Beruflich Dokumente
Kultur Dokumente
ACI-543R-12-Guide To Design Manufacture and Installation of Concrete Piles
ACI-543R-12-Guide To Design Manufacture and Installation of Concrete Piles
+YMHIXS(IWMKR1ERYJEGXYVI
ERH-RWXEPPEXMSRSJ'SRGVIXI4MPIW
6ITSVXIHF]%'-'SQQMXXII
*MVWX4VMRXMRK
1EVGL
%QIVMGER'SRGVIXI-RWXMXYXI
%HZERGMRKGSRGVIXIORS[PIHKI
+YMHIXS(IWMKR1ERYJEGXYVI
ERH-RWXEPPEXMSRSJ'SRGVIXI4MPIW
'ST]VMKLXF]XLI%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1-%PPVMKLXWVIWIVZIH8LMWQEXIVMEPQE]RSXFI
VITVSHYGIHSVGSTMIHMR[LSPISVTEVXMRER]TVMRXIHQIGLERMGEPIPIGXVSRMGJMPQSVSXLIVHMWXVMFYXMSRERHWXSVEKI
QIHME[MXLSYXXLI[VMXXIRGSRWIRXSJ%'-
8LIXIGLRMGEPGSQQMXXIIWVIWTSRWMFPIJSV%'-GSQQMXXIIVITSVXWERHWXERHEVHWWXVMZIXSEZSMHEQFMKYMXMIWSQMWWMSRW
ERHIVVSVWMRXLIWIHSGYQIRXW-RWTMXISJXLIWIIJJSVXWXLIYWIVWSJ%'-HSGYQIRXWSGGEWMSREPP]JMRHMRJSVQEXMSRSV
VIUYMVIQIRXWXLEXQE]FIWYFNIGXXSQSVIXLERSRIMRXIVTVIXEXMSRSVQE]FIMRGSQTPIXISVMRGSVVIGX9WIVW[LS
LEZI WYKKIWXMSRWJSVXLIMQTVSZIQIRX SJ %'-HSGYQIRXWEVIVIUYIWXIHXSGSRXEGX%'-ZME XLI IVVEXE [IFWMXIEX
[[[GSRGVIXISVKGSQQMXXIIWIVVEXEEWT4VSTIVYWISJXLMWHSGYQIRXMRGPYHIWTIVMSHMGEPP]GLIGOMRKJSVIVVEXE
JSVXLIQSWXYTXSHEXIVIZMWMSRW
%'-GSQQMXXIIHSGYQIRXWEVIMRXIRHIHJSVXLIYWISJMRHMZMHYEPW[LSEVIGSQTIXIRXXSIZEPYEXIXLIWMKRMJMGERGI
ERH PMQMXEXMSRW SJ MXW GSRXIRX ERH VIGSQQIRHEXMSRW ERH [LS [MPP EGGITX VIWTSRWMFMPMX] JSV XLI ETTPMGEXMSR SJ XLI
QEXIVMEPMXGSRXEMRW-RHMZMHYEPW[LSYWIXLMWTYFPMGEXMSRMRER][E]EWWYQIEPPVMWOERHEGGITXXSXEPVIWTSRWMFMPMX]
JSVXLIETTPMGEXMSRERHYWISJXLMWMRJSVQEXMSR
%PPMRJSVQEXMSRMRXLMWTYFPMGEXMSRMWTVSZMHIHwEWMWx[MXLSYX[EVVERX]SJER]OMRHIMXLIVI\TVIWWSVMQTPMIHMRGPYHMRK
FYXRSXPMQMXIHXSXLIMQTPMIH[EVVERXMIWSJQIVGLERXEFMPMX]JMXRIWWJSVETEVXMGYPEVTYVTSWISVRSRMRJVMRKIQIRX
%'-ERHMXWQIQFIVWHMWGPEMQPMEFMPMX]JSVHEQEKIWSJER]OMRHMRGPYHMRKER]WTIGMEPMRHMVIGXMRGMHIRXEPSVGSRWI
UYIRXMEPHEQEKIWMRGPYHMRK[MXLSYXPMQMXEXMSRPSWXVIZIRYIWSVPSWXTVSJMXW[LMGLQE]VIWYPXJVSQXLIYWISJXLMW
TYFPMGEXMSR
-X MW XLI VIWTSRWMFMPMX] SJ XLI YWIV SJ XLMW HSGYQIRX XS IWXEFPMWL LIEPXL ERH WEJIX] TVEGXMGIW ETTVSTVMEXI XS XLI
WTIGMJMG GMVGYQWXERGIW MRZSPZIH [MXL MXW YWI %'- HSIW RSX QEOI ER] VITVIWIRXEXMSRW [MXL VIKEVH XS LIEPXL ERH
WEJIX]MWWYIWERHXLIYWISJXLMWHSGYQIRX8LIYWIVQYWXHIXIVQMRIXLIETTPMGEFMPMX]SJEPPVIKYPEXSV]PMQMXEXMSRW
FIJSVIETTP]MRKXLIHSGYQIRXERHQYWXGSQTP][MXLEPPETTPMGEFPIPE[WERHVIKYPEXMSRWMRGPYHMRKFYXRSXPMQMXIHXS
9RMXIH7XEXIW3GGYTEXMSREP7EJIX]ERH,IEPXL%HQMRMWXVEXMSR37,%
LIEPXLERHWEJIX]WXERHEVHW
4EVXMGMTEXMSRF]KSZIVRQIRXEPVITVIWIRXEXMZIWMRXLI[SVOSJXLI%QIVMGER'SRGVIXI-RWXMXYXIERHMRXLIHIZIPSTQIRX
SJ-RWXMXYXIWXERHEVHWHSIWRSXGSRWXMXYXIKSZIVRQIRXEPIRHSVWIQIRXSJ%'-SVXLIWXERHEVHWXLEXMXHIZIPSTW
3VHIVMRJSVQEXMSR%'-HSGYQIRXWEVIEZEMPEFPIMRTVMRXF]HS[RPSEHSR'(631XLVSYKLIPIGXVSRMGWYFWGVMTXMSRSV
VITVMRXERHQE]FISFXEMRIHF]GSRXEGXMRK%'-
1SWX%'-WXERHEVHWERHGSQQMXXIIVITSVXWEVIKEXLIVIHXSKIXLIVMRXLIERRYEPP]VIZMWIH%'-1ERYEPSJ'SRGVIXI
4VEGXMGI1'4
%QIVMGER'SRGVIXI-RWXMXYXI
'SYRXV]'PYF(VMZI
*EVQMRKXSR,MPPW1-
97%
4LSRI
*E\
[[[GSRGVIXISVK
-7&2
%'-6
+YMHIXS(IWMKR1ERYJEGXYVIERH-RWXEPPEXMSRSJ
'SRGVIXI4MPIW
6ITSVXIHF]%'-'SQQMXXII
;MPPMEQ0+EQFPI'LEMV :MW[EREXL/VMWLRE/YQEV
6S]1%VQWXVSRK ,YKL70EG]
6SFIVX2&VYGI.V 7XERPI]1IVNER
;MPPMEQ'MKKIPEOMW 'PMJJSVH63LP[MPIV
18(EZMWWSR 'LEH%7EYRHIVW
6YHSPTL4*VM^^M .SLR%8ERRIV
.SVKI0*YIRXIW )H[EVH.9PVMGL
.SLR7/EVTMRWOM
(IGIEWIH
.SLR&/IPP]
'SRWYPXMRKQIQFIVW
)VRIWX:%GVII.V .SWI-6IWXVITS
7TIGMEPEGORS[PIHKQIRXXS6YHSPTL4*VM^^MJSVLMWGSRXVMFYXMSRXSXLMWVITSVX
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7%'-6
',%48)6{-2863(9'8-32 {8]TIWSJTMPIW
{+IRIVEP 4VIGEWXGSRGVIXI TMPIW
4MPIW EVI WPIRHIV WXVYGXYVEP IPIQIRXW MRWXEPPIH MR XLI GSZIVW FSXL GSRZIRXMSREPP] VIMRJSVGIH GSRGVIXI TMPIW ERH
KVSYRH XS WYTTSVX E PSEH SV GSQTEGX XLI WSMP 8LI] EVI TVIWXVIWWIH GSRGVIXI TMPIW &SXL X]TIW GER FI JSVQIH F]
QEHISJWIZIVEPQEXIVMEPWSVGSQFMREXMSRWSJQEXIVMEPWERH GEWXMRK WTMRRMRK GIRXVMJYKEP GEWXMRK
WPMTJSVQMRK SV
EVI MRWXEPPIH F] MQTEGX HVMZMRK NEGOMRK ZMFVEXMRK NIXXMRK I\XVYWMSR ERH EVI QEHI MR ZEVMSYW GVSWWWIGXMSREP WLETIW
HVMPPMRKKVSYXMRKSVGSQFMREXMSRWSJXLIWIXIGLRMUYIW4MPIW WYGL EW XVMERKYPEV WUYEVI SGXEKSREP ERH VSYRH 7SQI
TMPIWEVIGEWX[MXLELSPPS[GSVI4VIGEWXTMPIWYWYEPP]LEZI
QER]X]TIWERHRI[X]TIWEVIWXMPPFIMRKHIZIPSTIH8LMW EYRMJSVQGVSWWWIGXMSRFYXGERLEZIEXETIVIHXMT4VIGEWX
VITSVXGSZIVWSRP]XLIX]TIWSJTMPIWGYVVIRXP]YWIHMR2SVXL GSRGVIXITMPIWEVIHIWMKRIHERHQERYJEGXYVIHXS[MXLWXERH
%QIVMGERGSRWXVYGXMSRTVSNIGXW%TMPIX]TIGERFIEWWMKRIH LERHPMRKERHHVMZMRKWXVIWWIWMREHHMXMSRXSWIVZMGIPSEHW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7%'-6
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7%'-6
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7%'-6
TVSTIVP]MRWXEPPIHERHJYRGXMSRMRKEWETEVXSJEREHIUYEXI J]W !
]MIPHWXVIWWSJWXIIPWLIPPTWM14E
TMPIWSMP W]WXIQ 8LYW MR EHHMXMSR XS MXW VIUYMVIH HIWMKR J]X !
]MIPHWXVIWWSJXVERWZIVWIVIMRJSVGIQIRXTWM14E
PSEHWXVYGXYVEPGETEGMX]HVMZIRTMPIWLEZIXSFIWXVYGXYVEPP] K EGGIPIVEXMSRSJKVEZMX]MRWQW
!
GETEFPISJFIMRKMRWXEPPIHXSXLIMVVIUYMVIHFIEVMRKGETEGMX] LG !
GVSWWWIGXMSREP HMQIRWMSR SJ TMPI GSVI GIRXIVXS
8LMWRIGIWWMXEXIWLEZMRKSRIWIXSJWXVYGXYVEPGSRWMHIVEXMSRW GIRXIVSJLSSTVIMRJSVGIQIRXMRQQ
JSVHVMZMRKERHERSXLIVJSVRSVQEPWIVZMGI9WYEPP]YRHIV - ! QSQIRXSJMRIVXMESJXLITMPIWIGXMSRMRQQ
XLIQSWXWIZIVI WXVIWWGSRHMXMSRW ETMPI[MPPIRHYVI SGGYV -K ! QSQIRXSJMRIVXMESJXLIKVSWWTMPIWIGXMSRMRQQ
HYVMRKHVMZMRK / ! LSVM^SRXEPWYFKVEHIQSHYPYWJSVGSLIWMZIWSMPWTWM
8LVIIPMQMXWXSXLIPSEHFIEVMRKGETEGMX]SJETMPIGERFI 2QQ
/ !
XLMVH HITIRHW SR XLI EFMPMX] SJ XLI WYFWSMP XS WYTTSVX XLI 0 ! TMPIPIRKXLMRQQ
TMPI*MVWXXLITMPIHVMZMRKWXVIWWIWGERRSXI\GIIHXLSWIXLEX 0W !
[MPPHEQEKIXLITMPI8LMWMRXYVRPMQMXWXLIHVMZMRKJSVGI 0Y ! PIRKXLSJTMPIEFSZIKVSYRHWYVJEGIMRQQ
SJXLITMPIEKEMRWXXLIWSMPERHXLIVIJSVIXLIHIZIPSTQIRX I ! IJJIGXMZITMPIPIRKXL!/ YMRQQ
SJXLIWSMPvWGETEGMX]XSWYTTSVXXLITMPI7IGSRHTMPIWEVI Y ! YRWYTTSVXIHWXVYGXYVEPTMPIPIRKXLMRQQ
HIWMKRIH XS QIIX WXVYGXYVEP VIUYMVIQIRXW YRHIV ETTPMGEFPI 1 ! TMPIQSQIRXMRPF2QQ
PSEHMRK GSRHMXMSRW ERH GSHIW [MXL GSRWMHIVEXMSR KMZIR XS 2
! WXERHEVHTIRIXVEXMSRXIWX2ZEPYIWGEPIHXSEWXERHEVH
XLIPEXIVEPWYTTSVXGSRHMXMSRWTVSZMHIHF]XLIWSMP8LMVHXLI
WSMPWLSYPHFIEFPIXSWYTTSVXXLITMPIPSEHW[MXLEREHIUYEXI IJJIGXMZISZIVFYVHIRTVIWWYVISJXSRJXO4E
JEGXSV SJ WEJIX] EKEMRWX E WSMPFIEVMRK GETEGMX] JEMPYVI ERH RL !
[MXLXSPIVEFPIHMWTPEGIQIRXW-RWXEXMGTMPIPSEHXIWXWGEVVMIH 2QQ
XSJEMPYVIMXMWYWYEPP]XLIWSMPXLEXKMZIW[E]ERHEPPS[WXLI 4 ! E\MEPXIWXPSEHSRTMPIPF2
TMPIXSTIRIXVEXIMRXSXLIKVSYRHTMPIWLEJXJEMPYVIWLS[IZIV 4E ! EPPS[EFPI E\MEP GSQTVIWWMSR WIVZMGI GETEGMX] PF
2
ETVSTIVTMPIHIWMKR 4EX ! EPPS[EFPIE\MEPXIRWMSRWIVZMGIGETEGMX]PF2
4Y ! JEGXSVIHE\MEPPSEHSRTMPIPF2
',%48)6{238%8-32%2(()*-2-8-327 6 ! VEHMYWSJK]VEXMSRSJKVSWWEVIESJTMPIMRQQ
{2SXEXMSR 6 ! VIPEXMZIWXMJJRIWWJEGXSVJSVTVIPSEHIHGPE]MRQQ
% ! TMPIGVSWWWIGXMSREPEVIEMRQQ
W ! WTEGMRKSJXMIWIXWEPSRKPIRKXLSJQIQFIVMRQQ
%G ! EVIESJGSRGVIXIMRGPYHMRKTVIWXVIWWMRKWXIIP
MR WY ! YRHVEMRIHWLIEVWXVIRKXLSJWSMPPFJXO4E!O2Q
QQ
WWT ! WTEGMRKSJLSSTWSVTMXGLSJWTMVEPEPSRKPIRKXLSJ
! %Kz%WXJSVVIMRJSVGIHGSRGVIXITMPIWMRQQ
QIQFIVMRQQ
%GSVI ! EVIESJGSVISJWIGXMSRXSSYXWMHIHMEQIXIVSJXLI 8 ! VIPEXMZI WXMJJRIWW JEGXSV JSV RSVQEPP] PSEHIH GPE]
WTMVEPWXIIPMRQQ
KVERYPEVWSMPWWMPXERHTIEXMRQQ
%K ! KVSWWEVIESJTMPIMRQQ
XWLIPP ! [EPPXLMGORIWWSJWXIIPWLIPPMRQQ
%GL ! EVIESJGSVI[MXLMRXVERWZIVWIVIMRJSVGIQIRXQIEWYVIH W ! VEXMS SJ ZSPYQI SJ WTMVEP VIMRJSVGIQIRX XS XSXEP
SYXXSSYXSJXLIVIMRJSVGIQIRXMRQQ
ZSPYQISJGSVISYXXSSYXSJWTMVEP
%T ! EVIESJWXIIPTMTISVXYFIMRQQ
! WXVIRKXLVIHYGXMSRJEGXSV
%TW ! EVIESJTVIWXVIWWMRKWXIIPMRQQ
G ! WXVIRKXLVIHYGXMSRJEGXSVMRGSQTVIWWMSR
%WL ! XSXEPEVIE SJ XVERWZIVWIVIMRJSVGIQIRXMR HMVIGXMSR X !
GSRWMHIVIHMRQQ
GSQFMRIH[MXLXIRWMSRSVTYVIXIRWMSR
%WT ! EVIESJWTMVEPSVXMIFEVMRQQ
%WX ! XSXEPEVIESJPSRKMXYHMREPVIMRJSVGIQIRXMRQQ
2.2—Definitions
FG ! [MHXLSJWIGXMSRMRHMVIGXMSRGSRWMHIVIHMRQQ
( ! WXIIPWLIPPHMEQIXIVMRQQ
ER SRPMRI VIWSYVGI w%'- 'SRGVIXI 8IVQMRSPSK]x LXXT
HGSVI ! HMEQIXIVSJGSVIWIGXMSRXSSYXWMHISJWTMVEPMRQQ
XIVQMRSPSK]GSRGVIXISVK
) ! QSHYPYWSJIPEWXMGMX]JSVTMPIQEXIVMEPTWM14E!
