Sie sind auf Seite 1von 20

%'-6

+YMHIXS)ZEPYEXMSRSJ
7XVIRKXL8IWX6IWYPXWSJ'SRGVIXI

6ITSVXIHF]%'-'SQQMXXII
*MVWX4VMRXMRK
%TVMP
%QIVMGER'SRGVIXI-RWXMXYXI
%HZERGMRKGSRGVIXIORS[PIHKI

+YMHIXS)ZEPYEXMSRSJ7XVIRKXL8IWX6IWYPXWSJ'SRGVIXI

'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
VIUYIWXIHXSGSRXEGX%'-ZMEXLIIVVEXE[IFWMXIEX[[[GSRGVIXISVKGSQQMXXIIWIVVEXEEWT4VSTIV
YWISJXLMWHSGYQIRXMRGPYHIWTIVMSHMGEPP]GLIGOMRKJSVIVVEXEJSVXLIQSWXYTXSHEXIVIZMWMSRW

%'-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
%'-6

+YMHIXS)ZEPYEXMSRSJ
7XVIRKXL8IWX6IWYPXWSJ'SRGVIXI
6ITSVXIHF]%'-'SQQMXXII

'EWMQMV&SKREGOM .IVV]4EVRIW
'LEMV 7IGVIXEV]

(EZMH.%GOIVW 6MGLEVH(+E]RSV 'SPMR00SFS &V]GI47MQSRW


1EHEWEQ]%VSGOMEWEQ] %PINERHVS+VEJ .SLR.0YGMERS 0YOI17RIPP
;MPPMEQ0&EVVMRKIV 8LSQEW1+VIIRI %PP]R'0YOI  4EXVMGO.)7YPPMZER
*1MGLEIP&EVXPIXX +MPFIVX.,EHHEH 7XITLIR71EVGLIWI )YKIRI8EOLXSZMGL
.IVVSPH0&VS[R /EP6,MRHS 6MGLEVH)1MPPIV 1MGLEIP%8E]PSV
&V]ER6'EWXPIW 6SFIVX7.IROMRW :IROEXEW[EQ] 6EQEOVMWLRER 6SKIV):EYKLER
.EQIW)'SSO %PJVIH0/EYJQER.V (:6IHH] ;SSH[EVH0:SKX
6SREPH0(MPP] ;MPPMEQ*/ITPIV (EZMH26MGLEVHWSR 3VZMPPI6;IVRIV--
(SREPH)(M\SR 1MGLEIP00IQMRK .EQIW17LMPWXSRI.V

'SQQMXXIIQIQFIVW[LSTVITEVIHXLMWKYMHI

7XEXMWXMGEPTVSGIHYVIWTVSZMHIZEPYEFPIXSSPWJSVIZEPYEXMRKXLIVIWYPXWSJ '328)287
GSRGVIXIWXVIRKXLXIWXW-RJSVQEXMSRHIVMZIHJVSQWYGLTVSGIHYVIWMWZEPYEFPI 'LETXIV{-RXVSHYGXMSRT
MRHIJMRMRKHIWMKRGVMXIVMEWTIGMJMGEXMSRWERHSXLIVTEVEQIXIVWRIIHIHJSV {-RXVSHYGXMSR
WXVYGXYVEPIZEPYEXMSRERHVITEMV8LMWKYMHIHMWGYWWIWZEVMEXMSRWXLEXSGGYV {7YQQEV]
MRGSRGVIXIWXVIRKXLERHTVIWIRXWWXEXMWXMGEPTVSGIHYVIWYWIJYPMRMRXIVTVIXMRK
XLIWIZEVMEXMSRW[MXLVIWTIGXXSWTIGMJMIHXIWXMRKERHGVMXIVME
'LETXIV{2SXEXMSRERHHIJMRMXMSRWT
/I][SVHWGSIJJMGMIRXSJZEVMEXMSRGSRGVIXIWXVIRKXLRSVQEPHMWXVMFYXMSR
{2SXEXMSR
VIUYMVIHSZIVHIWMKRUYEPMX]GSRXVSPWXERHEVHHIZMEXMSRWXEXMWXMGEPQIXLSHW {(IJMRMXMSRW

'LETXIV{:EVMEXMSRWMRWXVIRKXLT
%'-'SQQMXXII6ITSVXW+YMHIW1ERYEPWERH'SQQIRXEVMIW {+IRIVEP
EVIMRXIRHIH JSV KYMHERGI MRTPERRMRK HIWMKRMRKI\IGYXMRK {-RJPYIRGI SJ FEXGLXSFEXGL ZEVMEXMSRW SR GSRGVIXI
ERHMRWTIGXMRKGSRWXVYGXMSR8LMWHSGYQIRXMWMRXIRHIHJSVXLI
YWI SJ MRHMZMHYEPW [LS EVI GSQTIXIRX XS IZEPYEXI XLI WXVIRKXL
WMKRMJMGERGIERHPMQMXEXMSRWSJMXWGSRXIRXERHVIGSQQIRHEXMSRW {-RJPYIRGI SJ [MXLMRFEXGL ZEVMEXMSRW SR GSRGVIXI
ERH[LS [MPPEGGITX VIWTSRWMFMPMX] JSV XLIETTPMGEXMSR SJXLI WXVIRKXL
QEXIVMEPMXGSRXEMRW8LI%QIVMGER'SRGVIXI-RWXMXYXIHMWGPEMQW
ER]ERHEPPVIWTSRWMFMPMX]JSVXLIWXEXIHTVMRGMTPIW8LI-RWXMXYXI
WLEPPRSXFIPMEFPIJSVER]PSWWSVHEQEKIEVMWMRKXLIVIJVSQ
6IJIVIRGI XS XLMW HSGYQIRX WLEPP RSX FI QEHI MR GSRXVEGX %'-6WYTIVWIHIW6ERH[EWEHSTXIHERHTYFPMWLIH%TVMP
HSGYQIRXW-JMXIQWJSYRHMRXLMWHSGYQIRXEVIHIWMVIHF]XLI 'ST]VMKLX%QIVMGER'SRGVIXI-RWXMXYXI
%VGLMXIGX)RKMRIIVXSFIETEVXSJXLIGSRXVEGXHSGYQIRXWXLI] %PPVMKLXWVIWIVZIHMRGPYHMRKVMKLXWSJVITVSHYGXMSRERHYWIMRER]JSVQSVF]ER]
WLEPPFIVIWXEXIHMRQERHEXSV]PERKYEKIJSVMRGSVTSVEXMSRF] QIERW MRGPYHMRK XLI QEOMRK SJ GSTMIW F] ER] TLSXS TVSGIWW SV F] IPIGXVSRMG SV
QIGLERMGEPHIZMGITVMRXIH[VMXXIRSVSVEPSVVIGSVHMRKJSVWSYRHSVZMWYEPVITVSHYG
XLI%VGLMXIGX)RKMRIIV XMSRSVJSVYWIMRER]ORS[PIHKISVVIXVMIZEPW]WXIQSVHIZMGIYRPIWWTIVQMWWMSRMR
[VMXMRKMWSFXEMRIHJVSQXLIGST]VMKLXTVSTVMIXSVW


 +9-()83):%09%8-323*786)2+8,8)786)790873*'32'6)8) %'-6

'LETXIV{%REP]WMWSJWXVIRKXLHEXET FEXGL WEQTPI WTIGMQIR TVITEVEXMSR GYVMRK ERH


{+IRIVEP XIWXMRKTVSGIHYVIW
{7XEXMWXMGEPJYRGXMSRW 8LIVIEVIHMJJIVIRGIWMRMRHMZMHYEPQM\IVFEXGLIWFIX[IIR
{7XVIRKXLZEVMEXMSRW XLI JVSRX ERH VIEV SJ XLI QM\IV EW VIGSKRM^IH F] %781
{-RXIVTVIXEXMSRSJWXEXMWXMGEPTEVEQIXIVW ''1*SVXLMWVIEWSR%'-*MIPH0IZIP-8IGLRMGMERW
{7XERHEVHWSJGSRXVSP EVI XVEMRIH XS QEOI GSQTSWMXI WEQTPIW JVSQ XLI GIRXVEP
TSVXMSRWSJPSEHW
'LETXIV{'VMXIVMET 'SRGPYWMSRWVIKEVHMRKGSRGVIXIGSQTVIWWMZIWXVIRKXLGER
{+IRIVEP
FI HIVMZIH JVSQ E WIVMIW SJ XIWXW 8LI GLEVEGXIVMWXMGW SJ
{(EXEYWIHXSIWXEFPMWLQMRMQYQVIUYMVIHEZIVEKI
GSRGVIXI WXVIRKXL GER FI EGGYVEXIP] IWXMQEXIH [LIR ER
WXVIRKXL
EHIUYEXIRYQFIVSJXIWXWEVIGSRHYGXIHMREGGSVHERGI[MXL
{'VMXIVMEJSVWXVIRKXLVIUYMVIQIRXW
WXERHEVHTVEGXMGIWERHXIWXQIXLSHW
7XEXMWXMGEPTVSGIHYVIWTVSZMHIZEPYEFPIXSSPW[LIRIZEPYEXMRK
'LETXIV{)ZEPYEXMSRSJHEXET
{+IRIVEP WXVIRKXLXIWXVIWYPXW-RJSVQEXMSRHIVMZIHJVSQXLIQMWEPWS
{2YQFIVWSJXIWXW ZEPYEFPIMRVIJMRMRKHIWMKRGVMXIVMEERHWTIGMJMGEXMSRW8LMW
{6INIGXMSRSJHSYFXJYPWTIGMQIRW KYMHIHMWGYWWIWZEVMEXMSRWMRGSRGVIXIWXVIRKXLERHTVIWIRXW
{%HHMXMSREPXIWXVIUYMVIQIRXW WXEXMWXMGEP TVSGIHYVIW YWIJYP JSV MRXIVTVIXMRK XLIQ [MXL
{5YEPMX]GSRXVSPGLEVXW VIWTIGXXSWTIGMJMIHXIWXMRKERHEGGITXERGIGVMXIVME
{%HHMXMSREPIZEPYEXMSRXIGLRMUYIW *SVXLIWXEXMWXMGEPTVSGIHYVIWHIWGVMFIHMRXLMWKYMHIXSFI
ZEPMHHEXEWLSYPHFIHIVMZIHJVSQWEQTPIWSFXEMRIHXLVSYKL
'LETXIV{6IJIVIRGIWT E VERHSQ WEQTPMRK TPER 6ERHSQ WEQTPMRK MW [LIR IEGL
{6IJIVIRGIHWXERHEVHWERHVITSVXW ZSPYQISJGSRGVIXILEWERIUYEPGLERGISJFIMRKWIPIGXIH8S
{'MXIHVIJIVIRGIW IRWYVIXLMWGSRHMXMSRWIPIGXMSRWLSYPHFIQEHIF]YWMRKER
SFNIGXMZI QIGLERMWQ WYGL EW E XEFPI SJ VERHSQ RYQFIVW
',%48)6{-2863(9'8-32 ;LIR WEQTPI FEXGLIW EVI WIPIGXIH SR XLI FEWMW SJ XLI
{-RXVSHYGXMSR WEQTPIVvWNYHKQIRXFMEWIWEVIPMOIP]XSFIMRXVSHYGIHXLEX[MPP
8LMW KYMHITVSZMHIW ER MRXVSHYGXMSR XSXLIIZEPYEXMSR SJ MRZEPMHEXIXLIEREP]WMW2EXVIPPE  &S\IXEP  ERH
GSRGVIXI WXVIRKXL XIWX VIWYPXW 4VSGIHYVIW HIWGVMFIH EVI %781 ( HMWGYWW XLI RIIH JSV VERHSQ WEQTPMRK ERH
ETTPMGEFPIXSXLIGSQTVIWWMZIWXVIRKXLXIWXVIWYPXWVIUYMVIH TVSZMHIEYWIJYPWLSVXXEFPISJVERHSQRYQFIVW
F]%'-%'-ERHWMQMPEVWTIGMJMGEXMSRWERHGSHIW
7XEXMWXMGEPGSRGITXWHIWGVMFIHEVIETTPMGEFPIJSVXLIEREP]WMW {7YQQEV]
SJ SXLIV GSQQSR GSRGVIXI XIWX VIWYPXW MRGPYHMRK JPI\YVEP 8LMW KYMHI FIKMRW [MXL E HMWGYWWMSR MR 'LETXIV SJ XLI
WXVIRKXLWPYQTEMVGSRXIRXHIRWMX]QSHYPYWSJIPEWXMGMX] FEXGLXSFEXGLWSYVGIWSJZEVMEFMPMX]MRGSRGVIXITVSHYGXMSR
ERHSXLIVXIWXWYWIHJSVIZEPYEXMRKGSRGVIXIERHMRKVIHMIRX JSPPS[IHF]XLI[MXLMRFEXGLWSYVGIWSJZEVMEFMPMX]'LETXIV
QEXIVMEPW8LMWKYMHIEWWYQIWXLEXXLIGSRGVIXIXIWXVIWYPXW TVIWIRXW XLI WXEXMWXMGEP XSSPW XLEX EVI YWIH XS EREP]^I ERH
GSRJSVQXSERSVQEPHMWXVMFYXMSR IZEPYEXIGSRGVIXIZEVMEFMPMX]ERHHIXIVQMRIGSQTPMERGI[MXL
1SWX GSRWXVYGXMSR TVSNIGXW MR XLI 9RMXIH 7XEXIW ERH EKMZIRWTIGMJMGEXMSR'LETXIVWERHVIZMI[WXEXMWXMGEPP]
'EREHEVIUYMVIVSYXMRIWEQTPMRKSJGSRGVIXIERHJEFVMGEXMSR FEWIHWTIGMJMGEXMSRW
SJ WXERHEVH QSPHIH G]PMRHIVW 8LIWI G]PMRHIVW EVI YWYEPP]
GEWXJVSQEGSRGVIXIWEQTPIXEOIRJVSQXLIHMWGLEVKISJE ',%48)6{238%8-32%2(()*-2-8-327
XVYGO SV E FEXGL SJ GSRGVIXI 8LI] EVI QSPHIH ERH GYVIH {2SXEXMSR
JSPPS[MRKXLIWXERHEVHTVSGIHYVIWSJ%781''1ERH H ! JEGXSV JSV GSQTYXMRK [MXLMRFEXGL WXERHEVH
XIWXIHEWVIUYMVIHF]%781''1-JXLIGSRGVIXIMWWS HIZMEXMSRJVSQEZIVEKIVERKI 8EFPI
TVITEVIHGYVIHERHXIWXIHXLIVIWYPXWEVIXLIGSQTVIWWMZI JG ! WTIGMJMIH GSQTVIWWMZI WXVIRKXL SJ GSRGVIXI TWM
WXVIRKXLSJXLIGSRGVIXIGYVIHYRHIVGSRXVSPPIHGSRHMXMSRW 14E
RSXXLIMRTPEGIWXVIRKXLSJXLIGSRGVIXI[MXLMRXLIWXVYGXYVI
JGV ! VIUYMVIHEZIVEKIGSQTVIWWMZIWXVIRKXLSJGSRGVIXI
-X MW I\TIGXIH XLEX KMZIR XLI YRMJSVQMX] SJ XLI GYVMRK
XS IRWYVI XLEX RS QSVI XLER E TIVQMWWMFPI
GSRHMXMSRWXLIWIG]PMRHIVW[SYPHLEZIIWWIRXMEPP]XLIWEQI
TVSTSVXMSR SJ XIWXW [MPP JEPP FIPS[ XLI WTIGMJMIH
WXVIRKXLXLIVIF]MRHMGEXMRKGSRGVIXI[MXLGSRWMWXIRXTVSTIVXMIW
GSQTVIWWMZIWXVIRKXL YWIHEWXLIFEWMWJSVWIPIGXMSR
-XMWXLIWIG]PMRHIVWXLEXEVIYWIHJSVEGGITXERGITYVTSWIW
SJGSRGVIXITVSTSVXMSRWTWM 14E
-RIZMXEFP] WXVIRKXL XIWX VIWYPXW ZEV] :EVMEXMSRW MR XLI
QIEWYVIHWXVIRKXLSJGSRGVIXISVMKMREXIJVSQX[SWSYVGIW 1 ! XLIQIHMERSJEHMWXVMFYXMSRXLEXMWLEPJXLIZEPYIW
e &EXGLXSFEXGLZEVMEXMSRW GERVIWYPX JVSQ GLERKIW XS XLI EFSZIERHLEPJXLIZEPYIWFIPS[
MRKVIHMIRXW SVTVSTSVXMSRWSJMRKVIHMIRXW [EXIVGIQIRXM R ! RYQFIVSJXIWXWMREVIGSVH
XMSYWQEXIVMEPVEXMS [GQ QM\MRKXVERWTSVXMRKTPEGMRK 6 ! [MXLMRFEXGLVERKI
WEQTPMRKSJXLIFEXGLGSRWSPMHEXMRKERHGYVMRKERH 6 ! EZIVEKIVERKI
e ;MXLMRFEXGLZEVMEXMSRWEPWSGEPPIH[MXLMRXIWXZEVMEXMSRW 6 Q ! QE\MQYQEZIVEKIVERKIYWIHMRGIVXEMRGSRXVSP
EVI TVMQEVMP] HYI XS HMJJIVIRGIW MR WEQTPMRK SJ XLI GLEVXW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83):%09%8-323*786)2+8,8)786)790873*'32'6)8) %'-6 

