Sie sind auf Seite 1von 32

%'-817

'SHI6IUYMVIQIRXWJSV
(IXIVQMRMRK*MVI6IWMWXERGI
SJ'SRGVIXIERH1EWSRV]
'SRWXVYGXMSR%WWIQFPMIW
%R%'-8177XERHEVH

6ITSVXIHF].SMRX%'-817'SQQMXXII
*MVWX4VMRXMRK
.YRI

%QIVMGER'SRGVIXI-RWXMXYXI’
%HZERGMRKGSRGVIXIORS[PIHKI

8LMWHSGYQIRXMWXLIMRXIPPIGXYEPTVSTIVX]SJ%'-ERHXLIGSWTSRWSVERHFSXLLEZIGST]VMKLX%PPVMKLXWVIWIVZIH8LMWQEXIVMEPQE]
RSX FI VITVSHYGIH SV GSTMIH MR [LSPI SV MR TEVX MR ER] TVMRXIH QIGLERMGEP IPIGXVSRMG JMPQ SV SXLIV HMWXVMFYXMSR ERH WXSVEKI
QIHME[MXLSYX[VMXXIRGSRWIRX%'-MWXLIPIEHWTSRWSVSJXLMWNSMRXGSQQMXXIIERHMXWSTIVEXMRKTVSGIHYVIW[IVIJSPPS[IH%'-vW
MRJSVQEXMSRMWFIPS[XLIGSWTSRWSVvWMRJSVQEXMSRMWSRXLIMRWMHIFEGOGSZIVSJXLMWHSGYQIRX

8LIXIGLRMGEPGSQQMXXIIWVIWTSRWMFPIJSV%'-WXERHEVHWERHGSQQMXXIIVITSVXWWXVMZIXSEZSMHEQFMKYMXMIWSQMWWMSRW
ERHIVVSVWMRXLIWIHSGYQIRXW-RWTMXISJXLIWIIJJSVXWXLIYWIVWSJ%'-HSGYQIRXWSGGEWMSREPP]JMRHMRJSVQEXMSR
SVVIUYMVIQIRXWXLEXQE]FIWYFNIGXXSQSVIXLERSRIMRXIVTVIXEXMSRSVQE]FIMRGSQTPIXISVMRGSVVIGX9WIVW[LS
LEZIWYKKIWXMSRWJSVXLIMQTVSZIQIRXSJ%'-HSGYQIRXWEVIVIUYIWXIHXSGSRXEGX%'-

%'-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]SJ
ER]OMRHIMXLIVI\TVIWWSVMQTPMIHMRGPYHMRKFYXRSXPMQMXIHXSXLIMQTPMIH[EVVERXMIWSJQIVGLERXEFMPMX]JMXRIWW
JSVETEVXMGYPEVTYVTSWISVRSRMRJVMRKIQIRX

%'- ERHMXWQIQFIVWHMWGPEMQPMEFMPMX]JSVHEQEKIWSJER]OMRHMRGPYHMRKER]WTIGMEPMRHMVIGXMRGMHIRXEPSV
GSRWIUYIRXMEPHEQEKIWMRGPYHMRK[MXLSYXPMQMXEXMSRPSWXVIZIRYIWSVPSWXTVSJMXW[LMGLQE]VIWYPXJVSQXLIYWISJ
XLMWTYFPMGEXMSR-XMWXLIVIWTSRWMFMPMX]SJXLIYWIVSJXLMWHSGYQIRXXSIWXEFPMWLLIEPXLERHWEJIX]TVEGXMGIWETTVSTVMEXIXS
XLIWTIGMJMGGMVGYQWXERGIWMRZSPZIH[MXLMXWYWI%'-HSIWRSXQEOIER]VITVIWIRXEXMSRW[MXLVIKEVHXSLIEPXLERH
WEJIX]MWWYIWERHXLIYWISJXLMWHSGYQIRX8LIYWIVQYWXHIXIVQMRIXLIETTPMGEFMPMX]SJEPPVIKYPEXSV]PMQMXEXMSRW
FIJSVIETTP]MRKXLIHSGYQIRXERHQYWXGSQTP][MXLEPPETTPMGEFPIPE[WERHVIKYPEXMSRWMRGPYHMRKFYXRSXPMQMXIHXS
9RMXIH7XEXIW3GGYTEXMSREP7EJIX]ERH,IEPXL%HQMRMWXVEXMSR 37,% LIEPXLERHWEJIX]WXERHEVHW

%W%'-FIKMRWMXWWIGSRHGIRXYV]SJEHZERGMRKGSRGVIXIORS[PIHKIMXWYTTSVXWQSVIXLERXIGLRMGEPGSQQMXXIIW
QER]IHYGEXMSREPWIQMREVWERHGIVXMJMGEXMSRTVSKVEQWWTSRWSVWMRXIVREXMSREPGSRJIVIRGIWERHW]QTSWMEGSSVHMREXIW
[MXL WIZIVEP MRXIVREXMSREP WSGMIXMIW ERH TYFPMWLIW %'- TIVMSHMGEPW %'- 7XVYGXYVEP .SYVREP %'- 1EXIVMEPW .SYVREP
ERH'SRGVIXI-RXIVREXMSREP