2QQ
',%48)6{+)38)',2-'%0()7-+2
)- ! 2QQ
'327-()6%8-327
JG ! {+IRIVEP
JTG ! IJJIGXMZITVIWXVIWWMRGSRGVIXIEJXIVPSWWIWTWM14E
-R XLI HIWMKR SJ ER] TMPI JSYRHEXMSR XLI REXYVI SJ XLI
JTW ! WXVIWW MR TVIWXVIWWIH VIMRJSVGIQIRX EX RSQMREP WYFWSMPXLIMRWXEPPEXMSRQIERWERHQIXLSHWERHXLIMRXIV
WXVIRKXLSJQIQFIVTWM14E
EGXMSR SJ XLI TMPIWSMP W]WXIQ YRHIV WIVZMGI PSEHW YWYEPP]
J] ! ]MIPH WXVIWW SJ RSRTVIWXVIWWIH VIMRJSVGIQIRX TWM GSRXVSPXLIEPPS[EFPITMPIPSEHGETEGMX]8LMWVITSVXHSIWRSX
14E
GSZIVMRHIXEMPXLITVMRGMTPIWSJWSMPQIGLERMGWERHFILEZMSV
J]L ! ]MIPH WXVIWW SJ XVERWZIVWI WTMVEP SV XMI VIMRJSVGI EWXLI]GEREJJIGXTMPIJSYRHEXMSRTIVJSVQERGI8LMWGLETXIV
QIRXTWM14E
HSIW MRGPYHI LS[IZIV E KIRIVEP HMWGYWWMSR SJ XLI QSVI
J]T ! ]MIPHWXVIWWSJWXIIPTMTISVXYFITWM14E
MQTSVXERXKISXIGLRMGEPGSRWMHIVEXMSRWVIPEXIHXSXLITVSTIV
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7%'-6
HIWMKRSJTMPIJSYRHEXMSRW*SVQSVIHIXEMPIHMRJSVQEXMSRSR ERHIZEPYEXMRKXLIX]TISJVIEGXMSRW]WXIQQSWXIGSRSQMGEP
KISXIGLRMGEP GSRWMHIVEXMSRW VIJIV XS KIRIVEP VIJIVIRGIW SR JSVTIVJSVQMRKWXEXMGPSEHXIWXW
WSMPQIGLERMGWERHTMPIHIWMKR%7')7)-2%:*%' 8IWXFSVMRKWWLSYPHFIQEHIEXIRSYKLPSGEXMSRWERHXS
4IGOIXEP4VEOEWLERH7LEVQE8IV^EKLM
IXEP
TMPIWXSTVSZMHIEHIUYEXIMRJSVQEXMSRSR EPP QEXIVMEPW XLEX
[MPP EJJIGX XLI JSYRHEXMSR GSRWXVYGXMSR ERH TIVJSVQERGI
{7YFWYVJEGIGSRHMXMSRW 8LIVIWYPXWSJXLIFSVMRKWERHWSMPWXIWXWXEOIRMRXSGSRWMH
/RS[PIHKI SJ WYFWYVJEGI GSRHMXMSRW ERH XLIMV IJJIGX SR IVEXMSR[MXLXLIJYRGXMSRSJXLITMPIWMRWIVZMGI[MPPEWWMWXMR
XLITMPIJSYRHEXMSRHIWMKRERHMRWXEPPEXMSRMWIWWIRXMEP8LMW HIXIVQMRMRKXLIX]TIWTEGMRKERHPIRKXLSJTMPIWXLEXWLSYPH
ORS[PIHKIGERFISFXEMRIHJVSQZEVMSYWWSYVGIWMRGPYHMRK
TVMSV I\TIVMIRGI MR XLI KISKVETLMGEP EVIE TIVJSVQERGI SJ IRHFIEVMRK TMPIW JVMGXMSR TMPIW SV E GSQFMREXMSR SJ FSXL
I\MWXMRK JSYRHEXMSRW YRHIV WMQMPEV GSRHMXMSRW ORS[PIHKI X]TIW
)RHFIEVMRK TMPIW{% TMPI GER FI GSRWMHIVIH IRH
I\TSWIH MR STIR GYXW ERH I\TPSVEXSV] FSVMRKW [MXL SV FIEVMRK [LIR MX TEWWIW XLVSYKL WSMP LEZMRK PS[ JVMGXMSREP
[MXLSYX HIXEMPIH WSMP XIWXW *VSQ WYGL MRJSVQEXMSR EPSRK VIWMWXERGI ERH MXW XMT VIWXW SR VSGO SV MW IQFIHHIH MR E
[MXL ORS[PIHKI SJ XLI WXVYGXYVI XS FI WYTTSVXIH ERH XLI QEXIVMEP SJ LMKL VIWMWXERGI XS JYVXLIV TIRIXVEXMSR WS XLEX
GLEVEGXIV ERH QEKRMXYHI SJ PSEHMRK JSV I\EQTPI GSPYQR XLI PSEH MW TVMQEVMP] XVERWQMXXIH XS XLI WSMP EX SV GPSWI XS
PSEHERHWTEGMRK
MXMWSJXIRTSWWMFPIXSQEOIETVIPMQMREV] XLI TMPI XMT 8LI GETEGMX] SJ IRHFIEVMRK TMPIW HITIRHW SR
GLSMGISJTMPIX]TIW
PIRKXLW
ERHTMPIHIWMKRPSEHW
XLIFIEVMRKGETEGMX]SJXLIWSMPSVVSGOYRHIVP]MRKXLITMPIW
3R WSQI TVSNIGXW I\MWXMRK WYFWYVJEGI HEXE ERH TVMSV ERH XLI WXVYGXYVEP GETEGMX] SJ XLI TMPI WLEJX 7IXXPIQIRX SJ
TMPIWMWGSRXVSPPIHTVMQEVMP]F]XLIGSQTVIWWMSRSJQEXIVMEPW
XMSR HIWMKR [MXL TMPI HVMZMRK TVSGIIHMRK SR XLI FEWMW SJ FIRIEXLXLITMPIXMTW
TIRIXVEXMSR VIWMWXERGI HITXL SJ IQFIHQIRX SV FSXL 3R *VMGXMSR FIEVMRK TMPIW{% JVMGXMSR TMPI HIVMZIW MXW
SXLIV TVSNIGXW I\XIRWMZI I\TPSVEXMSR ERH HIWMKRWXEKI TMPI WYTTSVX JVSQ XLI WYVVSYRHMRK WSMP TVMQEVMP] XLVSYKL XLI
HIZIPSTQIRX SJ WLIEVMRK VIWMWXERGI EPSRK XLI WMHIW SJ XLI
VIUYMVIQIRXW TMPI [MXL RIKPMKMFPI WLEJX PSEHW VIQEMRMRK EX XLI XMT 8LI
7YFWYVJEGI I\TPSVEXMSR GERRSX VIQSZI EPP YRGIVXEMRX] WLIEVMRK VIWMWXERGI GER FI HIZIPSTIH XLVSYKL JVMGXMSR EW
EFSYXWYFWYVJEGIGSRHMXMSRWSRTVSNIGXW[MXLTMPIJSYRHEXMSRW MQTPMIH SV MX QE] EGXYEPP] GSRWMWX SJ EHLIWMSR 8LI PSEH
%HHMXMSREP HEXE SR XLI EGXYEP I\XIRX SJ ZIVXMGEP ERH LSVM GETEGMX]SJJVMGXMSRTMPIWHITIRHWSRXLIEFMPMX]SJXLIWSMPXS
^SRXEPWYFWSMPZEVMEXMSRWEXETEVXMGYPEVWMXIGERFISFXEMRIH HMWXVMFYXITMPIPSEHWXSXLIWSMPFIRIEXLXLITMPIKVSYT[MXLMR
XLIXSPIVEFPIPMQMXWSJWIXXPIQIRXSJXLIWYTTSVXIHWXVYGXYVI
7YFWYVJEGI MRJSVQEXMSR GSPPIGXIH F] XLI HIWMKRIV JSV YWI 'SQFMRIHJVMGXMSRERHIRHFIEVMRKTMPIW{'SQFMRIH
MRHIZIPSTMRKXLIHIWMKRERHQSRMXSVMRKTMPIMRWXEPPEXMSRMW JVMGXMSRERHIRHFIEVMRKTMPIWHMWXVMFYXIXLITMPIPSEHWXSXLI
SJXIRMREHIUYEXI WSMPXLVSYKLFSXLWLIEVEPSRKXLIWMHIWSJXLITMPIERHFIEVMRK
%GSQQSRVIWYPXSJMREHIUYEXIWYFWYVJEGII\TPSVEXMSRMW
TMPIXMTIPIZEXMSRW XLEX JEPP FIPS[ XLI HITXLSJ XLIHIITIWX
I\TPSVEXMSR8LMWWMXYEXMSRSJXIRSGGYVWFIGEYWIETMPIJSYR XMZIQEKRMXYHIXLEXSRISJXLIQGERRSXFIMKRSVIH
HEXMSR[EWRSXGSRWMHIVIH[LIRI\TPSVEXMSRWXEVXIH;LIVIEW
HIITIV I\TPSVEXMSR [MPP RSX TVIZIRX TVSFPIQW JVSQ HIZIP {&IEVMRKGETEGMX]SJMRHMZMHYEPTMPIW
STMRK HYVMRK GSRWXVYGXMSR MR EPP GEWIW MRJSVQEXMSR JVSQ %JYRHEQIRXEPHIWMKRVIUYMVIQIRXSJEPPTMPIJSYRHEXMSRWMW
WYGLI\TPSVEXMSRWGERFIZEPYEFPIMRHIXIVQMRMRKGSVVIGXMZI XLEXXLI]EVIHIWMKRIHXSGEVV]XLIHIWMKRWIVZMGIPSEH[MXLER
STXMSRW JSV WSPZMRK XLSWI TVSFPIQW XLEX HS HIZIPST 8LI EHIUYEXIJEGXSVSJWEJIX]EKEMRWXEFIEVMRKGETEGMX]JEMPYVI
EHHMXMSREPGSWXSJHIITIVI\TPSVEXMSRHYVMRKXLIHIWMKRWXEKI 9WYEPP] HIWMKRIVW HIXIVQMRI XLI JEGXSV SJ WEJIX] EKEMRWX
MW XVMZMEP GSQTEVIH [MXL XLI GSWX SJ E GSRWXVYGXMSR HIPE] E FIEVMRK GETEGMX] JEMPYVI XLEX MW VIUYMVIH JSV E TEVXMGYPEV
VIUYMVIHXSSFXEMREHHMXMSREPWYFWSMPMRJSVQEXMSRSR[LMGL TVSNIGX EPSRK [MXL XLI JSYRHEXMSR PSEHW TMPI X]TIW
ERH
XSFEWIEHIGMWMSR WM^IW
XSFIYWIHERHERIWXMQEXISJXLITMPIPIRKXLWPMOIP]
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FIEVMRK WXVEXYQ [LMPI SFXEMRMRK SRP] PMQMXIH HEXE SR XLI PEXMSRTVSGIWWEVIKVSYTFILEZMSVPSRKXIVQFILEZMSVERH
SZIVP]MRKWXVEXEXLEXXLITMPIWLEZIXSTIRIXVEXI8LMWTVEGXMGI WIXXPIQIRX
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SR XLI SRIHMQIRWMSREP [EZI IUYEXMSR ERH EREP]WIW XLEX 4MPIW XLEXEVIWXEXMGEPP]XIWXIHMR GSRNYRGXMSR[MXLEGXYEP
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GETEGMX] JEMPYVI WLSYPH RSX FI PIWW XLER 'SRWMHIVEXMSR JVSQXLEXSFWIVZIHHYVMRKEPSEHXIWXSRERMRHMZMHYEPTMPI
SJXLITVIZMSYWP]WXEXIHZEVMEFPIWGSYPHPIEHXSXLIYWISJE 7SQISJXLIWIGSRWMHIVEXMSRWEVIHMWGYWWIHMR7IGXMSRW
LMKLIVJEGXSVSJWEJIX];LIRXLITMPIGETEGMX]MWFEWIHSR XLVSYKL XLVSYKLERH3RWSQITVSNIGXW
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XMSR 8LI EREP]WMW EPWS TVIHMGXW XLI TMPI WLEJX JSVGIW EW E TMPIERHWSMPFILEZMSV
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XLIHVMZMRKWXVIWWIWMRXLITMPIGVSWWWIGXMSR8LITVSGIWWMW FIGEYWIXLIHIWMKRIVGERTIVJSVQEREP]WIWHYVMRKXLIHIWMKR
VITIEXIH JSV WIZIVEP YPXMQEXI VIWMWXERGI ZEPYIW *VSQ XLI WXEKI SJE TMPI JSYRHEXMSR XS IZEPYEXI FSXL TMPIHVMZEFMPMX]
GSQTYXIVSYXTYXEGYVZIWLS[MRKXLIVIPEXMSRWLMTFIX[IIR ERH TMPIHVMZMRK WXVIWWIW JSVXLI ZEVMSYW WXEKIW SJMRWXEPPE
XLIYPXMQEXITMPIGETEGMX]ERHXLITIRIXVEXMSRVIWMWXERGIGER XMSR8LIWIVIWYPXWEMHMRQEOMRKHIWMKRHIGMWMSRWSRTMPI
FITPSXXIH8LIQE\MQYQGEPGYPEXIHXIRWMPIERHGSQTVIWWMZI HVMZMRK IUYMTQIRX JSV XLI TMPI WIGXMSR YPXMQEXIP] WIPIGXIH
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XMSR VIWMWXERGI SV XLI YPXMQEXI PSEH GETEGMX] -R XLI GEWI SJ VIUYMVIHGETEGMX]EXEGGITXEFPITMPIHVMZMRKWXVIWWPIZIPW*SV
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JSVEPPGSRHMXMSRWMRGPYHMRKLERHPMRKWXSVMRKERHXVERWTSVXMRK ,SVM^SRXEPERHIGGIRXVMGPSEHWGEYWIFIRHMRKWXVIWWIWMR
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MQTEGX4MGOYTERHFPSGOMRKTSMRXWWLSYPHFIEVVERKIHERH QSQIRXHMWXVMFYXMSREPSRKETMPIWYFNIGXIHXSPEXIVEPPSEHMRK
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GER FI IZEPYEXIH QSWX VIEHMP] XLVSYKL XLI YWI SJ QSQIRX
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HMWGYWWIHMR 8LMW WIGXMSR VIGSQQIRHW TVSZMWMSRW JSV IRWYVMRK XLEX
4
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WLSYPHFIHIWMKRIHXSVIWMWXXLIMRGVIEWIHJSVGIWEWWSGMEXIH ERHJSVXLIHMVIGXYWISJWXVIRKXLHIWMKR
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XMSRPSEHMRKSRXLITMPIERHTMPIFIRHMRKWXVIWWIWMJXLITMPIW E\MEPWIVZMGIGETEGMXMIWJSVGSRGIRXVMGEPP]PSEHIHPEXIVEPP]
EVIFEXXIVIH(S[R[EVHQSZIQIRXSJWSMPGEREPWSMQTSWI WYTTSVXIH TMPIW 8LI EPPS[EFPI WIVZMGI GETEGMXMIW 4E KMZIR
WSMP PSEHW SR FYVMIH TEVXW SJ WXVYGXYVIW WYGL EW XLI [EPPW MR
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F] WSMP JSVGIW SR FYVMIH TSVXMSRW SJ WXVYGXYVIW MR WIXXPMRK VIWYPXMRKJVSQEGGMHIRXEPIGGIRXVMGMXMIW0EXIVEPP]WYTTSVXIH
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MR[LMGLXLIKIRIVEPWLETIWSJQSQIRXE\MEP [LIVIXLIETTPMIHJSVGIWGEYWIRSQSVIXLERQMRSVFIRHMRK
JSVGI MRXIVEGXMSR HMEKVEQW JSV ZEVMSYW X]TIW SJ TMPIW [IVI QSQIRXWVIWYPXMRKJVSQEGGMHIRXEPIGGIRXVMGMX]
0EXIVEPP]
WXYHMIHMRHIXEMP WYTTSVXIHTMPIWWYFNIGXIHXSPEVKIVFIRHMRKQSQIRXWWLSYPH
FIXVIEXIHMREGGSVHERGI[MXLXLIWXVIRKXLHIWMKRTVSZMWMSRW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7%'-6
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7%'-6
RLJSVRSVQEPP] 8EFPIF{:EPYIWSJRL
PSEHIH GPE] MW IUYEP XS O HMZMHIH F] XLI HITXL ERH GER FI RL
7SMPX]TI PFMR O2Q
XLISVMKMR
JSVXLIXSTXSJXXSQ
SRXLIOZIVWYW
7ERH ERHMRSVKERMGWMPX
HITXL TPSX (EZMWWSRF
6ITVIWIRXEXMZI ZEPYIW SJ XLI 0SSWI
RL JSV SXLIV 1IHMYQ
WSMPWEVIWLS[RMR8EFPIF8LIWIZEPYIWEPWSETTP]XS (IRWI
WYFQIVKIHWSMPW 3VKERMGWMPX XS XS
4MPIW MR XVIWXPIW{*SV TMPIW WYTTSVXMRK XVIWXPIW SV 4IEX
QEVMRIWXVYGXYVIWXLEXGSYPHSGGEWMSREPP]VIGIMZIPEVKISZIV
PSEHW XLI GETEGMXMIW HIXIVQMRIH SR XLI FEWMW SJ WXVIRKXL F]PEXIVEPPSEHXIWX(EZMWWSRF
HIWMKR
SVXLIEPPS[EFPIWIVZMGIGETEGMXMIWHIXIVQMRIH
MR WLSYPH FI VIHYGIH F] TIVGIRX 8LI GETEGMX] MW
VIHYGIHJYVXLIVF]EVIHYGXMSRJEGXSVHITIRHMRKSRFSXLXLI WYFWXERXMEPP]YRHIVXLEXSJXLIPSEH
YVVEXMSERHXLILIEHERHIRHGSRHMXMSRW
7SQIXMQIW TMPIW HVMZIR SJJ SJ PSGEXMSR GER FI TYPPIH SV
TYWLIHFEGOMRXSTPERPSGEXMSRFYXXLMWTVEGXMGIMWRSXVIGSQ
{-RWXEPPEXMSRERHWIVZMGIGSRHMXMSRWEJJIGXMRK QIRHIH-JXLMWTVEGXMGIMWTIVQMXXIHXLIJSVGIYWIHXSQSZI
HIWMKR XLITMPIMRXSTVSTIVTSWMXMSRWLSYPHFIPMQMXIHERHGEVIJYPP]
7IZIVEPMRWXEPPEXMSRGSRHMXMSRWGEREJJIGXXLISZIVEPPTMPI GSRXVSPPIHEGGSVHMRKXSEPEXIVEPPSEHEREP]WMWGSRWMHIVMRKXLI
JSYRHEXMSR HIWMKR ERH XLI HIXIVQMREXMSR SJ TMPI GETEGMX] X]TIERHWM^ISJTMPIERHXLIWSMPGSRHMXMSRW8LMWMWIWTIGMEPP]
7SQISJXLIWIVIPEXIXSMRWXEPPEXMSRQIXLSHWIUYMTQIRXERH GVMXMGEP JSV TVIGEWX TMPIW YWIH JSV XVIWXPI WXVYGXYVIW [LIVI E