W ! WEQTPI WXERHEVH HIZMEXMSR ER IWXMQEXI SJ XLI ',%48)6{:%6-%8-327-2786)2+8,


TSTYPEXMSRWXERHEVHHIZMEXMSREPWSXIVQIHWSZIVEPP {+IRIVEP
W ! WXEXMWXMGEPEZIVEKIWXERHEVHHIZMEXMSRSVwTSSPIHx 8LIZEVMEXMSRWMRXLIWXVIRKXLSJGSRGVIXIXIWXWTIGMQIRW
WXERHEVHHIZMEXMSR GERFIXVEGIHXSX[SJYRHEQIRXEPP]HMJJIVIRXWSYVGIW
W ! WEQTPI [MXLMRFEXGL WXERHEVH HIZMEXMSR EPWS :EVMEFMPMX]MRWXVIRKXLTVSHYGMRKTVSTIVXMIWSJXLIGSRGVIXI
XIVQIH W[MXLMRFEXGL QM\XYVIERHTVSHYGXMSRTVSGIWWWSQIGEYWIWSJ[LMGLEVIPMWXIH
YRHIVXLIFEXGLXSFEXGLZEVMEXMSRWMR8EFPIERH
W ! WEQTPI FEXGLXSFEXGL WXERHEVH HIZMEXMSR EPWS
XIVQIH WTVSHYGIV  :EVMEFMPMX] MR XLI QIEWYVIQIRX SJ WXVIRKXL GSQMRK
JVSQ XLI XIWXMRK TVSGIHYVIW HIXEMPIH MR XLI [MXLMRFEXGL
: ! GSIJJMGMIRXSJZEVMEXMSR
ZEVMEXMSRWGSPYQRSJ8EFPI
: ! [MXLMRFEXGLGSIJJMGMIRXSJZEVMEXMSR
:EVMEXMSRMRQIEWYVIHGLEVEGXIVMWXMGWQE]FIVERHSQSV
< ! EZIVEKI SJ WXVIRKXL XIWX VIWYPXW EPWS GEPPIH XLI EWWMKREFPI HITIRHMRK SR XLI GEYWI 6ERHSQ ZEVMEXMSR MW
QIER RSVQEP JSV ER] TVSGIWW E WXEFPI TVSGIWW [MPP WLS[ SRP]
<M ! EWXVIRKXLXIWXVIWYPX VERHSQ ZEVMEXMSR %WWMKREFPI GEYWIW VITVIWIRX W]WXIQEXMG
^ ! GSRWXERX QYPXMTPMIV JSV WXERHEVH HIZMEXMSR W XLEX GLERKIW X]TMGEPP] EWWSGMEXIH [MXL E WLMJX MR E JYRHEQIRXEP
HITIRHWSRRYQFIVSJXIWXWI\TIGXIHXSJEPPFIPS[ WXEXMWXMGEP GLEVEGXIVMWXMG WYGL EW QIER WXERHEVH HIZMEXMSR
JG  8EFPI GSIJJMGMIRX SJ ZEVMEXMSR SV SXLIV WXEXMWXMGEP QIEWYVI 8LI
! TSTYPEXMSRQIER WXERHEVHHIZMEXMSRMWXLIQSWXGSQQSRP]YWIHMRHMGEXSVSJ
! TSTYPEXMSRWXERHEVHHIZMEXMSR HEXE WGEXXIV EVSYRH XLI QIER ,S[IZIV MX MW SJXIR QSVI
 ! TSTYPEXMSR[MXLMRFEXGLWXERHEVHHIZMEXMSR MRJSVQEXMZI XS YWI XLI GSIJJMGMIRX SJ ZEVMEXMSR [LIR
! TSTYPEXMSRFEXGLXSFEXGLWXERHEVHHIZMEXMSR GSQTEVMRK ZEVMEFMPMX] MR HEXE FIX[IIR X[S WIXW SJ VIWYPXW

[MXLQEVOIHP]HMJJIVIRXQIERWXVIRKXLW
{(IJMRMXMSRW
%'-TVSZMHIWEGSQTVILIRWMZIPMWXSJHIJMRMXMSRWXLVSYKL {-RJPYIRGISJFEXGLXSFEXGLZEVMEXMSRW
ER SRPMRI VIWSYVGI w%'- 'SRGVIXI 8IVQMRSPSK]x SRGSRGVIXIWXVIRKXL
*SV E KMZIR WIX SJ VE[ QEXIVMEPW GSRGVIXI WXVIRKXL MW
LXXTXIVQMRSPSK]GSRGVIXISVK (IJMRMXMSRWTVSZMHIHLIVIMR
PEVKIP] KSZIVRIH F] XLI [EXIVGIQIRXMXMSYW QEXIVMEP VEXMS
GSQTPIQIRXXLEXVIWSYVGI
[GQ 'SRXVSPPMRKXLI[GQMWSJTVMQEV]MQTSVXERGIJSV
GSQTERMSR G]PMRHIVW{G]PMRHIVW QEHI JVSQ XLI WEQI
TVSHYGMRKGSRGVIXISJGSRWMWXIRXWXVIRKXL&IGEYWIXLIUYERXMX]
WEQTPISJGSRGVIXI
SJ GIQIRXMXMSYW QEXIVMEP GER FI QIEWYVIH [MXL EGGYVEG]
GSRGVIXI WEQTPI{E TSVXMSR SJ GSRGVIXI XEOIR EX SRI QEMRXEMRMRK E GSRWXERX [GQ TVMRGMTEPP] MRZSPZIW WXVMGX
XMQIJVSQEWMRKPIFEXGLSVWMRKPIXVYGOPSEHSJGSRGVIXI GSRXVSPSJXLIXSXEPUYERXMX]SJ[EXIVYWIH 2IZMPPI 
MRHMZMHYEP WXVIRKXL{ EPWS ORS[R EW WMRKPI G]PMRHIV 7XVIRKXLZEVMEXMSRWSJXIRVIWYPXJVSQZEVMEXMSRSJEMVGSRXIRX
WXVIRKXL  MW XLI GSQTVIWWMZI WXVIRKXL SJ E WMRKPI G]PMRHIV 8LIIRXVEMRIHEMVGSRXIRXMRJPYIRGIWFSXLXLI[EXIVVIUYMVIQIRX
%781''1 EWMRKPIG]PMRHIVWXVIRKXLMWTEVXSJFYX ERHWXVIRKXL8LIVIMWERMRZIVWIVIPEXMSRWLMTFIX[IIRWXVIRKXL
MRHMZMHYEPP]HSIWRSXGSRWXMXYXIEXIWXVIWYPX ERHEMVGSRXIRX /SWQEXOEIXEP 8LIEMVGSRXIRXSJE
RSVQEP HMWXVMFYXMSR{E JVIUYIRXP] SGGYVVMRK REXYVEP WTIGMJMGGSRGVIXIQM\XYVIGERZEV]HITIRHMRKSRZEVMEXMSRWMR
HMWXVMFYXMSRXLEXLEWTVIHMGXEFPITVSTIVXMIW8LIEREP]WMWSJ GSRWXMXYIRX QEXIVMEPW I\XIRX SJ QM\MRK ERH EQFMIRX WMXI
WXVIRKXLXIWXVIWYPXWTVIWIRXIHMRXLMWKYMHIEWWYQIWXLEXXLI GSRHMXMSRW *SV KSSH GSRGVIXI GSRXVSP XLI IRXVEMRIH EMV
XIWX VIWYPXW YRHIV GSRWMHIVEXMSR EVI RSVQEPP] HMWXVMFYXIH GSRXIRXMWYWYEPP]QSRMXSVIHGPSWIP]EXXLIGSRWXVYGXMSRWMXI
%PXLSYKLXLMWEWWYQTXMSRMWVIEWSREFPIMXMWRSXEP[E]WXLI 8LIXIQTIVEXYVI SJ JVIWL GSRGVIXI EJJIGXW XLIEQSYRXSJ
GEWIYWIVWWLSYPHGLIGOXLIEGXYEPHMWXVMFYXMSRSJXLIHEXEXS [EXIV RIIHIH XS EGLMIZI XLI TVSTIV GSRWMWXIRG] ERH
IRWYVIMXMWVIEWSREFP]GPSWIXSRSVQEPP]HMWXVMFYXIH IRXVEMRIHEMVGSRXIRX-REHHMXMSRXLIGSRGVIXIXIQTIVEXYVI
WMRKPI G]PMRHIV WXVIRKXL{ EPWS ORS[R EW MRHMZMHYEP HYVMRK XLIJMVWX  LSYVW SJ GYVMRK GER WMKRMJMGERXP] EJJIGX
WXVIRKXL  MW XLI GSQTVIWWMZI WXVIRKXL SJ E WMRKPI G]PMRHIV PEXIVEKIWXVIRKXLWSJXLIGSRGVIXI'SRGVIXIG]PMRHIVWXLEX
%781''1 EWMRKPIG]PMRHIVWXVIRKXLMWTEVXSJFYX EVI RSX WXERHEVH GYVIH MR EGGSVHERGI [MXL %781
MRHMZMHYEPP]HSIWRSXGSRWXMXYXIEXIWXVIWYPX ''1{VIWTIGXMRKXLIXMQIWEX[LMGLTEVXMGYPEVIZIRXW
WXVIRKXL XIWX SV WXVIRKXL XIWX VIWYPX{XLI EZIVEKI WLSYPHSGGYVXLIEGGITXEFPIXIQTIVEXYVIVERKIERHXLIRIIH
GSQTVIWWMZI WXVIRKXL SJ X[S SV QSVI WMRKPIG]PMRHIV XSTVIZIRXHEQEKIERHQSMWXYVIPSWW{[MPPRSXRIGIWWEVMP]
WXVIRKXLWSJGSQTERMSRG]PMRHIVWXIWXIHEXXLIWEQIEKI VIJPIGXXLITSXIRXMEPWXVIRKXLSJXLIGSRGVIXI
XIWX VIGSVH{E GSPPIGXMSR SJ WXVIRKXL XIWX VIWYPXWJVSQ E 1MWYWISJEHQM\XYVIWGERGEYWIGSRGVIXIWXVIRKXLVIHYGXMSRW
WMRKPIGSRGVIXIQM\XYVI 8LIORS[RTIVJSVQERGISJEHQM\XYVIWEXRSVQEPXIQTIVEXYVIW
[MXLMRFEXGL VERKI{XLI HMJJIVIRGI FIX[IIR XLI QE]FIHMJJIVIRXEXI\XVIQIP]PS[SVLMKLXIQTIVEXYVIW8LI
QE\MQYQ ERH QMRMQYQ WXVIRKXLW SJ MRHMZMHYEP GSRGVIXI TIVJSVQERGI SJ ER EHQM\XYVI [LIR YWIH F] MXWIPJ QE] FI
WTIGMQIRWXLEXGSQTVMWISRIWXVIRKXLXIWXVIWYPX7SQIXMQIW HMJJIVIRXMJMXMWYWIHMRGSQFMREXMSR[MXLERSXLIVEHQM\XYVI
GEPPIHXLI[MXLMRXIWXVERKI;LIRVIJIVVMRKXSEXIWXSJX[S 'SRWXVYGXMSR TVEGXMGIW GER GEYWI ZEVMEXMSRW SJ MRTPEGI
G]PMRHIVW XLI [MXLMRFEXGL VERKI MW WSQIXMQIW GEPPIH XLI WXVIRKXLHYIXSMREHIUYEXIQM\MRKMQTVSTIVGSRWSPMHEXMSR
TEMVHMJJIVIRGI TPEGIQIRXHIPE]WMQTVSTIVGYVMRKERHMRWYJJMGMIRXTVSXIGXMSR
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()83):%09%8-323*786)2+8,8)786)790873*'32'6)8) %'-6

8EFPI{4VMRGMTEPWSYVGIWSJWXVIRKXLZEVMEXMSR VIWYPXWXLEXEVIFMEWIHFYXYRMJSVQ0EFSVEXSV]IUYMTQIRXERH
&EXGLXSFEXGLZEVMEXMSRW ;MXLMRFEXGLZEVMEXMSRW TVSGIHYVIW WLSYPH FI GEPMFVEXIH ERH GLIGOIH TIVMSHMGEPP]
:EVMEXMSRWMRGLEVEGXIVMWXMGWERH -QTVSTIVWEQTPMRKJVSQXLIFEXGL 8IWXMRKTIVWSRRIPWLSYPHFIXVEMRIH%'-'IVXMJMIH8IGLRMGMERW
TVSTSVXMSRWSJMRKVIHMIRXW WEQTPI SVXLIIUYMZEPIRX[LSEVIIZEPYEXIHVSYXMRIP]
e %KKVIKEXIW
e 'IQIRXMXMSYWQEXIVMEPWMRGPYHMRK :EVMEXMSRWHYIXSJEFVMGEXMSR
TS^^SPERWERH XIGLRMUYIW ',%48)6{%2%0=7-73*786)2+8,(%8%
e %HQM\XYVIW e 7YFWXERHEVHGSRHMXMSRW
e -RGSVVIGXXSSPW {+IRIVEP
'LERKIWMR[GQGEYWIHF] e 4SSVUYEPMX]HEQEKIHSV %WYJJMGMIRXRYQFIVSJXIWXWMWRIIHIHXSEGGYVEXIP]MRHMGEXI
e 4SSVGSRXVSPSJ[EXIV HMWXSVXIHQSPHW
e :EVMEXMSRSJEKKVIKEXIWXSGOTMPI e 2SRWXERHEVHQSPHMRKERH XLIZEVMEXMSRSJXLIGSRGVIXIWXVIRKXLERHTIVQMXETTPMGEXMSR
QSMWXYVIGSRHMXMSRW GSRWSPMHEXMSRERH SJETTVSTVMEXIWXEXMWXMGEPTVSGIHYVIWJSVMRXIVTVIXMRKXLIXIWX
e :EVMEFPIEKKVIKEXIQSMWXYVI e -RGSVVIGXLERHPMRKSJJVIWLXIWX
QIEWYVIQIRXWERH WEQTPIW VIWYPXW 7XEXMWXMGEP TVSGIHYVIW TVSZMHI E WSYRH FEWMW JSV
e 6IXIQTIVMRK HIXIVQMRMRKXLITSXIRXMEPUYEPMX]ERHWXVIRKXLSJXLIGSRGVIXI
(MJJIVIRGIWMRGYVMRK
:EVMEXMSRWMRQM\MRKXVERWTSVXMRK e (IPE]WMRFIKMRRMRKMRMXMEPGYVMRK ERHJSVI\TVIWWMRKVIWYPXWMRXLIQSWXYWIJYPJSVQ
ERHWEQTPMRK e 8IQTIVEXYVIZEVMEXMSR
e 1M\MRKXMQIERHWTIIH e :EVMEFPIQSMWXYVIGSRXVSP
e (MWXERGIFIX[IIRTPERXERH e 2SRWXERHEVHMRMXMEPGYVMRK {7XEXMWXMGEPJYRGXMSRW
TPEGIQIRX e (IPE]WMRFVMRKMRKG]PMRHIVWXS %WXVIRKXLXIWXVIWYPXMWXLIEZIVEKIWXVIRKXLSJEPPWTIGMQIRW
e 6SEHGSRHMXMSRWERH XLIPEFSVEXSV]
e *EMPYVIXSSFXEMREVITVIWIRXEXMZI e 6SYKLLERHPMRKSJG]PMRHIVWMR SJXLIWEQIEKIJEFVMGEXIHJVSQEWEQTPIXEOIRJVSQEWMRKPI
WEQTPIJVSQXLIFEXGL XVERWTSVXERH FEXGLSJGSRGVIXI%WXVIRKXLXIWXGERRSXFIFEWIHSRSRP]
e -QTVSTIVJMREPGYVMRK
:EVMEXMSRWMRTPEGMRKERH SRIG]PMRHIV%'-WXEXIWXLEXEwWXVIRKXLXIWXWLEPPFIXLI
GSRWSPMHEXMSR :EVMEXMSRWMRWEQTPIXIWXMRK EZIVEKIWXVIRKXLSJEXPIEWXX[S\MR \QQ
e 'LYXITYQTSVFYKK] e 9RGIVXMJMIHXIWXIV
e -RXIVREPSVI\XIVREPZMFVEXMSRERH e 7TIGMQIRWYVJEGITVITEVEXMSR G]PMRHIVWSVXLVII\MR \QQ G]PMRHIVWSJXLI
e (MJJIVIRXSTIVEXSVW e -REHIUYEXISVYRGEPMFVEXIHXIWXMRK WEQIGSRGVIXIFEXGLXIWXIHEXXLIWEQIEKIix
IUYMTQIRX
:EVMEXMSRWMRGSRGVIXIXIQTIVEXYVI e 2SRWXERHEVHPSEHMRKVEXIERH -RXLMWKYMHIWXVIRKXLXIWXVIWYPXWEVIEWWYQIHXSJSPPS[E