%WEQIQFIVSJ%'-]SYNSMRXLSYWERHWSJTVEGXMXMSRIVWERHTVSJIWWMSREPW[SVPH[MHI[LSWLEVIEGSQQMXQIRX
XS QEMRXEMRXLILMKLIWXMRHYWXV]WXERHEVHW JSVGSRGVIXIXIGLRSPSK]GSRWXVYGXMSRERHHIWMKRTVEGXMGIW-REHHMXMSR
%'- GLETXIVW TVSZMHI STTSVXYRMXMIW JSV MRXIVEGXMSR SJ TVSJIWWMSREPW ERH TVEGXMXMSRIVW EX E PSGEP PIZIP =SY [MPP EPWS
WLEVIXLIQER]FIRIJMXW%'-QIQFIVWLMTSJJIVWKSXSXLI%'-[IFWMXIJSVQSVIMRJSVQEXMSR

3VHIVMRJSVQEXMSR%'-HSGYQIRXWEVIEZEMPEFPIMRTVMRXF]HS[RPSEHSR'(631XLVSYKLIPIGXVSRMGWYFWGVMTXMSRSV
VITVMRXERHQE]FISFXEMRIHF]GSRXEGXMRK%'-1SWX%'-WXERHEVHWERHGSQQMXXIIVITSVXWEVITYFPMWLIHMRXLI
ERRYEPP]VIZMWIH%'-1ERYEPSJ'SRGVIXI4VEGXMGI 1'4 

%QIVMGER'SRGVIXI-RWXMXYXI
'SYRXV]'PYF(V
*EVQMRKXSR,MPPW1-
97%
4LSRI  
*E\  
[[[GSRGVIXISVK

-7&2
%'-
817

'SHI6IUYMVIQIRXWJSV(IXIVQMRMRK*MVI6IWMWXERGI
SJ'SRGVIXIERH1EWSRV]'SRWXVYGXMSR%WWIQFPMIW
%R%'-8177XERHEVH
6ITSVXIHF].SMRX%'-817'SQQMXXII

0SRK84LER :IROEXIWL/6/SHYV
'LEMV 7IGVIXEV]

+IRI'%FFEXI .IJJVI],+VIIR[EPH 4LMPPMT.-ZIVWSR .SLR46MIW


'LEVPIW&'PEVO.V 8LSQEW*,IVVIPP 8YRK(0MR 8LSQEW.6S[I
(SREPH3(YWIRFIVV] 8LSQEW%,SPQ 6MGLEVH.1G+VEXL .E]+7ERNE]ER
;MPPMEQ0+EQFPI .EQIW4,YVWX .SLR(4IVV] .IJJIV]*7TIGO
6MGLEVH++I[EMR 6SFIVX-HMRK 7XITLIR4IWWMOM 6SFIVX):ER0ERMRKLEQ
(IRRMW;+VEFIV .SIP6-VZMRI ;EPXIV.4VIFMW

(IGIEWIH

*36);36( {%REP]XMGEP QIXLSHW JSV GEPGYPEXMRK WXVYGXYVEP JMVI


*MVI VIWMWXERGI SJ FYMPHMRK IPIQIRXW MW ER MQTSVXERX GSRWMHIVEXMSR MR VIWMWXERGIERHGSZIVTVSXIGXMSRSJGSRGVIXIJPI\YVEP
FYMPHMRK HIWMKR ;LMPI WXVYGXYVEP HIWMKR GSRWMHIVEXMSRW JSV GSRGVIXI ERH QIQFIVW
QEWSRV]EXEQFMIRXXIQTIVEXYVIGSRHMXMSRWEVIEHHVIWWIHF]%'-ERH
{6IMRJSVGIHGSRGVIXIGSPYQRW
%'- %7') 817  VIWTIGXMZIP] XLIWI GSHIW HS RSX GSRWMHIV XLI
MQTEGX SJ JMVI SR GSRGVIXI ERH QEWSRV] GSRWXVYGXMSR 8LMW WXERHEVH {7XVYGXYVEPWXIIPGSPYQRWTVSXIGXIHF]GSRGVIXI
GSRXEMRWHIWMKRERHEREP]XMGEPTVSGIHYVIWJSVHIXIVQMRMRKXLIJMVIVIWMWXERGI
SJ GSRGVIXI ERH QEWSRV] QIQFIVW ERH FYMPHMRK EWWIQFPMIW ;LIVI 'LETXIV{'SRGVIXIQEWSRV]T
HMJJIVIRGIW SGGYV MR WTIGMJMG HIWMKR VIUYMVIQIRXW FIX[IIR XLMW WXERHEVH {+IRIVEP
ERHXLIEJSVIQIRXMSRIHGSHIWEWMRXLIGEWISJGSZIVTVSXIGXMSRSJWXIIP {)UYMZEPIRXXLMGORIWW
VIMRJSVGIQIRXXLIQSVIWXVMRKIRXSJXLIVIUYMVIQIRXWWLEPPETTP]
{'SRGVIXIQEWSRV][EPPEWWIQFPMIW
{6IMRJSVGIHGSRGVIXIQEWSRV]GSPYQRW
/I][SVHW FIEQW WYTTSVXW  GSPYQRW WYTTSVXW  GSQTVIWWMZI WXVIRKXL
{'SRGVIXIQEWSRV]PMRXIPW
GSRGVIXI WPEFW JMVI IRHYVERGI JMVI VEXMRKW JMVI VIWMWXERGI JMVI XIWXW
QEWSRV] [EPPW QSHYPYW SJ IPEWXMGMX] TVIWXVIWWIH GSRGVIXI TVIWXVIWWMRK
{7XVYGXYVEP WXIIP GSPYQRW TVSXIGXIH F] GSRGVIXI
WXIIPWVIMRJSVGIHGSRGVIXIVIMRJSVGMRKWXIIPWXVYGXYVEPHIWMKRXIQTIVEXYVI QEWSRV]
HMWXVMFYXMSRXLIVQEPTVSTIVXMIW[EPPW
'LETXIV{'PE]FVMGOERHXMPIQEWSRV]T
'328)287 {+IRIVEP
'LETXIV{+IRIVEPT {)UYMZEPIRXXLMGORIWW
{7GSTI {'PE]FVMGOERHXMPIQEWSRV][EPPEWWIQFPMIW
{6IMRJSVGIHGPE]QEWSRV]GSPYQRW
{%PXIVREXMZIQIXLSHW
{6IMRJSVGIHGPE]QEWSRV]PMRXIPW
{(IJMRMXMSRW {)\TERWMSRSVGSRXVEGXMSRNSMRXW
{2SXEXMSR {7XVYGXYVEPWXIIPGSPYQRWTVSXIGXIHF]GPE]QEWSRV]
{*MVIVIWMWXERGIHIXIVQMREXMSRW
%'-  WYTIVWIHIW %'- [EW EHSTXIH 1EVGL   ERH TYFPMWLIH
'LETXIV{'SRGVIXIT 1E]
'ST]VMKLX%QIVMGER'SRGVIXI-RWXMXYXI
{+IRIVEP %PPVMKLXWVIWIVZIHMRGPYHMRKVMKLXWSJVITVSHYGXMSRERHYWIMRER]JSVQSVF]ER]
QIERW MRGPYHMRK XLI QEOMRK SJ GSTMIW F] ER] TLSXS TVSGIWW SV F] IPIGXVSRMG SV
{'SRGVIXI[EPPWJPSSVWERHVSSJW QIGLERMGEPHIZMGITVMRXIH[VMXXIRSVSVEPSVVIGSVHMRKJSVWSYRHSVZMWYEPVITVSHYGXMSR
SVJSVYWIMRER]ORS[PIHKISVVIXVMIZEPW]WXIQSVHIZMGIYRPIWWTIVQMWWMSRMR[VMXMRK
{'SRGVIXIGSZIVTVSXIGXMSRSJWXIIPVIMRJSVGIQIRX MWSFXEMRIHJVSQXLIGST]VMKLXTVSTVMIXSVW