XIGLRMUYIW 'LETXIV
3XLIVWVIPEXIXSXLI WYFWSMP GSRHM PSRKQSQIRXEVQGERVIWYPXMRWXVYGXYVEPHEQEKIXSXLITMPI
IZIR[MXLVIPEXMZIP]PS[JSVGIWVIJIVXS
XLIIRKMRIIVGERRSXEPPS[JSVEPPGSRXMRKIRGMIWMREHIWMKR %\MEP EPMKRQIRX XSPIVERGIW{(IZMEXMSRW JVSQ
FYXQER]GERFITVSZMHIHJSVF]TVSTIVEREP]WMWSJWYFWSMP VIUYMVIHE\MEPEPMKRQIRXGERVIWYPXJVSQXLITMPIHVMZIRSJJ
VIUYMVIHEPMKRQIRXFYX[MXLMXWE\MWVIQEMRMRKWXVEMKLXXLI
TMPIHVMZIR[MXLMXWE\MWRSXSREWXVEMKLXPMRIJVSQTMPILIEH
8LIIJJIGXW SJ ZEVMEXMSRW SJ TMPI LIEH TSWMXMSRW ERH TMPI XSXMTSVEGSQFMREXMSRSJXLIWIX[S[MXLXLITMPIFIRXERH
EPMKRQIRXSRTMPIPSEHWERHTMPIWXVIRKXLWLSYPHFIMRGSVTS XLIXMTSJJMXWTPERPSGEXMSR(IZMEXMSRWJVSQEWXVEMKLXPMRI
VEXIHMRXLITMPIHIWMKR8LIWIPIGXMSRSJXSPIVERGIWJSVMRGSV E\MWGERXEOIXLIJSVQSJEPSRKW[IITMRKFIRHSVEWLEVT
FIRHGEPPIHEHSKPIK
TVEGXMGEPMX] SJ TMPI MRWXEPPEXMSR XS XLI TVSTSWIH XSPIVERGIW
QIRX [LIXLIV ZIVXMGEP SV FEXXIVIH WLSYPH FI [MXLMR XLI
WYFWYVJEGIGSRHMXMSRWERHXLIMVTSXIRXMEPIGSRSQMGEPMQTEGX JSPPS[MRKXSPIVERGIW
EW[IPPEWXLIMVIJJIGXWSRXLITMPIHIWMKR 8[S TIVGIRX SJ XLI TMPI PIRKXL JSV IQFIHHIH TMPIW
4MPILIEH PSGEXMSR XSPIVERGIW{7SQI XSPIVERGI HVMZIRXLVSYKLWERH]WSMPWSVWSJXGPE]W
WLSYPH FI EPPS[IHFIX[IIRXLI EWMRWXEPPIH TSWMXMSR SJ XLI *SYV TIVGIRX SJ XLI TMPI PIRKXL JSV IQFIHHIH TMPIW
TMPILIEHERHXLIHIWMKRPSGEXMSR(IZMEXMSRWJVSQXLITPER
TMPILIEHPSGEXMSRWGERFIGEYWIHF]WYVZI]IVVSVWMREGGY XIRG] FSYPHIVVMHHIR WSMPW SV FEXXIV TMPIW HVMZIR MRXS
VEXITSWMXMSRMRKSJXLITMPISZIVMXWPSGEXMSRWXEOIIUYMTQIRX KVEZIP
MREHIUYEXIXSLSPHXLITMPISRPSGEXMSRXLITMPIHVMJXMRKSJJ % QE\MQYQ SJ TIVGIRX SJ XLI XSXEP TMPI PIRKXL MR
PSGEXMSR HYI XS YRHIVKVSYRH SFWXVYGXMSRW SV WPSTMRK LEVH QEVMRIWXVYGXYVIW
WSMPWXVEXEQMWEPMKRQIRXSJTMPIWHVMZIRXLVSYKLSZIVFYVHIR 4MPIWHVMZIRSYXWMHISJXLIWIXSPIVERGIWWLSYPHFIVIZMI[IH
SVF]KIRIVEPKVSYRHQSZIQIRXWEJXIVXLITMPIWLEZIFIIR F]XLIIRKMRIIV8LIVIZMI[WLSYPHMRGPYHIGSRWMHIVEXMSRSJ
HVMZIRGEYWIHF]IQFEROQIRXTVIWWYVIWGSRWXVYGXMSRSTIV LSVM^SRXEPJSVGIWERHMRXIVJIVIRGI[MXLSXLIVTMPIWERHQE]
EXMSRWSVSXLIVWYVGLEVKIPSEHW VIUYMVIVIZMI[SJXLITMPIGET
8LIHIZMEXMSRXLEXWLSYPHFIEPPS[IHZEVMIW[MXLXLITMPI *SVE\MEPHIZMEXMSRWJVSQEWXVEMKLXPMRIFIRXTMPIW
XLI
PSEH ERH KVSYT WM^I % WQEPPIV XSPIVERGI MW VIUYMVIH JSV E EPPS[EFPIXSPIVERGIGSYPHVERKIJVSQXSTIVGIRXSJXLI
WMRKPITMPIGEVV]MRKEZIV]LMKLPSEH%PEVKIVXSPIVERGIGER TMPI PIRKXL HITIRHMRK SR WYFWSMP GSRHMXMSRW ERH X]TI SJ
FIEPPS[IHJSVEPEVKIKVSYTSJTMPIWYRHIVEWXVYGXYVEPQEX FIRH [LMGL GSYPH FI WLEVT I\GPYHMRK FVIEOW MR XLI TMPI
%XSPIVERGISJMRQQ
MRER]HMVIGXMSRMWVIEWSREFPI SV W[IITMRK FIRHW SJ ZEV]MRK VEHMM )\TIVMIRGI ERH PSEH
JSV RSVQEP TMPI YWEKI 1EVMRI [SVO ERH PEVKI TMPIW QE] XIWXW LEZI HIQSRWXVEXIH XLEX MR QSWX GEWIW XLI TEWWMZI
VIUYMVIPEVKIVXSPIVERGIW
+IRIVEPP] ER SZIVPSEH SJ TIVGIRX SR E TMPI HYI XS FIRHMRKWXVIWWIWXLEX GERHIZIPST*SV WIZIVIP] FIRX TMPIW
HIZMEXMSRSJXLITMPIPSGEXMSRHSIWRSXVIUYMVIQSHMJ]MRKXLI XLI GETEGMX] GER FI EREP]^IH F] WSMP QIGLERMGW TVMRGMTPIW
TMPI GET SV KVSYT -J XLMW SZIVPSEH MW I\GIIHIH EHHMXMSREP SV GLIGOIH F] PSEH XIWX ;LIR E\MEP EPMKRQIRX GERRSX FI
TMPIWWLSYPHFIMRWXEPPIHERH[LIVIRIGIWWEV]XLITMPIGET EHIUYEXIP]QIEWYVIHJSVHVMZIRTMPIWXLIXSPIVERGIWWLSYPH
FIQSVIGSRWIVZEXMZI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7%'-6
'SVVSWMSR{8LI TMPI IRZMVSRQIRX WLSYPH FI GEVI WTPMGI WXVIRKXL SV FSRH GETEGMXMIW SJ IMXLIV XLI HS[IPW SV
JYPP] GLIGOIH JSV TSWWMFPI GSVVSWMSR SJ IMXLIV XLIGSRGVIXI XLITMPIVIMRJSVGIQIRX8LIFSRHTVSFPIQ[MPPFIIWTIGMEPP]
SVXLIPSEHFIEVMRKWXIIP'SVVSWMSRGERFIGEYWIHF]HMVIGX WIZIVIJSVTVIXIRWMSRIHTMPIWERHXLIHS[IPWWLSYPHI\XIRH
GLIQMGEP EXXEGO JVSQ WSMP MRHYWXVMEP [EWXIW SV SVKERMG XLIJYPPHIZIPSTQIRXPIRKXLSJXLIWXVERH
SVS\MHEXMSR WTPMGIWMRGPYHMRK
;LIR XLI TMPI MW IQFIHHIH MR REXYVEP WSMP HITSWMXW EW )RHWSJWIKQIRXWWLSYPHFITPERIERHTIVTIRHMGYPEVXS
XLITMPIE\MW
S\MHEXMSR MW KIRIVEPP] RSX TVSKVIWWMZI ERH JVIUYIRXP] ZIV] 7TPMGIWWLSYPHLEZIEGIRXIVMRKHIZMGI
QMRSV 8LI TVIWIRGI SJ GSVVSWMZI GLIQMGEPW SV HIWXVYG 7TPMGIWWLSYPHFIW]QQIXVMGEPEFSYXE\MWSJXLIQIQFIV
XMZI IPIGXVMG GYVVIRXW WLSYPH FI HIXIVQMRIH ERH XLI TVSTIV 0SGOMRKERHGSRRIGXMSRHIZMGIWWLSYPHFIHIWMKRIHERH
TVIGEYXMSRWXEOIR7SMPWERH[EXIV[MXLLMKLWYPJEXIGSRXIRXW MRWXEPPIHXSTVIZIRXHMWPSHKIQIRXHYVMRKHVMZMRK
VIUYMVI WTIGMEP TVIGEYXMSRW XS EHHVIWW HYVEFMPMX] VIJIV XS
'LETXIV
MR XLI WTPMGI VIKMSR (S[IP FEVW XLEX EVI IQFIHHIH MR XLI
9RHIVHIXVMQIRXEPGSVVSWMZIIRZMVSRQIRXWI\TSWIHPSEH TMPIEWTEVXSJXLIWTPMGIQIGLERMWQQE]RIIHXSLEZIWXEK
FIEVMRK WXIIP WLSYPH FI TVSXIGXIH F] GSEXMRKW GSRGVIXI KIVIHGYXSJJTSMRXWVEXLIVXLEREPPIRHMRKEXXLIWEQIWIGXMSR
IRGEWIQIRX SV GEXLSHMG TVSXIGXMSR 'SRGVIXI GER FI (S[IPWTPMGIWWLSYPHLEZISZIVWM^IHKVSYXLSPIWXSTIVQMX
TVSXIGXIH JVSQ GLIQMGEP EXXEGO F] YWMRK WTIGMEP GIQIRXW
ZIV] VMGL ERH HIRWI QM\XYVIW WTIGMEP GSEXMRKW ERH WSQI IMXLIVHVMPPIHSVGEWX
XMQIW F] YWMRK WXIIP IRGEWIQIRX *MFIVKPEWW NEGOIXW LEZI 7YFWSMP FILEZMSV EJJIGXMRK TMPI HIWMKR GETEGMX]{
EPWSFIIRYWIH4MPIWTPMGIWQE]VIUYMVIWTIGMEPXVIEXQIRXXS 8LIVIEVIWIZIVEPGSRHMXMSRWSJWSMPFILEZMSVXLEXGERHIZIPST
TVSZMHIEHIUYEXIGSVVSWMSRVIWMWXERGI HYVMRKSVWYFWIUYIRXXSTMPIMRWXEPPEXMSRXLEXGEREJJIGXXLI
7TPMGIW{4VIGEWX TMPIW EVI YWYEPP] HIWMKRIH ERH WXVYGXYVEP TMPI GETEGMX] XLI KISXIGLRMGEP TMPI GETEGMX] SV
FSXL8LITSWWMFMPMX]SJXLIWITLIRSQIREWLSYPHFIVIGSK
RIIHIH MJ XLI PIRKXLW EVI QMWNYHKIH -R XLI GEWIW SJ ZIV] RM^IHF]XLIHIWMKRIV[LIRIWXEFPMWLMRKWYGLVIUYMVIQIRXW
PSRKTMPIWXLSWIPSRKIRSYKLXSQEOIQERYJEGXYVMRKXVERW EW X]TISJ TMPI TMPIPIRKXL VIMRJSVGMRKHIXEMPW MRWXEPPEXMSR
TVSGIHYVIWERHMRWTIGXMSRTVSGIHYVIW7SQISJXLIWIGSRHM
TEVXSJXLISVMKMREPHIWMKR7SQIWIGXMSREPTVIGEWXTMPIWLEZI XMSRWEVI
WXERHEVHWXSGOPIRKXLWERHWTPMGMRKMWETEVXSJXLIMVRSVQEP 7SMPVIPE\EXMSRERHJVII^I
QERYJEGXYVIERHYWEKI7IGXMSREPTMPIWGEREPWSFIQERHEXIH
F]LIEHVSSQPMQMXEXMSRWEXXLITMPIPSGEXMSRWSVF]XLIPMQMXW TVSKVIWWIWXLEXPIEHWXSZEVMEXMSRWMRTMPIPIRKXLW
SJXLIGSRXVEGXSVvWIUYMTQIRX8LIIRKMRIIVWLSYPHI\IVGMWI ERH
GSRXVSPSZIVXLIYWISJSVRIIHJSVTMPIWTPMGIWXLVSYKLXLIMV 8IQTSVEV]PMUYIJEGXMSRSJWSMPWHYVMRKTMPIMRWXEPPEXMSR
SVHYVMRKWIMWQMGIZIRXW
VIUYMVIQIRXW
7TPMGIW HVMZIR FIPS[ XLI KVSYRH WYVJEGI WLSYPH FI )JJIGX SJ ZMFVEXMSR SR GSRGVIXI{8LMW MW YWYEPP] E
HIWMKRIHXSVIWMWXXLIHVMZMRKJSVGIWERHXLIWIVZMGIPSEHW[MXL GSRWMHIVEXMSR MR MRWXEPPMRK'-4 GSRGVIXI TMPIWYWMRK EWXIIP
XLIWEQIJEGXSVSJWEJIX]EWXLIFEWMGTMPIQEXIVMEP%FSZI GEWMRK SV WLIPP 4MPI MRWXEPPEXMSR MW HSRI MR X[S WITEVEXI
KVSYRHWTPMGIWERHFYMPXYTTMPIWIGXMSRWWLSYPHFIHIWMKRIH
XSHIZIPSTXLIVIUYMVIHTMPIWXVIRKXLJSVXLIMQTSWIHPSEHW 9WYEPP] XLI GSRGVIXMRK STIVEXMSR JSPPS[W GPSWIP] FILMRH
ERHEPWSHVMZMRKJSVGIWMJXLI]EVIXSFIHVMZIREJXIVWTPMGMRK XLIHVMZMRKTVSZMHIHXLEXXLIZMFVEXMSRWGEYWIHF]HVMZMRK
7TPMGIWQE]RIIHXSFIHIWMKRIHXSVIWMWXXLIJYPPGSQTVIW HS RSX HEQEKI XLI JVIWL GSRGVIXI 8IWXW LEZI MRHMGEXIH
WMSRFIRHMRKERHXIRWMSRWXVIRKXLSJXLIFSH]SJXLITMPI XLEX TMPIHVMZMRK ZMFVEXMSR HYVMRK XLI MRMXMEP WIXXMRK TIVMSH
8SVWMSREPWXVIRKXLGERFIEGSRWMHIVEXMSRMRWSQIGEWIW8LI SJGSRGVIXILEWRSHIXVMQIRXEPIJJIGXSRXLIWXVIRKXLSJXLI
TSXIRXMEPJSVGSVVSWMSRWLSYPHFIGSRWMHIVIH[LIRWIPIGXMRK TMPI&EWXMER
8LIQMRMQYQHMWXERGIFIX[IIRHVMZMRK
SV SXLIV TVSXIGXMZI QIERW QE] LEZI XS FI TVSZMHIH [LIR XSJXXSQ
(EZMWWSRF*YPPIV
;LIRE
XLITMPIWTPMGI[MPPFII\TSWIHXSWIE[EXIVSVSXLIVWIZIVI
GSVVSWMSRLE^EVHW&VYGIERH,IFIVXEF
+EQFPIERH XSV]MJSRISTIRTMPIVIQEMRWFIX[IIRXLIHVMZMRKSTIVEXMSR
&VYGI
ERH:IRYXM
VITSVXSRXLIFILEZMSVSJ ERHEGSRGVIXIHTMPISVMJXLIQMRMQYQHMWXERGIMWJX
WIZIVEPHMJJIVIRXWTPMGIWERHHMWGYWWQER]SXLIVWTPMGIWXLEX Q
[LMGLIZIVMWPIWW;LIRKVSYRHLIEZISVVIPE\EXMSRMW
QE]FIEZEMPEFPI SGGYVVMRK LS[IZIV XLI GSRGVIXMRK STIVEXMSR WLSYPH RSX
*SVXLIHIXEMPIHHIWMKRSJXLIWTPMGIWIZIVEPHMJJIVIRXGVMX FIGPSWIVXSTMPIHVMZMRKXLERXLILIEZIVERKISVXLIVERKI
MGEPWIGXMSRWERHHMJJIVIRXJEMPYVIQSHIWWLSYPHFIGSRWMH [MXLMR[LMGLVIHVMZMRKMWVIUYMVIH
IVIH *SV MRWXERGI MJ XLI WTPMGI MRZSPZIW HS[IPW MR ER] 8LIWIUYIRGISJMRWXEPPEXMSRSJ'-7GSRGVIXITMPIWWLSYPH
JSVQ
XLIQSWXGVMXMGEPWIGXMSRGSYPHFIIMXLIVEXXLIIRHW FIGSRXVSPPIHXSTVIZIRXHEQEKIXSJVIWLP]TPEGIHGSRGVIXI
SJXLIWIGXMSRWFIMRKNSMRIHSVEXXLIIRHWSJXLIHS[IPFEVW F]XLIHVMZMRKSVHVMPPMRKSJEHNEGIRXTMPIW8LMWJVIUYIRXP]
8LIGETEGMX]GSYPHFIKSZIVRIHF]IMXLIVXLITMPIWXVIRKXL TVIGPYHIWXLIMRWXEPPEXMSRSJEHNEGIRXTMPMRKSRXLIWEQIHE]
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7%'-6
EW E QIERWSJTVIZIRXMRKKVSYRH HMWTPEGIQIRXW XLEXGSYPH 6IMRJSVGIQIRX JSV TVIGEWX GSRGVIXI TMPIW{4MPI
LEVQXLIMQQEXYVIGSRGVIXI FIEQGSPYQRFILEZMSVMWHIXIVQMRIHXSEKVIEXI\XIRXF]
&YVWXMRKSJLSPPS[GSVITVIWXVIWWIHTMPIW{-RXIVREP XLI VIMRJSVGIQIRX VEXMS % PMKLXP] VIMRJSVGIH WIGXMSR [MXL
VEHMEPTVIWWYVIWMRFSXLSTIRIRHIHERHGPSWIIRHIHLSPPS[ ETTVS\MQEXIP]TIVGIRXWXIIP[MPPLEZIETTVS\MQEXIP]XLI
TVIGEWXTMPIWPIEHXSXIRWMSRMRXLITMPI[EPPWERHGERGEYWI WEQI GVEGOMRK ERH ]MIPH QSQIRXW MQTP]MRK ER I\XVIQIP]
FYVWXMRKSJWYGLTMPIW8LIWIVEHMEPTVIWWYVIWGERVIWYPXJVSQ PEVKIVIHYGXMSRMRWXMJJRIWWEJXIVGVEGOMRKPIEHMRKXSMQQM
HVMZMRKSVMRWXEPPEXMSRGSRHMXMSRWWYGLEWYWISJMRXIVREPNIXW RIRXGSPPETWI%XTIVGIRXWXIIPXLI]MIPHQSQIRX[SYPH
[EXIVLEQQIVIJJIGXWPEXIVEPWSMPTPYKTVIWWYVIWSVGSRGVIXI FIQSVIXLERX[MGIXLIGVEGOMRKQSQIRXFYXXLIHIGVIEWI
MRWXMJJRIWWEJXIVGVEGOMRKMWWXMPPMQTSVXERX%XTIVGIRX
YRHIVWIVZMGIGSRHMXMSRWWYGLEWKEWTVIWWYVIFYMPHYTJVSQ PSRKMXYHMREPWXIIPGSRXIRXXLI]MIPHQSQIRX[MPPFIXS
HIGSQTSWMXMSRSJGSVIJSVQQEXIVMEPWSVMGITVIWWYVIJVSQ XMQIW XLI GVEGOMRK QSQIRX ERH XLI PSWW SJ WXMJJRIWW EX
JVII^MRK SJ JVII[EXIV MR XLI GSVI 8LI TSXIRXMEPIJJIGXW SJ GVEGOMRKMWPIWWMQTSVXERX4MPIW[MXLPIWW XLERTIVGIRX
WYGL MRXIVREP TVIWWYVIW WLSYPH FI IZEPYEXIH HYVMRK XLI WXIIP LEZI FIIR YWIH WYGGIWWJYPP] MR WSQI WSMP GSRHMXMSRW
HIWMKRSJWYGLTMPIWERH
FYX KVIEX GEVI MW VIUYMVIH MR LERHPMRK XVERWTSVXEXMSR ERH
HVMZMRKXSEZSMHHEQEKIHYIXSI\GIWWMZIFIRHMRKWXVIWWIW
4.5—Other design and specification 8LI PSWW SJ WXMJJRIWW EX GVEGOMRK GER FI I\XVIQIP] MQTSV