ERHGYVMRK e 4SSVVIGSVHOIITMRK RSVQEP HMWXVMFYXMSR *MKYVI  WLS[W XLI wFIPPWLETIH
e 7IEWSR
e %QFMIRXLYQMHMX]ERH GYVZIxGLEVEGXIVMWXMGSJXLIRSVQEPHMWXVMFYXMSR8LIRSVQEP
e ;MRHWTIIH HMWXVMFYXMSR MW QEXLIQEXMGEPP] HIJMRIH GSQTPIXIP] F] X[S
%TTPMIWXSMRTPEGIWXVIRKXLSJXLIWXVYGXYVI
WXEXMWXMGEP TEVEQIXIVW XLITSTYPEXMSRQIER  ERH WXERHEVH
HIZMEXMSR  % QEXLIQEXMGEP GLEVEGXIVMWXMG SJ XLI RSVQEP
HMWXVMFYXMSRMWXLEX SJXLIHEXEPMIW[MXLMRWXERHEVH
EX IEVP] EKIW 8LIWI HMJJIVIRGIW [MPP RSX FI VIJPIGXIH MR
HIZMEXMSR JVSQ XLI QIER ERH XLEX   SJ XLI HEXE MW
WTIGMQIRWJEFVMGEXIHERHWXSVIHYRHIVWXERHEVHPEFSVEXSV]
[MXLMRWXERHEVHHIZMEXMSRW3RXLIGLEVXEVIRSXIWMRHMGEXMRK
GSRHMXMSRW %781 ''1  FYX [MPP FI VIJPIGXIH MR
XLIRYQFIVSJWEQTPIW RXLIWEQTPIWXERHEVHHIZMEXMSR W
WXVIRKXL EWWIWWQIRXW YWMRK RSRHIWXVYGXMZI XIWXMRK QIXLSHW
[LMGLMWERIWXMQEXISJ XLIGSIJJMGMIRXSJZEVMEXMSR:ERH
SVWXVIRKXLXIWXMRKSJGSVIW
XLIWEQTPIQIER<[LMGLIWXMQEXIW%PWSSRXLIGLEVXMWE
LMWXSKVEQ SJ XLI QIEWYVIH XIWX VIWYPXWWSVXIH MRXSWXVIRKXL
{-RJPYIRGISJ[MXLMRFEXGLZEVMEXMSRW
SRGSRGVIXIWXVIRKXL VERKIW)EGLHSXVITVIWIRXWEXIWX[LMGLMRHMGEXIWXLEXXLMW
8IWXMRKXSHIXIVQMRIGSQTPMERGI[MXLGSRXVEGXWTIGMJMGEXMSRW HEXEWIXMWRSVQEPP]HMWXVMFYXIH4PSXXMRKLMWXSKVEQWMWSRISJ
WLSYPHFIGSRHYGXIHEGGSVHMRKXSXLIQIXLSHWWTIGMJMIHMR XLIIEWMIWX[E]WXSGLIGOXLIHEXEJSVRSVQEPMX]
XLI GSRXVEGX HSGYQIRXW WYGL EW %781 ''1 ERH ;LIR IZEPYEXMRK GSRGVIXI WXVIRKXL XIWXW E RSVQEP
''1 %GGITXERGI XIWXW EWWIWW XLI GSQTVIWWMZI HMWXVMFYXMSRGERRSXEP[E]WFIEWWYQIH%RSVQEPHMWXVMFYXMSR
WXVIRKXL SJ XLI GSRGVIXI [LIR TVITEVIH ERH GYVIH YRHIV MWETTVSTVMEXIMRQSWXGEWIW[LIRXLIGSRGVIXIWXVIRKXLHSIW
WXERHEVHGSRHMXMSRW RSX XLIMRTPEGIWXVIRKXL-X MW RSX XLI RSX I\GIIH  TWM  14E  'SSO   ,S[IZIV
TYVTSWISJWYGLXIWXWXSHIXIVQMRIXLIMRTPEGIWXVIRKXLSJXLI 'SSO  JYVXLIVVITSVXIHXLEXEWOI[IHHMWXVMFYXMSRQE]
WXVYGXYVIFYXVEXLIVXSEWWYVIXLEXXLIGSRGVIXIHIPMZIVIHERH VIWYPXJSVLMKLWXVIRKXLGSRGVIXI[LIRXLIPMQMXMRKJEGXSVMW
TPEGIH [EW XLI GSRGVIXI WTIGMJMIH (IZMEXMSRW MR JMIPH XLIEKKVIKEXIWXVIRKXL;LIRHEXEEVIRSXW]QQIXVMGEPEFSYX
WEQTPMRKWTIGMQIRTVITEVEXMSRGYVMRKERHXIWXMRKTVSGIHYVIW XLIQIERFYXGSRGIRXVEXIHXSXLIVMKLXSVPIJXXLIHMWXVMFYXMSRMW
QE] GEYWI PS[IV WXVIRKXL XIWX VIWYPXW *MIPH WEQTPMRK WEMH XSFIWOI[IH;LIR EHMWXVMFYXMSRGYVZI MW IMXLIV XSS
QEOMRKGYVMRKLERHPMRKERHXIWXMRKSJWTIGMQIRWWLSYPH TIEOIHSVXSSJPEXOYVXSWMWMWWEMHXSI\MWX(EXEI\LMFMXMRK
FITIVJSVQIHF]%'-'IVXMJMIH8IGLRMGMERWSVIUYMZEPIRXP] WOI[RIWWSVOYVXSWMWQE]RSXFIRSVQEPP]HMWXVMFYXIHERH
XVEMRIHERH GIVXMJMIH TIVWSRRIP 4VSZMWMSRWJSVQEMRXEMRMRK ER]EREP]WMWTVIWYQMRKERSVQEPHMWXVMFYXMSRQE]FIZIV]
WTIGMJMIHGYVMRKGSRHMXMSRWWLSYPHFIQEHI7TIGMQIRWJVSQ QMWPIEHMRK7OI[RIWWERHOYVXSWMWWLSYPHFIGSRWMHIVIHJSV
GSRGVIXIXLEXEVILEVHIRMRKERHKEMRMRKWXVIRKXLWLSYPHRSX WXEXMWXMGEPIZEPYEXMSRSJLMKLWXVIRKXLGSRGVIXIW'SSO 
FIHMWXYVFIHYRXMPWYJJMGMIRXWXVIRKXLMWEGLMIZIHXSTVIZIRX TVSZMHIWWMQTPMJMIHIUYEXMSRWXLEXGEPGYPEXIVIPEXMZIWOI[RIWW
G]PMRHIVHEQEKI %781''1  ERHOYVXSWMW JSV E TEVXMGYPEV HEXE WIX *YVXLIVHMWGYWWMSRSJ
9WMRKEGGYVEXITVSTIVP]GEPMFVEXIHXIWXMRKIUYMTQIRXERH XLIWIXSTMGWMWFI]SRHXLIWGSTISJXLMWHSGYQIRXMRXIVIWXIH
TVSTIVWEQTPITVITEVEXMSRTVSGIHYVIWMWIWWIRXMEP8IWXVIWYPXW VIEHIVWWLSYPHGSRWYPXWXEXMWXMGEPVIJIVIRGIW
[MXLPS[ZEVMEFMPMX]HSRSXRIGIWWEVMP]MRHMGEXIEGGYVEXIXIWX ;LIRXLIVIMWWEXMWJEGXSV]GSRXVSPSJEGSRGVIXIQM\XYVI
VIWYPXW % VSYXMRIP] ETTPMIH W]WXIQEXMG IVVSV GER TVSZMHI WXVIRKXL XIWX ZEPYIW XIRH XS GPYWXIV RIEV XLI EZIVEKI ZEPYI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83):%09%8-323*786)2+8,8)786)790873*'32'6)8) %'-6 

*MK {*VIUYIRG] HMWXVMFYXMSR SJ WXVIRKXL HEXE ERH *MK {2SVQEP JVIUYIRG] GYVZIW JSV XLVII HMJJIVIRX
GSVVIWTSRHMRKEWWYQIHRSVQEPHMWXVMFYXMSR HMWXVMFYXMSRW[MXLXLIWEQIQIERFYXHMJJIVIRXZEVMEFMPMX]

QEOMRKXLILMWXSKVEQSJXIWXVIWYPXWETTIEVXEPPERHREVVS[ [LMGLMWIUYMZEPIRXXS)U F


%WZEVMEXMSRMRXLIWXVIRKXLVIWYPXWMRGVIEWIWXLIWTVIEHMR
HEXEEPWSMRGVIEWIWGLERKMRKXLIRSVQEPHMWXVMFYXMSRGYVZI R R 
R

XS JPEXXIV ERH [MHIV *MK   ;LIR ETTPMIH XS GSRGVIXI R <M z <M 
< M z R<


WXVIRKXLXIWXWXLIWIWXEXMWXMGWGERFIGEPGYPEXIHEWWLS[RMR W !
M! M!
 ! M!
 F
7IGXMSRWERH R R z  Rz
 1IER <{8LIEZIVEKISJWXVIRKXLXIWXVIWYPXW <MW
GEPGYPEXIHYWMRK)U  [LIVIWMWXLIWEQTPIWXERHEVHHIZMEXMSRRMWXLIRYQFIVSJ
WXVIRKXLXIWXVIWYPXWMRXLIVIGSVH<MWXLIWEQTPIQIERSV
R EZIVEKIWXVIRKXLXIWXVIWYPXERH <MWXLIWYQSJWXVIRKXL
<M XIWXVIWYPXW
!  ! 
;LIR GSQFMRMRK X[S WITEVEXI VIGSVHW SJ GSRGVIXI
< ! M  <M !  <   <   <  g  < R  QM\XYVIW [MXL WMQMPEV WXVIRKXL XIWX VIWYPXW MX MW JVIUYIRXP]
R R R
RIGIWWEV] XS HIXIVQMRI XLI WXEXMWXMGEP EZIVEKI WXERHEVH
[LIVI <MMWXLIMXLWXVIRKXLXIWXVIWYPXXLEXMWXLIEZIVEKISJ HIZMEXMSR EPWS XIVQIH XLI TSSPIH WXERHEVH HIZMEXMSR 8LI
EXPIEWXX[S\MR \QQ SVXLVII\MR  WXEXMWXMGEP EZIVEKI WXERHEVH HIZMEXMSR SJ X[S VIGSVHW MW
\QQ GSRGVIXIXIWXG]PMRHIVW<MWXLIWIGSRHWXVIRKXL GEPGYPEXIHEWWLS[RMR)U 
XIWX VIWYPX < XLI XLMVH ERH WS SR <M MW XLI WYQ SJ EPP
WXVIRKXLXIWXVIWYPXWERHRMWXLIRYQFIVSJXIWXWMRXLIVIGSVH 
R % z  W %  R& z  W &

7EQTPIWXERHEVHHIZMEXMSRW{7XERHEVHHIZMEXMSRMW W ! 
 
R%  R& z 
XLIQSWXVIGSKRM^IHQIEWYVISJHMWTIVWMSRSJXIWXHEXE%R
IWXMQEXISJXLITSTYPEXMSRWXERHEVHHIZMEXMSR MWXLIWEQTPI
WXERHEVH HIZMEXMSR W 8LI TSTYPEXMSR WXERHEVH HIZMEXMSR [LIVI W MW XLI WXEXMWXMGEP EZIVEKI WXERHEVH HIZMEXMSR SV
GSRWMWXW SJ EPP TSWWMFPI HEXE SJXIR GSRWMHIVIH ER MRJMRMXI TSSPIHWXERHEVHHIZMEXMSRHIXIVQMRIHJVSQX[SVIGSVHWW%
RYQFIV SJ HEXE TSMRXW 8LI WEQTPI MW E TSVXMSR SJ XLI ERH W& EVI XLI WXERHEVH HIZMEXMSRW SJ 6IGSVHW % ERH &
TSTYPEXMSR GSRWMWXMRK SJ E JMRMXI RYQFIV SJ HEXE TSMRXW VIWTIGXMZIP] ERH R% ERH R& EVI XLI RYQFIV SJ XIWXW MR
7EQTPIWXERHEVHHIZMEXMSRMWSFXEMRIHF])U E SVF]MXW 6IGSVHW%ERH&VIWTIGXMZIP]
EPKIFVEMG IUYMZEPIRX )U F  8LI PEXXIV IUYEXMSR MW  %HHMXMSREP WXEXMWXMGW{%HHMXMSREP WXEXMWXMGEP ZEPYIW
TVIJIVEFPIJSVGSQTYXEXMSRFIGEYWIMXMWWMQTPIVERHQMRMQM^IW EVIGSQQSRP]YWIHJSVGSQTEVMRKHMJJIVIRXHEXEWIXWSVJSV
VSYRHMRKIVVSVW 1ER]GSQTYXIVWSJX[EVITEGOEKIWGEPGYPEXI IWXMQEXMRK HMWTIVWMSR MR XLI EFWIRGI SJ WXEXMWXMGEPP] ZEPMH
WXEXMWXMGEPJYRGXMSRW;LIRYWMRKWYGLTVSKVEQWXEOIGEVIXS WEQTPIWM^IW
IRWYVIXLEXXLIWXERHEVHHIZMEXMSRGEPGYPEXIHF]XLIWSJX[EVI  'SIJJMGMIRXSJZEVMEXMSR:{8LIWEQTPIWXERHEVH
MWXLIWEQIEWXLIWEQTPIWXERHEVHHIZMEXMSRWLS[RMR)U E HIZMEXMSRI\TVIWWIHEWETIVGIRXEKISJXLIEZIVEKIWXVIRKXL
<MWGEPPIHXLIGSIJJMGMIRXSJZEVMEXMSR
R

<M z <
: ! W 
  
< z <  <  z <  i  <R z < 
W ! M!

 ! 
 E
Rz Rz <
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()83):%09%8-323*786)2+8,8)786)790873*'32'6)8) %'-6

[LIVI :MWXLIGSIJJMGMIRXSJZEVMEXMSRWMWXLIWEQTPIWXERHEVH 8EFPI{*EGXSVWJSVGSQTYXMRK[MXLMRFEXGL


HIZMEXMSRERH<MWXLIEZIVEKIWXVIRKXLXIWXVIWYPX WXERHEVHHIZMEXMSRJVSQVERKISJXIWXWYWMRKX[S
8LIGSIJJMGMIRXSJZEVMEXMSRMWPIWWEJJIGXIHF]XLIQEKRMXYHI XLVIISVJSYVWTIGMQIRW
SJ XLI WXVIRKXL PIZIP 'SSO  %RHIVWSR   MX MW 2SSJWTIGMQIRW H
XLIVIJSVI QSVI YWIJYP XLER XLI WXERHEVH HIZMEXMSR JSV  
GSQTEVMRK XLI HIKVII SJ GSRXVSP SZIV E [MHI VERKI SJ  
GSQTVIWWMZIWXVIRKXLW8LIGSIJJMGMIRXSJZEVMEXMSRMWX]TMGEPP]  
-RXLIGEWI[LIVIXLIVERKIWLSYPHFIGSQTYXIHJVSQXIWXVIWYPXWYWMRKEHMJJIVIRX
YWIH[LIRGSQTEVMRKXLIHMWTIVWMSRMRKVSYTWSJWXVIRKXLXIWX
RYQFIVSJG]PMRHIVWHMWXLIEZIVEKISJHvW[IMKLXIHF]XLIRYQFIVSJXIWXW*SV
VIWYPXW [MXL E HMJJIVIRGI MR EZIVEKI WXVIRKXL QSVI XLER I\EQTPIMJH[EWXSFIGSQTYXIHFEWIHSRXIWXWJMZISJ[LMGLYWIHX[SG]PMRHIVW
TWM 14E  JSYV SJ [LMGL YWIH XLVII ERH XLVII YWIH JSYV H !        
  !
 6ERKI6{XLIWXEXMWXMGJSYRHF]WYFXVEGXMRKXLI
PS[IWXZEPYIJVSQXLILMKLIWXZEPYIMREHEXEWIX;LIR
IZEPYEXMRKGSRGVIXIXIWXVIWYPXWXLI[MXLMRXIWXVERKI6SJE W
WXVIRKXLXIWXVIWYPXMWJSYRHF]WYFXVEGXMRKXLIPS[IWXWMRKPI :  !   
<
G]PMRHIVWXVIRKXLJVSQXLILMKLIWXWMRKPIG]PMRHIVWXVIRKXLSJ
X[SSVQSVIG]PMRHIVWGSQTVMWMRKEWXVIRKXLXIWXVIWYPX8LI
*SVI\EQTPI[LIRX[SG]PMRHIVWEVIGEWXJSVIEGLSJ
EZIVEKI[MXLMRFEXGLVERKIMWYWIHJSVIWXMQEXMRKXLI[MXLMR
WITEVEXIWXVIRKXLXIWXWERHXLIEZIVEKI[MXLMRFEXGLWXVIRKXL
FEXGLWXERHEVHHIZMEXMSR6IJIVXS7IGXMSRJSVJYVXLIV
VERKI MW  TWM  14E  XLI IWXMQEXIH [MXLMRFEXGL
HMWGYWWMSR;LIRX[SG]PMRHIVWSJXLIWEQIWEQTPIXIWXIHEX
WXERHEVH HIZMEXMSR H !  JSV X[S G]PMRHIVW  MW
XLI WEQI XMQI EVI YWIH JSV E XIWX XLI VERKI SJ XLEX XIWX MW
!TWM !14E 8LITVIGMWMSR
WSQIXMQIWGEPPIHXLIwTEMVHMJJIVIRGIx WXEXIQIRX MR %781 ''1 MRHMGEXIW XLI [MXLMRFEXGL
GSIJJMGMIRXSJZEVMEXMSRJSV\MR \QQ G]PMRHIV
{7XVIRKXLZEVMEXMSRW WTIGMQIRWQEHIMRXLIPEFXSFI ERHJSVG]PMRHIVWQEHI
%WRSXIHMR 'LETXIVW ERHZEVMEXMSRWMRWXVIRKXLXIWX MRXLIJMIPHXSFI *SV\MR \QQ G]PMRHIVW
VIWYPXWGERFIXVEGIHXSFEXGLXSFEXGLZEVMEXMSRWERH[MXLMR QEHIYRHIVPEFSVEXSV]GSRHMXMSRWEGSIJJMGMIRXSJZEVMEXMSR
FEXGLZEVMEXMSRW SJ MWMRHMGEXIH
 ;MXLMRFEXGLZEVMEXMSR{:EVMEFMPMX]HYIXSXIWXMRKMW 'SRWMWXIRXIVVSVWSVFMEWMRXIWXMRKTVSGIHYVIW[MPPRSXRIGIW
IWXMQEXIHF]XLI[MXLMRFEXGLZEVMEXMSRFEWIHSRHMJJIVIRGIW WEVMP]FIHIXIGXIHF]GSQTEVMRKXIWXVIWYPXWSJG]PMRHIVWJVSQ
MRXLIQIEWYVIHWXVIRKXLWSJGSQTERMSR VITPMGEXI G]PMRHIVW XLIWEQIGSRGVIXIWEQTPI;LIRERMQTVSTIVP]GSRHYGXIHXIWX
GSQTVMWMRKEWXVIRKXLXIWXVIWYPX;MXLMRFEXGLZEVMEXMSRWGER MWTIVJSVQIHGSRWMWXIRXP]ZEVMEXMSRWQE]FIWQEPP
VIWYPX JVSQ WEQTPMRK SJ XLI FEXGL WEQTPI XLI JEFVMGEXMSR  &EXGLXSFEXGLZEVMEXMSRW{(MJJIVIRGIWMRWXVIRKXL
GYVMRK SV XIWXMRK SJ XLI GSRGVIXI XIWX WEQTPIW % WMRKPI JVSQFEXGLXSFEXGLGERFIEXXVMFYXIHXSZEVMEXMSRWVIWYPXMRK
WXVIRKXLXIWXVIWYPXSJEGSRGVIXIQM\XYVILS[IZIVHSIWRSX JVSQX[SQENSVGEXIKSVMIWXLI
TVSZMHIWYJJMGMIRXHEXEJSVWXEXMWXMGEPEREP]WMW%W[MXLER] 'LEVEGXIVMWXMGWERHTVSTIVXMIWSJXLIMRKVIHMIRXWERH
WXEXMWXMGEPIWXMQEXSVGSRJMHIRGIMRXLIIWXMQEXIMWEJYRGXMSR &EXGLMRKQM\MRKXVERWTSVXMRKTVSGIHYVIWWEQTPMRKSJ
SJXLIRYQFIVSJXIWXVIWYPXW XLIFEXGLERHGPMQEXMGGSRHMXMSRW
&EXGLXSFEXGLZEVMEXMSRWGERFIIWXMQEXIHJVSQWXVIRKXL
%PXLSYKLEWEQTPISJQSVIXLERXIWXWMWTVIJIVVIHXLI
XIWX VIWYPXW SJ E GSRGVIXI QM\XYVI [LIR IEGL XIWX VIWYPX
[MXLMRFEXGLWXERHEVHHIZMEXMSRWGERFIIWXMQEXIHJVSQXLI
VITVIWIRXWEWITEVEXIFEXGLSJGSRGVIXI
EZIVEKIVERKI6SJEXPIEWXWEQIEKIWXVIRKXLXIWXVIWYPXW
 3ZIVEPPZEVMEXMSR{8LISZIVEPPZEVMEXMSRQIEWYVIH
6MWHMZMHIHF]JEGXSVH F] XLI WXERHEVH HIZMEXMSR  JSV E TSTYPEXMSR  SV W JSV E
WEQTPI LEWX[SGSQTSRIRXZEVMEXMSRW XLI[MXLMRFEXGL
 6
W  !    TSTYPEXMSR  SV W WEQTPI  ERH   FEXGLXSFEXGL 
H TSTYPEXMSR SVW WEQTPI 
8LI FEXGLXSFEXGL WEQTPI WXERHEVH HIZMEXMSR IWXMQEXIW
8LIETTVSTVMEXIZEPYISJHGERFIWIPIGXIHJVSQ8EFPI XLI ZEVMEXMSRW EXXVMFYXEFPI XS GSRWXMXYIRX QEXIVMEP WYTTPMIVW
FEWIHSRXLIRYQFIVSJWEQTPIWVITVIWIRXIHMRIEGLWXVIRKXL ERHXLIGSRGVIXITVSHYGIV8LI[MXLMRFEXGLWEQTPIZEVMEXMSR
XIWXVIWYPX8LIXEFPIMWGSQTSWIHSJH ZEPYIWI\XVEGXIHJVSQ VIWYPXWJVSQWEQTPMRKSJXLIFEXGLWEQTPIWTIGMQIRTVITEVE
XMSRGYVMRKERHXIWXMRK:EPYIWJSVXLISZIVEPPERH[MXLMR
8EFPI  SJ %781 1ERYEP % 8LI H ZEPYIW MRGVIEWI
FEXGLWEQTPIWXERHEVHHIZMEXMSRWEW[IPPEWXLIGSIJJMGMIRXW
FIGEYWI JSV E TSTYPEXMSR [MXL E KMZIR WXERHEVH HIZMEXMSR
SJZEVMEXMSREWWSGMEXIH[MXLHMJJIVIRXGSRXVSPWXERHEVHWEVI
XLII\TIGXIHVERKIJVSQEWIXSJJSYVWTIGMQIRWMWPEVKIVXLER
TVSZMHIHMR7IGXMSR
XLEXSJX[S
8LI [MXLMRFEXGL GSIJJMGMIRX SJ ZEVMEXMSR : I\TVIWWMRK {-RXIVTVIXEXMSRSJWXEXMWXMGEPTEVEQIXIVW
XLI EQSYRX SJ ZEVMEXMSR EW E TIVGIRXEKI SJ XLI EZIVEKI 3RGI WXEXMWXMGEP TEVEQIXIVW LEZI FIIR GSQTYXIH ERH XLI
WXVIRKXL MW HIXIVQMRIH JVSQ XLI [MXLMRFEXGL WXERHEVH EWWYQIHERHZIVMJMIHLMWXSKVEQTPSXXIH *MK [MXLVIWYPXW
HIZMEXMSRERHXLIEZIVEKIWXVIRKXL< XLEXJSPPS[ERSVQEPJVIUYIRG]HMWXVMFYXMSRGYVZIEHHMXMSREP
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83):%09%8-323*786)2+8,8)786)790873*'32'6)8) %'-6 