 %'-81778%2(%6(

'LETXIV{)JJIGXWSJJMRMWLQEXIVMEPWSRJMVI FPEROIX GIVEQMG JMFIV{QMRIVEP [SSP MRWYPEXMRK QEXIVMEP


VIWMWXERGIT QEHISJEPYQMREWMPMGEJMFIVWERHLEZMRKEHIRWMX]SJXS
{+IRIVEP PFJX
{'EPGYPEXMSRTVSGIHYVI
FSEVH QMRIVEP{QMRIVEP JMFIV MRWYPEXMSR FSEVH
{-RWXEPPEXMSRSJJMRMWLIW GSQTP]MRK[MXL%781'
FYMPHMRK GSHI{E PIKEP HSGYQIRX XLEX IWXEFPMWLIW XLI
'LETXIV{6IJIVIRGIWT
{6IJIVIRGIHWXERHEVHW QMRMQYQ VIUYMVIQIRXW RIGIWWEV] JSV FYMPHMRK HIWMKR ERH
GSRWXVYGXMSRXSTVSZMHIJSVTYFPMGLIEPXLERHWEJIX]
%44)2(-<)7 GSRGVIXI GEVFSREXI EKKVIKEXI{GSRGVIXI QEHI [MXL
%TTIRHM\%{1MRMQYQGSZIVJSVWXIIPGSPYQRW GSEVWIEKKVIKEXIGSRWMWXMRKQEMRP]SJGEPGMYQGEVFSREXISV
IRGEWIHMRGSRGVIXIT E GSQFMREXMSR SJ GEPGMYQ ERH QEKRIWMYQ GEVFSREXI JSV
I\EQTPIPMQIWXSRISVHSPSQMXI 
%TTIRHM\&{*MVIVIWMWXERGISJGSRGVIXI GSRGVIXI GIPPYPEV{E PS[HIRWMX] TVSHYGX GSRWMWXMRK SJ
QEWSRV]TVSXIGXIHWXIIPGSPYQRWT
TSVXPERHGIQIRX GIQIRXWMPMGE GIQIRXTS^^SPER PMQI
%TTIRHM\'{*MVIVIWMWXERGISJGPE]QEWSRV] TS^^SPERPMQIWMPMGETEWXIWSVTEWXIWGSRXEMRMRKEFPIRHSJ
TVSXIGXIHWXIIPGSPYQRWT XLIWI MRKVIHMIRXW ERH LEZMRK E LSQSKIRISYW ZSMH SV GIPP
WXVYGXYVI EXXEMRIH [MXL KEWJSVQMRK GLIQMGEPW SV JSEQMRK
',%48)6{+)2)6%0 EKIRXW *SVGIPPYPEVGSRGVIXIWGSRXEMRMRKFMRHIVMRKVIHMIRXW
{7GSTI SXLIV XLER SV MR EHHMXMSR XS TSVXPERH GIQIRX EYXSGPEZI
8LMWWXERHEVHHIWGVMFIWEGGITXEFPIQIXLSHWJSVHIXIVQMRMRK GYVMRKMWYWYEPP]IQTPS]IH
XLIJMVIVIWMWXERGISJGSRGVIXIFYMPHMRKERHQEWSRV]FYMPHMRK GSRGVIXI PMKLX[IMKLXEKKVIKEXI{GSRGVIXI QEHI [MXL
EWWIQFPMIW ERH WXVYGXYVEP IPIQIRXW MRGPYHMRK [EPPW JPSSV EKKVIKEXIWGSRJSVQMRKXS%781'SV'
ERH VSSJ WPEFW FIEQW GSPYQRW PMRXIPW ERH QEWSRV] JMVI
GSRGVIXIRSVQEP[IMKLX{GSRGVIXIQEHI[MXLEKKVIKEXIW
TVSXIGXMSRJSVWXVYGXYVEPWXIIPGSPYQRW8LIWIQIXLSHWWLEPP
GSRJSVQMRKXS%781'
FIYWIHJSVHIWMKRERHEREP]WMWTYVTSWIWERHWLEPPFIFEWIH
SR XLI JMVI I\TSWYVI ERH ETTPMGEFPI IRHTSMRX GVMXIVME SJ GSRGVIXI TIVPMXI{RSRWXVYGXYVEP PMKLX[IMKLX MRWYPEXMRK
%781 )  8LMW WXERHEVH HSIW RSX ETTP] XS GSQTSWMXI GSRGVIXILEZMRKEHIRWMX]SJETTVS\MQEXIP]PFJXQEHI
QIXEPHIGOJPSSVSVVSSJEWWIQFPMIW F]QM\MRKTIVPMXIEKKVIKEXIGSQTP]MRK[MXL%781'
8LITVMQEV]MRXIRHIHYWISJXLMWHSGYQIRXMWJSVHIXIVQMRMRK [MXLTSVXPERHGIQIRXWPYVV]
XLIHIWMKRVIUYMVIQIRXWJSVGSRGVIXIERHQEWSRV]IPIQIRXW GSRGVIXITPEMR{WXVYGXYVEPGSRGVIXI[MXLRSVIMRJSVGIQIRX
XSVIWMWXJMVIERHTVSZMHIJMVITVSXIGXMSR8SPIVERGIGSQTPMERGI SVPIWWVIMRJSVGIQIRXXLERXLIQMRMQYQEQSYRXWTIGMJMIHMR