GSRWMHIVEXMSRW XERX JSV E TMPI MR [LMGL GSPYQR PIRKXL IJJIGXW FIGSQI
8LITMPIJSYRHEXMSRHIWMKRWLSYPHMRGPYHISXLIVGSRWMHIV MQTSVXERXWYGLEWMRTMPIWI\XIRHMRKXLVSYKLEMVSV[EXIV
&IGEYWISJXLMWFILEZMSVXLIGSQQMXXIIVIGSQQIRHWVIMR
JSVGIHGSRGVIXITMPIWXLEXEVIHVMZIRXSXLIMVVIUYMVIHFIEVMRK
TMPIW EVI MRWXEPPIH MR EGGSVHERGI [MXL XLI SZIVEPP HIWMKR ZEPYIWLEZIEPSRKMXYHMREPWXIIPGVSWWWIGXMSREPEVIERSXPIWW
7SQI SJ XLIWI GSRWMHIVEXMSRW EVI GPSWIP] VIPEXIH XS MXIQW XLERTIVGIRXRSVQSVIXLERTIVGIRXSJXLIKVSWWGVSWW
HMWGYWWIHMR'LETXIVWERH WIGXMSREPEVIESJXLITMPI-JEJXIVEXLSVSYKLEREP]WMWSJXLI
4MPIHMQIRWMSRW{9WYEPP]XLIQMRMQYQEGGITXEFPI LERHPMRKHVMZMRKERHWIVZMGIPSEHGSRHMXMSRWXLIHIWMKRIV
HMEQIXIV SV WMHI HMQIRWMSR JSV HVMZIR TMPIW MW MR IPIGXW XS YWI PIWW XLER TIVGIRX SJ KVSWW EVIE
PSRKMXY
QQ
)\GITXJSVEYKIVMRNIGXIHTMPIWERHHVMPPIHERHKVSYXIH HMREPWXIIPWYGLYWIWLSYPHFIPMQMXIHXSRSRWIMWQMGEVIEW
TMPIWHVMPPIHTMPIWEVIYWYEPP]EQMRMQYQSJMRQQ
%X PIEWX WM\ PSRKMXYHMREP FEVW WLSYPH FI YWIH JSV VSYRH SV
HMEQIXIV FYX MR QQ
HMEQIXIV GEWIW LEZI FIIR SGXEKSREPTMPIWERHEXPIEWXJSYVFEVWJSVWUYEVITMPIW
VITSVXIH-JGSRWXVYGXMSRSVMRWTIGXMSRTIVWSRRIPEVIVIUYMVIH 0SRKMXYHMREP WXIIP WLSYPH FI IRGPSWIH [MXL WTMVEP VIMR
XSIRXIVXLIWLEJXLS[IZIVXLIHMEQIXIVWLSYPHFIEXPIEWX JSVGIQIRXSVIUYMZEPIRXLSSTW0EXIVEPWXIIPWLSYPHRSXFI
MRQQ
WQEPPIV XLER ; SV ( [MVI %781 %%1
4MPI WLIPPW{4MPI WLIPPW SV GEWMRKW HVMZIR [MXLSYX ERHWTEGIHRSXQSVI XLER MRQQ
SRGIRXIVW8LI
E QERHVIP WLSYPH FI SJ EHIUYEXI WXVIRKXL ERH XLMGORIWW WTEGMRKWLSYPHFIGPSWIVEXIEGLIRHSJXLITMPI
XS [MXLWXERH XLI HVMZMRK WXVIWWIW ERH XVERWQMX XLI HVMZMRK 6IMRJSVGIQIRX JSV TVIGEWX TVIWXVIWWIH TMPIW{
IRIVK][MXLSYX JEMPYVI 4VSTIV WIPIGXMSR GER FIQEHI[MXL ;MXLMRXLI GSRXI\X SJ XLMWVITSVX PSRKMXYHMREP TVIWXVIWWMRK
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FIGSRGIRXVMG[MXLXLITMPIGIRXIVPMRISVE\MWERHTEVEPPIPXS QIRX SJ TVIWXVIWWIH VIMRJSVGIQIRX ERH XLI ETTPMGEXMSR
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XEMRTSWMXMSRSJXLIGSVI[MXLMRXLIXSPIVERGIWKMZIRMR WXVERHW WLSYPH FI HIXIRWMSRIH MR EGGSVHERGI [MXL 4'-
7XE]MRTPEGI GSVI JSVQW WLSYPH FI ZIRXIH XS TVIZIRX E 120 8LI HIXIRWMSRMRK QIXLSH WLSYPH QMRMQM^I
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XMSRSJYRWXVIWWIHVIMRJSVGIQIRX4VIWXVIWWMRKWXVERHWLSYPH WIGYVIH XS TVIZIRX QSZIQIRX HYVMRK GSRGVIXI TPEGIQIRX
FIJVIISJTMXXMRKERHI\GIWWMZIVYWX%PMKLXS\MHIMWTIVQMXXIH ERHGSQTEGXMSR
%'-7IGXMSR
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7XVERHWERHWTMVEPVIMRJSVGIQIRXMRGPYHMRKWUYEVIWTMVEPW FIYWIH[LIVIXLINIXTMTII\MXWXLIWMHISJXLITMPIERH[LIVI
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GSRGVIXITPEGIQIRXXSQEMRXEMRXLIWXVERHTEXXIVRXSTVIZIRX TMTIGERFIYWIHJSVXLIZIVXMGEPVYR
RIGOMRKHS[RSJXLIWXVERHF]XLIWTMVEPXYVRWERHXSSZIV
GSQI XLI REXYVEP WEK HYI XS XLI [IMKLX SJ XLI WXVERH ERH {1M\MRKXVERWTSVXMRKTPEGMRKERHGYVMRK
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XLVIIXYVRWSJWTMVEP[MVI[MXLERSYXWMHIHMEQIXIVIUYEPXS 1M\MRK{1M\MRK WLSYPH GSRJSVQ XS XLI KIRIVEP
XLIMRWMHIHMEQIXIVSJXLIWXVERHKVSYTGERFIMRWXEPPIHMRWMHI VIUYMVIQIRXW MR %'- 'LETXIV (IXEMPIH VIGSQ
XLI WXVERH KVSYT GMVGPI XS QEMRXEMR XLI WXVERH TEXXIVR SV QIRHEXMSRWEVIKMZIRMR%'-68LI[GQF]QEWW
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WTMVEPGEKILSPHYTWYTTSVXWEXXLIWTEGIVVMRKPSGEXMSRWEVI WEPX[EXIVSVTSXIRXMEPP]GSVVSWMZIKVSYRH[EXIV%HHMXMSREP
VIUYMVIHXSQEMRXEMRJYPPPIRKXLGSRGIRXVMGMX]MRXLIWIGXMSR MRJSVQEXMSRSRQM\XYVIHIWMKRMWKMZIRMR'LETXIVSJXLMW
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+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7%'-6
PSWWSJQEXIVMEPWERH[MXLSYXVIUYMVMRKXLIEHHMXMSRSJ[EXIV [EXIVJSVGIHXSXLIGIRXIVRIIHWXSFIHVEMRIHSVI\TIPPIH
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QM\XYVIW[MXLSYX[EXIVVIHYGMRKEHQM\XYVIWWPYQTWKIRIV
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8LIYWISJLMKLVERKI[EXIVVIHYGMRKEHQM\XYVIW[MPPEJJIGX ZMFVEXMSR[MPPLIPTXSQMRMQM^IXLIJSVQEXMSRSJFYFFPIWFYX
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EWVIUYMVIHXSGSRWSPMHEXIXLIGSRGVIXI9RMJSVQP]GSRWSPM [IEXLIVGSRGVIXMRKWLSYPHGSRJSVQXS%'-6
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EVSYRH WYGL MXIQW HYVMRK GEWXMRK :IRX LSPIW XLVSYKL XLI PMUYMH QIQFVERIJSVQMRK GSQTSYRHW JSV GYVMRK WLSYPH
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SJXLIQERHVIPSVJSVQ8LIQIXLSHSJWPMTJSVQMRKWLSYPHFI MWZMWMFPI FYX RSX WS PEXI XLEX XLI PMUYMH GYVMRK GSQTSYRH
WYGLXLEXXLITMPIMWJSVQIHXSXLIXVYIGVSWWWIGXMSR[MXLSYX
WPSYKLMRK MRXIVREP WTEPPMRK SV TPYGOMRK SJ XLI GSRGVIXI
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GSQTEGXIHF]GIRXVMJYKEPJSVGIMREWYMXEFPIQEGLMRIWSXLEX GSQTSYRHWLSYPHFIETTPMIHNYWXEJXIVXLIZMWMFPI[EXIVWLIIR
XLITMPIQSPHWGERFIVIZSPZIHEXWTIIHWRIGIWWEV]XSSFXEMR LEWHMWETTIEVIH1IQFVERIJSVQMRKGYVMRKGSQTSYRHWEVI
ER IZIR HMWXVMFYXMSR ERH HIRWI TEGOMRK SJ XLI GSRGVIXI RSXVIGSQQIRHIHEWEWSPIQIERWSJGYVMRK
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)\XIVREPZMFVEXSVWERHMRXIVREPVSPPIVWQE]FIYWIHXSLIPT TVIWWYVIWXIEQSV SXLIVLIEX WSYVGIWWYGL EW LSX[EXIV SV
GSQTEGXXLIGSRGVIXI LSXSMP PMRIW YRHIV XLI JSVQ SV IPIGXVMGEP LIEXMRK IPIQIRXW
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SVGSRHYGXMZILIEXWSYVGIWEVIYWIHEGYVMRKGSZIVMWEPWS MRXS GSRXEGX ERH LIPH XSKIXLIV F] GSQTVIWWMSR [LMPI XLI
VIUYMVIHXSVIXEMRXLILIEXERHXLYWEPPS[XLIIRXMVIGSRGVIXI WIEPMRKQEXIVMEPWIXW
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KVSYX 8LI TVIWXVIWW MR XLI XIRHSRW WLSYPH FI QEMRXEMRIH
VIKYPEXSVWWLSYPHFITVSZMHIHXSQEMRXEMRYRMJSVQXIQTIVE
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FIH WLSYPH RSX FI PIWW XLER TWM 14E
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XLI TVIWXVIWWMRK WXIIP XLEX MW WXVIWWIH EJXIV XLI WIGXMSRW EVI ;LIVI XLI WMHIW ERH FSXXSQ SJ XLI TMPI EVI EGGIWWMFPI
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WIEPMRKQEXIVMEPMWETTPMIHTMPIWIGXMSRWWLSYPHFIFVSYKLX GSQTSYRHW WLSYPH GSRJSVQ XS VIUYMVIQIRXW KMZIR MR
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%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7%'-6
HYVMRKXLIJSVQEXMSRSJXLIGSQTEGXIHFEWI8LITVIHIWMK 8LIVIJSVIXLIVEQZIPSGMX]EXMQTEGXERHLEQQIVIRIVK]
REXIHQMRMQYQJEPPMWQSRMXSVIHF]EQEVOSRXLILEQQIV MWEJYRGXMSRSJXLITVIWWYVISRXLIXSTSJXLITMWXSRHYVMRK
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)\XIVREPP]TS[IVIHLEQQIVW{,EQQIVWTS[IVIH HS[RWXVSOI(SYFPIEGXMRKLEQQIVWXIRHXSLEZIPMKLXVEQW
ERHLMKLWTIIHW
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TVIWWYVIMWVIPIEWIHXSXLIEXQSWTLIVI8LITVIWWYVIVIPIEWI X]TISJLEQQIVHMJJIVWJVSQEHSYFPIEGXMRKLEQQIVMRXLEX
MRL]HVEYPMGEPP]TS[IVIHLEQQIVWLS[IZIVMRZSPZIWVIGMV HYVMRKXLIHS[RWXVSOIXLIG]PMRHIVMWYRHIVIUYEPTVIWWYVI
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SR XLI TMPIHVMZMRK VMK QER] SJ XLIWI L]HVEYPMG LEQQIVW XSTSJXLITMWXSR8LITVIWWYVIFIPS[XLITMWXSRLS[IZIVMW
EPWSEPPS[XLILEQQIVWXVSOIXSFIGEVIJYPP]GSRXVSPPIHERH RSXVIPIEWIHEW[MXLXLIHSYFPIEGXMRKLEQQIV8LIEVIESJ
ZEVMIHERHGSRXEMRMRXIVREPVEQZIPSGMX]QSRMXSVMRKHIZMGIW XLITMWXSRXSTMWPEVKIVXLERXLITMWXSRFSXXSQEVIEHMJJIV
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VIWYPXMRK MR E RIX
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WXVSOI(YVMRKXLIHS[RWXVSOIXLIVEQMWEGGIPIVEXIHF]XLI
JSPPS[MRKTEVEKVETLW HMJJIVIRXMEPHS[R[EVHJSVGISRXLITMWXSRMREHHMXMSRXSXLI
7MRKPIEGXMRKLEQQIVWYWIWXIEQEMVSVL]HVEYPMGTVIW JSVGISJKVEZMX]8LIVIJSVIXLIVEQZIPSGMX]EXMQTEGXMWE
WYVISRP] XS VEMWI XLI VEQ 8LI VEQ MW EGGIPIVEXIH YT[EVH JYRGXMSRSJXLITVIWWYVISRXLITMWXSRHYVMRKXLIHS[RWXVSOI
YRHIVXLIJSVGIVIWYPXMRKJVSQXLISTIVEXMRKTVIWWYVIEGXMRK EW[IPPEWXLILEQQIVWXVSOI'SRXVSPSJXLIIRIVK]ERHVEQ
SR XLI FSXXSQ SJ XLI PMJXMRK TMWXSR %JXIV VMWMRK E GIVXEMR ZIPSGMX]GERXLYWFIEJJIGXIHF]XLIXLVSXXPI
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MW IRKEKIH XLEX WLYXW SJJ XLI TVIWWYVI WSYVGI ERH VIPIEWIW HIPMZIVMWIUYEPXSXLIXSXEP[IMKLXSJXLILEQQIVI\GPYHMRK
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VEQ IRKEKIW XLI XVMT ZEPZI MX LEW ER YT[EVH ZIPSGMX] ERH 'SVVIGX STIVEXMRK TVIWWYVI MW MRHMGEXIH F] E WPMKLX VEMWMRK
GSRXMRYIWXSXVEZIPYT[EVHYRXMPXLIHS[R[EVHEGGIPIVEXMSR SJ XLILEQQIVFEWI EX XLI WXEVX SJ IEGL HS[R[EVH WXVSOI
SJKVEZMX]VIHYGIWXLIYT[EVHVEQZIPSGMX]XS^IVS8LIXSXEP (MJJIVIRXMEP LEQQIVW KIRIVEPP] LEZI WLSVXIV WXVSOIW XLER
LIMKLXSJXLIVEQVMWIEX^IVSYT[EVHZIPSGMX]MWXLILEQQIV GSQTEVEFPI WMRKPIEGXMRK LEQQIVW VIWYPXMRK MR JEWXIV
WXVSOI 8LI VEQ XLIR WXEVXW MXW JEPP YRHIV XLI EGGIPIVEXMSR LEQQIVWTIIHWXLEXMWQSVIFPS[WTIVQMRYXI1SVIVETMH
EGXMSRSJXLIWILEQQIVWETTVS\MQEXIP]X[MGIXLEXSJWMRKPI
ZSPYQIWLSYPHFIWYTTPMIHEXXLILEQQIVTMWXSRXSVIWYPXMR EGXMRKLEQQIVWGERVIWYPXMREPS[IVXSXEPHVMZMRKXMQI
ERYT[EVHVEQZIPSGMX]EXXLIWXVSOIXSGYXSJJXLEX[MPPVEMWI (MIWIP LEQQIVW{(MIWIP LEQQIVW EVI TS[IVIH
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XLI WXVSOIXSGYXSJJ HMWXERGI ERH XLYW XLI LEQQIV WXVSOI VIEGXMSR8LMWI\TPSWMZIJSVGIEPWSWIVZIWXSTVSTIPXLIVEQ
LIMKLX SJ JEPP
7SQI LEQQIVWEVI IUYMTTIH[MXL QIGLE FEGOYTXSXLIXSTSJXLIWXVSOIERHVIWXEVXXLIG]GPI(MIWIP
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GYXSJJHMWXERGIMRWIGSRHW8LYWXLIHIPMZIVIHIRIVK]GERFI XLVYWXJVSQGSQFYWXMSRMRHMIWIPLEQQIVWMWQEMRXEMRIHSZIV
EHNYWXIHXSQIIXWTIGMEPHVMZMRKGSRHMXMSRW;LIRSTIVEXMRK E VIPEXMZIP] PSRKIV TIVMSH XLER XLI EGXYEP MQTEGX ERH XLYW
EWMRKPIEGXMRKLEQQIVMREWLSVXWXVSOIHQSHIXLIQSHM IRLERGIW TMPI TIRIXVEXMSR %PXLSYKL HMIWIP LEQQIVW LEZI
VIPEXMZIP]PMKLXIVVEQWERHPSRKIVWXVSOIWXLERWMRKPIEGXMRK
XLILEQQIVWXVSOI8LIEGXYEPWXVSOIHIZIPSTIH[MPPHITIRH SV HMJJIVIRXMEP LEQQIVW XLIVEQZIPSGMX]EXMQTEGX MW PIWW
SRXLIWSYVGITVIWWYVIERHERSZIVWYTTP]SJEMVSVWXIEQGER XLERXLIZIPSGMX]VIWYPXMRKJVSQXLILIMKLXSJJEPPFIGEYWISJ
PIEHXSSZIVWXVSOMRK XLIGYWLMSRMRKIJJIGXSJEMVGSQTVIWWMSRMRXLIGSQFYWXMSR