8EFPI{)\TIGXIHTIVGIRXEKIWSJMRHMZMHYEP 8EFPI{7XERHEVHWSJGSRGVIXIGSRXVSPJSVJG
XIWXWPS[IVXLERJG  TWM 14E
%ZIVEKI )\TIGXIHTIVGIRX %ZIVEKI )\TIGXIHTIVGIRXEKI 3ZIVEPPZEVMEXMSR
WXVIRKXL EKISJPS[XIWXW WXVIRKXL SJPS[XIWXW 7XERHEVHHIZMEXMSRJSVHMJJIVIRXGSRXVSPWXERHEVHWTWM 14E
'PEWWSJ
JG   JG   STIVEXMSR )\GIPPIRX :IV]KSSH +SSH *EMV 4SSV
JG   JG   +IRIVEP &IPS[ XS XS XS %FSZI
GSRWXVYGXMSR FIPS[ XS XS XS EFSZI
JG   JG   XIWXMRK
JG   JG   0EFSVEXSV] &IPS[ XS XS XS %FSZI
XVMEPFEXGLIW FIPS[ XS XS XS EFSZI
JG   JG  
;MXLMRFEXGLZEVMEXMSR
JG   JG  
'SIJJMGMIRXSJZEVMEXMSRJSVHMJJIVIRXGSRXVSPWXERHEVHW
JG  JG  'PEWWSJ
  STIVEXMSR )\GIPPIRX :IV]KSSH +SSH *EMV 4SSV
JG   JG   *MIPHGSRXVSP
XIWXMRK &IPS[ XS XS XS %FSZI
JG   JG  
JG  JG  0EFSVEXSV] &IPS[ XS XS XS %FSZI
  XVMEPFEXGLIW
JG   JG  
JG   JG  
8EFPI{7XERHEVHWSJGSRGVIXIGSRXVSPJSVJG
JG   JG   TWM 14E
JG   JG  
3ZIVEPPZEVMEXMSR
JG   JG  
'PEWWSJ 'SIJJMGMIRXSJZEVMEXMSRJSVHMJJIVIRXGSRXVSPWXERHEVHW

;LIVI I\GIIHWJG F]EQSYRXWLS[R STIVEXMSR )\GIPPIRX :IV]KSSH +SSH *EMV 4SSV
+IRIVEP
GSRWXVYGXMSR &IPS[ XS XS XS %FSZI
XIWXMRK
EREP]WMWSJXLIXIWXVIWYPXWMWTSWWMFPI*MKYVIWLS[WXLI 0EFSVEXSV]
ETTVS\MQEXIHMZMWMSRSJXLIEVIEYRHIVXLIRSVQEPJVIUYIRG] XVMEPFEXGLIW &IPS[ XS XS XS %FSZI
HMWXVMFYXMSRGYVZI-X[EWWIIRXLEXETTVS\MQEXIP] SJXLI ;MXLMRFEXGLZEVMEXMSR
EVIE IUYMZEPIRXXS SJXLIVIWYPXW PMIW[MXLMR SJXLI 'PEWWSJ 'SIJJMGMIRXSJZEVMEXMSRJSVHMJJIVIRXGSRXVSPWXERHEVHW
EZIVEKIERH PMIW[MXLMR 8LMWTVSTIVX]SJXLIRSVQEP STIVEXMSR )\GIPPIRX :IV]KSSH +SSH *EMV 4SSV
HMWXVMFYXMSR TIVQMXW ER IWXMQEXI SJ XLI TSVXMSR SJ XLI XIWX *MIPHGSRXVSP
XIWXMRK &IPS[ XS XS XS %FSZI
VIWYPXW I\TIGXIH XS JEPP [MXLMR QYPXMTPIW ^ SJ XLI WXERHEVH
0EFSVEXSV]
HIZMEXMSR SJXLIEZIVEKISVSJER]SXLIVWTIGMJMGZEPYI &IPS[ XS XS XS %FSZI
XVMEPFEXGLIW
(EXELMWXSKVEQWXIRHXSQSVIGPSWIP]VIWIQFPIERSVQEP
HMWXVMFYXMSREWXLIWEQTPIWM^IMWMRGVIEWIH;LIRSRP]EJI[
VIWYPXW EVI EZEMPEFPI XLI] QE] RSX JMX XLI WXERHEVH FIPP ;LIXLIVWXERHEVHHIZMEXMSRSVGSIJJMGMIRXSJZEVMEXMSRMW
WLETIH TEXXIVR )VVSVW MR WEQTPMRK QEOMRK GYVMRK ERH XLIETTVSTVMEXIQIEWYVISJHMWTIVWMSRXSYWIMREKMZIRWMXYEXMSR
XIWXMRKGEREPWSGEYWIEPEGOSJEKVIIQIRXFIX[IIRELMWXSKVEQ HITIRHWSR[LMGLQIEWYVIMWQSWXGSRWXERXSZIVXLIVERKISJ
SJWXVIRKXLXIWXVIWYPXWERHERSVQEPHMWXVMFYXMSR*EMPYVIXS WXVIRKXLWSJGSRGIVR*MIPHI\TIVMIRGIMRHMGEXIWXLEXWXERHEVH
WEQTPIMREXVYP]VERHSQQERRIVWEQTPMRKJVSQHMJJIVIRX HIZMEXMSRVIQEMRWVIEWSREFP]GSRWXERXSZIVEPMQMXIHVERKI
TSTYPEXMSRW SV XLI TVIWIRGI SJ WOI[ SV OYVXSWMW MR LMKL SJWXVIRKXLWLS[IZIVWIZIVEPWXYHMIWWLS[XLEXGSIJJMGMIRX
WXVIRKXLGSRGVIXIW 'SSO EVIJEGXSVWXLEXGERVIWYPXMR SJ ZEVMEXMSRMWQSVI RIEVP]GSRWXERXSZIVE[MHIV VERKISJ
WYFWXERXMEP HMJJIVIRGIW FIX[IIR QIEWYVIH WXVIRKXLW ERH E WXVIRKXLWIWTIGMEPP]LMKLIVWXVIRKXLW 'SSO %
RSVQEPHMWXVMFYXMSR GSQTEVMWSR SJ PIZIP SJ GSRXVSP FIX[IIR GSQTVIWWMZI ERH
8EFPI[EWEHETXIHJVSQXLIRSVQEPGYQYPEXMZIHMWXVM JPI\YVEPWXVIRKXLWMWIEWMIVXSIZEPYEXIYWMRKXLIGSIJJMGMIRXSJ
FYXMSR[LMGLMWXLIRSVQEPTVSFEFMPMX]MRXIKVEP0MWXIHMWXLI ZEVMEXMSR8LIGSIJJMGMIRXSJZEVMEXMSRMWEPWSEFIXXIVWXEXMWXMGJSV
TVSFEFMPMX]XLEXEXIWX[MPPJEPPFIPS[ JG [LIRXLIVIUYMVIH [MXLMRFEXGL IZEPYEXMSRW 2IZMPPI  1IXGEPJ 
EZIVEKIWXVIRKXLIUYEPWJG ^  1YVHSGO)VRXVS]6WGLERH%781' 
7XERHEVHHIZMEXMSRSVXLIGSIJJMGMIRXSJZEVMEXMSRGERFIYWIHXS
{7XERHEVHWSJGSRXVSP IZEPYEXIXLIPIZIPSJGSRXVSPSJGSRZIRXMSREPWXVIRKXLGSRGVIXI
3RI TVMQEV] TYVTSWI SJ XLI WXEXMWXMGEP IZEPYEXMSR SJ QM\XYVIWFYXJSVWXVIRKXLWI\GIIHMRKTWM 14E XLI
GSRGVIXI HEXE MW XS MHIRXMJ] WSYVGIW SJ ZEVMEFMPMX] 8LMW GSIJJMGMIRXSJZEVMEXMSRMWTVIJIVVIH
ORS[PIHKIGER FI YWIH XS HIXIVQMRI ETTVSTVMEXI WXITW JSV 8EFPIKMZIWGSRXVSPWXERHEVHWETTVSTVMEXIJSVGSRGVIXIW
QEMRXEMRMRKUYEPMX]GSRXVSP7IZIVEPXIGLRMUYIWGERFIYWIH [MXL JG YTXSTWM 14E 8EFPITVSZMHIWGSRXVSP
XS HIXIGX ZEVMEXMSRW MR GSRGVIXI TVSHYGXMSR QEXIVMEPW WXERHEVHWJSVGSRGVIXIW[MXLJG I\GIIHMRKTWM 14E 
TVSGIWWMRKERHLERHPMRKERHGSRXVEGXSVERHXIWXMRKEKIRG] 8LIWIGSRXVSPWXERHEVHW[IVIEHSTXIHFEWIHSRI\EQMREXMSR
STIVEXMSRW%WMQTPIETTVSEGLMWXSGSQTEVISZIVEPPZEVMEFMPMX] ERH EREP]WMW SJ GSQTVIWWMZI WXVIRKXL HEXE F] %'-
ERH[MXLMRFEXGLZEVMEFMPMX]YWMRKWXERHEVHHIZMEXMSRSVGSIJJM 'SQQMXXIIW  )ZEPYEXMSR SJ 7XVIRKXL 8IWXW ERH 
GMIRXSJZEVMEXMSREWETTVSTVMEXI[MXLTVIZMSYWTIVJSVQERGI ,MKL7XVIRKXL'SRGVIXI7XVIRKXLXIWXW[IVIGSRHYGXIHYWMRK
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()83):%09%8-323*786)2+8,8)786)790873*'32'6)8) %'-6

\MR \QQ G]PMRHIVW8LIGSRXVSPWXERHEVHWEVI 7SQI XIWXW [MPP JEPP FIPS[ JG  %'-  ERH QSWX SXLIV
XLIVIJSVIETTPMGEFPIXSWTIGMQIRWSJXLMWWM^IXLEXLEZIFIIR FYMPHMRKGSHIW ERH WTIGMJMGEXMSRW IWXEFPMWL WXEXMWXMGEPP]FEWIH
XIWXIH EX HE]W8LIWI WXERHEVHW QE]FIETTPMGEFPI[MXL EGGITXERGIGVMXIVMEJSVGSQTP]MRK[MXLJG EGGITXERGIGVMXIVME
QMRSVHMJJIVIRGIWXSSXLIVG]PMRHIVWM^IWWYGLEW\MR EREPSKSYWXSXLIXSPIVERGIWJSVSXLIVFYMPHMRKQEXIVMEPW
\QQ EWVIGSKRM^IHMR%781''1 8S WEXMWJ] WXEXMWXMGEPP]FEWIH WXVIRKXLTIVJSVQERGI
8LISZIVEPPERH[MXLMRFEXGLGSIJJMGMIRXSJZEVMEXMSRJSV VIUYMVIQIRXWXLIQMRMQYQVIUYMVIHEZIVEKIWXVIRKXLSJXLI
\MR \QQ G]PMRHIVW[EWJSYRHXSFIWPMKLXP] GSRGVIXIQM\XYVITVSTSVXMSRJGV WLSYPHI\GIIHJG 8LIJGV MW
LMKLIVGSQTEVIH[MXL\MR \QQ G]PMRHIVWJSV EJYRGXMSRSJXLIZEVMEFMPMX]SJXIWXVIWYPXWQIEWYVIHF]XLI
XLI WEQI GSRGVIXI QM\XYVI (IX[MPIV IX EP  %781 GSIJJMGMIRX SJ ZEVMEXMSR SV WXERHEVH HIZMEXMSR ERH SR XLI
''1 8LIVIJSVIXSVIHYGIXLIZEVMEXMSRSJXIWXVIWYPXW TVSTSVXMSRSJXIWXWEPPS[IHFIPS[XLIWTIGMJMIHWXVIRKXL
JVSQ\MR \QQ G]PMRHIVWXLIEZIVEKIWXVIRKXLSJ
EXPIEWXXLVII\MR \QQ G]PMRHIVWWLSYPHFIYWIH {(EXEYWIHXSIWXEFPMWLQMRMQYQVIUYMVIH
XSHIXIVQMRIGSQTVIWWMZIWXVIRKXLEWVIUYMVIHF]%'- EZIVEKIWXVIRKXL
%WEQIEWYVISJXLI[MXLMRFEXGLIVVSVWSQIMRXIVREXMSREP 8SIWXEFPMWLXLIVIUYMVIHEZIVEKIWXVIRKXLJGV ERIWXMQEXI
WTIGMJMIVWJMRHEZIVEKIHTEMVHMJJIVIRGIWYTXSTWM 14E MW RIIHIH SJ XLI ZEVMEFMPMX] SJ GSRGVIXI XS FI WYTTPMIH JSV
VITVIWIRXEXMZISJwKSSHxGSRXVSPERHEGGITXHMJJIVIRGIWYT GSRWXVYGXMSR8LIWXVIRKXLXIWXVIGSVHYWIHXSIWXMQEXIWXERHEVH
XS  TWM  14E  EW wEGGITXEFPIx GSRXVSP (E]   HIZMEXMSRSVGSIJJMGMIRXSJZEVMEXMSRWLSYPHVITVIWIRXEKVSYT
&IGEYWIXLITEMVHMJJIVIRGIWVITVIWIRXXLIVERKISJX[SG]PMRHIV SJEXPIEWXXIWXW(EXEYWIHXSIWXMQEXIZEVMEFMPMX]WLSYPH
XIWXWXLIWXERHEVHHIZMEXMSRWEXXLIWIPIZIPWGERFIIWXMQEXIHF] VITVIWIRX GSRGVIXI TVSHYGIH XS QIIX E WTIGMJMIH WXVIRKXL
HMZMHMRKXLITEMVHMJJIVIRGIF]JVSQ8EFPIXSKIX GPSWIXSXLEXWTIGMJMIHJSVXLITVSTSWIH[SVOERHWMQMPEVMR
TWM 14E ERHTWM 14E VIWTIGXMZIP] GSQTSWMXMSRERHTVSHYGXMSR
8LIVIUYMVIQIRXJSVGSRWIGYXMZIWXVIRKXLXIWXWGERFI
',%48)6{'6-8)6-% WEXMWJMIH YWMRK E XIWX VIGSVH SJ  FEXGLIW SJ XLI WEQI
{+IRIVEP GSRGVIXIGPEWW[MXLMRTWM 14E SJWTIGMJMIHJG SVXLI
8LIGSRGVIXIG]PMRHIVWYWIHXSQIEWYVIWXVIRKXLJSVGSRXVEG WXEXMWXMGEP EZIVEKI SJ X[S XIWX VIGSVHW XSXEPMRK  SV QSVI
XYEPEGGITXERGIEVIXSFIWEQTPIH %781''1  XIWXW-RXLIPEXXIVGEWIXLITSSPIHWXERHEVHHIZMEXMSRGERFI
JEFVMGEXIH WXERHEVH GYVIH %781 ''1  ERH XIWXIH GEPGYPEXIHYWMRK)U  
%781 ''1  YRHIV LMKLP] GSRXVSPPIH GSRHMXMSRW ;LIRXLIRYQFIVSJXIWXVIWYPXWEZEMPEFPIMWJI[IVXLER
+IRIVEPP] XLI WXVIRKXLW SJ XLIWI G]PMRHIVW EVI XLI TVMQEV] EQSVIGSRWIVZEXMZIETTVSEGLMWRIIHIH%'-EPPS[WXIWX
IZMHIRGISJXLIUYEPMX]SJGSRGVIXIYWIHMRXLIWXVYGXYVI8LI VIGSVHW[MXLEWJI[EWXIWXWXSIWXMQEXIXLIWXERHEVHHIZMEXMSR
IRKMRIIVWTIGMJMIWXLIHIWMVIHWXVIRKXLXIWXMRKJVIUYIRG]ERH ,S[IZIVXLIZEPYISJXLIWEQTPIWXERHEVHHIZMEXMSRWLSYPH
XLITIVQMXXIHXSPIVERGIMRGSQTVIWWMZIWXVIRKXL %'-  FIMRGVIEWIHF]YTXS XSEGGSYRXJSVKVIEXIVYRGIVXEMRX]
%R]WTIGMJMIHUYERXMX]WLSYPHFII\TVIWWIH[MXLEXSPIVERGI MRXLIIWXMQEXIHTSTYPEXMSRWXERHEVHHIZMEXMSR%GSRWIVZEXMZI
-X MW MQTVEGXMGEP XS WTIGMJ] ER EFWSPYXI QMRMQYQ WXVIRKXL ETTVSEGLMWXLIVIF]VIUYMVIHERHGSRGVIXIMWTVSTSVXMSRIHXS
FIGEYWIPS[IVWXVIRKXLWEVITSWWMFPIHYIXSVERHSQZEVMEXMSR TVSHYGI LMKLIV EZIVEKI WXVIRKXLW XLER[SYPH FI RIIHIH MJ
IZIR[LIRGSRXVSPMWKSSH QSVIXIWXVIWYPXW[IVIEZEMPEFPIERHXLIWXERHEVHHIZMEXMSR
8LI GSRGVIXI MRHYWXV] LEW HIZIPSTIH QIXLSHSPSKMIW QSVIEGGYVEXIP]HIXIVQMRIH;LIRXLIVIEVIXSWXVIRKXL
YWMRK WXERHEVH TVSFEFMPMWXMG QIXLSHW ERH UYEPMX]GSRXVSP XIWX VIWYPXW XLI GEPGYPEXIH WXERHEVH HIZMEXMSR WLSYPH FI
XIGLRMUYIWXSHIXIVQMRIXLIQEKRMXYHISJXLEXXSPIVERGIEW QYPXMTPMIHF]XLIQSHMJMGEXMSRJEGXSVSFXEMRIHJVSQ8EFPI
MX ETTPMIW XS XLI WTIGMJMGEXMSR ERH XIWXMRK SJ GSRGVIXI XS TVSZMHI IWXMQEXIW GSRWIVZEXMZI IRSYKL XS EGGSYRX JSV
WXVIRKXL 8LI FEWMG EWWYQTXMSR MW XLEX GSRGVIXI WXVIRKXL YRGIVXEMRX] MR GEPGYPEXIH WXERHEVH HIZMEXMSR 8LMW MW XLI
XIWXWEVIRSVQEPP]HMWXVMFYXIH QIXLSHSPSK]EHSTXIHF]%'-'LETXIV
;MXLXLIEGGITXERGISJERSVQEPHMWXVMFYXMSRJSVETSTYPEXMSR ;LIR XLIVI EVI JI[IV XLER  WXVIRKXL XIWX VIWYPXW XLI
SJGSRGVIXIXIWXWJSVEKMZIRQIERWXVIRKXLWSQITIVGIRXEKI GEPGYPEXIHWXERHEVHHIZMEXMSRMWRSXWYJJMGMIRXP]VIPMEFPI-R
SJ XIWX VIWYPXW GER FI I\TIGXIH XS JEPP FIPS[ XLI VIUYMVIH XLIWIGEWIWGSRGVIXIMWTVSTSVXMSRIHYWMRK8EFPI[LMGL
GSRGVIXIWXVIRKXLJG ERHWSQI[MPPFIKVIEXIVXLERXLIJG  GER FI I\TIGXIH XS VIUYMVI LMKLIV WXVIRKXLW XLER XLSWI
;LIR WEQTPIW EVI WIPIGXIH VERHSQP] XLIVI MW E WQEPP GSQTYXIHJVSQERIWXEFPMWLIHWXERHEVHHIZMEXMSR
TVSFEFMPMX] XLEX XLI PS[ WXVIRKXL VIWYPXW GSVVIWTSRH XS %W E TVSNIGX TVSKVIWWIW ERH QSVI WXVIRKXL XIWXW FIGSQI
GSRGVIXI PSGEXIH MR E GVMXMGEP EVIE 8LI GSRWIUYIRGIW SJ E EZEMPEFPIEPPEZEMPEFPIWXVIRKXLXIWXWWLSYPHFIEREP]^IHXS
PSGEPM^IH^SRISJPS[WXVIRKXLGSRGVIXIMREWXVYGXYVIHITIRH SFXEMR XLIQSWX VIPMEFPIIWXMQEXI SJ XLI WXERHEVH HIZMEXMSR
SRQER]JEGXSVWMRGPYHMRK JSVXLIGSRGVIXIFIMRKYWIHSRXLEXTVSNIGX%VIZMWIHZEPYI
e )EVP]SZIVPSEHTVSFEFMPMX] SJ JGV [LMGLMWX]TMGEPP]PS[IVXLERXLISVMKMREPSRIGSYPH
e 0SGEXMSRERHQEKRMXYHISJXLIPS[UYEPMX]^SRIMRXLI XLIRFIGSQTYXIHERHYWIH
WXVYGXYVEPIPIQIRX
e (IKVIISJVIPMERGITPEGIHSRWXVIRKXLMRHIWMKR {'VMXIVMEJSVWXVIRKXLVIUYMVIQIRXW
e 'EYWISJXLIPS[WXVIRKXLERH 8LIVIEVIWIZIVEPGVMXIVMEXLEXGERFIYWIHXSIRWYVIXLEXE
e -QTPMGEXMSRW IGSRSQMG ERH SXLIV[MWI SJ PSWW SJ GSRGVIXIvW TIVJSVQERGI QIIXW XLI WTIGMJMG VIUYMVIQIRXW
WIVZMGIEFMPMX]SVWXVYGXYVEPJEMPYVI 1SWXWMQTP]XLMWMWHSRIF]VIUYMVMRKXLIEZIVEKIVIUYMVIH
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83):%09%8-323*786)2+8,8)786)790873*'32'6)8) %'-6 