XSXLITVSZMWMSRWJSVGSRGVIXIWLEPPFIFEWIHSRMRJSVQEXMSR %'-JSVVIMRJSVGIHGSRGVIXI
TVSZMHIH MR %'-  'SRWMHIVEXMSR JSV GSQTPMERGI XS XLI GSRGVIXIVIMRJSVGIH{WXVYGXYVEPGSRGVIXIVIMRJSVGIH[MXL
TVSZMWMSRW JSV QEWSRV] WLEPP FI FEWIH SR XLI MRJSVQEXMSR RSPIWWXLERXLIQMRMQYQEQSYRXSJTVIWXVIWWMRKXIRHSRWSV
TVSZMHIHMR%'-%7')817 RSRTVIWXVIWWIHVIMRJSVGIQIRXEWWTIGMJMIHF]%'-
GSRGVIXIWIQMPMKLX[IMKLX{'SRGVIXIQEHI[MXLEGSQFM
{%PXIVREXMZIQIXLSHW REXMSRSJPMKLX[IMKLXEKKVIKEXIW I\TERHIHGPE]WLEPIWPEK
1IXLSHWSXLIVXLERXLSWITVIWIRXIHMRXLMWWXERHEVHWLEPP SVWPEXISVWMRXIVIHJP]EWL ERHRSVQEP[IMKLXEKKVIKEXIW
FI TIVQMXXIH JSV YWI MR EWWIWWMRK XLI JMVI VIWMWXERGI SJ LEZMRK ER IUYMPMFVMYQ HIRWMX] SJ  XS  PFJX MR
GSRGVIXI ERH QEWSRV] FYMPHMRK EWWIQFPMIW ERH WXVYGXYVEP EGGSVHERGI[MXL%781'
IPIQIRXWMJXLIQIXLSHWEVIFEWIHSRXLIJMVII\TSWYVIERH GSRGVIXI WMPMGISYW EKKVIKEXI{RSVQEP[IMKLX GSRGVIXI
ETTPMGEFPI IRHTSMRX GVMXIVME WTIGMJMIH MR %781 )  LEZMRKGSRWXMXYIRXWGSQTSWIHQEMRP]SJWMPMGESVWMPMGEXIW
'SQTYXIVQSHIPW[LIRYWIHWLEPPFIZEPMHEXIHERHWYTTSVXIH
GSRGVIXI WXVYGXYVEP{EPP GSRGVIXI YWIH JSV WXVYGXYVEP
F]TYFPMWLIHQEXIVMEPXSWYFWXERXMEXIXLIMVEGGYVEG]
TYVTSWIWMRGPYHMRKTPEMRERHVIMRJSVGIHGSRGVIXI
GSRGVIXI ZIVQMGYPMXI{GSRGVIXI MR [LMGL XLI EKKVIKEXI
{(IJMRMXMSRW
8LIJSPPS[MRKHIJMRMXMSRWETTP]JSVXLMWWXERHEVH GSRWMWXWSJI\JSPMEXIHZIVQMGYPMXI
ETTVSZIH{ETTVSZIHF]XLIFYMPHMRKSJJMGMEPVIWTSRWMFPI IRHTSMRX GVMXIVME{GSRHMXMSRW SJ EGGITXERGI JSV ER
JSVIRJSVGMRKXLIPIKEPP]EHSTXIHFYMPHMRKGSHISJ[LMGLXLMW %781)JMVIXIWX
WXERHEVH MW E TEVX SV ETTVSZIH F] WSQI SXLIV EYXLSVMX] IRHTSMRX LIEX XVERWQMWWMSR{%R EGGITXERGI GVMXIVMSR
LEZMRKNYVMWHMGXMSR SJ%781)PMQMXMRKXLIXIQTIVEXYVIVMWISJXLIYRI\TSWIH
FEVLMKLWXVIRKXLEPPS]WXIIP{WXIIPFEVWGSRJSVQMRKXS WYVJEGIXSEREZIVEKISJ”*JSVEPPQIEWYVMRKTSMRXWSVE
XLIVIUYMVIQIRXWSJ%781%%1 QE\MQYQSJ”*EXER]SRITSMRX
FEVVMIVIPIQIRX{EFYMPHMRKQIQFIVXLEXTIVJSVQWEWE IRHTSMRXMRXIKVMX]{EREGGITXERGIGVMXIVMSRSJ%781)
FEVVMIVXSXLIWTVIEHSJJMVI JSVI\EQTPI[EPPWJPSSVWERH TVSLMFMXMRKXLITEWWEKISJJPEQISVKEWIWLSXIRSYKLXS
VSSJW  MKRMXI GSXXSR [EWXI FIJSVI XLI IRH SJ XLI HIWMVIH JMVI
FIEQ{E WXVYGXYVEP QIQFIV WYFNIGXIH TVMQEVMP] XS IRHYVERGITIVMSH8LIXIVQEPWSETTPMIWXSXLILSWIWXVIEQ
JPI\YVIFYXEPWSXSE\MEPPSEHW XIWXSJEJMVII\TSWIH[EPP
()8)61-2-2+*-6)6)7-78%2')3*'32'6)8)%2(1%7326='327869'8-32%77)1&0-)7 