(SYFPIEGXMRK LEQQIVW YWI WXIEQ SV EMV TVIWWYVI XS GLEQFIV1SWXHMIWIPLEQQIVWLEZIEJYIPXLVSXXPIEHNYWX
TS[IV FSXL XLI YTWXVSOI ERH XLI HS[RWXVSOI SJ XLI VEQ QIRXJSVGSRXVSPPMRKXLIVEQWXVSOIERHXLYWXLITMPIWXVIWWIW
HYVMRK XLI LEQQIV G]GPI ;LIR XLI XVMT ZEPZI MW IRKEKIH HYVMRKIEW]HVMZMRK8LITVSTIVW]WXIQLEQQIVGYWLMSR
SR XLI YTWXVSOI XS VIPIEWI I\LEYWX
XLI TVIWWYVI FIRIEXL ERH TMPI
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[EWSTIRHYVMRKYTPMJXMWGPSWIHERHXLIWSYVGITVIWWYVIMW QSHIPWFSXLXLIGSQFYWXMSRG]GPIERHXLIMQTEGXJSVGIWSJ
HMZIVXIHXSXLIXSTSJXLITMWXSR(YVMRKXLIHS[RWXVSOIXLI HMIWIPLEQQIVW8LIZEVMEFPIIRIVK]SJXLIHMIWIPLEQQIV
VEQ MW EGGIPIVEXIH HS[R[EVH F] XLI JSVGI SJ XLI TVIWWYVI RIIHWXSFIGSRWMHIVIH[LIRIWXEFPMWLMRKXLITVSHYGXMSRTMPI
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4VSTIVP] HIWMKRIH QERHVIPW LEZI TVSZIR ZIV] IJJIGXMZI SJ XLITMPI [MXL ELEQQIV EYKQIRXW XLMW GSRWSPMHEXMSR %
MR SFXEMRMRK TIRIXVEXMSR SJ XLI TMPI XMT XLVSYKL LEVH WSMP
PE]IVW ERHSFWXVYGXMSRW;LIR LEVHQEXIVMEPWERHSFWXVYG EW[IPPEWEQMRMQYQHMWXERGIJSVXLITMPIXSFIHVMZIREJXIV
NIXXMRK WXSTW XS EGLMIZI XLI HIWMVIH GSRWSPMHEXMSR ERH XLI
WERHWERHTVIZIRXTVSTIVGSRGVIXMRKSJXLIWLIPPSVI\XVEG EZSMHERGI SJ ER] HIPIXIVMSYW IJJIGX SR TVIZMSYWP] HVMZIR
XMSRSJXLI QERHVIPLS[IZIV XLIYWI SJXLI QERHVIPQE] TMPIW.IXXMRKWLSYPHRSXFIHSRIFIPS[XLIXMTWSJTVIZMSYWP]
FIYRIGSRSQMGEP1ERHVIPWWLSYPHTVIZIRXHMWXSVXMSRSJXLI HVMZIRTMPIW8LIIJJIGXSJNIXXMRKSREHNEGIRXTMPIWERHWXVYG
WLIPPERHVIWMWXFIRHMRKERHHSKPIKKMRK[MXLMRPMQMXWWIXF] XYVIWWLSYPHFIGSRWMHIVIH
XLIHIWMKRIRKMRIIV -RKIRIVEPWMQYPXERISYWNIXXMRKERHHVMZMRKSJTVIGEWXSV
'IVXEMR X]TIW SJ '-7 GSRGVIXI TMPIW EVI GSRWXVYGXIH F] TVIWXVIWWIHGSRGVIXITMPIWMWYRHIWMVEFPI8LMWMWTEVXMGYPEVP]
HVMZMRKQERHVIPW[MXLSYXWLIPPWERHXLIRTPEGMRKGSRGVIXI XVYI[LIRXLINIXXMRKMWXEOMRKTPEGIFIPS[XLITMPIXMT[LMGL
XLSYKLXLIQERHVIPGSVIEWXLIQERHVIPMW[MXLHVE[R7LSIW MWPMOIP]XSVIWYPXMRPS[XMTVIWMWXERGIERHLMKLXIRWMSRWXVIWW
SVXMTWSJWYGLQERHVIPWQE]FII\TIRHEFPIERHVIQEMRMR
TPEGIEWXLIXMTSJXLITMPI;LIRXLIWLSIMWHIWMKRIHJSV HITXLXS[LMGL XLI NIXW GER FI STIVEXIH [LMPIHVMZMRK ERH
VIQSZEPMXWLSYPHFIHIWMKRIHWSEWRSXXSYRHYP]HMWXYVFSV LEQQIVIRIVK] VIWXVMGXMSRW WLSYPH FI XEOIR MJ GSRGVIXI
HMWVYTXXLIGSRGVIXIHYVMRK[MXLHVE[EP TMPIWEVIXSFIHVMZIR[LMPINIXXMRKMWXEOMRKTPEGIWSXLEXXLI
1ERHVIPWLEZIFIIRYWIHXSHVMZITMTITMPIWF]IRKEKMRK HVMZMRKWXVIWWIWEVIRSXI\GIWWMZI;LIRHVMZMRKSJTVIGEWX
SRP]XLIFSXXSQSJXLITMTIXLYWTYPPMRKXLITMTIHS[R[EVH SVTVIWXVIWWIHGSRGVIXITMPIWGSQQIRGIWEJXIVXLIGSQTPI
%WTIGMEPXMTHIXEMPMWVIUYMVIHEXXLIFSXXSQHVMZITSMRXXS XMSRSJNIXXMRKXLITMPIWLSYPHFIWIEXIHYWMRKEPS[LEQQIV
XEOIXLIGSRGIRXVEXIHQERHVIPJSVGIERHHMWXVMFYXIMXXSXLI IRIVK]XSHIZIPSTEVIEWSREFPIXMTVIWMWXERGIFIJSVIXLIJYPP
TMTI [EPP 8LI GYWXSQEV] XMTGPSWYVI TPEXI JSV XSTHVMZIR HVMZMRKIRIVK]MWYWIH
TMTITMPIWMWKIRIVEPP]MREHIUYEXIJSVXLMWTYVTSWI4MTITMPIW 8LI YWI SJ LMKLTVIWWYVI MRXIVREP NIXW MR LSPPS[GSVI
LEZI EPWS FIIR HVMZIR [MXL QERHVIPW XLEX WMQYPXERISYWP] GSRGVIXITMPIWGERFYVWXXLITMPIMJXLINIXTMTIFVIEOWHYVMRK
IRKEKIXLIGPSWYVITPEXISVETPYKEXXLITMPIXMTERHXLIXST MRWXEPPEXMSR IMXLIVJVSQ XLILMKL NIX TVIWWYVI SV JVSQ LMKL
SJXLITMTI-RXLMWGEWIXLITMTIERHQERHVIPPIRKXLWWLSYPH TVIWWYVIW KIRIVEXIH F] [EXIVLEQQIV IJJIGXW
FIGEVIJYPP]QEXGLIHWSXLEXXLIHVMZMRKJSVGIMWRSXXVERW HYVMRKWYFWIUYIRXHVMZMRK)\XIVREPNIXXMRKMWTVIJIVVIHJSV
QMXXIHTVMQEVMP]XLVSYKLXLITMTIXST LSPPS[GSVI GSRGVIXI TMPIW -J MRXIVREP NIXXMRKMW RIGIWWEV]
.IXXMRK{% HMWXMRGXMSR MW QEHI FIX[IIR TVINIXXMRK MXQE]FIHIWMVEFPIXSW[MXGLXSETMPISJWSPMHGVSWWWIGXMSR
ERHNIXXMRK4VINIXXMRKXEOIWTPEGIFIJSVIXLITMPIMWMRWIVXIH 4VIHVMPPMRK{4VIHVMPPMRK MW ER IJJIGXMZI XIGLRMUYI
MRXSXLIKVSYRH[LIVIEWNIXXMRKXEOIWTPEGIHYVMRKXLIMRWIV XS JEGMPMXEXI TMPI MRWXEPPEXMSR MR QER] WSMPW WYGL EW XLSWI
XMSRSJXLITMPIMRXSXLIKVSYRH.IXWTYHHMRKSVTVINIXXMRK GSRXEMRMRK LEVHTER GIQIRXIH WXVEXE LEVH GPE] SV HIRWI
MWXLIXIGLRMUYISJMRWXEPPMRKE[IMKLXIH[EXIVNIXEXXLITMPI GSQTEGXIHWERH(V]TVIHVMPPMRKGERFIHSRI[MXLIMXLIVE
PSGEXMSR XS FVIEO YT LEVH PE]IVW ERH GIQIRXIH WXVEXE 8LI
NIXMWXLIR[MXLHVE[RERHXLITMPIMRWXEPPIHMRXLIWEQIPSGE EYKIV ;LIR HVMPPMRK XLVSYKL GPE] XLI GPE] WSMPW QE]
XMSR8LMWTVINIXXMRKGEREPWSXIQTSVEVMP]WYWTIRHSVPMUYIJ]
XLIWSMPW[LMGLVIHYGIWXLIVIWMWXERGIXSTMPITIRIXVEXMSR-R
WSMPWGSRXEMRMRKFSYPHIVWGSFFPIWSVPEVKIKVEZIPTVINIXXMRK FIJEGMPMXEXIHF]EHHMRK[EXIVSVEMVXLVSYKLXLIHVMPPWXIQXS
SVNIXXMRKGERWIKVIKEXIXLIWIGSEVWIQEXIVMEPWXSXLIFSXXSQ FVIEOYTXLIWSMPERHGEVV]MXXSXLIWYVJEGI
;IXVSXEV]HVMPPMRKLEWFIIRYWIHXSI\GEZEXIHIITLSPIW
XLIQ [LIVIXLITS[IVVIUYMVIHJSVEYKIVMRK[SYPHFII\GIWWMZI
8LIYWISJI\XIVREPSVMRXIVREPNIXWHYVMRKTMPIMRWXEPPEXMSR -XMWTEVXMGYPEVP]WYMXIHXSTPEWXMGWSMPWXLEX[SYPHWXMGOXSXLI
GEREPWSEWWMWXTMPITIRIXVEXMSR.IXXMRK[MXLIMXLIVI\XIVREP
SV MRXIVREP NIXW VIHYGIW WOMR JVMGXMSR MR WERHW ERH WERH]
JVMGXMSRSRXLITMPIWMHIW;LIRWMROMRKETMPI[MXLEWMRKPI XLIEYKIV;EXIVSVHVMPPMRKQYHYWYEPP]EFIRXSRMXIWPYVV]
I\XIVREP NIX XLI TMPI XIRHW XS QSZI XS[EVH XLI NIX 8LIVI MWGMVGYPEXIH XLVSYKLXLIHVMPPWXIQ XS GEVV]XLIGYXXMRKWXS
JSVINIXWEVISJXIRKVSYTIHMRTEMVWSVEWEVMRKXSTVSZMHI XLIWYVJEGIERHXSOIITXLILSPISTIR8LIPEVKIUYERXMX]SJ
YRMJSVQHMWXVMFYXMSRSJ[EXIVEVSYRHXLITMPI-RXIVREPNIXWMR WPYVV]TVSHYGIHGERFIEWIVMSYWTVSFPIQERHMXWHMWTSWEP
WSQIMRWXERGIWLEZIQYPXMTPIRS^^PIWXSHMWXVMFYXIXLI[EXIV WLSYPHFITPERRIHJSVMREHZERGI
EVSYRH XLI TMPI 8LI IJJIGX SJ NIXXMRK SR TMPI EPMKRQIRX MW 4VIHVMPPMRKMWKIRIVEPP]EQSVIGSRXVSPPEFPIJSVQSJTVI
TEVXMGYPEVP]ETVSFPIQ[MXLFEXXIVTMPIWERHVIUYMVIWWTIGMEP I\GEZEXMSR XLER NIXXMRK [MXL PIWW TSXIRXMEP JSV HIXVMQIRXEP
EXXIRXMSR IJJIGXW SR EHNEGIRX TMPIW SV WXVYGXYVIW ERH XLI JVMGXMSREP
ERHXLIGSRWIUYIRXMRXIVEGXMSRSJWSMPERHTMPIEJXIVMRWXEPPE WYVIERHHVMPPXMQIEVIEQSRKXLIZEVMEFPIWXLEXWLSYPHFI
XMSRWLSYPHFIGSRWMHIVIH.IXXMRKMWYWYEPP]WXSTTIHFIJSVI GSRXVSPPIHXSPMQMXXLIIJJIGXWSJTVIHVMPPMRKSRTMPIGETEGMX]
8LITSWWMFPIIJJIGXSJTVIHVMPPMRKSREHNEGIRXTMPIWERHWXVYG
XLI PEWX JI[ JIIX MRXS YRHMWXYVFIH QEXIVMEP 1SWX KVERYPEV XYVIWWLSYPHFIGSRWMHIVIH
WSMPW[MPPFIVIGSRWSPMHEXIHEJXIVNIXXMRKWXSTWERHXLIHVMZMRK
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7%'-6
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7%'-6
-QTVSTIVEPMKRQIRXSJXLILEQQIVERHTMPIVIWYPXMRK MWTVIWIRXEXXLITMPITSMRXXLIGSQTVIWWMZIWXVIWW[EZI[MPP
MR ER IGGIRXVMG LEQQIV FPS[ XLEX GEYWIW LMKL WXVIWW
GSRGIRXVEXMSRW KMZIRXMQIXLIRIXWXVIWWEXETSMRXMRXLITMPIMWXLIEPKIFVEMG
-QTEGX SR PSRKMXYHMREP VIMRJSVGMRK WXIIP TVSXVYHMRK WYQSJXLIGSQTVIWWMZIWXVIWW[EZIXVEZIPMRKHS[RXLITMPI
EFSZIXLITMPILIEHVIWYPXMRKMRLMKLWXVIWWGSRGIRXVEXMSRW
MRXLIGSRGVIXIEHNEGIRXXSXLIVIMRJSVGIQIRX
0EGO SJ EHIUYEXI XVERWZIVWI VIMRJSVGIQIRX WTMVEP HITIRHWSRXLIQEKRMXYHISJXLIMRMXMEPGSQTVIWWMZIWXVIWW
XLIPIRKXLSJXLIWXVIWW[EZIVIPEXMZIXSXLITMPIPIRKXLERH
8LIXSTIHKIWERHGSVRIVWSJXLIGSRGVIXITMPIEVIRSX
GLEQJIVIHGEYWMRKXLIIHKIWSVGSVRIVWXSWTEPP PSRKWXVIWW[EZIMWHIWMVEFPIXSQMRMQM^IXLITSWWMFMPMX]SJ
*EXMKYIJEMPYVISJXLIGSRGVIXIYRHIVEPEVKIRYQFIVSJ HEQEKMRKXLITMPI
LEQQIVFPS[WEXELMKLWXVIWWPIZIP
4MPIXMTWTEPPMRK{7TEPPMRKSJGSRGVIXIEXXLITSMRX GSQTVIWWMZI WXVIWW [EZI XVEZIPMRK HS[R XLI TMPI [MPP FI
SJ XLI TMPI GER FI GEYWIH F] LMKL HVMZMRK VIWMWXERGI 8LMW
X]TISJVIWMWXERGIGERFIIRGSYRXIVIH[LIRJSYRHMRKXLITMPI 8IRWMPIWXVIWWIW[MPPRSXSGGYVYRHIVXLIWIGSRHMXMSRWYRXMP
TSMRXSRFIHVSGOSVSXLIVLMKLP]VIWMWXERXWXVEXE%PWSTMPIW
WIPHSQ MRXIVJEGI IZIRP] [MXL XLI VSGO VIWYPXMRK MR IGGIR
XVMGPSEHMRKERHLMKLIVXLEREZIVEKIWXVIWWIW'SQTVIWWMZI XIRWMPIWXVIWW[EZI-XMWTSWWMFPIJSVGVMXMGEPXIRWMPIWXVIWWIW
WXVIWW EX XLI TMPI XMT [LIR HVMZMRK SR FEVI VSGO GER XLIS XSSGGYVRIEVXLITMPILIEHMRXLMWGEWIWYGLEW[LIRHVMZMRK
VIXMGEPP]FI X[MGI XLI QEKRMXYHI SJXLI GSQTVIWWMZIWXVIWW SRXSVSGO[MXLEZIV]PMKLXLEQQIVVEQ[IMKLX
TVSHYGIHEXXLITMPILIEHF]XLILEQQIVMQTEGX9RHIVWYGL -R WYQQEV] XIRWMPI GVEGOMRK SJ TVIGEWX TMPIW GER FI
GSRHMXMSRW SZIVHVMZMRK SJ XLI TMPI ERH TEVXMGYPEVP] LMKL GEYWIHF]XLIJSPPS[MRK
VEQZIPSGMXMIWWLSYPHFIEZSMHIH-RXLIQSVIRSVQEPGEWIW
[LIVIXLIVIMWWSMPSZIVP]MRKXLIVSGOXMTWXVIWWIW[MPPKIRIV LIEH ERH XLI GSRGVIXI TMPI VIWYPXMRK MR E WXVIWW [EZI SJ
EPP]FISJXLIWEQISVHIVSJQEKRMXYHIEWXLILIEHWXVIWWIW LMKL QEKRMXYHI ERH WLSVX PIRKXL 8LI YWI SJ ER EHIUYEXI
4VSPSRKIH HVMZMRK EX LMKL FPS[ GSYRXW ERH LMKL XMTWXVIWW WSJX[SSH GYWLMSR MW JVIUYIRXP] XLI QSWX IJJIGXMZI [E] SJ
PIZIPWGEREPWSPIEHXSGSRGVIXIJEXMKYIJEMPYVIEXXLIXMT0MOI VIHYGMRKHVMZMRKWXVIWWIW7XVIWWVIHYGXMSRWSRXLISVHIVSJ
XLITMPILIEHXLITMPIXMTWLSYPHFITVSZMHIH[MXLEHIUYEXI TIVGIRXGERFISFXEMRIH[MXLRI[YRGVYWLIHGYWLMSRW
%WXLIGYWLMSRMWGSQTVIWWIHF]LEVHHVMZMRKXLIMRXIRWMX]
8VERWZIVWI GVEGOW{8VERWZIVWIXIRWMSR GVEGOMRK SJ XLI WXVIWW [EZI MRGVIEWIW 8LIVIJSVI XLI YWI SJ E RI[
GYWLMSRJSVIEGLTMPIMWVIGSQQIRHIH
IRSR-XGERSGGYVMRXLIYTTIVIRHQMHPIRKXLSVPS[IVIRH ,MKL VEQ ZIPSGMX] [LMGL TVSHYGIW E WXVIWW [EZI SJ
SJXLITMPI-XYWYEPP]SGGYVWMRTMPIWJXQ
SVQSVI LMKLQEKRMXYHI
MRPIRKXL-XGERSGGYV[LIRXLIXMTVIWMWXERGIMWPS[HYVMRK
HVMZMRKWYGLEWHVMZMRKMRZIV]WSJXWSMPWSV[LIRNIXXMRKSV SVRSXMTVIWMWXERGI8LMWGSRHMXMSRMWQSWXGVMXMGEPMRPSRK
TVIHVMPPMRKLEWVIHYGIHXLIWSMPVIWMWXERGIEXXLITMPIXMT-X TMPIWJXQ
SVQSVIMRPIRKXL8LMWMWTSWWMFPI[LIR
EPWS GER SGGYV EPXLSYKL VEVIP] [MXL PMKLX LEQQIVW [LIR HVMZMRKMRWSJXWSMPWXLVSYKLELEVHPE]IVMRXSERYRHIVP]MRK
VIWMWXERGIMWI\XVIQIP]LEVHEXXLITSMRXWYGLEWHVMZMRKSR WSJXIVPE]IVSV[LIRXLIWSMPEXXLIXMTLEWFIIR[IEOIRIH
WSPMHVSGO F]NIXXMRKSVHVMPPMRK1SWXGSQQSRP]XLIWIGVMXMGEPXIRWMPI
% GSQTVIWWMZI WXVIWW MW TVSHYGIH [LIR E LEQQIV VEQ WXVIWWIWSGGYVRIEVXLIYTTIVXLMVHTSMRXFYXXLI]GERSGGYV
WXVMOIWXLITMPILIEHSVGYWLMSR8LMWGSQTVIWWMZIWXVIWWMR EXQMHPIRKXLSVPS[IV
GSRGVIXITMPIWXVEZIPWEWE[EZIHS[RXLITMPIEXEZIPSGMX]SJ 'VMXMGEP XIRWMPI WXVIWWIW VIWYPXMRK JVSQ XLI WLSVX [EZI
ETTVS\MQEXIP]XSJXWXSQW
8LI TVSHYGIH[LIRHVMZMRKEKEMRWXZIV]LMKLXMTVIWMWXERGI[MXL
TIEOQEKRMXYHISJXLIWXVIWW[EZIHITIRHWSRXLIVEQTVST EVIPEXMZIP]PMKLXLEQQIVVEQ[IMKLX
IVXMIW[IMKLXWLETIQEXIVMEP
MQTEGXZIPSGMX]GYWLMSRMRK (MEKSREPGVEGOW{(MEKSREPXIRWMPIWXVIWWVIWYPXMRK