WXVIRKXL JGV XSIUYEPSVI\GIIHXLIWTIGMJMIHWXVIRKXLJG F]E 8LI QMRMQYQ JGV  GER FI GSQTYXIH YWMRK 8EFPI  SV
QYPXMTPIGLSWIRXSVITVIWIRXXLITIVGIRXEKISJXIWXWEPPS[IH ETTP]MRK )U   XLVSYKL   EW ETTVSTVMEXI [MXL XLI
XSFIHIJIGXMZISJXLIWXVIRKXLZEVMEXMSRXLEXJMRHWETPEGIMR GVMXIVMEPMWXIHMR8EFPI
8EFPI[LMGLMW ;LIR E WTIGMJMGEXMSR VIUYMVIW E GSQFMREXMSR SJ XLI
EZIVEKIRYQFIVSJXIWXWWYGLEWXLIEZIVEKISJXLVIIGSRWIG
JGV !JG  ^W VIJIVXS)U F YXMZIXIWXWXLIWXERHEVHHIZMEXMSRSVGSIJJMGMIRXSJZEVMEXMSR
SJWYGLEREZIVEKI[MPPFIPS[IVXLERXLEXGSQTYXIHYWMRKEPP
%HIXEMPIHHMWGYWWMSRSJXLIGVMXIVMERIIHIHXSJYPP]YXMPM^IXLMW MRHMZMHYEPXIWXVIWYPXW 7IGXMSR 7XERHEVHHIZMEXMSR
XEFPI[MXLI\EQTPIWYWMRKXLIIUYEXMSRWMWTVIWIRXIHMR SJEREZIVEKIMWGEPGYPEXIHF]HMZMHMRKXLIWXERHEVHHIZMEXMSR
%WXLIQYPXMTPIETTPMIHXSXLIWXVIRKXLZEVMEXMSRMRGVIEWIW 7IGXMSR SJMRHMZMHYEPXIWXVIWYPXWF]XLIWUYEVIVSSX
XLIPIWWPMOIP]MX[MPPFIXLEXERMRHMZMHYEPWXVIRKXLXIWX[MPP SJXLIRYQFIVSJXIWXW R MRIEGLEZIVEKIMRXLIJSVQSJ
I\GIIH JG 8LMWMWWIIRMR*MK[LMGLWLS[WXLEXJSVE )U  MR8EFPI
KMZIR WTIGMJMIH WXVIRKXL XLI EZIVEKI VIUYMVIH WXVIRKXL 8LIZEPYISJRX]TMGEPP]WTIGMJMIHMW8LMWZEPYIWLSYPH
SZIVHIWMKR MRGVIEWIW EW XLI ZEVMEXMSR I\TVIWWIH EW XLI RSXFIGSRJYWIH[MXLXLIRYQFIVSJWXVIRKXLXIWXVIWYPXWYWIH
GSIJJMGMIRXSJZEVMEXMSRVMWIW XS IWXMQEXI XLI QIER SV WXERHEVH HIZMEXMSR SJ XLI VIGSVH
8LIWI IUYEXMSRW EPP VIUYMVI E VIPMEFMPMX] JEGXSV ZEPYI ^ 8EFPI  TVSZMHIW ZEPYIW SJ ^ JSV ZEVMSYW TIVGIRXEKIW SJ
[LMGLMWWIPIGXIHXSTVSZMHIEWYJJMGMIRXP]LMKLTVSFEFMPMX] XIWXWJEPPMRKFIX[IIRXLIQIER^ ERHXLITVSFEFMPMX]EXIWX
XLEX JG [MPPFIIUYEPIHSVI\GIIHIH*SVGSRGVIXIWLEZMRKE [MPPJEPPFIPS[XLIQIERQMRYW^ )\EQTPIWEVIWLS[RMR
RSVQEPHMWXVMFYXMSRSJWXVIRKXLXIWXVIWYPXWXLI^ZEPYI GERFI 7IGXMSR
XEOIRJVSQ 8EFPI8LIGSQTYXIHZEPYISJJGV [MPPFIXLI 8LI EQSYRX F] [LMGL JGV  I\GIIHW JG  HITIRHW SR XLI
WEQI JSV E KMZIR WIX SJ WXVIRKXL XIWX VIWYPXW VIKEVHPIWW SJ EGGITXERGIGVMXIVMEWTIGMJMIHJSVXLITEVXMGYPEVTVSNIGX8LI
[LIXLIV XLI GSIJJMGMIRX SJ ZEVMEXMSR SV WXERHEVH HIZMEXMSR I\EQTPIW XLEX JSPPS[ WLS[ LS[ HMJJIVIRX GVMXIVME QE] FI
IUYEXMSRMWYWIH YWIHXSHIXIVQMRIJGV JSVZEVMSYWWTIGMJMGEXMSRWSVIPIQIRXW
SJWTIGMJMGEXMSRW2YQIVMGEPI\EQTPIWEVITVIWIRXIHMRFSXL
8EFPI{1SHMJMGEXMSRJEGXSVWJSVWXERHEVH MRGLTSYRH ERH 7-YRMXW MRE TEVEPPIP JSVQEX XLEXLEWFIIR
HIZMEXMSR
2YQFIVSJXIWXW 1SHMJMGEXMSRJEGXSVW
*I[IVXLER 6IJIVXS8EFPI
 
 
 
SVQSVI 
8EFPISJ%'-

8EFPI{1MRMQYQVIUYMVIHEZIVEKIWXVIRKXL
[MXLSYXWYJJMGMIRXLMWXSVMGEPHEXE
6IUYMVIHEZIVEKI
GSQTVIWWMZIWXVIRKXL 7TIGMJMIHGSQTVIWWMZIWXVIRKXL
JGV !JG TWM
[LIR JG  TWM JG  14E
JGV !JG 14E
JGV !JG TWM [LIR JG TWMERHJG TWM
JGV !JG 14E JG 14EERHJG 14E
JGV !JG TWM
[LIR JG "TWM JG "14E
JGV !JG 14E *MK {2SVQEP JVIUYIRG] GYVZIW JSV GSIJJMGMIRXW SJ
8EFPISJ%'- ZEVMEXMSRSJERH 

8EFPI{)UYEXMSRWXSHIXIVQMRIQMRMQYQVIUYMVIHEZIVEKIWXVIRKXL
'VMXIVMSR 'VMXIVMSR 'VMXIVMSR 'VMXIVMSRj
1E\MQYQTIVGIRXSJ 1E\MQYQTIVGIRXSJQSZMRK 1E\MQYQTIVGIRXSJMRHMZMHYEP 1E\MQYQTIVGIRXSJ
MRHMZMHYEPXIWXW JG EZIVEKISJRGSRWIGYXMZIXIWXW JG XIWXW  JG z O MRHMZMHYEPXIWXW  O SJJG
'SIJJMGMIRXSJZEVMEXMSRJSVQYPE JGV !JG  z^: JGV !JG  z^: R JGV ! JG z O  z^: JGV !OJG  z^:
)UYEXMSRRYQFIV E E E E
7XERHEVHHIZMEXMSRJSVQYPE JGV !JG ^W JGV ! JG  ^W R JGV ! JG z O ^W JGV ! OJG  ^W
)UYEXMSRRYQFIV F F F F

'VMXIVMSRMWJSVJG TWM 14E 
j'VMXIVMSRMWJSVJ "TWM 14E 
G

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()83):%09%8-323*786)2+8,8)786)790873*'32'6)8) %'-6

8EFPI{4VSFEFMPMXMIWEWWSGMEXIH[MXLZEPYIWSJ^ 8STVSHYGIEGSRGVIXIQM\XYVI[MXLJG SJTWM 14E


4IVGIRXEKIWSJXIWXW 'LERGIWSJJEPPMRKFIPS[ XLEXMWI\TIGXIHSREZIVEKIXSLEZIRSQSVIXLER SJXLI
[MXLMR^ JG z^ ^ XIWX VIWYPXW JEPP FIPS[ JG  XLI GSRGVIXI QM\XYVI WLSYPH FI
 MR   TVSTSVXMSRIHXSTVSHYGIEREZIVEKIWXVIRKXLSJRSPIWWXLER
 MR   TWM 14E 
 MR    'VMXIVMSR2S{8LIIRKMRIIVGERWTIGMJ]ETVSFEFMPMX]
 MR  
XLEXEREZIVEKISJRGSRWIGYXMZIWXVIRKXLXIWXW[MPPJEPPFIPS[JG 
 MR  
*SV I\EQTPI %'-  7IGXMSR  WXMTYPEXIW XLEX XLI
 MR   
EZIVEKISJER]XLVIIGSRWIGYXMZIWXVIRKXLXIWXVIWYPXWWLSYPH
 MR  
IUYEPSVI\GIIHJG 8LIJGV WLSYPHFIIWXEFPMWLIH[LIVI
 MR  
 MR  
JEMPYVIXSQIIXJG MWERXMGMTEXIHEXRSQSVIXLERMR
XMQIW  
 MR   
 MR  
 'SIJJMGMIRXSJZEVMEXMSRQIXLSH{%WWYQIWYJJMGMIRX
 MR   HEXEI\MWXJSV[LMGLE GSIJJMGMIRXSJZEVMEXMSRLEWFIIR

'SQQSRP]YWIHZEPYIW
GEPGYPEXIHJSVEGSRGVIXIQM\XYVI[MXLERJG SJTWM
 14E  *VSQ 8EFPI    SJ XLI RSVQEP TVSFEFMPMX]
HMWXVMFYXMSRMWQSVIXLERWXERHEVHHIZMEXMSRWFIPS[XLI
LEVHGSRZIVXIHXLYWXLI]VIJPIGXXLIZEPYIWGSQQSRP]YWIH
QIER9WMRK)U E JVSQ8EFPI
MRXLIVIWTIGXMZIYRMXW]WXIQ%'-GSRXEMRWZEVMEXMSRWSJ
XLIWIIUYEXMSRW
 'VMXIVMSR 2S {8LI IRKMRIIV QE] WTIGMJ] E JGV !JG ?z ^: R A
QE\MQYQ TIVGIRXEKI SJ MRHMZMHYEP VERHSQ WXVIRKXL XIWX
VIWYPXWTIVQMXXIHXSJEPPFIPS[XLIJG 8LMWMWXLIJSVQSJQER] JGV !TWM?z   A!TWM
MRXIVREXMSREP WTIGMJMGEXMSRW [LMGL XIRH XS YWI E VIPMEFMPMX]
JEGXSVSJMQTP]MRKEGGITXERGISJSRP]E JEMPYVIVEXI ?JGV !14E?z   A!14EA
8LMWGVMXIVMSRMWRSPSRKIVYWIHMR%'-FYXQE]SGGYVMR
WMXYEXMSRW[LIVIXLIEZIVEKIWXVIRKXLMWEJYRHEQIRXEPTEVXSJ 8LIVIJSVIJSVETWM 14E QM\XYVITVSTSVXMSRJSV
XLIHIWMKRQIXLSHSPSK]WYGLEWMRWSQITEZIQIRXWTIGMJMGE EREZIVEKIWXVIRKXLRSPIWWXLERTWM 14E WSXLEX
XMSRW % X]TMGEP VIUYMVIQIRX TIVQMXW RS QSVI XLER  SREZIVEKIRSQSVIXLER SJXLIQSZMRKEZIVEKISJXLVII
WXVIRKXLXIWXWXSJEPPFIPS[JG 7TIGMJMIHWXVIRKXLMRXLIWIWMXY GSRWIGYXMZIWXVIRKXLXIWXVIWYPXWJEPPFIPS[JG 
EXMSRWKIRIVEPP]VERKIWJVSQXSTWM XS14E   7XERHEVH HIZMEXMSR QIXLSH{%WWYQI WYJJMGMIRX
 'SIJJMGMIRXSJZEVMEXMSRQIXLSH{%WWYQIWYJJMGMIRX HEXEI\MWXJSV[LMGLEWXERHEVHHIZMEXMSRSJTWM 14E
HEXEI\MWXJSV[LMGLEGSIJJMGMIRXSJZEVMEXMSRSJ LEW LEWFIIRGEPGYPEXIHJSVEGSRGVIXIQM\XYVI[MXLERJG SJ
FIIRGEPGYPEXIHJSVEGSRGVIXIQM\XYVI[MXLERJG SJTWM  TWM  14E  *VSQ 8EFPI    SJ XLI RSVQEP
14E *VSQ 8EFPI SJXLIRSVQEPTVSFEFMPMX] TVSFEFMPMX]HMWXVMFYXMSRMWQSVIXLERWXERHEVHHIZMEXMSRW
HMWXVMFYXMSRMWQSVIXLERWXERHEVHHIZMEXMSRWFIPS[XLI FIPS[XLIQIER9WMRK)U F JVSQ8EFPI
QIER9WMRK)U E JVSQ8EFPI
JGV !JG ^W R
JGV !JG  z^:

JGV ! z  !TWM JGV !TWM? TWM   A!TWM


?JGV ! z  !14EA JGV !14E? 14E   A!14E

8LIVIJSVIJSVERJG SJTWM 14E TVSTSVXMSRXLI 8LIVIJSVIJSVERJG SJTWM 14E TVSTSVXMSRXLI


GSRGVIXIQM\XYVIJSVEREZIVEKIWXVIRKXLRSPIWWXLERTWM GSRGVIXIQM\XYVIJSVEREZIVEKIWXVIRKXLRSPIWWXLERTWM
 14E  WS XLEX SR EZIVEKIRS QSVI XLER   SJ XLI  14E  WS XLEX SR EZIVEKI RS QSVI XLER   SJ XLI
VIWYPXWJEPPFIPS[JG  QSZMRKEZIVEKISJXLVIIWXVIRKXLXIWXVIWYPXWJEPPWFIPS[JG 
 7XERHEVHHIZMEXMSR QIXLSH{%WWYQI WYJJMGMIRX )UYEXMSR F JVSQ 8EFPI MWTVIWIRXIH MR HMJJIVIRX
HEXEI\MWXJSV[LMGLEWXERHEVHHIZMEXMSRSJTWM 14E JSVQ XLER )U   8EFPI  MR %'-  8LI ZEPYI
LEWFIIRGEPGYPEXIHJSVEGSRGVIXIQM\XYVI[MXLERJG SJ  MR %'-  MW IUYMZEPIRX XS ^ R  !    ! 
 TWM  14E  %GGSVHMRK XS 8EFPI    SJ XLI FIGEYWIFSXL^ERHREVIEPVIEH]WTIGMJMIH
RSVQEP TVSFEFMPMX] HMWXVMFYXMSR MW QSVI XLER  WXERHEVH  'VMXIVME2SERH{8LIIRKMRIIVQE]WTIGMJ]E
HIZMEXMSRWFIPS[XLIQIER9WMRK )U F JVSQ8EFPI GIVXEMR TVSFEFMPMX] XLEX E VERHSQ MRHMZMHYEP WXVIRKXL XIWX
VIWYPX[MPPFIRSQSVIXLEREGIVXEMREQSYRXFIPS[JG *SV
JGV JG ^W
I\EQTPI'VMXIVMSR2SMWYWIHMR%'-F]WXMTYPEXMRK
XLEXRSMRHMZMHYEPWXVIRKXLXIWXVIWYPXJEPPWFIPS[JG F]QSVI
JGV !TWMTWM!TWM XLER  TWM  14E  %R EPXIVREXMZI 'VMXIVMSR 2S  MW
?JGV !14E  14E!14EA ETTVSTVMEXI JSV GSRGVIXI [MXL JG  "  TWM  14E 
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83):%09%8-323*786)2+8,8)786)790873*'32'6)8) %'-6 