IRHTSMRXWXIIPXIQTIVEXYVI{EREGGITXERGIGVMXIVMSRSJ HMIJSVGSRGVIXIVIMRJSVGIQIRXSJEHMEQIXIVRSXPIWWXLER
%781 )  HIJMRMRK XLI PMQMXMRK WXIIP XIQTIVEXYVIW JSV MRRSVKVIEXIVXLERMR
YRVIWXVEMRIHEWWIQFP]GPEWWMJMGEXMSRW WXERHEVHJMVII\TSWYVI{XLIXMQIXIQTIVEXYVIVIPEXMSRWLMT
IRHTSMRXWXVYGXYVEP{%781)GVMXIVMEXLEXWTIGMJ] HIJMRIHF]%781)
XLIGSRHMXMSRWSJEGGITXERGIJSVWXVYGXYVEPTIVJSVQERGISJE WXERHEVHJMVIXIWX{XLIXIWXTVIWGVMFIHF]%781)
XIWXIHEWWIQFP] WXIIPLSXVSPPIH{WXIIPYWIHJSVVIMRJSVGMRKFEVWSVWXVYGXYVEP
IRHYVERGI JMVI{E QIEWYVI SJ XLI IPETWIH XMQI HYVMRK WXIIPQIQFIVW
[LMGL E QEXIVMEP SV EWWIQFP] GSRXMRYIW XS I\LMFMX JMVI WXVERH{ETVIWXVIWWMRKXIRHSRGSQTSWIHSJERYQFIVSJ
VIWMWXERGI%WETTPMIHXSIPIQIRXWSJFYMPHMRKW[MXLVIWTIGX [MVIWX[MWXIHEFSYXEGIRXIV[MVISVGSVI
XS XLMW WXERHEVH MX WLEPP FI QIEWYVIH F] XLI QIXLSHW ERH XIQTIVEXYVIGVMXMGEP{XIQTIVEXYVISJVIMRJSVGMRKWXIIPMR
GVMXIVMEGSRXEMRIHMR%781) YRVIWXVEMRIHJPI\YVEPQIQFIVWHYVMRKJMVII\TSWYVIEX[LMGL
JMFIVFSEVH KPEWW{JMFVSYW KPEWW MRWYPEXMSR FSEVH XLIRSQMREPJPI\YVEPWXVIRKXLSJEQIQFIVMWVIHYGIHXSXLI
GSQTP]MRK[MXL%781' QSQIRX TVSHYGIH F] ETTPMGEXMSR SJ WIVZMGI PSEHW XS XLEX
JMFIVWTVE]IHQMRIVEP{EFPIRHSJVIJMRIHQMRIVEPJMFIVW QIQFIV
ERHMRSVKERMGFMRHIVW XIRHSR{E WXIIP IPIQIRX WYGL EW WXVERH FEV [MVI SV E
JMVIVIWMWXERGI{XLITVSTIVX]SJEQEXIVMEPSVEWWIQFP]XS FYRHPISJWYGLIPIQIRXWTVMQEVMP]YWIHMRXIRWMSRXSMQTEVX
[MXLWXERH JMVISVTVSZMHI TVSXIGXMSRJVSQMX %WETTPMIHXS GSQTVIWWMZIWXVIWWXSGSRGVIXI
IPIQIRXW SJ FYMPHMRKW MX MW GLEVEGXIVM^IH F] XLI EFMPMX] XS [EPPFSEVH K]TWYQ X]TI w<x{QMPPJEFVMGEXIH TVSHYGX
GSRJMRI E JMVI SV [LIR I\TSWIH XS JMVI XS GSRXMRYI XS GSQTP]MRK [MXL%781 '' 1 8]TI< QEHISJE
TIVJSVQEKMZIRWXVYGXYVEPJYRGXMSRSVFSXL K]TWYQGSVIGSRXEMRMRKWTIGMEPQMRIVEPWERHIRGEWIHMRE
JMVIVIWMWXERGIVEXMRK WSQIXMQIWGEPPIHJMVIVEXMRKJMVI WQSSXLJMRMWLIHTETIVSRXLIJEGIWMHIERHPMRIVTETIVSR
VIWMWXERGI GPEWWMJMGEXMSR SV LSYVP] VEXMRK {E PIKEP XIVQ XLIFEGO
HIJMRIHMRFYMPHMRKGSHIWYWYEPP]FEWIHSRJMVIIRHYVERGI
JMVIVIWMWXERGI VEXMRKW EVI EWWMKRIH F] FYMPHMRK GSHIW JSV {2SXEXMSR
ZEVMSYW X]TIW SJ GSRWXVYGXMSR ERH SGGYTERGMIW ERH EVI % %
YWYEPP]KMZIRMRLEPJLSYVSVLSYVP]MRGVIQIRXW ERH %R !EMVJEGXSVJSVIEGLGSRXMRYSYWEMVWTEGILEZMRKE
JMVIXIWX{WII WXERHEVHJMVIXIWX HMWXERGISJXSMR XSQQ FIX[IIR
NSMWX{E GSQTEVEXMZIP] REVVS[ FIEQ YWIH MR GPSWIP] []XLIW RSRHMQIRWMSREP
WTEGIH EVVERKIQIRXW XS WYTTSVX JPSSV SV VSSJ WPEFW XLEX %TW ! GVSWWWIGXMSREPEVIESJTVIWXVIWWMRKXIRHSRWMR