TMPI QEXIVMEP QSHYPYW SJ IPEWXMGMX] [EZI ZIPSGMX]
ERH JVSQ EX[MWXMRK QSQIRXETTPMIHXSXLITMPI GERGEYWITMPI
WSMPVIWMWXERGI&IGEYWIXLIWXVIWW[EZIXVEZIPWEXEGSRWXERX JEMPYVIKIRIVEPP]ETTIEVMRKEWWTMVEPSVXVERWZIVWIGVEGOMRK
ZIPSGMX]MREKMZIRTMPIXLIPIRKXLSJXLIWXVIWW[EZIHITIRHW
SRXLIHYVEXMSRXLEXXLILEQQIVVEQMWMRGSRXEGX[MXLXLI [MXLHMEKSREPXIRWMPIWXVIWWHYIXSXSVUYIXLIWMXYEXMSRGER
GYWLMSRSVTMPILIEH%LIEZ]VEQ[MPPWXE]MRGSRXEGX[MXL FIGSQIIZIRQSVIGVMXMGEP8SVWMSRSRXLITMPIGERFIGEYWIH
XLIGYWLMSRSVTMPILIEHJSVEPSRKIVXMQIXLEREPMKLXVEQ
XLYWTVSHYGMRKEPSRKIVWXVIWW[EZI-JEVEQWXVMOIWEXLMGO MXJVSQVSXEXMRKWPMKLXP]HYIXSWSMPEGXMSRSRXLIIQFIHHIH
SVWSJXGYWLMSRMX[MPPEPWSWXE]MRGSRXEGXJSVEPSRKIVTIVMSH TSVXMSRSJXLITMPIERHI\GIWWMZIVIWXVEMRXSJXLITMPIMRXLI
SJXMQIVIWYPXMRKMREPSRKIVWXVIWW[EZI PIEHWERHVSXEXMSRSJXLIPIEHW
8LIGSQTVIWWMZIWXVIWW[EZIXVEZIPMRKHS[RXLITMPIGER -RXIVREPFYVWXMRK GVEGOW{-RXIVREP VEHMEP TVIWWYVIW
MRFSXLSTIRERHGPSWIIRHIHLSPPS[TVIGEWXTMPIWPIEHXS
GSQTVIWWMZIWXVIWW[EZIHITIRHMRKSRXLIWSMPVIWMWXERGIEX XIRWMSR MR XLI TMPI [EPPW ERH GER GEYWI FYVWXMRK 0SRKMXY
XLITSMRXSVGERTEWWMRXSXLIWSMP-JPMXXPISVRSWSMPVIWMWXERGI HMREP WTPMXW HYI XS MRXIVREP FYVWXMRK TVIWWYVIW GER SGGYV
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7%'-6
[MXL STIRIRHIH LSPPS[ TVIGEWX TMPIW ;LIR HVMZMRK MR E
9WI EHIUYEXI GYWLMSRMRK QEXIVMEP FIX[IIR XLI
LEQQIV HVMZI LIEH ERH XLI GSRGVIXI TMPI 8LVII SV MR
ERH E L]HVEYPMGVEQ IJJIGX SGGYVW 8LMW GER FI TVIZIRXIH SV QQ
SJ WSJX[SSH GYWLMSRMRK QEXIVMEP QE]
F] TVSZMHMRK ZIRXW MR XLI [EPPW SJ XLI G]PMRHIV TMPI SV F] FIEHIUYEXI JSV TMPIW JX Q
SV WLSVXIV [MXL VIEWSR
GPIERMRKSVTYQTMRKTIVMSHMGEPP]8LMWGEREPWSSGGYV[LIR EFP] LMKL XMT VIWMWXERGI 7SJX[SSH GYWLMSR XLMGORIWWIW SJ
XLITMPILIEHMWHVMZIRFIPS[[EXIVMR[LMGLGEWIWYFWXERXMEP XS MR XS QQ
SV IZIR XLMGOIV EVI PMOIP] XS
ZIRXMRKWLSYPHFITVSZMHIHMRXLIHVMZMRKLIEH FI VIUYMVIH [LIR HVMZMRK PSRK TMPIW EKEMRWX PS[ XMT VIWMW
7SMP TPYKW GER JSVQ MRWMHI XLI TMPI ERH I\IVX E WTPMXXMRK XERGI%RI[GYWLMSRWLSYPHFITVSZMHIHJSVIEGLTMPI8LI
EGXMSR[LIRHVMZMRKSTIRIRHIHTVIGEWXTMPIW8LITPYKGER [SSHGYWLMSRMRKWLSYPHFIVITPEGIH[LIRMXFIGSQIWLMKLP]
FIFVSOIRYTHYVMRKHVMZMRKF]GEVIJYPYWISJEPS[TVIWWYVI GSQTVIWWIHGLEVVIHSVFYVRIHHYVMRKHVMZMRKSJETMPI-J
NIXMRWMHIFYXXLIQSWXTVEGXMGEFPIVIQIH]ETTIEVWXSFIXLI MX MW RIGIWWEV]XS GLERKI [SSH GYWLMSRMRKXS[EVH XLIIRH
TVSZMWMSRSJEHIUYEXIXVERWZIVWIVIMRJSVGIQIRXMRXLIJSVQ SJHVMZMRKXLIRHVMZMRKWLSYPHGSRXMRYIYRXMPXLIRI[GYWL
SJ WTMVEPW SV XMIW MR XLI TPYKJSVQMRK ^SRI 7SPMH XMTW [MPP MSRMRKLEWFIIREHIUYEXIP]GSQTVIWWIHFIJSVISFWIVZMRKXLI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7%'-6
SJPSRKFIRHWWLEVTFIRHWSVIZIRFVIEOW8LIYWISJETMPI TIVQMXMXW[MXLHVE[EP
SV TMPIQERHVIP GSQFMREXMSR SJ ETTVSTVMEXI WXMJJRIWW [MPP 7LIPPERHXLMR[EPPIHTMTITMPIWEVIWYFNIGXXSPSGEPFYGOPMRK
ERHGSPPETWI HYVMRKHVMZMRK ERH EJXIV XLIQERHVIP MW[MXL
HVE[REWEVIWYPXSJWSMPSVL]HVSWXEXMGTVIWWYVIWSVFSXLSV
ERHNSMRXWWLSYPHFIWXVSRKIRSYKLXSVIWMWXFIRHMRKHYVMRK EWXLIWITVIWWYVIWMRGVIEWI[LMPIHVMZMRKEHNEGIRXTMPIW8LI
HVMZMRK ERH EHNSMRMRK TMPI WIGXMSRW WLSYPH FI EGGYVEXIP] YWISJXLMGOIVQEXIVMEPW[MPPTVIZIRXHEQEKIHYVMRKHVMZMRK
EPMKRIH 'SPPETWI [LMPI HVMZMRK EHNEGIRX TMPIW GER FI TVIZIRXIH F]
YWMRK XLMGOIV TMTI SV WLIPP MRGVIEWMRK XLI GMVGYQJIVIRXMEP
MR '-4 TMPI WLIPPW ERH TMTIW EJXIV XLI] EVI HVMZIR 8LMW MW WXVIRKXL[MXLGSVVYKEXMSRWXIQTSVEVMP]TPEGMRKTMTIWLEZMRK
EPWSXVYISJWSQILSPPS[GSVIGSRGVIXITMPIWERHWSPMHTMPIW EQEVKMREPP]WQEPPIVHMEQIXIVMRXSXLIHVMZIRTMPIWSVXIQTS
IUYMTTIH [MXL ER MRWTIGXMSR HYGX 8LMW MRWTIGXMSR WLSYPH
EPWS ZIVMJ] XLI TMPIvW MRXIVREP GVSWWWIGXMSREP EVIE ERH XLEX WIUYIRGISJHVMZMRKGERFIEHNYWXIHF]TPEGMRKERHGYVMRKXLI
XLIJYPPPIRKXLSJXLITMPIGERFITVSTIVP]GSRGVIXIH%TMTI GSRGVIXIMRXLI WYWGITXMFPITMPIWFIJSVIHVMZMRKXLIEHNEGIRX
TMPI [MXL E PSRK FIRH SV HSKPIK MW KIRIVEPP] EGGITXEFPI MJ TMPIW
ER]TEVXSJXLITMPIXMTMWZMWMFPIJVSQXLIXST-JXLMWMWRSX %WMQMPEVTLIRSQIRSRGERXEOITPEGI[MXL'-7TMPIW8LI
XLI GEWI IPIGXVSRMG MRGPMRSQIXIV QIEWYVIQIRXW SV SXLIV MRWXEPPEXMSRSJEREHNEGIRXTMPIGERHMWTPEGIQEXIVMEPMRXSXLI
QIXLSHWGERFIYWIHXSHIXIVQMRIXLIKISQIXV]SJXLITMPI
-JXLIVIEVIQER]WYGLTMPIWMXQE]FIHIWMVEFPIXSWIPIGXXLI HERKIVMWQSVIJVIUYIRXP]EWWSGMEXIH[MXLVIPEXMZIP]MRGSQ
[SVWXGEWIJSVPSEHXIWXMRKXSIWXEFPMWLXLIQE\MQYQW[IIT TVIWWMFPI GSLIWMZI WSMPW 8LI WTEGMRK SJ XLI TMPIW MW SJ
XLEXGERFIXSPIVEXIHJSVXLIVIUYMVIHGETEGMX]0SEHXIWXWSR GSYVWI MQTSVXERX9WMRKEREGGIPIVEXMRKEHQM\XYVI WLSYPH
TMPIW[MXLPSRKW[IITMRKFIRHWERHHSKPIKWLEZIMRHMGEXIH LIPTXSVIHYGIXLIXMQISJI\TSWYVIXLMWGERXLIRFIGSYTPIH
WYFWXERXMEPGETEGMX]VIWYPXMRKJVSQ XLIWXMJJRIWW SJXLI TMPI [MXL E GSRXVSPPIH WIUYIRGI SJ HVMZMRK 9RGEWIH TMPIW EVI
ERHPEXIVEPVIWXVEMRXJVSQTEWWMZIWSMPTVIWWYVIW QYGLQSVIZYPRIVEFPIXSHMWXSVXMSRXLERGEWIHTMPIW
1MWEPMKRQIRX SJ TMPIW{7TIGMJ]MRK ER E\MEPEPMKR (MWXSVXMSR SJ TMPI XMTW{(MWXSVXMSR SJ TMPI XMTW GER
QIRXXSPIVERGIEWETIVGIRXEKISJEGXYEPPIRKXLMWGSQQSR SGGYVEWXLIXMTIRGSYRXIVWLEVHSVMVVIKYPEVQEXIVMEPWYGLEW
FSYPHIVW6IMRJSVGIQIRXSJXLIXMTF]EXLMGOIVFSXXSQTPEXI
FI QIX MR VIPEXMZIP] YRMJSVQ WSMPW [MXL KSSH IUYMTQIRX
ERHKSSHGSRWXVYGXMSRTVEGXMGI-RRSRYRMJSVQSVFSYPHIV
VMHHIRWSMPWLS[IZIVMXMWSJXIRMQTSWWMFPIXSTVIZIRXWSQI SJXLIXMTWIGXMSR[MXLGSRGVIXIGERQMRMQM^IHMWXSVXMSR-J
TMPIW JVSQ I\GIIHMRK XLMW XSPIVERGI ERH PEVKIV XSPIVERGIW XLIHMWXSVXMSRMWGEYWIHF]WYVJEGIVYFFPITVII\GEZEXMSRSJ
QE] FI ETTVSTVMEXI
)\GIWWMZI VIWXVMGXMSR SR E\MEP XLISFWXVYGXMSRWQE]FIQSVIETTVSTVMEXI
EPMKRQIRXSJXIRPIEHWXSEREXXIQTXXSVIWXVEMRXLITMPIWXSS )RPEVKIHXMT TMPIW{;LIR IRPEVKIHXMT TMPIW EVI
QYGL XLYW MRXVSHYGMRK FIRHMRK WXVIWWIW XLEX GER FI QSVI HVMZIR XLVSYKL GIVXEMR WSMPW MX QE] FI RIGIWWEV] XS XEOI
HIXVMQIRXEP4VSTIVMRMXMEPEPMKRQIRXSJXLITMPIMWMQTSVXERX WTIGMEPQIEWYVIWXSVIIWXEFPMWLXLIPEXIVEPWYTTSVXSJXLIWSMP
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7%'-6
EVSYRHXLITMPIWLEJXSVXSVIMRJSVGIXLITMPIWLEJXJSVGSPYQR 3RGIXLIHVMZMRKWXEVXWXLILEQQIVFPS[WLSYPHFIHIPMZ
EGXMSR8LIERRYPEVWTEGIGVIEXIHF]XLIIRPEVKIHXMTQMKLX IVIH IWWIRXMEPP] E\MEPP] ERH I\GIWWMZI W[E] SJ XLI PIEHIVW
TVIZIRXIH
WYGLTMPIWEVIYWIH[MXLVIPEXMZIP]LMKLGETEGMXMIWVIWYPXMRKMR 4MPI WYTTSVX MR XLI PIEHIVW WLSYPH FI TVSZMHIH
XLI YWI SJ WMRKPI TMPIW SV X[STMPI KVSYTW JSV IEGL GSPYQR [LIVI RIGIWWEV] JSV PSRK TMPIW &EXXIV TMPIW WLSYPH FI
WYTTSVXIH XS VIHYGI KVEZMX] FIRHMRK XS EGGITXEFPI PMQMXW
NIXXMRKSVTVIHVMPPMRKMWRIGIWWEV]XSEGLMIZITIRIXVEXMSRSJ XLIYWISJVSPPIVWMRXLIPIEHIVWMWSRIWYGLQIXLSH7PIRHIV
XLIIRPEVKIHXMTXLITSWWMFPIPSWWSJPEXIVEPWYTTSVXHIWIVZIW ZIVXMGEP TMPIW QE] VIUYMVI KYMHIW EX MRXIVZEPW XS TVIZIRX
WTIGMEPEXXIRXMSR FYGOPMRKYRHIVXLILEQQIVFPS[
{6IJIVXSJSVEHMWGYW 9WISJEXIPIWGSTMRKI\XIRWMSRMRXLIPIEHIVWQE]
FIVIUYMVIHXSTVIZIRXI\GIWWMZIFIRHMRKERHFYGOPMRKSJXLI
MRWXEPPEXMSRQIXLSHW TMPI PIRKXL FIPS[ XLI PIEHIVW [LIR HVMZMRK E PSRK YRWYT
TSVXIHPIRKXLSJTMPIFIPS[XLIFSXXSQSJXLIPIEHIVWIWTI
{,ERHPMRKERHTSWMXMSRMRKHYVMRKMRWXEPPEXMSR GMEPP][MXLFEXXIVTMPIW
4MPIWWLSYPHFILERHPIHERHTSWMXMSRIHXSSFXEMRXLITVSTIV 4VSXIGXMSR EKEMRWX FIRHMRK{%JXIV MRWXEPPEXMSR MR
TMPI PSGEXMSR ERH EPMKRQIRX ZIVXMGEP SV FEXXIV
[MXLSYX [EXIVXLITMPIWLSYPHFITVSXIGXIHEKEMRWXI\GIWWMZIFIRHMRK
MQTEMVMRKXLITMPIvWWXVYGXYVEPMRXIKVMX] JVSQ[EZIWGYVVIRXHIEH[IMKLXMRGEWISJFEXXIVTMPI
ERH
,ERHPMRK{4MPIW WLSYPH FI TMGOIH YT WS EW XS RSX EGGMHIRXEPMQTEGX7XE]MRKERHKMVXMRKWLSYPHFIYWIHYRXMP
GEYWI PSGEP FYPKMRK SV HIJSVQEXMSR SV MRHYGI I\GIWWMZI
FIRHMRK4VIGEWXTMPIWWLSYPHFITMGOIHYTERHLERHPIHWS WXE]IHXSIPMQMREXIFIRHMRKXLMWMWTEVXMGYPEVP]VIPIZERXXS
EW XSEZSMH XIRWMPI GVEGOWERH ER] MQTEGXHEQEKI FEXXIVTMPIW[LIVIXLILIEHWLSYPHFIWYTTSVXIHXSSZIVGSQI
ERH
XLI HIEH [IMKLX *VIUYIRXP] [LIR HVMZMRK MR HIIT [EXIV
4SWMXMSRMRK{'SVVIGX TSWMXMSRMRK VIUYMVIWEGGYVEXI EFEXXIVTMPIWLSYPHFIWXE]IHFIJSVIMXMWVIPIEWIHJVSQXLI
MRMXMEPWIXXMRKSJXLITMPI6IQSZEPSJRIEVWYVJEGISFWXVYG LEQQIV
XMSRW [MPP JEGMPMXEXI EGGYVEXI TSWMXMSRMRK ;LIVI EGGYVEG] 4YPPMRK MRXS TSWMXMSR{8LI LIEHW SJ TMPIW IZIR
SJ TSWMXMSR MW GVMXMGEP E XIQTPEXI E TVIHVMPPIH WXEVXIV LSPI MR [EXIV GERRSX FI TYPPIH MRXS TSWMXMSR [MXLSYX MRHYGMRK
SV FSXL GER FI YWIJYP -J XIGLRMUYIW WYGL EW TVINIXXMRK SV FIRHMRK1ER]TMPIWLEZIFIIRWIZIVIP]HEQEKIHWXVYGXYV
TVIHVMPPMRKEVIYWIHTVSTIVTSWMXMSRGSRXVSPWLSYPHEPWSFI EPP]IZIR[MXLVIPEXMZIP]PS[TYPPMRKJSVGIWFIGEYWISJXLI
I\IVGMWIHMRQEOMRKWYGLTVII\GEZEXMSRW PSRKPIZIV EVQ EZEMPEFPIMR QER] YRHIV[EXIVMRWXEPPEXMSRW
4MPI TSWMXMSR MW PEVKIP] IWXEFPMWLIH [LIR XLI TMPI MW 8LI HIWMKRIV WLSYPH GSRXVSP XLI TYPPMRK JSVGI F] WTIGM
MRMXMEPP] WIX %XXIQTXW XS GSVVIGX TSWMXMSR EJXIV HVMZMRK LEW J]MRKXLIQE\MQYQTYPPEPPS[IHEXXLIXSTSJXLITMPISVXLI
GSQQIRGIHSJXIRVIWYPXMRI\GIWWMZIFIRHMRKERHHEQEKIXS
XLITMPI'SVVIGXMSRSJTSWMXMSRSJTMPIWHYVMRKSVEJXIVMRWXEP
PEXMSR[MXLSYXVMWOMRKHEQEKIYWYEPP]VIUYMVIWI\XIRWMZINIXXMRK {6IMRJSVGMRKWXIIPERHWXIIPGSVITPEGIQIRX
EPSRKXLITMPIPIRKXL8LMWGERGEYWIYRHIWMVEFPI[IEOIRMRK +IRIVEP{6IUYMVIH VIMRJSVGMRK WXIIP WLSYPH FI
SJXLIWSMPSVSXLIVTVSFPIQW TPEGIH MR EGGSVHERGI [MXL HIWMKR HVE[MRKW ERH FI JVII SJ
6IJIVIRGIWXEOIWSJJWIXJVSQXLITVSTIVTMPIPSGEXMSRFIJSVI JSVIMKRQEXIVMEPXLEX[MPPMQTEMVMXWFSRH4VIEWWIQFP]MRXS
GEKIW [MXL EHIUYEXI WTEGIV FEVW [MPP JEGMPMXEXI EGGYVEXI
QSZIQIRXMWSFWIVZIHFIJSVIXLITMPILEWTIRIXVEXIHXSSJEV
8LIWIWXEOIWGEREPWSFIYWIHXSHIXIVQMRITMPIHVMJXJVSQ FI TVSZMHIH XS KMZI E JVEQI SV XVYWW EGXMSR MJ XLI GEKI MW
HIWMKR PSGEXMSR EJXIV XLI GSQTPIXMSR SJ HVMZMRK XLIVIF] XSFILERHPIH0EXIVEPXMIWGERMQTIHIGSRGVIXITPEGIQIRX
QEOMRKMXTSWWMFPIXSSJJWIXXLITPEGIQIRXSJSXLIVTMPIWMR
XLIVIJSVIXLI]WLSYPHFISJEWM^IERHWTEGMRKXLEX
XLIKVSYTERHPMQMXKVSYTIGGIRXVMGMX]MRXLITMPIGET8LI QMRMQM^IWTPEGIQIRXTVSFPIQW
YWISJ WYGL VIJIVIRGI WXEOIWXS GIVXMJ] EWHVMZIR TMPIPSGE -R'-4SV'-7TMPIWWXSTTMRKEPPVIMRJSVGMRKFEVWEXSRI
XMSRWMWRSXVIGSQQIRHIHXLMWWLSYPHFIHSRIF]EWITEVEXI IPIZEXMSR GER GVIEXI E TPERI SJ [IEORIWW
7SQI
ERHMRHITIRHIRXWYVZI]EJXIVEPPTMPIWMREKVSYTEVIHVMZIR HIWMKRIVWTVIJIVXSI\XIRHSRISVQSVIFEVWXS[EVHXLIXMT