VIUYMVIW XLEX RS MRHMZMHYEP WXVIRKXL XIWX VIWYPX JEPPW FIPS[ TWM 14E WSXLEXSREZIVEKIRSQSVIXLER SJ
 SJJG 8LIWIX[SGVMXIVMEEVIIUYMZEPIRXEXTWM XLIMRHMZMHYEPWXVIRKXLXIWXVIWYPXWJEPPFIPS[JGV 
14E 8LIQMRMQYQZEPYISJJGV MWIWXEFPMWLIHWSXLEX  7XERHEVH HIZMEXMSR QIXLSH JG "  TWM 
RSRGSRJSVQERGISJERMRHMZMHYEPVERHSQXIWXMWERXMGMTEXIH 14E {%WWYQIEWXERHEVHHIZMEXMSRSJTWM 14E LEW
RSQSVISJXIRXLERMRXMQIWMRIMXLIVGEWI FIIRGEPGYPEXIHJSVEGSRGVIXIQM\XYVI[MXLERJG SJTWM
 'SIJJMGMIRXSJZEVMEXMSRQIXLSHJ G TWM  14E  *VSQ 8EFPI    SJ XLI RSVQEP TVSFEFMPMX]
14E {%WWYQIWYJJMGMIRXHEXEI\MWXJSV[LMGLEGSIJJMGMIRX HMWXVMFYXMSRMWQSVIXLERWXERHEVHHIZMEXMSRWFIPS[XLI
SJ ZEVMEXMSR SJ   LEW FIIR GEPGYPEXIH JSV E GSRGVIXI QIER9WMRK)U F [MXLOWIXIUYEPXSJVSQ8EFPI
QM\XYVI[MXLERJG SJTWM 14E *VSQ8EFPI
 SJXLIRSVQEPTVSFEFMPMX]HMWXVMFYXMSRMWQSVIXLER JGV ! JG ^W
WXERHEVHHIZMEXMSRWFIPS[XLIQIER9WMRK)U E [MXL
OWIXXSTWM 14E JVSQ8EFPI JGV !TWMTWM!TWM
?JGV ! 14E  14E !14EA
JGV ! JG zO  z^:
8LIVIJSVIJSVERJG SJTWM 14E TVSTSVXMSRXLI
JGV ! TWMzTWM ?z  A!TWM GSRGVIXIQM\XYVIJSVEREZIVEKIWXVIRKXLRSPIWWXLERTWM
?JGV ! 14Ez14E ?z  A!14EA  14E  WS XLEX SR EZIVEKI RS QSVI XLER   SJ XLI
MRHMZMHYEPWXVIRKXLXIWXVIWYPXWJEPPFIPS[JG 
8LIVIJSVIJSVERJG SJTWM 14E TVSTSVXMSRXLI  1YPXMTPI GVMXIVME{-R QER] MRWXERGIW QYPXMTPI
GSRGVIXIQM\XYVIJSVEREZIVEKIWXVIRKXLRSPIWWXLERTWM GVMXIVME EVI WTIGMJMIH %'-  VIUYMVIW XLEX GSRGVIXI
 14E  WS XLEX SR EZIVEKI RS QSVI XLER   SJ XLI WXVIRKXLW GSRJSVQ XS FSXL MRHMZMHYEP XIWX GVMXIVME ERH XLI
MRHMZMHYEP WXVIRKXL XIWX VIWYPXW JEPP FIPS[ JG F] QSVIXLER QSZMRKEZIVEKISJXLVIIXIWXGVMXIVME&IGEYWIFSXLGVMXIVME
TWM 14E  EVI MR IJJIGX XLI VIUYMVIH JGV  WLSYPH QIIX SV I\GIIH EPP
 7XERHEVH HIZMEXMSR QIXLSH JG   TWM VIUYMVIQIRXW XLEX MW JGV  WLSYPH FI XLI LMKLIWX WXVIRKXL
14E {%WWYQIWYJJMGMIRXHEXEI\MWXJSV[LMGLEWXERHEVH GEPGYPEXIH YWMRK EPP VIPIZERX GVMXIVME *SV I\EQTPI EWWYQI
HIZMEXMSR SJ TWM  14E  LEW FIIR GEPGYPEXIH JSVE WYJJMGMIRXHEXEI\MWXJSV[LMGLER GSIJJMGMIRXSJZEVMEXMSR
GSRGVIXI QM\XYVI [MXL ER JG  SJ  TWM  14E  *VSQ LEW FIIR GEPGYPEXIH JSV E GSRGVIXI QM\XYVI [MXL ER JG  SJ
8EFPI SJXLIRSVQEPTVSFEFMPMX]HMWXVMFYXMSRMWQSVI  TWM 14E 8LIVIUYMVIHEZIVEKIWXVIRKXLJSV XLMW
XLERWXERHEVHHIZMEXMSRWFIPS[XLIQIER9WMRK)U F GSRGVIXIQM\XYVIWLSYPHQIIXFSXLSJXLIWIGVMXIVME
JVSQ8EFPI[MXLOWIXIUYEPXSTWM 14E  -RHMZMHYEP WXVIRKXL GVMXIVMSR   JGV  ! 
JG  z: !TWM 14E ERH
JGV ! JG zO ^W  1SZMRK EZIVEKI SJ XLVII WXVIRKXL XIWXW GVMXIVMSR
  JGV !JG  z:  !TWM 14E 
1SZMRKEZIVEKIGVMXIVMSRKSZIVRWFIGEYWIMXTVSHYGIWXLI
JGV ! TWMzTWM  TWM !TWM
PEVKIWX JGV XLEXMWTWM"TWM 14E"14E 
?JGV ! 14Ez14E  14E !14EA ERH JGV WLSYPHFIXLIPEVKIVWXVIRKXLGEPGYPEXIHJSVXLIX[SGVMXIVME

8LIVIJSVIJSVEWTIGMJMIHGSQTVIWWMZIWXVIRKXLSJTWM ',%48)6{):%09%8-323*(%8%
 14E  TVSTSVXMSR XLI GSRGVIXI QM\XYVI JSV ER EZIVEKI {+IRIVEP
WXVIRKXLRSPIWWXLERTWM 14E WSXLEXSREZIVEKI 8LIIZEPYEXMSRSJWXVIRKXLHEXEMWVIUYMVIHMRQER]WMXYE
RSQSVIXLER SJXLIMRHMZMHYEPWXVIRKXLXIWXVIWYPXWJEPP XMSRW8LVIIGSQQSRP]VIUYMVIHETTPMGEXMSRWEVI
FIPS[ JG F]QSVIXLERTWM 14E  )ZEPYEXMSRJSVQM\XYVIWYFQMXXEPTYVTSWIW
 'SIJJMGMIRXSJZEVMEXMSRQIXLSH JG "TWM )ZEPYEXMSRSJPIZIPSJGSRXVSPERH
14E {%WWYQIWYJJMGMIRXHEXEI\MWXJSV[LMGLEGSIJJMGMIRX )ZEPYEXMSRXSHIXIVQMRIGSQTPMERGI[MXLWTIGMJMGEXMSRW
SJ ZEVMEXMSR SJ   LEW FIIR GEPGYPEXIH JSV E GSRGVIXI 8LIWIIZEPYEXMSRWEVIMQTSVXERXJSVMHIRXMJ]MRKHITEVXYVIW
QM\XYVI[MXLERJG SJTWM 14E *VSQ8EFPI JVSQ HIWMVIH XEVKIX ZEPYIW ERH [LIVI TSWWMFPI EWWMWXMRK
 SJXLIRSVQEPTVSFEFMPMX]HMWXVMFYXMSRMWQSVIXLER [MXL JSVQYPEXMRK ER ETTVSTVMEXI VIWTSRWI -R EPP GEWIW
WXERHEVHHIZMEXMSRWFIPS[XLIQIER9WMRK)U E [MXLO YWIJYPRIWWSJXLIIZEPYEXMSRMWEJYRGXMSRSJXLIEQSYRXSJ
WIXIUYEPXSJVSQ8EFPI XIWXHEXEERHXLIWXEXMWXMGEPVMKSVSJXLIEREP]WMW%TTPMGEXMSRWJSV
VSYXMRIUYEPMX]GSRXVSPERHGSQTPMERGISZIVPETGSRWMHIVEFP]
JGV !JG  z^: 1ER]IZEPYEXMSRXSSPWSVXIGLRMUYIWYWIHMRSRIETTPMGEXMSR
EVIETTVSTVMEXIJSVYWIMRERSXLIV
'LETXIV  [LMGL VIZMI[W XIGLRMUYIW ETTVSTVMEXI JSV
JGV ! TWM ?z  A!TWM GSRGVIXIQM\XYVIWYFQMXXEPIZEPYEXMSRHMWGYWWIWXIGLRMUYIW
?JGV ! 14E ?z  A!14EA JSV VSYXMRI UYEPMX] GSRXVSP ERH GSQTPMERGI ETTPMGEXMSRW
'VMXIVME JSV VINIGXMRK HSYFXJYP VIWYPXW HIXIVQMRMRK XIWXMRK
8LIVIJSVIJSVERJG WXVIRKXLSJTWM 14E TVSTSVXMSR JVIUYIRG]ERHKYMHIPMRIWJSVEHHMXMSREPXIWXTVSGIHYVIWEVI
XLI GSRGVIXI QM\XYVI JSV ER EZIVEKI WXVIRKXL RS PIWW XLER EPWSHMWGYWWIH
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()83):%09%8-323*786)2+8,8)786)790873*'32'6)8) %'-6

-XMWYWIJYPXSHIXIVQMRIXLIPMOIPMLSSHSJZEVMSYWSYXGSQIW 8EFPI{4VSFEFMPMX]SJEXPIEWXSRIIZIRXMRR
[LIRXLIVIMWEXQSWXE TVSFEFMPMX]SJEXIWXPIWWXLERJG XIWXWJSVWIPIGXIHWMRKPIIZIRXTVSFEFMPMXMIW
F]QSVIXLERTWM 14E ERHEXQSWXE TVSFEFMPMX] R 7MRKPIIZIRXTVSFEFMPMX]! 7MRKPIIZIRXTVSFEFMPMX]!
XLEX XLI QSZMRK EZIVEKI SJ XLVII GSRWIGYXMZI XIWXW [MPP FI   
PIWWXLERJG 8LIQE\MQYQTVSFEFMPMX]XLEXEXPIEWXSRIIZIRX   
[MPPSGGYV MR RMRHITIRHIRXXIWXWQE] FIIWXMQEXIHYWMRK   
)U   0IQMRK   
  
  
4V_EXPIEWXIZIRX`RXIWXWa!z zT R 
  %TTVS\MQEXIP]

[LIVI TMWXLITVSFEFMPMX]SJEWMRKPIIZIRX
;LIR IZEPYEXMRK GSRGVIXI XIWXW T MW XLI WMRKPI IZIRX *SV VSYXMRI FYMPHMRK GSRWXVYGXMSR %'-  VIUYMVIW EX
TVSFEFMPMX] SJ RSRGSQTPMERGI [MXL XLI WXVIRKXL GVMXIVME MR PIEWXSRIXIWXTIVHE]8LIVIWLSYPHFISRIXIWXJSVIZIV]]H
%'-  &IGEYWITMRGPYHIWFSXLTSWWMFPIGEWIWSJJG F] Q SJGSRGVIXITPEGIHSVSRIXIWXJSVIZIV]JX
QSVIXLERTWM 14E ERHXLIQSZMRKEZIVEKISJXLVII Q SJXLIWYVJEGIEVIESJWPEFWERH[EPPWFYX%'-
GSRWIGYXMZIXIWXWJEPPMRKXSPIWWXLERJG  TPMIWFIX[IIR TIVQMXWXLIIRKMRIIVXS[EMZIXIWXMRKSRUYERXMXMIWPIWWXLER
ERH ;MXLSYXQSVIHIXEMPWEWWYQIXLITVSFEFMPMX]SJE ]H Q 8IWXMRKJVIUYIRG]WLSYPHWEXMWJ]IEGLGVMXIVMSR
WMRKPIXIWXJEMPMRKXSQIIXXLIWXVIRKXLGVMXIVMESJ%'-XS 8LIWIXIWXMRKJVIUYIRGMIWKIRIVEPP]VIWYPXMRXIWXMRKGSRGVIXIMR
FI   8EFPI  TVSZMHIW TVSFEFMPMXMIW SJ EX PIEWX SRI SRISYXSJXSXVYGOW8IWXMRKQSVIJVIUYIRXP]XLERXLMW
SGGYVVIRGISJERSRGSQTPMERXVIWYPXKMZIRZEVMSYWRYQFIVW GERWPS[XLIGSRWXVYGXMSRTVSGIWW
SJMRHITIRHIRXXIWXWR[LIRXLIWMRKPIIZIRXTVSFEFMPMX]T 8IWXMRK IEGL PSEH SJ HIPMZIVIH GSRGVIXI JSV TSXIRXMEP
IUYEPW  EXIWXHSIWRSXQIIX%'-WXVIRKXLGVMXIVME WXVIRKXL MW VEVIP] VIUYMVIH *SV QIQFIVW [LIVI WXVYGXYVEP
ERH  EXIWXJEPPWFIPS[JG  TIVJSVQERGI MW WIRWMXMZI XS GSQTVIWWMZI WXVIRKXL XIWXMRK
SRGIJSVIZIV]]H Q QE]FIETTVSTVMEXI3RIXIWX
8LITVSFEFMPMX]JSVRSRGSQTPMERGIMWRSXXVMZMEPIZIRJSV
JSVIZIV]]H Q [SYPHFIETTVSTVMEXISRP]JSVXLI
VIPEXMZIP]WQEPPTVSNIGXW*SVI\EQTPIXLIVIMWETTVS\MQEXIP]E
QSWX GVMXMGEP ETTPMGEXMSRW :IV] JVIUYIRX XIWXMRK WLSYPH FI
  TVSFEFMPMX]SJLEZMRKEX PIEWX SRI RSRGSQTPMERX XIWX
WTIGMJMIHSRP]JSVGSQTIPPMRKVIEWSRWWYGLEWWTIGMEPM^IHSV
TWM 14E FIPS[JG ERHEKVIEXIVXLER TVSFEFMPMX]
GVMXMGEPQIQFIVETTPMGEXMSRW
XLEXEXPIEWXSRIXIWXJEPPWFIPS[ JG JSVETVSNIGX[MXLSRP]
)EGLHMJJIVIRXGPEWWSJGSRGVIXITPEGIHHYVMRKER]SRIHE]
WIZIRXIWXW8LIVIMWELMKLTVSFEFMPMX]SJWYGLERSGGYVVIRGI
[MPP FI VITVIWIRXIH F] EX PIEWX SRI XIWX %X PIEWX JMZI XIWXW
SRQSWXTVSNIGXWERHMXMWERIEVGIVXEMRX]SRPEVKITVSNIGXW
WLSYPHFIGSRHYGXIHJSVIEGLGPEWWSJGSRGVIXISREKMZIR
IZIR MJ ZEVMEXMSR MW HYI I\GPYWMZIP] XS VERHSQ IJJIGXW ERH
TVSNIGX6IJIVXS%'-%'-ERH%781''1
QMRMQYQEZIVEKIWXVIRKXL[EWHIXIVQMRIHYWMRKWXEXMWXMGEPP]
JSVVSYXMRIXIWXMRKVIUYMVIQIRXW
ZEPMHQIXLSHW4VSFEFMPMXMIWEVIVIHYGIHWSQI[LEX JSVPEVKIV
TVSNIGXW HYI XS XLI IJJIGXW SJMRXIVJIVIRGI LS[IZIVXLI
{6INIGXMSRSJHSYFXJYPWTIGMQIRW
TVSFEFMPMXMIWEVIWXMPPETTVIGMEFPI 0IQMRK  %VFMXVEVMP]VINIGXMRKWXVIRKXLXIWXVIWYPXWXLEXETTIEVXSSJEV
SYXSJPMRIMWRSXVIGSQQIRHIHFIGEYWIRSVQEPHMWXVMFYXMSR
{2YQFIVWSJXIWXW ERXMGMTEXIW XLI TSWWMFMPMX] SJ WYGL VIWYPXW (MWGEVHMRK XIWX
*SVETEVXMGYPEVTVSNIGXEWYJJMGMIRXRYQFIVSJXIWXWWLSYPH VIWYPXW MRHMWGVMQMREXIP] GER WIVMSYWP] HMWXSVX XLI WXVIRKXL
FIQEHI XSIRWYVIEGGYVEXIVITVIWIRXEXMSRSJXLI GSRGVIXI HMWXVMFYXMSRQEOMRKEREP]WMWSJVIWYPXWYRVIPMEFPI3GGEWMSREPP]
%'-HIJMRIWEWXVIRKXLXIWXEWXLIEZIVEKIWXVIRKXLSJX[S XLI WXVIRKXL SJ SRI G]PMRHIV JVSQ E KVSYT QEHI JVSQ E
SVQSVIWTIGMQIRWSJXLIWEQIEKIJEFVMGEXIHJVSQEWEQTPI WEQTPIHIZMEXIWWSJEVJVSQXLISXLIVWXLEXMXMWGSRWMHIVIH
XEOIRJVSQEWMRKPIFEXGLSJGSRGVIXI8IWXMRKJVIUYIRG]GER LMKLP] MQTVSFEFPI -JUYIWXMSREFPIZEVMEXMSRW EVI SFWIVZIH
FIIWXEFPMWLIHSRXLIFEWMWSJXMQIIPETWIHSVZSPYQITPEGIH HYVMRK JEFVMGEXMSR GYVMRK SV XIWXMRK SJ E WTIGMQIR XLI
8LIIRKMRIIVWLSYPHFEWIXLIVIUYMVIHRYQFIVSJXIWXWSR WMRKPIG]PMRHIVWTIGMQIRWLSYPHFIVINIGXIHSRXLEXFEWMW
NSFGSRHMXMSRW %781)TVSZMHIWGVMXIVMEJSVVINIGXMRKXLIXIWXVIWYPX
% TVSNIGX [LIVI SRI IRKMRIIV WYTIVZMWIW EPP GSRGVIXI JSVSRIWTIGMQIRMREWIXSJWTIGMQIRW+IRIVEPP]XLIVIWYPX
STIVEXMSRWTVSZMHIWERI\GIPPIRXSTTSVXYRMX]JSVGSRXVSPERH JVSQEWMRKPIWTIGMQIRMREWIXSJXLVIISVQSVIWTIGMQIRW
EGGYVEXIIWXMQEXIWSJXLIQIERERHWXERHEVHHIZMEXMSR[MXL GERFIHMWGEVHIHMJMXWHIZMEXMSRJVSQEXIWXQIERMWKVIEXIV
QMRMQYQ XIWXMRK 3RGI STIVEXMSRW EVI TVSKVIWWMRK XLER XLVII XMQIW XLI TVIZMSYWP] IWXEFPMWLIH [MXLMRFEXGL
WQSSXLP] XIWXW XEOIR IEGL HE] SV WLMJX HITIRHMRK SR XLI WXERHEVHHIZMEXMSR 'LETXIV  8LIVIWYPXWLSYPHFIMRZIWXMKEXIH
ZSPYQISJGSRGVIXITVSHYGIHGERFIWYJJMGMIRXXSSFXEMRHEXE MJMXWHIZMEXMSRMWKVIEXIVXLERX[SXMQIWXLI[MXLMRFEXGL
XLEXVIJPIGXXLIZEVMEXMSRWSJXLIGSRGVIXIEWHIPMZIVIH8LI WXERHEVH HIZMEXMSR 8LI XIWX EZIVEKI WLSYPH FI GSQTYXIH
IRKMRIIV GER VIHYGI XLI RYQFIV SJ XIWXW VIUYMVIH F] XLI JVSQXLIVIQEMRMRKWTIGMQIRW%XIWXXLEXMWXLIEZIVEKI
TVSNIGXWTIGMJMGEXMSRWEWXLIPIZIPWSJGSRXVSPSJXLITVSHYGIV SJEPPWTIGMQIRWSJEWMRKPIWEQTPIXIWXIHEXXLIWEQIEKI
PEFSVEXSV]ERHGSRXVEGXSVEVIIWXEFPMWLIH8SEZSMHFMEWEPP WLSYPHRSXFIVINIGXIHYRPIWWMXMWPMOIP]XLEXXLIWTIGMQIRW
WEQTPMRKJSVEGGITXERGIXIWXMRKWLSYPHFIGSRHYGXIHYWMRK EVIJEYPX]8LIXIWXVITVIWIRXWXLIFIWXEZEMPEFPIIWXMQEXIJSV
VERHSQP]WIPIGXIHFEXGLIWSJGSRGVIXI XLIWEQTPIWXVIRKXL
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83):%09%8-323*786)2+8,8)786)790873*'32'6)8) %'-6 