VIUYMVIRSVIMRJSVGIQIRXI\GITXXLEXVIUYMVIHJSVXIQTIVEXYVI %W ! GVSWWWIGXMSREPEVIESJRSRTVIWXVIWWIHPSRKMXYHMREP
ERHWLVMROEKIWXVIWWIW EPWSELSVM^SRXEPWXVYGXYVEPQIQFIV XIRWMSRVIMRJSVGIQIRXMR
WYGLEWXLEX[LMGLWYTTSVXWHIGOJSVQWLIEXLMRK %WX ! GVSWWWIGXMSREPEVIESJXLIWXIIPGSPYQRMR
QEWSRV]TPEMR{QEWSRV]MR[LMGLXLIXIRWMPIVIWMWXERGI E ! HITXL SJ IUYMZEPIRX VIGXERKYPEV GSRGVIXI
SJQEWSRV]MWXEOIRMRXSGSRWMHIVEXMSRERHXLIVIWMWXERGISJ GSQTVIWWMZI WXVIWW FPSGO EX RSQMREP JPI\YVEP
XLIVIMRJSVGMRKWXIIPMJTVIWIRXMWRIKPIGXIH WXVIRKXLMR
QEWSRV] VIMRJSVGIH{E QEXIVMEPMR [LMGL XLI QEWSRV]
E ! HITXL SJ IUYMZEPIRX GSRGVIXI VIGXERKYPEV WXVIWW
XIRWMPI WXVIRKXL MW RIKPIGXIH ERH XLI IJJIGXW SJ WXVIWW MR
FPSGOEXIPIZEXIHXIQTIVEXYVIMR
IQFIHHIHVIMRJSVGIQIRXEVIMRGPYHIHMRXLIHIWMKR
& ! PIEWXHMQIRWMSRSJVIGXERKYPEVGSRGVIXIGSPYQRMR
QEWSRV]YRMX GPE]{WSPMH SV LSPPS[ YRMX FVMGOSV XMPI
F ! [MHXLSJGSRGVIXIWPEFSVFIEQMR
GSQTSWIH SJ GPE] WLEPI SV WMQMPEV REXYVEPP] SGGYVVMRK
IEVXLIRWYFWXERGIWWLETIHMRXSTVMWQEXMGYRMXWERHWYFNIGXIH FJ ! [MHXLSJJPERKIMR
XS LIEX XVIEXQIRX EX IPIZEXIH XIQTIVEXYVI JMVMRK  QIIXMRK GG ! EQFMIRX XIQTIVEXYVI WTIGMJMG LIEX SJ GSRGVIXI
VIUYMVIQIRXWSJ%781'''''' &XY PF”*
'SV' (G ! SZIRHVMIHHIRWMX]SJGSRGVIXIPFJX
QEWSRV] YRMX GSRGVIXI{LSPPS[ SV WSPMH YRMX FPSGO H ! IJJIGXMZIHITXLHMWXERGIJVSQGIRXVSMHSJXIRWMSR
QEHI JVSQ GIQIRXMXMSYW QEXIVMEPW [EXIV ERH EKKVIKEXIW VIMRJSVGIQIRX XS I\XVIQI GSQTVIWWMZI JMFIV SV
[MXLSV[MXLSYXXLIMRGPYWMSRSJSXLIVQEXIVMEPWQIIXMRKXLI HITXLSJWXIIPGSPYQRMR
VIUYMVIQIRXWSJ%781''''SV' HIJ ! HMWXERGIJVSQGIRXVSMHSJXIRWMSRVIMRJSVGIQIRXXS
QEWXMGMRXYQIWGIRX{WTVE]ETTPMIHGSEXMRKXLEXVIEGXWXS QSWXI\XVIQIGSRGVIXIGSQTVIWWMZIJMFIVEX[LMGL
LIEXEXETTVS\MQEXIP]”*F]JSEQMRKXSEQYPXMGIPPYPEV TSMRXXIQTIVEXYVIHSIWRSXI\GIIH”*MR
WXVYGXYVILEZMRKXSXMQIWMXWMRMXMEPXLMGORIWW H ! XLMGORIWWSJJMVII\TSWIHGSRGVIXIPE]IVMR
QEXIVMEPGIQIRXMXMSYW{GIQIRXWERHTS^^SPERWYWIHMR HWX ! GSPYQRHMQIRWMSRMR
GSRGVIXIERHQEWSRV]GSRWXVYGXMSR ž* ! HIKVIIW*ELVIRLIMX
QEXIVMEPZIVQMGYPMXIGIQIRXMXMSYW{GIQIRXMXMSYWQEXIVMEP JG ! QIEWYVIH GSQTVIWWMZI WXVIRKXL SJ GSRGVIXI XIWX
GSRXEMRMRKQMPPQM\IHZIVQMGYPMXIXS[LMGL[EXIVMWEHHIHXS G]PMRHIVWEXEQFMIRXXIQTIVEXYVITWM
JSVQEQM\XYVIWYMXEFPIJSVWTVE]MRK JG ! WTIGMJMIHGSQTVIWWMZIWXVIRKXLSJGSRGVIXITWM
VIMRJSVGIQIRXGSPHHVE[R[MVI{WXIIP[MVIQEHIJVSQ JG ! VIHYGIH GSQTVIWWMZI WXVIRKXL SJ GSRGVIXI EX
VSHWXLEXLEZIFIIRVSPPIHJVSQFMPPIXWGSPHHVE[RXLVSYKLE IPIZEXIHXIQTIVEXYVITWM
 %'-81778%2(%6(