'SRXVSP SJ EPMKRQIRX{%W [MXL TSWMXMSRMRK TVSTIVP] MRXLI'-7SV'-4TMPIW[MXLZIV]XLMRWLIPPWXSTVSZMHITMPI
ETTPMIH GSRXVSP SJ EPMKRQIRX WLSYPH FI I\IVGMWIH FIJSVI GSRXMRYMX]
HVMZMRKFIKMRW8LIHVMZMRKVMKWLSYPHLEZIWXEFPIWYTTSVXWS (S[IPW{(S[IPW GER FI YWIH XS GSRRIGX XLI TMPI
XLEXEPMKRQIRXSJXLIPIEHIVWERHTMPIHSIWRSXWLMJXHYVMRK LIEHXSXLITMPIGETSVWXVYGXYVIEFSZIERHXSVIWMWXJSVGIWSV
MRWXEPPEXMSR -J XIGLRMUYIW WYGL EW TVINIXXMRK SV TVIHVMPPMRK QSZIQIRXWEXXLILIEHSJXLITMPI*SV'-4TMPIWHS[IPWGER
EVIYWIHTVSTIVEPMKRQIRXGSRXVSPWLSYPHEPWSFII\IVGMWIH FI LIPH MR TSWMXMSR EW RSVQEP VIMRJSVGIQIRX HYVMRK TPEGI
MRQEOMRKWYGLTVII\GEZEXMSRW QIRXSJXLIGSRGVIXISVTPEGIHF]MRWIVXMRKZMFVEXMRK
MRXS
&SXL XLI HVMZIV PIEHIVW ERH XLI TMPI WLSYPH FI XLIJVIWLP]TPEGIHGSRGVIXI
TVSTIVP] EPMKRIH XS XLI VIUYMVIH TMPI SVMIRXEXMSR ZIVXMGEP (S[IPWMRTVIGEWXTMPIWGERFITEVXMEPP]IQFIHHIHMRXLI
SV FEXXIV
FIJSVI HVMZMRK WXEVXW :IVXMGEP TMPI EPMKRQIRX TMPILIEHERHPIJXTVSXVYHMRK-RXLMWGEWIXLIHVMZMRKLIEH
WLSYPH FIGLIGOIH F] QIERW SJEGEVTIRXIVvW PIZIP &EXXIV [MPPFIGSRWXVYGXIHXSLEZIGSVVIWTSRHMRKLSPIW[MXLIRSYKL
TMPIWWLSYPHFIWIX[MXLERETTVSTVMEXIXIQTPEXIERHPIZIP TPE]XSTVIZIRXXSVWMSRSVFIRHMRKMRXLITMPI(S[IPWGER
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7%'-6
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7%'-6
WYGLEWXLIQE\MQYQGSEVWIEKKVIKEXIWM^ITIVGIRXEKISJ
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7%'-6
GSEVWIEKKVIKEXIMRXLIQM\XYVIERHXLIGSLIWMZIRIWWSJXLI
GSRGVIXIQM\XYVI;LIRYWMRKQM\XYVIW[MXLVIHYGIHGSEVWI SXLIVQIERWEWHIWGVMFIHMR*MRIKVEMRIHQEXIVMEPXLEX
EKKVIKEXISVSXLIVGSLIWMZIQM\XYVIWXLEXLEZILMKLGIQIRX VIQEMRWMRWYWTIRWMSRMWHMWTPEGIHF]XLIXVIQMIGSRGVIXI
ERHWERHGSRXIRXWETVIGLEVKISJVMGLKVSYXMWRSXX]TMGEPP] *SV XVIQMI TPEGIQIRX E WQEPPIVHMEQIXIV TMTI [MXL E
VIUYMVIH TPYKKIHIRHMWPS[IVIHXSXLIFSXXSQSJXLITMPI8LITMTIMW
4VSZMHIHXLIGSRGVIXIMWTPEGIHMRHV]GSRHMXMSRWYWMRKE
WXIITWMHIHJYRRIPGIRXIVIHSRXLITMPIEWHIWGVMFIHLIVIMR SR XLI FSXXSQ 8LI TMTI MW XLIR KVEHYEPP] VEMWIH OIITMRK
E KVSYX TVIGLEVKI FIJSVI GSRGVIXI TPEGIQIRX MW KIRIVEPP] XLIXMT[IPPIQFIHHIHMRXLIGSRGVIXIERHEZSMHMRKWYHHIR
RSXVIUYMVIHJSVTMPIW[MXLPIRKXLWWLSVXIVXLERJXQ
WLSGOSVHMWXYVFERGI;LIRXVIQMITPEGIQIRXMWYWIHMXMW
ZIVXMGEPWMHIW HMEQIXIVW KVIEXIV XLER ETTVS\MQEXIP] MR TVIJIVEFPIXSGEWXXLIIRXMVITMPIMRSRITPEGIQIRXJSVXLIJYPP
QQ
ERH [MXLSYX VIMRJSVGMRK GEKIW SV [MXL GEKIW LIMKLXEZSMHMRKEGSPHNSMRX
WIXEJXIVXLIGSRGVIXILEWFIIRTPEGIHXSXLIFSXXSQSJXLI *SV TYQT TPEGIQIRX E WQEPPIVHMEQIXIV TMTI [MXL E
TPYKKIH IRH MW PS[IVIH XS XLI FSXXSQ SJ XLI TMPI ;LIR
XLIGSRGVIXIQM\XYVIHYIXSGSRXEGXSJXLIGSRGVIXI[MXLXLI
WMHIWSJXLITMPIWXITWSVVIMRJSVGIQIRXHYVMRKMXWJEPP7YGL TYQTIH GSRGVIXI %W XLI TYQTIH GSRGVIXI IRXIVW XLI TMPI
GSRHMXMSRW EVI JSYRH MR FEXXIVIH TMPIW XETIVIH SV WXITTIH WLEJX XLI TMTI WLSYPH FI VEMWIH KVEHYEPP] OIITMRK XLI
TMPIWLIEZMP]VIMRJSVGIHTMPIWERHPSRKTMPIW[MXLI\XIRWMZI HMWGLEVKIRS^^PI[IPPIQFIHHIHMRXLIGSRGVIXI
W[IITW SV HSKPIKW JSV XLIWI E TVIGLEVKI SJ KVSYX FIJSVI ;LIRTYQTTPEGIQIRXMWYWIHMXMWTVIJIVEFPIXSGEWXXLI
GSRGVIXMRKMWVIGSQQIRHIH IRXMVITMPIMRSRITPEGIQIRXJSVXLIJYPPLIMKLXEZSMHMRKE
8LI EQSYRX SJ KVSYX VIUYMVIH ZEVMIW [MXL XLI TPEGMRK
GSRHMXMSRW *SVTMPIW YT XS JX Q
PSRK[MXLPMXXPISV XLIGSRGVIXIIQIVKMRKJVSQXLIXSTSJXLITMPILEWXLIWEQI
RSVIMRJSVGIQIRXETTVS\MQEXIP]JXQ
SJKVSYX UYEPMX] EW EX XLI QM\IV [MXL RS I\GIWW [EXIV -J PEMXERGI
MWX]TMGEPP]YWIH*SVTMPIWXLEXEVIPSRKIVFEXXIVIHXETIVIH HIZIPSTW EJXIV XLI GSQTPIXMSR SJ GSRGVIXI TPEGIQIRX MX
SVWXITTIHLIEZMP]VIMRJSVGIHSV[MXLI\XIRWMZIW[IITWSV WLSYPHFIXLSVSYKLP]GPIERIHERHVITPEGIH
HSKPIKWETTVS\MQEXIP]XSJXXSQ
SJKVSYX -JXLIXVIQMISVTYQTMRKQIXLSHWEVIYWIHSRP]XSTPEGI
WLSYPHFIYWIH E WIEP MR XLI PS[IV TSVXMSR SJ XLI TMPI XLIR XLI WYVJEGI
'SRGVIXIWLSYPHFIHMWGLEVKIHMRXSXLIJYRRIPEWVETMHP] WLSYPHFIGEVIJYPP]GPIERIHERHPEMXERGIVIQSZIHFIJSVIXLI
EWTSWWMFPI[MXLSYXWTMPPMRKJVSQXLIXVYGOGLYXISVJYRRIP VIQEMRMRKGSRGVIXIMWTPEGIH6IQSZEPSJPEMXERGIMWQSVI
MWTVIWIRXEXXLINSMRX
QIRX [LIR XLI MRMXMEP WIZIVEP JIIX SJ XLI TMPI MW TPEGIH % 'SRGVIXIGSRWSPMHEXMSRERHZMFVEXMSR{1IGLERMGEP
VETMHHMWGLEVKITVSZMHIWEPEVKIVGSRGVIXIZSPYQIXLVSYKL ZMFVEXMSRMWKIRIVEPP]RSXVIUYMVIHMRSVHMREV]'-4TMPIWXLEX
[LMGLER][EXIVTVIWIRXEXXLIXMT[MPPFIHMWXVMFYXIHXLYW HSRSXGSRXEMRVIMRJSVGIQIRXTVSZMHIHXLEXTVSTIVGSRGVIXI
QM\XYVIW[MXLLMKLWPYQTWERHKSSH[SVOEFMPMX]EVIYWIH
;LIR TPEGMRK GSRZIRXMSREP WXVYGXYVEP GSRGVIXI QM\XYVIW
RSX VIHYGIHGSEVWIEKKVIKEXI SV TYQTEFPI QM\XYVIW
XLI XIVMWXMGWSJXLILMKLWPYQTMRQQ
QMRYWEKKVIKEXI
YWI SJ FSXXSQHYQT XYFIW MW VIGSQQIRHIH JSV GSRGVIXI QM\XYVI GSRWMWXIRX [MXL RSVQEP TMPI GSRGVIXMRK TVEGXMGI
TPEGIQIRX MR XLI PS[IV TSVXMSRW SJ PSRK GSVVYKEXIHWLIPP [MPPPIEHXSEHIUYEXIGSRWSPMHEXMSRI\GITXMRETTVS\MQEXIP]
TMPIW 8LIWI HYQT XYFIW EVI KIRIVEPP] XS MR XLIYTTIVJXQ
SJXLITMPI[LIVIXLIGSRGVIXIWLSYPH
XS QQ
MR HMEQIXIV XS JX XS Q
PSRK LEZI FIVSHHIH8LIYTTIVXSJXXSQ
SJTMPIW[MXL
VIMRJSVGIQIRXQE]VIUYMVIQIGLERMGEPZMFVEXMSRHITIRHMRK
EWXIITWMHIHJYRRIPSRXLIXSTSJXLIXYFI;MXLXLMWXIGL SRXLIVIMRJSVGIQIRXWTEGMRKQE\MQYQEKKVIKEXIWM^IERH
HSSV MW XVMTTIH WIRHMRK XLI XS JX XS Q
MJ RIGIWWEV] GER FI EGGSQTPMWLIH F] VSHHMRK SV [MXL ER
GLEVKIXSXLITMPIFSXXSQ8LIFSXXSQHSSVMWVIPEXGLIHERH MRXIVREPZMFVEXSV3ZIVZMFVEXMSRWLSYPHFIEZSMHIHFIGEYWI
MXGERMRHYGII\GIWWMZIFPIIHMRK
QEXIP] JX Q
SJ GYXSJJ IPIZEXMSR [LIVI TPEGIQIRX 3FWXVYGXMSRXSGSRGVIXITPEGIQIRX{7XITWMRWLIPPW
ERHVIMRJSVGMRKXMIWGERGEYWIWIKVIKEXMSRERHZSMHWYRPIWW
SV XLVSYKL XLI WXERHEVH WXIITWMHIH JYRRIP ;LIR YWMRK
XLMWXIGLRMUYIXLIXSJXXSQ
FEXGLSJ EVGLMRK:MFVEXMSRMREGGSVHERGI[MXL QE]FIHIWMVEFPI
VMGL KVSYX RSVQEPP] TPEGIH MR XLI TMPI MQQIHMEXIP] FIJSVI YRHIVXLIWIGMVGYQWXERGIW
GSRZIRXMSREP GSRGVIXI TPEGIQIRX WLSYPH FI TPEGIH MR XLI 'SQTEGXMSR SJ YRGEWIH TMPI{7SQI '-7 TMPIW YWI
FSXXSQSJXLIHYQTXYFISRXLIMRMXMEPGLEVKI VEQQMRKHYVMRKGSRGVIXITPEGIQIRXXSGSQTEGXERHGSRWSPM
9RHIV[EXIVTPEGIQIRX HEXIXLIGSRGVIXI
-RXLSWITMPIX]TIW[LIVIXLIGEWMRK
MWTVIWIRXMRXLITMPIEWMRSTIRIRHIHTMTITMPIWSV[LIVI MW WMQYPXERISYWP] [MXLHVE[R GEVI WLSYPH FI I\IVGMWIH XS
PIEOEKIMWI\GIWWMZIEWGERSGGYVMRWLIPPWYRHIV[EXIVTPEGI SZIVGSQI TYPPYT IJJIGX SR GSRGVIXI EVGLMRK [MXLMR XLI
QIRXMWYWIH9RHIV[EXIVTPEGIQIRXGERYWIIMXLIVXVIQMISV GEWMRK
HYVMRK[MXLHVE[EP SJ GEWMRK ERH TVSZMHI EHIUYEXI
TYQTQIXLSHW*SVIMXLIVSJXLIWIQIXLSHWXLITMPIGEWMRK GSRGVIXI WS XLEX MJ E [IEO WXVEXYQ MW IRGSYRXIVIH ERH XLI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7%'-6
WM^IHEKKVIKEXIWERHVIUYMVIHEHQM\XYVIWXSTVSHYGIEVMGL
TYQTEFPI QM\XYVI 3MP ERH SXLIV VYWX MRLMFMXSVW WLSYPH FI {4MPIHIXEMPW
VIQSZIHJVSQQM\MRKHVYQWERHKVSYXSVGSRGVIXITYQTW 8MTW{8LI XMTWSJ TMPIW WLSYPH FI WXVSRK ERH VMKMH
IRSYKL XS VIWMWX HMWXSVXMSR %HIUYEXI [EPP XLMGORIWW VIMR
GEVIJYPGSRXVSPMWIWWIRXMEPXSTVIZIRXWITEVEXMSRSVRIGOMRK JSVGIHEWRIGIWWEV]WLSYPHFIYWIHJSV'-4TMPIWLIPPW7XIIP
SJXLIKVSYXSVGSRGVIXIWLEJXERHXSTVSZMHIEWLEJXSJJYPP
GVSWWWIGXMSREP EVIE )EGL TMPI WLSYPH FI MRWXEPPIH MR SRI
GSRXMRYSYWSTIVEXMSR'SRGVIXISVKVSYXWLSYPHFITYQTIH FIX[IIRXLIXMTTPEXIERHWLIPPWLSYPHFI[EXIVXMKLXERHEFPI
GSRXMRYSYWP]ERHXLIVEXISJ[MXLHVE[EPSJXLIEYKIVWLSYPH XS[MXLWXERHVITIEXIHMQTEGX
4SMRXIHSV[IHKIWLETIHXMTWGEREMHTIRIXVEXMSRXLVSYKL
MW [MXLHVE[R -J XLIVI MW IZMHIRGI XLEX XLI EYKIV LEW FIIR
[MXLHVE[RXSSVETMHP]MXWLSYPHFIVIHVMPPIHXSXLISVMKMREP EPWSFIYWIHXSLIPTTIRIXVEXMSRMRXSHIGSQTSWIHVSGO7YGL
XMTIPIZEXMSRERHXLITMPIVIGEWXJVSQXLIXMTYT[EVH XMTWLS[IZIVGERKYMHIXLITMPISJJE\MEPEPMKRQIRX&PYRX
VSYRHIH
XMTW[MPPSJXIREGGSQTPMWLXLITIRIXVEXMSRXLVSYKL
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7%'-6
VSGO SV WYVJEGI VYFFPI [MXL E QMRMQYQ SJ QMWEPMKRQIRX YWIH [MXL TVIGEWX TMPIW XLI IJJIGX SJ LIEX ERH GSRWIUYIRX
ERHTSMRXFVIEOEKI*PEXXMTWHVMZIWXVEMKLXIVERHXVYIVXLER WTPMXXMRKERHWTEPPMRKRIEVXLIWTPMGIRIIHWXSFISZIVGSQI
TSMRXIHXMTW &EGOYTTPEXIWSVSXLIVWYMXEFPIXIGLRMUYIWWLSYPH
7LSIWJSVTVIGEWXTMPIW{;LIRXLIXMTWSJTVIGEWXERH FIYWIHXSHIZIPSTJYPP[IPHTIRIXVEXMSR[LIRWTPMGMRKPSEH
TVIWXVIWWIHGSRGVIXITMPIWEVITVSZMHIH[MXLEHIUYEXIXVERW FIEVMRKWXIIPWLIPPWIWTIGMEPP]JSVWLIPPWMRQQ
SV
XLMGOIV
WUYEVITMPIWEVIGLEQJIVIHXSTVIZIRXWXVIWWGSRGIRXVEXMSRW ;LIRWTPMGMRKTVIGEWXSVTVIWXVIWWIHTMPIWWTIGMEP
ERH WTEPPMRK ERH
WTIGMEP TMPI WLSIW EVI RSX GEVI WLSYPH FI XEOIR XS EZSMH E HMWGSRXMRYMX] EX XLI TSMRX
KIRIVEPP]VIUYMVIHRSVYWIH'EWXSVJEFVMGEXIHWXIIPTSMRXW SJ WTPMGI [LMGL [MPP VIWYPX MR XIRWMPI JEMPYVI SJ XLI TMPI
(S[IPIH WTPMGIW YWMRK GIQIRX SV ITS\] KVSYX LEZI FIIR
RIIHXSTIRIXVEXIFYVMIHXMQFIVVMTVETSV[IEOVSGO7LSIW YWIH WYGGIWWJYPP] [MXL TVIGEWX TMPIW YRHIV [MHIP] ZEV]MRK
[MXLWLSVXHS[IPWLEZIEPWSFIIRVITSVXIHXSFILIPTJYPMR GSRHMXMSRW ERH EGGSQTPMWLGSRXMRYMX] MJ TVSTIVP] MRWXEPPIH
WIEXMRKTVIGEWXTMPIWSRWPSTMRKVSGOWYVJEGIW;LIRWLSIW &VYGIERH,IFIVXF
%HIUYEXIGYVMRKFIJSVIHVMZMRK
EVIYWIH[MXLTVIGEWXGSRGVIXITMPIWXLITSXIRXMEPIJJIGXWSJ MWIWWIRXMEP
WLETISRTIRIXVEXMSRERHTMPIEPMKRQIRXEVIXLIWEQIEW[MXL %RYQFIVSJQERYJEGXYVIHWTPMGIWEVIEZEMPEFPIXSUYMGOP]
SXLIVTMPIX]TIWERH
ERH IJJIGXMZIP] WTPMGI TVIGEWX SV TVIWXVIWWIH GSRGVIXI TMPIW
7LSIW WLSYPH FI WIGYVIP] EXXEGLIH XS XLI QEMR FSH] SJ &VYGIERH,IFIVXE:IRYXM+EQFPIERH&VYGI
8LI TMPI JEFVMGEXMSR QIXLSHW ERH JSVQW WLSYPH
IQFIHQIRX PIRKXL XS HIZIPST ERGLSVEKI F] FSRH YRHIV
XLI VITIEXIH LMKLWXVIWW PSEHMRK XLEX GER SGGYVYRHIV LEVH WLSYPHFIXEOIRMRWTPMGMRKXSTVSZMHIGSRGIRXVMGEPMKRQIRX
HVMZMRK EX XLI XMT ERH XLI ERGLSV VSHW WLSYPH FI WIGYVIP] JYPPFIEVMRKEXXLIMRXIVJEGIERHXLIXIRWMPIEHIUYEG]SJXLI
EXXEGLIHXSXLITPEXISVWLSI4EVXMGYPEVGEVIWLSYPHFIXEOIR GSRRIGXMSR 8LI HIWMKRIV WLSYPH I\IVGMWI GSRXVSP SZIV XLI
XSTVSTIVP]TPEGIERHGSRWSPMHEXIGSRGVIXIMRXLIWLSIHYVMRK YWISJWTPMGIWMRTVIGEWXTMPIWERHXLIWTPMGIHIWMKRVIUYMVI
QIRXW
LSPIWMRXLIWLSIQE]FIVIUYMVIH
3YXWMHIHVMZIWPIIZIWLEZIFIIRYWIHWYGGIWWJYPP]
7XYFW JSV TVIWXVIWWIH TMPIW{7XVYGXYVEP WXIIP WXYFW XS WTPMGI FSXL TVIGEWX GSRGVIXI ERH WXIIP TMTI TMPIW -RWMHI