{%HHMXMSREPXIWXVIUYMVIQIRXW MHIRXMJ] XVIRHW EW IEVP] EW TVEGXMGEFPI ;IPPIWXEFPMWLIH


2SVQEPP]TSXIRXMEPGSQTVIWWMZIWXVIRKXL ERHZEVMEFMPMX] QIXLSHW JSV WIXXMRK YT GLEVXW WMQMPEV XS XLSWI EFSYX XS FI
SJGSRGVIXIEVIFEWIHSRXIWXVIWYPXWYWMRKG]PMRHIVWXLEXLEZI TVIWIRXIHEVISYXPMRIHMR%781120%
FIIR WEQTPIH QSPHIH ERH WXERHEVH GYVIH MR EGGSVHERGI 8VIRHW FIGSQI QSVI ETTEVIRX FEWIH SR XLI TEXXIVR SJ
[MXL%781''1YRXMPXLIWTIGMJMIHXIWXEKI[LMGLMW TVIZMSYWVIWYPXWERHPMQMXWIWXEFPMWLIHJVSQ%781120%
RSVQEPP]HE]W8IWXG]PMRHIVHMEQIXIVWLSYPHFIEXPIEWX (EXE JEPPMRK SYXWMHI IWXEFPMWLIH PMQMXW MRHMGEXI WSQIXLMRK
XLVIIXMQIWXLIWM^ISJXLIRSQMREPQE\MQYQEKKVIKEXIMR LEWEJJIGXIHXLIGSRXVSPSJXLITVSGIWWERHEGXMSRSVMRXIVJIVIRGI
XLI QM\XYVI 'SRGVIXI WTIGMQIRW QEHI SV GYVIH YRHIV [MXL XLI I\MWXMRK TVSGIWW ZEVMEFPIW XS FVMRK MX FEGO YRHIV
RSRWXERHEVHGSRHMXMSRWQE]TVSZMHIEHHMXMSREPMRJSVQEXMSR GSRXVSPMWSJXIRVIUYMVIH8LIWIEGXMSRWSVTVSGIWWMRXIVJIVIRGI
FYXWLSYPHFIEREP]^IHERHVITSVXIHWITEVEXIP]7TIGMQIRW PMQMX ZEPYIW EVI KIRIVEPP] IWXEFPMWLIH YWMRK QIXLSHW PMOI
XLEXLEZIRSXFIIRTVSHYGIHGYVIHSVXIWXIHYRHIVWXERHEVH XLSWIYWIHF]XLMWKYMHIFEWIHSRGSRXVEGXWTIGMJMGEXMSRWSV
GSRHMXMSRW QE] RSX EGGYVEXIP] VIJPIGX TSXIRXMEP GSRGVIXI SXLIV ZEPYIW EX [LMGL EGXMSR WLSYPH FI XEOIR *VIUYIRXP]
WXVIRKXL(MWGVITERGMIWERHHIZMEXMSRWJVSQWXERHEVHXIWXMRK EGXMSR SV MRXIVJIVIRGI PMQMXW EVI IUYEP XS XLI EGGITXERGI
GSRHMXMSRWWLSYPHFIRSXIHSRWXVIRKXLXIWXVITSVXW GVMXIVMEWTIGMJMIHJSVETEVXMGYPEVTVSNIGX
'SRGVIXIWXVIRKXLXIWXMRKEXPEXIVEKIWWYGLEWSV *MKYVI  TVIWIRXW XLVII WMQTPMJMIH GLEVXW TVITEVIH
HE]W QE]FI QSVIVIPIZERX XLER XLI HE] WXVIRKXL WTIGMJMGEPP]JSVGSRGVIXIGSRXVSP8LIWIGLEVXWEVIGSQFMRIH
TEVXMGYPEVP][LIVIETS^^SPERPS[LIEXGIQIRXSVGIQIRXSJ MRXSSRIHMEKVEQWSXLI]GERFIIZEPYEXIHWMQYPXERISYWP]
WPS[ WXVIRKXL KEMR MW YWIH 7SQI WXVYGXYVEP IPIQIRXW SV 8LIWI GLEVXW QE] RSX GSRXEMR EPP XLI JIEXYVIW SJ JSVQEP
WXVYGXYVIW[MPPRSXFIPSEHIHYRXMPGSRGVIXILEWQEXYVIHPSRKIV GSRXVSPGLEVXWFYXXLI]GERFIYWIJYPXSXLIGSRGVIXIIRKMRIIV
XLERHE]WERHEHZERXEKIGERFIXEOIRSJXLMWWXVIRKXLKEMR EVGLMXIGXGSRXVEGXSVERHWYTTPMIV'SRXVSPGLEVXWSJXLMWX]TI
-JEHIWMKRMWFEWIHSRPEXIVEKIWXVIRKXLWMXQE]FIRIGIWWEV] EVI WXVSRKP] VIGSQQIRHIH JSV GSRGVIXI MR GSRXMRYSYW
XS GSVVIPEXI [MXL HE] WXVIRKXL FIGEYWI MX MW RSX EP[E]W TVSHYGXMSRSZIVGSRWMHIVEFPITIVMSHW
TVEGXMGEPXSYWIPEXIVEKIWTIGMQIRWJSVGSRGVIXIEGGITXERGI  7MQTPI WXVIRKXL GLEVX{'LEVX E  MR *MK  [LMGL
8LMWGSVVIPEXMSRWLSYPHFIIWXEFPMWLIHF]JMIPHSVPEFSVEXSV] WLS[W XLI VIWYPXW SJ EPP MRHMZMHYEP WXVIRKXL XIWXW TPSXXIH MR
XIWXW FIJSVI GSRWXVYGXMSR WXEVXW 'SRGVIXI FEXGLMRK TPERXW WYGGIWWMSRFEWIHSRGEWXMRKHEXIWLS[WXLIZEVMEXMSRFIX[IIR
GSYPHTVIIWXEFPMWLXLMWGSVVIPEXMSRJSVPEXIVVIJIVIRGIIZIRMJ ETEMVSJG]PMRHIVWQEHIJVSQXLIWEQIGSRGVIXIWEQTPI8LI
PEXIVEKI GSRGVIXI QE] RSX FI MQQIHMEXIP] MRZSPZIH MX VIUYMVIHEZIVEKIWXVIRKXLMR*MK[EWIWXEFPMWLIHYWMRK
WLSYPH FI GLIGOIH SGGEWMSREPP] ERH YPXMQEXIP] GLIGOIH )U F XLSYKLMXGSYPHLEZIFIIRIWXEFPMWLIHF])U E
EKEMRWXXLIEGXYEPGSRGVIXIYWIH SV 8EFPI  8LI GLEVX SJXIR EPWS MRGPYHIW XLI WTIGMJMIH
1ER]XMQIWMRXLIIEVP]WXEKIWSJENSFMXMWRIGIWWEV]XS WXVIRKXL8LMWGLEVXMWYWIJYPFIGEYWIMXWLS[WEPPXLIEZEMPEFPI
IWXMQEXIXLIWXVIRKXLSJGSRGVIXIFIMRKTVSHYGIHFIJSVIHE] HEXEFYXMXMWPMQMXIHEXMHIRXMJ]MRKXVIRHWERHWLMJXWMRHEXE
WXVIRKXLVIWYPXWEVIEZEMPEFPI'SRGVIXIG]PMRHIVWWLSYPHFI  1SZMRK EZIVEKI WXVIRKXL{'LEVX F  MR *MK 
QEHIERHXIWXIHJVSQXLIWEQIFEXGLEXHE]WERHMRWSQI WLS[WXLIQSZMRKEZIVEKISJGSRWIGYXMZIXIWXW8LMWX]TISJ
MRWXERGIWIZIREXHE]W8IWXMRKEXIEVP]EKIWYWMRKEGGIPIVEXIH GLEVXVIHYGIWRSMWIERHWGEXXIVMRXLIMRHMZMHYEPXIWXGLEVX
XIWXTVSGIHYVIWWYGLEWJSYRHMR%781'GEREPWSFI 4IVJSVQERGIXVIRHWEVIIEWMP]MHIRXMJMIHERHXLIMRJPYIRGISJ
EHSTXIH8LIHE]WXVIRKXLGERFIIWXMQEXIHSRXLIFEWMW IJJIGXWWYGLEWWIEWSREPGLERKIWERHGLERKIWMRQEXIVMEPW
SJ E TVIZMSYWP] IWXEFPMWLIH GSVVIPEXMSR JSV XLI WTIGMJMG EVI WLS[R QSVI IJJIGXMZIP] 8LI GLEVX SJXIR MRGPYHIW XLI
QM\XYVIYWMRKXLIQIXLSHHIWGVMFIHMR%781''1 WTIGMJMIHWXVIRKXL[LIRXLIQSZMRKEZIVEKISJXLVIIXIWXW
8LIWI IEVP] XIWXW TVSZMHI ER MRHMGEXMSR SRP] SJ EGGITXEFPI MWTPSXXIH
TIVJSVQERGI8IWXWYWIHJSVEGGITXERGITYVTSWIWGSRHYGXIH 8LI QSVI XIWXW YWIH XS GSQTYXI XLI EZIVEKI XLI QSVI
EXHE]WEVIYWYEPP]XLIGSRXVEGXYEPWXERHEVH*MIPHSVNSF TS[IVJYP XLI GLEVX MW JSV MHIRXMJ]MRK XVIRHW 8LIVI MW ER
GYVIHWTIGMQIRW %781' EVIWSQIXMQIWVIGSQQIRHIH SFZMSYWXVEHISJJ[MXLXMQIPMRIWWLS[IZIV%XVIRHWLSYPH
SVVIUYMVIHMRETTPMGEXMSRWWYGLEWJEWXXVEGOGSRWXVYGXMSRSV FIMHIRXMJMIHEWWSSREWTSWWMFPIWSXLEXETTVSTVMEXIGSVVIGXMZI
TSWXXIRWMSRMRK XS EWWYVI XLEX EGGITXEFPI MRTPEGI WXVIRKXL EGXMSRWGERFIXEOIR&IGEYWIXLIQSZMRKEZIVEKISJXLVII
LEW FIIR EXXEMRIH TEVXMGYPEVP] EX IEVP] EKIW WS XLEX XLI GSRWIGYXMZIWXVIRKXLXIWXWMWSRISJXLIGSQTPMERGIGVMXIVMESJ
QIQFIVGERFIWEJIP]PSEHIHSVWXVIWWIHEWWSSREWTSWWMFPI %'-XLMWTEVEQIXIVMWJVIUYIRXP]XVEGOIHSREGSRXVSP
8IWXWSJNSFGYVIHWTIGMQIRWGERFIYWIHXSHIXIVQMRIXLI GLEVX &IGEYWI XVEGOMRK XLI QSZMRK EZIVEKI SJ XLVII XIWXW
XMQISJJSVQVIQSZEPTEVXMGYPEVP]MRGSPH[IEXLIVERH[LIR QE] RSX TVSZMHI WYJJMGMIRX EREP]XMGEP TS[IV XLI QSZMRK
IWXEFPMWLMRKXLIWXVIRKXLSJWXIEQGYVIHGSRGVIXISVGSRGVIXI EZIVEKISJJMZIGSRWIGYXMZIWXVIRKXLXIWXWMWJVIUYIRXP]YWIH
TMTIERHFPSGO*MIPHGYVIHG]PMRHIVWEVIEPWSEGGITXEFPIEW 8LIRYQFIVSJXIWXWEZIVEKIHJSVXLMWGSRXVSPGLEVXERHXLI
E[E]XSIZEPYEXIGYVMRKHSRIF]XLIGSRXVEGXSV*MIPHGYVIH ETTVSTVMEXIMRXIVJIVIRGIPMQMXGERFIZEVMIHXSWYMXIEGLNSF
G]PMRHIVWWLSYPHRSXFIGSRJYWIH[MXLWXERHEVHGYVIHG]PMRHIVW % GSRGVIXI WYTTPMIV [MXL E PEVKI RYQFIV SJ XIWXW JSV E
[LMGLEVITPEGIHYRHIVLMKLP]GSRXVSPPIHGSRHMXMSRW[MXLMR TEVXMGYPEVQM\XYVIGERIPIGXXSXVEGOXLIQSZMRKEZIVEKISJ
HE]WERHXIWXWSJ[LMGLEVIYWIHJSVEGGITXERGITYVTSWIW SVXIWXW%XEVKIXZEPYIGERFIIWXEFPMWLIHFEWIHSRJGV 
;LIVIEWVIUYMVMRKPEVKIEQSYRXWSJHEXEER]XVIRHWHIXIGXIH
{5YEPMX]GSRXVSPGLEVXW [MXLXLMWETTVSEGL[MPPFIWXVSRKERHWLMJXWMREZIVEKIWXVIRKXL
1ER]QERYJEGXYVMRKMRHYWXVMIWYWIUYEPMX]GSRXVSPGLEVXW GERFIIEWMP]HIXIGXIH8LIEZIVEKIWSJERHXIWXWGEREPWS
XS VIHYGI ZEVMEFMPMX] MRGVIEWI TVSHYGXMSR IJJMGMIRG] ERH FIYWIHMRQM\XYVIWYFQMXXEPHSGYQIRXEXMSR
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()83):%09%8-323*786)2+8,8)786)790873*'32'6)8) %'-6

*MK{8LVIIWMQTPMJMIHUYEPMX]GSRXVSPGLEVXW E MRHMZMHYEPWXVIRKXLXIWXW F QSZMRKEZIVEKISJJMZIWXVIRKXLXIWXWERH


G VERKISJX[SG]PMRHIVWMRIEGLXIWXERHQSZMRKEZIVEKIJSVVERKI

 8IWXMRKZEVMEFMPMX] GSRXVSPGLEVXJSVXLIVERKIWEWEGLIGOSRXLIYRMJSVQMX]SJMXW


 4YVTSWI{'LEVX G MR*MKWLS[WXLIQSZMRK STIVEXMSRW 8LIWI GLERKIW [MPP RSX VIZIEP HE]XSHE]
EZIVEKISJXLIVERKI[MXLXLIQE\MQYQHMJJIVIRGIFIX[IIR HMJJIVIRGIWMRXIWXMRKGYVMRKGETTMRKERHXIWXMRKTVSGIHYVIW
GSQTERMSRG]PMRHIVWGSQTVMWMRKEWMRKPIWXVIRKXLXIWX[LMGLMW 8LI EZIVEKI VERKI SJ XLI TVIZMSYW  GSRWIGYXMZI XIWXW
YWIHXSQSRMXSVXLIVITIEXEFMPMX]SJXIWXMRK8LIPEFSVEXSV]MW WIXWSJGSQTERMSRG]PMRHIVWEWHMWGYWWIHMR MWX]TMGEPP]
VIWTSRWMFPIJSVEGGYVEXIXIWXMRKXLIGSRXVEGXSVQE]FITIREPM^IH TPSXXIH-RXIVJIVIRGIPMQMXWJSVXLMWGSRXVSPGLEVXEVIFEWIHSR
MJXIWXWWLS[KVIEXIVZEVMEXMSRWSVPS[IVEZIVEKIWXVIRKXLPIZIPW EZIVEKIWXVIRKXLERHHIWMVIHPIZIPSJGSRXVSP
XLER EGXYEPP] I\MWX &IGEYWI XLI VERKI MR WXVIRKXL FIX[IIR  'EPGYPEXMSR SJ EGGITXEFPI XIWXMRK ZEVMEXMSR{
GSQTERMSR WTIGMQIRW JVSQ XLI WEQI WEQTPI MW XLI 'EPGYPEXMSR SJ XLI EGGITXEFPI VERKI FIX[IIR GSQTERMSR
VIWTSRWMFMPMX]SJXLIPEFSVEXSV]XLIPEFSVEXSV]QE]QEMRXEMRE G]PMRHIVWSJEXIWXHITIRHWSRXLIRYQFIVSJWTIGMQIRWMRXLI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83):%09%8-323*786)2+8,8)786)790873*'32'6)8) %'-6 