JTW ! WXVIWW MR TVIWXVIWWMRK WXIIP EX RSQMREP JPI\YVEP YIJ ! ER EHNYWXIH ZEPYI SJ Y XS EGGSQQSHEXI FIEQ
WXVIRKXLTWM KISQIXV][LIVIJMVII\TSWYVIXSGSRGVIXIWYVJEGIW
JTW ! VIHYGIH WXVIWW SJ TVIWXVIWWMRK WXIIP EX IPIZEXIH MWJVSQXLVIIWMHIWMR
XIQTIVEXYVITWM :R ! RIXZSPYQISJQEWSRV]YRMXMR
JTY ! WTIGMJMIHXIRWMPIWXVIRKXLSJTVIWXVIWWMRKXIRHSRWTWM ; ! EZIVEKI[IMKLXSJXLIWXIIPGSPYQRPFJX
J] ! WTIGMJMIH ]MIPH WXVIRKXL SJ RSRTVIWXVIWWIH [ ! WYQSJYRJEGXSVIHHIEHERHPMZIWIVZMGIPSEHW
VIMRJSVGMRKWXIIPTWM [G ! HIRWMX]SJGSRGVIXIPFJX
J] ! VIHYGIH]MIPHWXVIRKXLSJRSRTVIWXVIWWIHVIMRJSVGMRK [GQ ! HIRWMX]SJQEWSRV]TVSXIGXMSRPFJX
WXIIPEXIPIZEXIHXIQTIVEXYVITWM \ ! HMWXERGIJVSQMRJPIGXMSRTSMRXXSPSGEXMSRSJJMVWX
, ! WTIGMJMIHLIMKLXSJQEWSRV]YRMXMR MRXIVMSVWYTTSVXQIEWYVIHEJXIVQSQIRXVIHMWXVMFY
,W ! EQFMIRX XIQTIVEXYVI XLIVQEP GETEGMX] SJ WXIIP XMSRLEWSGGYVVIHMR
GSPYQR&XY JX”* \ ! HMWXERGIEX[LMGLQE\MQYQZEPYISJVIHMWXVMFYXIH
L ! EZIVEKIXLMGORIWWSJGSRGVIXIGSZIVMR TSWMXMZIQSQIRXSGGYVWQIEWYVIHJVSQ E SYXIV
OG ! XLIVQEP GSRHYGXMZMX] SJ GSRGVIXI EX VSSQ WYTTSVXJSVGSRXMRYMX] SZIVSRI WYTTSVX ERH F
XIQTIVEXYVI&XY LJX”* IMXLIVWYTTSVX[LIVIGSRXMRYMX]I\XIRHWSZIVX[S
OGQ ! XLIVQEPGSRHYGXMZMX]SJGSRGVIXIQEWSRV]EXVSSQ WYTTSVXWMR
XIQTIVEXYVI&XY LJX”* \ ! MR GSRXMRYSYW WTER HMWXERGI FIX[IIR EHNEGIRX
0 ! WTIGMJMIH PIRKXL SJ QEWSRV] YRMX SV MRXIVMSV MRJPIGXMSRTSMRXWMR
HMQIRWMSRSJVIGXERKYPEVGSRGVIXIFS\TVSXIGXMSR ! WYFWGVMTX HIRSXMRK GLERKIW SJ TEVEQIXIV HYI XS
JSVWXIIPGSPYQRMR IPIZEXIHXIQTIVEXYVI
P ! GPIEVWTERFIX[IIRWYTTSVXWJX ! VIMRJSVGIQIRXVEXMS
K ! VEXMSSJXSXEPVIMRJSVGIQIRXEVIEXSGVSWWWIGXMSREP
1 ! QSQIRXHYIXSJYPPWIVZMGIPSEHSRQIQFIVPFJX
EVIESJGSPYQR
1R ! RSQMREPQSQIRXGETEGMX]EXWIGXMSRPFJX
T ! VIMRJSVGIQIRXMRHI\JSVGSRGVIXIFIEQVIMRJSVGIH
1R ! RSQMREP QSQIRX GETEGMX] EX WIGXMSR EX IPIZEXIH
[MXLTVIWXVIWWMRKWXIIP
XIQTIVEXYVIPFJX
V ! VIMRJSVGIQIRXMRHI\JSVGSRGVIXIFIEQVIMRJSVGIH
1R ! RSQMREP TSWMXMZI QSQIRX GETEGMX] SJ WIGXMSR EX
[MXLRSRTVIWXVIWWIHWXIIP
IPIZEXIHXIQTIVEXYVIPFJX
