDIFS 4DIQGFS /CTGMNWI 9CPVGF

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPUE(NCIAQHA2QTVWICNUXI -J[FO[ 2WDNKE FQ

OCKP "VUPSFO JVVRLQTIGUCORCKQCTSWKXQRTGUKFGPEKCRVRVTGRWDNKECUKODQNQUDCPFGKTCUKPFGZJVONKOIU 6STQSOHMJDIFS 4DIQGFS %Q
NWODCPQ $QTFCNQ 2KPJGKTQ
 IGPGTKE FGUKIP 8VQT .WU 4QFTKIWGU #PVPKQ /CTVKPU6WXNMKP
 VJKU URGEKE XGEVQT UGV UGG
UQWTEGU

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPU(NCIAQHA4QOCPKCUXI -J[FO[ 2WDNKE FQ

OCKP "VUPSFO 'KIGPGU 9GTM 6STQSOHMJDIFS 4DIQGFS #FK,CRCP

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPU(NCIAQHA5EQVNCPFUXI -J[FO[ 2WDNKE FQ

OCKP "VUPSFO JVVRMDQNKPQHTGGUJGNNQTIUXIUEQVNCPFUXI 6STQSOHMJDIFS 4DIQGFS PQPG MPQYP

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPUHHH(NCIAQHA5GTDKCUXI -J[FO[ 2WDNKE FQOCKP "V

UPSFO (TQO JVVRYYYRCTNCOGPVIQXTUEQPVGPVEKTQAUMWRUVKPKUKODQNKUKODQNKCUR 6STQSOHMJDIFS 4DIQGFS UQFKRQFKEQO

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPUGG(NCIAQHA5NQXCMKCUXI -J[FO[ 2WDNKE FQOCKP

"VUPSFO 'KIGPGU 9GTM JGTG EQNQTU 6STQSOHMJDIFS 4DIQGFS 5-QRR

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPUHH(NCIAQHA5NQXGPKCUXI -J[FO[ 2WDNKE FQOCKP

"VUPSFO 'KIGPGU 9GTM EQPUVTWEVKQP UJGGV HTQO JVVRHNCIURQVPGVHNCIUUKJVONEQC 6STQSOHMJDIFS 4DIQGFS 7UGT#EJKO

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPUC(NCIAQHA5RCKPUXI -J[FO[ %% "VUPSFO =5Q

FKRQFKEQO %NKRCTV )CNNGT[ 1TKIKPCN NKPM PQ NQPIGT CXCKNCDNG ? 6STQSOHMJDIFS 4DIQGFS 2GFTQ # )TCEKC (CLCTFQ GUEWFQ FG /CPWCN FG
+OCIGP +PUVKVWEKQPCN FG NC #FOKPKUVTCEKP )GPGTCN FGN 'UVCFQ

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPUE(NCIAQHA5YGFGPUXI -J[FO[ 2WDNKE FQOCKP

"VUPSFO 6JKU CI KU TGIWNCVGF D[ 5YGFKUJ .CY #EV  YJKEJ UVCVGU VJCV JO DPNNFSDJBM BDUJWJUJFT UIF DPBUT PG BSNT UIF BH PS PUIFS
PDJBM JOTJHOJB PG 4XFEFO NBZ OPU CF VTFE JO B USBEFNBSL PS PUIFS JOTJHOJB GPS QSPEVDUT PS TFSWJDFT XJUIPVU QSPQFS BVUIPSJ[BUJPO 5IJT JODMVEFT
BOZ NBSL PS UFYU SFGFSSJOH UP UIF 4XFEJTI HPWFSONFOU XIJDI UIVT DBO HJWF UIF DPNNFSDJBM NBSL B TJHO PG PDJBM FOEPSTFNFOU 5IJT JODMV
EFT NVOJDJQBM DPBUT PG BSNT XIJDI BSF SFHJTUFSFE $BSM 8BEFOTUJFSOB JVVRYYYPQVKUWOUGTPRUNUNCI*6/? 6STQSOHMJDIFS
4DIQGFS ,QP *CTCNF 5D[ CPF QVJGTU #NN CWVJQTU CTG NKUVGF KP VJG (KNG XGTUKQPU UGEVKQP DGNQY

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPUDD(NCIAQHA6WTMG[UXI -J[FO[ 2WDNKE FQOCKP

"VUPSFO 6WTMKUJ (NCI .CY
6TM $C[TC -CPWPW .CY PT  QH  5GRVGODGT  6GZV
KP 6WTMKUJ CV VJG YGDUKVG QH VJG 6WT
MKUJ *KUVQTKECN 5QEKGV[
6TM 6CTKJ -WTWOW 6STQSOHMJDIFS 4DIQGFS &CXKF $GPDGPPKEM
QTKIKPCN CWVJQT

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPU(NCIAQHA9CNGUAUXI -J[FO[ 2WDNKE FQ

OCKP "VUPSFO 1RGP %NKRCTV .KDTCT[ 6STQSOHMJDIFS 4DIQGFS 7PMPQYP
8GEVQT ITCRJKEU D[ 6QDKCU ,CMQDU

2VFMMF
JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPUD(NCIAQHAVJGA$CNGCTKEA
+UNCPFUUXI -J[FO[ %% "VUPSFO ! 6STQSOHMJDIFS 4DIQGFS !

2VFMMF
JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPUF(NCIAQHAVJGA$CUSWGA
%QWPVT[UXI -J[FO[ %% $;5#  "VUPSFO QYP YQTM
OQFKECVKQP QH VJG HQTOGT KOCIG CV VJKU RCIG 6STQSOHMJDIFS 4DIQGFS &CPKGNG
5EJKTOQ CMC (TCPMKG

UXI -J[FO[ 2WDNKE FQOCKP "VUPSFO

Z U NG

Z U EQFG

<KTNCPFU EQFGU QH EQNQTU

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPUEED(NCIAQHAVJGA%\GEJA4GRWDNKE

 5&95 6/% #*-%26&--&/ "6503&/ 6/% -*;&/;&/

6STQSOHMJDIFS 4DIQGFS

QH EQFG 58) XGTUKQP D[ EUZ

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPUFFH(NCIAQHAVJGA
.CPFAQHA8CNGPEKCAQHHKEKCNUXI -J[FO[ 2WDNKE FQOCKP "VUPSFO 'KIGPGU 9GTM 6STQSOHMJDIFS 4DIQGFS /WVZCOGN

2VFMMF JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPU(NCIAQHAVJGA0GVJGTNCPFUUXI -J

[FO[ 2WDNKE FQOCKP "VUPSFO 'KIGPGU 9GTM 6STQSOHMJDIFS 4DIQGFS <UEQWV

2VFMMF
JVVRUWRNQCFYKMKOGFKCQTIYKMKRGFKCEQOOQPUCCG(NCIAQHAVJGA7PKVGFA
-KPIFQOUXI -J[FO[ 2WDNKE FQOCKP "VUPSFO 'KIGPGU 9GTM RGT FCVC CV JVVRHNCIURQVPGVHNCIUIDJVON 6STQSOHMJDIFS 4DIQGFS 1TKIKPCN
CI D[ #EVU QH 7PKQP 

%TGCVKXG %QOOQPU #VVTKDWVKQP5JCTG #NKMG