WXMRKIVW
EVI WSQIXMQIW YWIH EW I\XIRWMSRW JVSQ XLI XMTW WPIIZIWGERFIYWIHJSVWXIIPTMTIFYXXLIWIWPIIZIWEVIRSX
SJ TVIWXVIWWIH TMPIW 7XVYGXYVEP WXIIP WXYFW QSWX JVIUYIRXP]
GSRWMWXSJLIEZ],TMPIWIGXMSRWFYXSXLIVWXVYGXYVEPWLETIW JEFVMGEXIHJSVFSXLTMPIHMEQIXIVERH[EPPXLMGORIWW
JEFVMGEXIHGVSWWIWWXIIPVEMPERHPEVKIHMEQIXIVHS[IPWLEZI 'YXSJJ SJ TVIGEWX SV TVIWXVIWWIH TMPIW{4VIGEWX SV
EPWSFIIRYWIH TVIWXVIWWIH TMPIW WLSYPH FI GYX SJJ EX XLI VIUYMVIH IPIZE
7XYFWGERFIYWIHXSFVIEOYTERHTIRIXVEXILEVHWXVEXE XMSRF]XIGLRMUYIWXLEX[MPPTVIZIRXWTEPPMRKSV[IEOIRMRK
WYGL EW GSVEP SV PMQIVSGO ELIEH SJ XLI TMPI SV XS WIGYVI SJ XLI GSRGVIXI 8LI WIPIGXIH GYXSJJ XIGLRMUYI WLSYPH EPWS
TIRIXVEXMSR SJ WSJX SV [IEXLIVIH VSGO 8S TIVJSVQ XLMW JYRG RSXHEQEKIXLIVIMRJSVGIQIRX[LIRI\TSWIHVIMRJSVGIQIRX
SV TVIWXVIWWMRK XIRHSRW EVI YWIH XS GSRRIGX XLI TMPI XS XLI
WXVIRKXLXSTVIZIRXXLIMVS[RHMWXSVXMSR7XYFWEVIJVIUYIRXP] WXVYGXYVI
YWIHYRHIVGSRHMXMSRWORS[RXS FI GSRHYGMZI XSHEQEKI %GMVGYQJIVIRXMEPGYXEVSYRHXLITMPILIEH[MPPTIVQMXXLI
SJ WXVYGXYVEPWXIIP WLETIW WYGL EW ,TMPIW HYVMRK HVMZMRK YWISJL]HVEYPMGFVIEOIVW[MXLSYXWTEPPMRK:EVMSYWQIGLER
8LIVIJSVIWXVYGXYVEPWXIIPWXYFWWLSYPHKIRIVEPP]FITVSZMHIH MGEP ERH L]HVEYPMG XSSPW EVI EZEMPEFPI XSGYX GSRGVIXI TMPIW
[MXLGEWXSVJEFVMGEXIHWXIIPXMTW UYMGOP]ERHIJJIGXMZIP]'SRGVIXIGVYWLMRKIUYMTQIRXMWEPWS
7XYFW GER FI [IPHIH XS WXIIP TPEXIW XLEX EVI MR XYVR EZEMPEFPI XS FVIEO YT XLITMPI [EWXI QEXIVMEPW ERHXLIVIF]
ERGLSVIH XS XLI TMPI 8LI] EVI LS[IZIV QSWX JVIUYIRXP] WMQTPMJ]XLIHMWTSWEPTVSGIWWFYXWLSYPHRSXFIYWIHSRXLI
ERGLSVIHF]HMVIGXIQFIHQIRXSJXLIWXYFMRXSXLIFSH]SJ TMPIMXWIPJ
XLI TVIGEWX TMPI (IWMKR SJ XLI WXYF EXXEGLQIRX ERH TPEGI 'PEQTW SJ XMQFIV SV WXIIP LIPT TVIZIRX WTEPPMRK -R
QIRXSJGSRGVIXIMRXLIEVIESJXLIWXYFVIUYMVIWTIGMEPEXXIR KIRIVEPI\TPSWMZIWWLSYPHRSXFIYWIHEWEQIERWSJGYXXMRK
XMSRERH
SJJGSRGVIXITMPIW
7TPMGIW{(YVMRKHVMZMRKERHYRHIVWIVZMGIGSRHMXMSRW )\XIRWMSR SJ TVIGEWX TMPIW{)\XIRWMSRW EVI YWIH
WTPMGIW WLSYPH HIZIPST XLI VIUYMWMXI WXVIRKXL MR GSQTVIWWMSR [LIRXLITMPILEWFIIRHVMZIREWLSVXHMWXERGIFIPS[KVEHI
FIRHMRK XIRWMSR WLIEV ERH XSVWMSR EX XLI WTPMGI 7TPMGIW 0S[IVMRKXLITMPIGETSVGETMXEPEXXLIPS[TMPIMWSJXIRXLI
GERWSQIXMQIWFIPSGEXIHWSXLEXXLIWIVIUYMVIQIRXWEVI FIWXWSPYXMSRMJXLITMPIXSTLEWRSXFIIRHVMZIRXSSJEVFIPS[
QMRMQM^IH HMVIGX FIEVMRK GSQTVIWWMSR
MW SJXIR XLI SRP] GYXSJJ KVEHI )\XIRWMSR SJ XLI TMPI WIGXMSR MXWIPJ EW VIMR
GSRHMXMSR VIUYMVMRK JYPP TMPI WXVIRKXL 7TPMGI HIXEMPW EVI JSVGIH GSRGVIXI ERH [MXL HS[IPWMRXS XLI TMPI MW EHIUYEXI
HMWGYWWIHMR SRP][LIRGSQTEVEFPIWIGXMSRWXVIRKXLWGERFISFXEMRIH
(IWMKRSJ[IPHIHWTPMGIWMRWLIPPWSVTVIGEWXTMPI 4MPIWIGXMSRWGERFIWTPMGIHSRJSVI\XIRWMSRWEWMR
NSMRXWWLSYPHGSRWMHIVXLIIJJIGXSJVITIEXIHMQTEGX;IPHMRK 7TIGMEPGEVIXSTVSZMHIJSVHYVEFMPMX]WLSYPHFIXEOIREXXLI
VSHERHXIGLRMUYIWYWIHWLSYPHFIMREGGSVHERGI[MXL%27- WTPMGI[LIVIXLITMPIMWWYFNIGXXSQEVMRIERHSXLIVEHZIVWI
%;7 ((1 ERH %;7 ((1 ERH I\TSWYVI
WIPIGXIH JSV MQTEGX GSRHMXMSRW ;LIR [IPHIH WTPMGIW EVI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7%'-6
{)\XVEGXMSRSJGSRGVIXITMPIW ',%48)6{6)*)6)2')7
'SRGVIXI TMPIW GER FI I\XVEGXIH F] HMVIGX TYPP NIXXMRK {6IJIVIRGIHWXERHEVHWERHVITSVXW
ZMFVEXMSR I\GEZEXMSR NEGOMRK SV E GSQFMREXMSR SJ XLIWI %QIVMGER'SRGVIXI-RWXMXYXI
QIERW*SVTMPIWHIZIPSTMRKXLIMVGETEGMX]TVMQEVMP]XLVSYKL
JVMGXMSRVIHVMZMRKXLITMPINYWXFIJSVIWXEVXMRKXLII\XVEGXMSR XMSRERH1EXIVMEPW%'-
ERH'SQQIRXEV]
STIVEXMSRGEREMHMRI\XVEGXMSRF]FVIEOMRKXLIWSMPJVMGXMSR 6z+YMHIXS(YVEFPI'SRGVIXI
SVJVII^IEPSRKXLIWMHIW z7XERHEVH4VEGXMGIJSV7IPIGXMRK4VSTSVXMSRWJSV
0EVKI I\TIRWMZI TMPIW WYGL EW G]PMRHIV TMPIW EVI SGGE 2SVQEP,IEZ][IMKLXERH1EWW'SRGVIXI
WMSREPP]TYPPIHERHVIYWIH4YPPMRKSJXIRMRXVSHYGIWFIRHMRK 6 z +YMHI JSV 7IPIGXMRK 4VSTSVXMSRW JSV ,MKL
WXVIWWIW XLEX GEYWI GVEGOW MR TMPIW 8LIWI GER FI WIVMSYW 7XVIRKXL 'SRGVIXI 9WMRK 4SVXPERH 'IQIRX ERH
IRSYKL XS TVIZIRX VIYWI SV GER TVSHYGI HMWGSRXMRYMXMIW 3XLIV'IQIRXMXMSYW1EXIVMEPW
XLEX[MPPHEQEKIXLITMPISRVIHVMZMRK
8SQMRMQM^I 6z6ITSVXSR'LIQMGEP%HQM\XYVIWJSV'SRGVIXI
GVEGOMRK XLI WPMRKW WLSYPH FI EVVERKIH XS TYPP E\MEPP] % 6z+YMHIJSV9WISJ,MKL6ERKI;EXIV6IHYGMRK
HSYFPIWPMRKPIEHMRKSZIVERIUYEPM^MRKWLIEZIERHTYPPMRK %HQM\XYVIW 7YTIVTPEWXMGM^IVW
MR 'SRGVIXI
SRIEGLWMHISJXLITMPILEWFIIRYWIH[MXLWYGGIWW&IJSVI [MXLHVE[R
E TYPPIH TMPI MW VIYWIH MXW GSRHMXMSR WLSYPH FI GEVIJYPP] 6 z +YMHI JSV 9WI SJ 2SVQEP ;IMKLX ERH ,IEZ]
EWWIWWIH
[IMKLX%KKVIKEXIWMR'SRGVIXI
6z6ITSVXSR%POEPM%KKVIKEXI6IEGXMZMX]
{'SRGVIXIWLIIXTMPIW 6 z 4VSXIGXMSR SJ 1IXEPW MR 'SRGVIXI EKEMRWX
4VIGEWXERHTVIWXVIWWIHGSRGVIXIWLIIXTMPIW[MXLXSRKYI 'SVVSWMSR
ERHKVSSZI NSMRXW EVI MRWXEPPIH PMOI SXLIV GSRGVIXI TMPIW 6z2SRHIWXVYGXMZI8IWX1IXLSHWJSV)ZEPYEXMSRSJ
[MXLXLIJSPPS[MRKTSMRXWFIMRKIQTLEWM^IHSVKMZIRWTIGMEP 'SRGVIXIMR7XVYGXYVIW
GSRWMHIVEXMSR
-RWXEPPEXMSR 6z+YMHIJSV1IEWYVMRK1M\MRK8VERWTSVXMRKERH
.IXXMRKMWJVIUYIRXP]YWIJYPERHRIGIWWEV]+ERKNIXWGER 4PEGMRK'SRGVIXI
FIYWIJYP 6z+YMHIXS,SX;IEXLIV'SRGVIXMRK
%GGYVEXI WIXXMRK MW IWWIRXMEP *EPWI[SVO SV KYMHIW EVI 6z+YMHIXS'SPH;IEXLIV'SRGVIXMRK
YWYEPP]RIGIWWEV]
8MTWWLSYPHFIFIZIPIHEXXLIPIEHMRKIHKIWSXLEXXLI 6z+YMHIXS'YVMRK'SRGVIXI
TMPI XMT HVMZIW XS[EVH XLI EHNEGIRX TVIZMSYWP] HVMZIR 6z+YMHIJSV'SRWSPMHEXMSRSJ'SRGVIXI
TMPI z(IXEMPWERH(IXEMPMRKSJ'SRGVIXI6IMRJSVGIQIRX
(YVMRK HVMZMRK XLI LIEH MW GSRXMRYSYWP] TYPPIH MR z &YMPHMRK 'SHI 6IUYMVIQIRXW JSV 7XVYGXYVEP
XS[EVHXLITVIZMSYWTMPI 'SRGVIXI%'-
ERH'SQQIRXEV]
8SRKYIHIHKIWLSYPHPIEH[LIVITSWWMFPIEWWSMP[MPP
SXLIV[MWI[IHKIMRXLIKVSSZI 4MIVW
8S JEGMPMXEXI TPEGMRKSJXLI LEQQIV ERH HVMZMRK LIEH SR 6z(IWMKRERH'SRWXVYGXMSRSJ(VMPPIH4MIVW
MRHMZMHYEPWLIIXTMPIWI\XIRHMRKXLITMPILIEHXSMR z+YMHIXS*SVQ[SVOJSV'SRGVIXI
XS QQ
[MXL E VIHYGIH XETIVIH
[MHXL XS 6 z 9WI SJ )TS\] 'SQTSYRHW [MXL 'SRGVIXI
ETTVS\MQEXIEWUYEVIGSRGVIXITMPILIEHMWSJXIRHIWMVEFPI [MXLHVE[R
3XLIV[MWIXLILIPQIXERHLEQQIVGERLMXXLIEHNSMRMRK 6z%GGIPIVEXIH'YVMRKSJ'SRGVIXIEX%XQSWTLIVMG
WLIIXTMPI8LMWI\XIRWMSRGERPEXIVFIGYXSJJI\TSWMRK 4VIWWYVI[MXLHVE[R
XLIWXVERHWJSVX]MRKMRXSXLIGSTMRKSVGET
7TIGMEP GEVI{7TIGMEP GEVI WLSYPH FI XEOIR XS %QIVMGER7SGMIX]SJ'MZMP)RKMRIIVW
TVIZIRX[MRKWSJXLIKVSSZIHIHKIJVSQFVIEOMRKSJJHYVMRK %7')7)- z 1MRMQYQ (IWMKR 0SEHW JSV &YMPHMRKW
HVMZMRK8LMWGERFIQMRMQM^IHF]EGGYVEG]MRWIXXMRKXLI ERH3XLIV7XVYGXYVIW
YWISJNIXWXSEWWMWXHVMZMRKERHTVSZMWMSRSJPMKLXVIMRJSVGI
QIRXMRXLI[MRKW %QIVMGER;IPHMRK7SGMIX]
+VSYXMRK SJ NSMRXW{.SMRXW GER FI KVSYXIH HMVIGXP] %27-%;7 ((1 z 7XVYGXYVEP ;IPHMRK
'SHI{7XIIP
TSVSYWFYVPETJSVI\EQTPI
WSQIFSRH[MPPHIZIPST4SP] %;7((1z7XVYGXYVEP;IPHMRK'SHI{6IMR
IXL]PIRIERHGERZEWXYFIWLEZIFIIR[MHIP]YWIH%NIXGER JSVGMRK7XIIP
NSMRXWGERFITVSZMHIHSRFSXLWMHIWSJEHNSMRMRKTVIGEWXERH %781-RXIVREXMSREP
TVIWXVIWWIHGSRGVIXIWLIIXTMPIWJVSQXLIXSTSJXLITMPIWXS
JXQ
FIPS[PS[[EXIVSVKVEHISRXLII\XIVMSVWMHI XYVEP7XIIP
SJ XLI WLIIX XS EPPS[ JSV KVSYXMRK SJ XLI NSMRXW 8LI 4'-
(IWMKR ,ERHFSSO 4'-
GSRXEMRW HIXEMPW SJ WXERHEVH 7XVIRKXL0S[%PPS]7XVYGXYVEP7XIIP
TVIWXVIWWIHGSRGVIXIWLIIXTMPIW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7%'-6
''1z7XERHEVH8IWX1IXLSHJSV(IRWMX]9RMX
7XIIP4MTI4MPIW ;IMKLX
=MIPH ERH %MV 'SRXIRX +VEZMQIXVMG
SJ
'SRGVIXI
ERH -RXIVQIHMEXI 8IRWMPI 7XVIRKXL 'EVFSR 7XIIP ''1 z 7XERHEVH 8IWX 1IXLSH JSV 7PYQT SJ
4PEXIW ,]HVEYPMG'IQIRX'SRGVIXI
9RGSEXIH7IZIR;MVIJSV4VIWXVIWWIH'SRGVIXI 'IQIRX
''1z7XERHEVH4VEGXMGIJSV7EQTPMRK*VIWLP]
7XVIWW6IPMIZIH7XIIP;MVIJSV4VIWXVIWWIH'SRGVIXI 1M\IH'SRGVIXI
''1z7XERHEVH8IWX1IXLSHJSV%MV'SRXIRXSJ
0S[%PPS]'SPYQFMYQ:EREHMYQ7XVYGXYVEP7XIIP *VIWLP]1M\IH'SRGVIXIF]XLI:SPYQIXVMG1IXLSH
''1 z 7XERHEVH 8IWX 1IXLSH JSV 4SXIRXMEP
ERH 4PEMR 'EVFSR7XIIP &EVW JSV 'SRGVIXI %POEPM6IEGXMZMX]SJ'IQIRX%KKVIKEXI'SQFMRE
6IMRJSVGIQIRX XMSRW1SVXEV&EV1IXLSH
&EVWJSV'SRGVIXI6IMRJSVGIQIRX ,]HVEYPMG'IQIRXW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7%'-6
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7%'-6
'S\;66IIWI0'ERH+VYFFW&6w*MIPH 1SQIRX)ZEPYEXMSRx.SYVREPSJ+ISXIGLRMGEPERH+ISIR
8IWXMRKSJ0EXIVEPP]0SEHIH4MPIWMR7ERHx4VSGIIHMRKWSJ ZMVSRQIRXEP)RKMRIIVMRK:2STT
XLIXL3JJWLSVI8IGLRSPSK]'SRJIVIRGI38'4ETIV (SFV]6%HFSYR83v6SYVOI8(ERH+SL7,
,SYWXSR8<1E]TT w'PSWYVI XS 7MRKPI 4MPIW MR 0EXIVEP 7TVIEHW *MIPH
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'SRXVMFYXMSRWXS7SMP1IGLERMGW&SWXSR7SGMIX] +ISIRZMVSRQIRXEP)RKMRIIVMRK:2STT
SJ'MZMP)RKMRIIVW&SWXSR1%TT )H[EVHW 8 ' 4MPMRK %REP]WMW ;EZI )UYEXMSR
(EZMWWSR 1 8 E w7XEXMG 1IEWYVIQIRXW SJ 4MPI 'SQTYXIV 4VSKVEQ 9XMPM^EXMSR 1ERYEP 6IWIEVGL 6ITSVX
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1
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(EZMWWSR18Fw0EXIVEP0SEH'ETEGMX]SJ4MPIWx 'SRGVIXI 4MPIW YRHIV 7IMWQMG 0SEHMRKx 6IWIEVGL 6ITSVX
,MKL[E] 6IWIEVGL 6IGSVH 2S ,MKL[E] 6IWIEVGL (ITEVXQIRX SJ 'MZMP )RKMRIIVMRK 9RMZIVWMX] SJ
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MRKW 0IGXYVI 7IVMIW -RRSZEXMSRW MR *SYRHEXMSR 'SRWXVYG E*YRGXMSRSJXLI3TIVEXSVx4VSGIIHMRKWSJXLI8LMVH-RXIV
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(EZMWWSR18Fw-RWTIGXMSRSJ4MPI(VMZMRK3TIV XS4MPIW3XXE[E32'EREHETT
EXMSRWx 8IGLRMGEP 6ITSVX 1 'SRWXVYGXMSR )RKMRIIVMRK *)1% E 2),64 6IGSQQIRHIH 4VSZMWMSRW JSV
6IWIEVGL0EFSVEXSV](ITEVXQIRXSJXLI%VQ]'LEQTEMKR 7IMWQMG6IKYPEXMSRWJSV2I[&YMPHMRKWERH3XLIV7XVYGXYVIW
-0.YP]TT *)1%
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7XEXI SJ XLI 4VEGXMGI (IIT *SYRHEXMSRW{(VMZIR 4MPIWx QIRX%KIRG];EWLMRKXSR('TT
4VSGIIHMRK *)1% F 2),64 6IGSQQIRHIH 4VSZMWMSRW JSV
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(EZMWWSR 1 8 w6IPMEFMPMX] SJ 4MPI 4VIHMGXMSR *)1%
4EVX'SQQIRXEV]4VITEVIHF]XLI&YMPHMRK
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(IIT*SYRHEXMSR-RWXMXYXI'LMGEKS-03GXTT QIRX%KIRG];EWLMRKXSR('TT
(EZMWWSR 1 8 w2IKEXMZI 7OMR *VMGXMSR MR 4MPIW *VM^^M6IH%YKIVIH'EWXMR4PEGI4MPI1ERYEP
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