KVSYTERHXLI[MXLMRFEXGLZEVMEXMSREWHMWGYWWIHMR'LETXIV ZEVMEFMPMX] GER FI HIXIVQMRIH JVSQ XLI SZIVEPP WXERHEVH


8LIJSPPS[MRKTVSGIWWGERIWXEFPMWLMRXIVJIVIRGIPMQMXW JSV HIZMEXMSRERHXLI[MXLMRFEXGLWXERHEVHHIZMEXMSR
XLIQSZMRKEZIVEKIVERKIGSRXVSPGLEVX 8LI GSRGVIXI WYTTPMIV GER HMVIGXP] XVEGO TVSHYGXMSR
8LI I\TIGXIH ZEPYI SJ XLI EZIVEKI VERKI 6Q  GER FI TVSGIWWZEVMEFMPMX];LIR[MXLMRFEXGLWXERHEVHHIZMEXMSRMW
HIXIVQMRIH F] VIJSVQYPEXMRK )U   ERH )U   EW GSRWMWXIRXEWMXMWMRE[IPPVYRXIWXMRKTVSKVEQXLIWYTTPMIV
WLS[RMR)U  GERXVEGOXLISZIVEPPWXERHEVHHIZMEXMSR[LMGLMWIEWMIV*SV
GSRWXERX[MXLMRFEXGLZEVMEXMSRGLERKIWMRSZIVEPPWXERHEVH
6Q !JGV :H  HIZMEXMSR GER MRHMGEXI GLERKIW MR VE[ QEXIVMEPW SV XLI
GSRGVIXI TVSHYGXMSR ERH EVI XLIVIJSVI ZEPYEFPI XS XLI
8LI[MXLMRFEXGLGSIJJMGMIRXSJZEVMEXMSR:WLSYPHRSXFI GSRGVIXIWYTTPMIV
KVIEXIV XLER   JSV KSSH GSRXVSP SJ JMIPH GEWX WEQTPIW 'SRXVSP GLEVXW WLSYPH MRGSVTSVEXI E QSZMRK WXERHEVH
8EFPI 8LIVIJSVIJSVKVSYTWSJX[SGSQTERMSRG]PMRHIVW HIZMEXMSRSJEXPIEWXERHTVIJIVEFP]XIWXW'SQTYXIV
XLIIWXMQEXISJXLIGSVVIWTSRHMRKEZIVEKIVERKI[MPPFI FEWIHWTVIEHWLIIXWQEOIXLMWX]TISJGSRXVSPGLEVXIEW]XS
MQTPIQIRXFYXXLIPEVKIRYQFIVSJXIWXWVIUYMVIHPMQMXWXLI
GLEVXvWYWIJYPRIWWJSVVETMHP]MHIRXMJ]MRKTVSGIWWGLERKIW
6 Q !  JGV !JGV E
 'YQYPEXMZI WYQ '9791 {'9791 MW ERSXLIV
MRHYWXVMEPTVSGIWWGSRXVSPQIXLSHXLEX LEWFIIREHETXIHXS
SVJSVKVSYTWSJXLVIIGSQTERMSRG]PMRHIVW XLIGSRGVIXIMRHYWXV]-XMWEFPIXSVETMHP]MHIRXMJ]GLERKIWMR
ZEVMSYW QIEWYVIH TVSTIVXMIW SJ GSRGVIXI MR TVSHYGXMSR
6 Q !  JGV !JGV F 5YEPMX]GSRXVSPERHTVSFPIQVIWSPYXMSRVIUYMVIXLEXXLIGEYWI
JSV XLI GLERKI MR XLI EZIVEKI WXVIRKXL PIZIP SVMR WXVIRKXL
&IGEYWISJXLIYREGGITXEFP]PEVKIWXEXMWXMGEPYRGIVXEMRXMIW ZEVMEFMPMX] FI MHIRXMJMIH )EVP] HIXIGXMSR SJ GLERKIW MR XLI
MRXVSHYGIH F] XLI YWI SJ WQEPP WEQTPIW XLIWIMRXIVJIVIRGI EZIVEKI WXVIRKXL PIZIP MW YWIJYP JSV MHIRXMJ]MRK GEYWIW ERH
PMQMXWEVIIJJIGXMZISRP]EJXIVXLIEZIVEKIVERKIGSQTYXIH XEOMRKWXITWXSEZSMHJYXYVITVSFPIQWSVVIHYGIGSWXW8LMW
JVSQGSQTERMSRG]PMRHIVWXVIRKXLWJVSQEXPIEWXWXVIRKXL VIUYMVIWXLIEFMPMX] XSHMWXMRKYMWLFIX[IIR VERHSQZEVMEXMSRW
XIWXWLEWFIIRGEPGYPEXIH ERHZEVMEXMSRWJVSQEWWMKREFPIGEYWIW
 7YQQEV]{8SFIIJJIGXMZIGSRXVSPGLEVXWWLSYPHFI % TVSGIWW XLEX MW YRHIV GSRXVSP [MPP TVSHYGI WXVIRKXL
QEMRXEMRIHJSVXLIHYVEXMSRSJIEGLTVSNIGX%WEQMRMQYQ VIWYPXWXLEXZEV]VERHSQP]EVSYRHEQIERZEPYI8LIWYQSJ
XLI XIWXMRK PEFSVEXSV] WLSYPH QEMRXEMR E GSRXVSP GLEVX JSV XLIWIVERHSQHMJJIVIRGIWJVSQ XLIQIER[MPPFI^IVS8LI
EZIVEKI VERKI 3XLIV GSRXVSP GLEVXW QE] FI SJJIVIH EW E '9791GLEVXXVEGOWXLIGYQYPEXMZIWYQSJXLIHMJJIVIRGIW
WIVZMGIXSXLIIRKMRIIVSVEVGLMXIGX&IGEYWIEWMRKPIQM\XYVI ;LIR XLI HMJJIVIRGIW HS RSX EHHYT XS ^IVS XLI '9791
GERFIYWIHSRQYPXMTPITVSNIGXWGSRGVIXIWYTTPMIVWGERXVEGO TPSX [MPP ZIIV SJJ XLI YWYEPP] LSVM^SRXEP XVIRH JSVQMRK ER
XLI QSZMRK EZIVEKI VERKI SR E QM\XYVI F] QM\XYVI FEWMW ERKPIMRHMGEXMRKEGLERKILEWSGGYVVIH-XTVSZMHIWEHIXIGXMSR
1ER]WYTTPMIVWXVEGOMRHMZMHYEPTVSNIGXWXSSFXEMRHEXEJSV QIXLSH JSV WQEPP FYX VIEP GLERKIW MR EZIVEKI GSRGVIXI
XLIMVS[RYWI WXVIRKXL SV SXLIV QIEWYVIW SJ GSRGVIXI TIVJSVQERGI
'9791GLEVXWLIPTMHIRXMJ]XLIWM^ISJXLIWIGLERKIWERH
{%HHMXMSREPIZEPYEXMSRXIGLRMUYIW [LIR XLI] FIKER '9791 KIRIVEPP] TVSZMHIW KVIEXIV
1ER]SXLIVXIGLRMUYIWI\MWXJSVIZEPYEXMRKEWIVMIWSJHEXE WIRWMXMZMX]MRHIXIGXMRKWQEPPW]WXIQMGGLERKIWMREZIVEKI
JSV UYEPMX] GSRXVSP TYVTSWIW %W [MXL FEWMG GSRXVSP GLEVXW WXVIRKXL XLER FEWMG GSRXVSP GLEVXW ERH HIXIGXW XLIQ JEWXIV
EPXLSYKLXLIWIXIGLRMUYIW[IVIHIZIPSTIHJSVKIRIVEPMRHYWXVMEP
&S\IXEP(E](I[EV 
ETTPMGEXMSRWXLI]LEZIFIIREHETXIHJSVYWI[MXLGSRGVIXI
TVSTIVXMIW 8LIVIEVIPMQMXEXMSRWMRYWMRKE'9791GLEVX[LIRHEXE
EVILMKLP]ZEVMEFPIFYXXLIXIGLRMUYIMWSRP]WPMKLXP]QSVI
 3ZIVEPPZEVMEFMPMX]ERHGSRGVIXIWYTTPMIVvWZEVMEFMPMX]{
2SVQEPP]QIERGSQTVIWWMZIWXVIRKXLMWIWXMQEXIH[MXLEW GSQTPMGEXIHXLERGSRZIRXMSREPWXVIRKXLEREP]WMW'9791MW
JI[EWXIWXW[LIVIEWEXPIEWXXIWXWEVIRIIHIHXSIWXMQEXI IEWMP]MQTPIQIRXIHQERYEPP]F]ERIPIGXVSRMGWTVIEHWLIIX
WXERHEVH HIZMEXMSR 'LERKIW MR XLI QM\XYVI QEXIVMEPW SV SVF]EGSQQIVGMEPP]EZEMPEFPIGSQTYXIVTVSKVEQ%W[MXL
TVSTSVXMSRWLEZIEPEVKIVIJJIGXSRXLIEZIVEKIWXVIRKXLPIZIP ER] XIGLRMUYI XLI GSRGPYWMSRW VIEGLIH YWMRK E '9791
XLERSRWXERHEVHHIZMEXMSR*SVXLIWIVIEWSRWQSWXGSRXVSP GLEVXWLSYPHFIGSRJMVQIHF]EHHMXMSREPEREP]WMWSVMRZIWXMKE
GLEVXW EVI FEWIH SR EZIVEKIW SJ GSQTVIWWMZI WXVIRKXL XMSRFIJSVIQEOMRKGVMXMGEPHIGMWMSRW
1SRMXSVMRK SZIVEPP WXERHEVH HIZMEXMSR GER TVSZMHI MRWMKLX '9791MWYWYEPP]YWIHXSQSRMXSVGSQTVIWWMZIWXVIRKXL
MRXSGLERKIWMRXLIPIZIPSJGSRXVSPSVZEVMEFMPMX]SJTVSHYGXMSR FYXMXGERFIYWIHXSQSRMXSVER]RYQFIVSJZEVMEFPIW(E]
SVVE[QEXIVMEPWJSVXLIGSRGVIXIWYTTPMIV  VITSVXWWYGGIWWJYPP]YWMRK'9791GLEVXWXSQSRMXSV
%RIWXMQEXISJZEVMEXMSRHYIXSXIWXMRKXLI[MXLMRFEXGL E ZEVMIX] SJ GSRGVIXI TVSTIVXMIW ,I EPWS RSXIW QSRMXSVMRK
WXERHEVHHIZMEXMSRGERFISFXEMRIHJVSQXLIEZIVEKIVERKI QYPXMTPITVSHYGX '9791 GLEVXW [LMGL XVEGO E ZEVMIX] SJ
GLEVXSVF]HMVIGXGSQTYXEXMSR%WHMWGYWWIHMR'LETXIV GSRGVIXITVSTIVXMIWWMQYPXERISYWP]VIHYGIWXLITVSFEFMPMX]
XLI[MXLMRFEXGLZEVMEXMSRHYIXSZEVMEXMSRMRVE[QEXIVMEPW XLEXEGLERKI[MPPFIQMWWIHERHQEOIWMXIEWMIVXSMHIRXMJ]
ERHTVSHYGXMSRXLEXMWXLIGSRGVIXIWYTTPMIVvWSVTVSHYGIVvW XLIVIEWSRJSVXLIGLERKI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
 +9-()83):%09%8-323*786)2+8,8)786)790873*'32'6)8) %'-6

',%48)6{6)*)6)2')7 {'MXIHVIJIVIRGIW
{6IJIVIRGIHWXERHEVHWERHVITSVXW %RHIVWSR * (  w7XEXMWXMGEP 'SRXVSPW JSV ,MKL
8LI WXERHEVHW ERH VITSVXW PMWXIH FIPS[ [IVI XLI PEXIWX 7XVIRKXL 'SRGVIXIx ,MKL7XVIRKXL 'SRGVIXI 74
IHMXMSRW EX XLI XMQI XLMW HSGYQIRX [EW TVITEVIH &IGEYWI %QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1-TT
XLIWIHSGYQIRXWEVIVIZMWIHJVIUYIRXP]XLIVIEHIVMWEHZMWIH &S\ + ) 4 ,YRXIV ; + ERH ,YRXIV. 7 
XSGSRXEGXXLIWTSRWSVMRKKVSYTMJMXMWHIWMVIHXSVIJIVXSXLI 7XEXMWXMGWJSV)\TIVMQIRXIVW;MPI]
7SRW2I[=SVOTT
PEXIWXZIVWMSR 'SSO . )  w6IWIEVGL ERH %TTPMGEXMSR SJ ,MKL
7XVIRKXL 'SRGVIXI 9WMRK 'PEWW ' *P] %WLx 'SRGVIXI
%QIVMGER'SRGVIXI-RWXMXYXI -RXIVREXMSREP:2S.YP]TT
 7TIGMJMGEXMSRWJSV7XVYGXYVEP'SRGVIXI 'SSO . )  w TWM 'SRGVIXIx 'SRGVIXI
 &YMPHMRK'SHI6IUYMVIQIRXWJSV7XVYGXYVEP -RXIVREXMSREP:2S3GXTT
'SRGVIXIERH'SQQIRXEV] (E]/;'SRGVIXI1M\(IWMKR5YEPMX]'SRXVSP
ERH7TIGMJMGEXMSRXLMVHIHMXMSR)
*27TSRTT
%781-RXIVREXMSREP (IX[MPIV 6 . 7[SV 8 ) ERH 8LSQEW ; 
w%GGITXERGI8IWXMRK9WMRK\MR']PMRHIVWx 'SRGVIXI
120% 1ERYEPSR4VIWIRXEXMSRSJ(EXEERH'SRXVSP
-RXIVREXMSREP:2S.ERTT
'LEVX%REP]WMWXL)HMXMSR
(I[EV.(w(IZIPSTQIRXW MR'9791'SRXVSP
''1 4VEGXMGI JSV 1EOMRK ERH 'YVMRK 'SRGVIXI
7]WXIQW JSV 'SRGVIXI 7XVIRKXLx 4VSGIIHMRKW SJ XLI XL
8IWX7TIGMQIRWMRXLI*MIPH
)61'3'SRKVIWW-WXERFYP(IG
''1 8IWX 1IXLSH JSV 'SQTVIWWMZI 7XVIRKXL SJ
)VRXVS] , '  w8LI :EVMEXMSR SJ ;SVOW 8IWX
']PMRHVMGEP'SRGVIXI7TIGMQIRW
'YFIWx 6IWIEVGL 6ITSVX 2S  'IQIRX ERH 'SRGVIXI
''1 7TIGMJMGEXMSRJSV6IEH]1M\IH'SRGVIXI %WWSGMEXMSR0SRHSR9/TT
''1 4VEGXMGI JSV 7EQTPMRK *VIWLP] 1M\IH /SWQEXOE7,/IVOLSJJ&ERH4EREVIWI;'
'SRGVIXI w(IWMKRERH'SRXVSPSJ'SRGVIXI1M\XYVIWx)&JSYVXIIRXL
' 8IWX 1IXLSH JSV 1EOMRK %GGIPIVEXIH IHMXMSR4SVXPERH'IQIRX%WWSGMEXMSR7OSOMI-0TT
'YVMRKERH8IWXMRK'SRGVIXI'SQTVIWWMSR 0IQMRK 1 0  w4VSFEFMPMXMIW SJ 0S[7XVIRKXL
8IWX7TIGMQIRW )ZIRXWMR'SRGVIXIx%'-7XVYGXYVEP.SYVREP:2S
' 4VEGXMGIJSV'SRHYGXMRKER -RXIVPEFSVEXSV] 1E].YRITT
8IWX4VSKVEQXS(IXIVQMRIXLI4VIGMWMSRSJ 1ILXE 4 / ERH 1SRXIMVS 4 . 1  'SRGVIXI
8IWX1IXLSHWJSV'SRWXVYGXMSR1EXIVMEPW 1MGVSWXVYGXYVI 4VSTIVXMIW ERH 1EXIVMEPW XLMVH IHMXMSR
''1 8IWX 1IXLSH JSV 1IEWYVMRK )EVP]%KI 4VIRXMGI,EPPTT
'SQTVIWWMZI7XVIRKXLERH4VSNIGXMRK0EXIV 1IXGEPJ . &  w8LI 7TIGMJMGEXMSR SJ 'SRGVIXI
%KI7XVIRKXL 7XVIRKXL4EVX--8LI(MWXVMFYXMSR SJ7XVIRKXL SJ'SRGVIXI
( 7XERHEVH4VEGXMGIJSV6ERHSQ7EQTPMRKSJ JSV7XVYGXYVIWMR'YVVIRX4VEGXMGIx6606ITSVX2S06
'SRWXVYGXMSR1EXIVMEPW 6SEH6IWIEVGL0EFSVEXSV]'VE[XLSVRI&IVOWLMVITT
) 7XERHEVH4VEGXMGIJSV(IEPMRK[MXL3YXP]MRK 1YVHSGO'.w8LI'SRXVSPSJ'SRGVIXI5YEPMX]x
3FWIVZEXMSRW 4VSGIIHMRKW -RWXMXYXMSRSJ'MZMP)RKMRIIVW 0SRHSR :
4EVX.YP]TT
8LIWI TYFPMGEXMSRW QE] FI SFXEMRIH JVSQ XLI JSPPS[MRK 2EXVIPPE1+w)\TIVMQIRXEP7XEXMWXMGWx,ERHFSSO
SVKERM^EXMSRW 2S VITVMRXIH[MXLGSVVIGXMSRW 97(ITEVXQIRXSJ
'SQQIVGI2EXMSREP&YVIEYSJ7XERHEVHW RS[2EXMSREP-RWXM
%QIVMGER'SRGVIXI-RWXMXYXI XYXISJ7XERHEVHWERH8IGLRSPSK]?2-78A +EMXLIVWFYVK1(
2IZMPPI % 1  w8LI 6IPEXMSR &IX[IIR 7XERHEVH
'SYRXV]'PYF(VMZI
(IZMEXMSR ERH 1IER 7XVIRKXL SJ 'SRGVIXI 8IWX 'YFIWx
*EVQMRKXSR,MPPW1-
1EKE^MRI SJ 'SRGVIXI 6IWIEVGL 0SRHSR  :  2S 
[[[GSRGVIXISVK .YP]TT
2IZMPPI % 1  4VSTIVXMIW SJ 'SRGVIXI JSYVXL ERH
%781-RXIVREXMSREP JMREPIHMXMSR4IEVWSR)HYGEXMSR0XH)WWI\9/TT
&EVV,EVFSV(VMZI 6WGL ,  w7XEXMWXMGEP 5YEPMX] 'SRXVSP SJ
;IWX'SRWLSLSGOIR4% 'SRGVIXIx 1EXIVMEPTVYJYRK (YWWIPHSVJ  : 2S 
[[[EWXQSVK 2SZTT

%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
%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
+YMHIXS)ZEPYEXMSRSJ7XVIRKXL8IWX6IWYPXWSJ'SRGVIXI

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

Das könnte Ihnen auch gefallen