! VIMRJSVGIQIRXMRHI\JSVGSRGVIXIFIEQEXIPIZEXIH
1Rz ! RSQMREP RIKEXMZI QSQIRX GETEGMX]SJ WIGXMSREX XIQTIVEXYVI
IPIZEXIHXIQTIVEXYVIPFJX
1\ ! QE\MQYQZEPYISJVIHMWXVMFYXIHTSWMXMZIQSQIRX {*MVIVIWMWXERGIHIXIVQMREXMSRW
EXWSQIHMWXERGI\ PFJX 8LI JMVI VIWMWXERGI SJ QEXIVMEPW ERH EWWIQFPMIW WLEPP FI
Q ! IUYMZEPIRX QSMWXYVI GSRXIRX SJ XLI GSRGVIXI F] HIXIVQMRIHF]SRISJXLIQIXLSHWKMZIRMRXS
ZSPYQI TIVGIRX  5YEPMJMGEXMSRF]XIWXMRK{1EXIVMEPWERHEWWIQFPMIW
T ! MRRIVTIVMQIXIVSJGSRGVIXIQEWSRV]TVSXIGXMSRMR SJ QEXIVMEPW SJ GSRWXVYGXMSR XIWXIH MR EGGSVHERGI [MXL XLI
TW ! LIEXIHTIVMQIXIVSJWXIIPGSPYQRMR VIUYMVIQIRXWWIXJSVXLMR%781)WLEPPFIVEXIHJSVJMVI
6 ! JMVIVIWMWXERGISJEWWIQFP]LSYVW VIWMWXERGIMREGGSVHERGI[MXLXLIVIWYPXWERHGSRHMXMSRWSJ
6 ! JMVIVIWMWXERGIEX^IVSQSMWXYVIGSRXIRXLSYVW WYGLXIWXW
666R! JMVI VIWMWXERGI SJ PE]IV  R VIWTIGXMZIP]  'EPGYPEXIH JMVI VIWMWXERGI{8LI JMVI VIWMWXERGI
LSYVW EWWSGMEXIH [MXL ER IPIQIRX SV EWWIQFP] WLEPP FI HIIQIH
W ! GIRXIVXSGIRXIVWTEGMRKSJMXIQWWYGLEWVMFWSV EGGITXEFPI[LIRIWXEFPMWLIHF]XLIGEPGYPEXMSRTVSGIHYVIWMR
YRHYPEXMSRWMR XLMWWXERHEVHSV[LIRIWXEFPMWLIHMREGGSVHERGI[MXL
8 ! WTIGMJMIHXLMGORIWWSJGSRGVIXIQEWSRV]ERHGPE]  %TTVSZEPXLVSYKLTEWXTIVJSVQERGI{8LITVSZMWMSRW
QEWSRV]YRMXMR SJXLMWWXERHEVHEVIRSXMRXIRHIHXSTVIZIRXXLIETTPMGEXMSRSJ
8I ! IUYMZEPIRX XLMGORIWW SJ GSRGVIXI GSRGVIXI JMVIVEXMRKWXSIPIQIRXWERHEWWIQFPMIWXLEXLEZIFIIRETTPMIH
QEWSRV]ERHGPE]QEWSRV]YRMXMR MRXLITEWXERHLEZIFIIRTVSZIRXLVSYKLTIVJSVQERGI
8IE ! IUYMZEPIRXXLMGORIWWSJGSRGVIXIQEWSRV]EWWIQFP]  %PXIVREXMZIQIXLSHW{8LITVSZMWMSRWSJXLMWWXERHEVH
MR EVI RSX MRXIRHIH XS TVIZIRX XLI ETTPMGEXMSR SJ RI[ ERH
8IJ ! IUYMZEPIRXXLMGORIWWSJJMRMWLIWMR IQIVKMRK XIGLRSPSK] JSV TVIHMGXMRK XLI PMJI WEJIX] ERH
TVSTIVX]TVSXIGXMSRMQTPMGEXMSRWSJFYMPHMRKWERHWXVYGXYVIW
X ! XMQIQMR
XI ! IUYMZEPIRX XLMGORIWW SJ E VMFFIH SV YRHYPEXMRK
',%48)6{'32'6)8)
GSRGVIXIWIGXMSRMR {+IRIVEP
XQMR ! QMRMQYQXLMGORIWWMR 8LIJMVI VIWMWXERGI SJ GSRGVIXI QIQFIVW ERH EWWIQFPMIW
XXSX ! XSXEPWPEFXLMGORIWWMR HIWMKRIH MR EGGSVHERGI [MXL %'-  JSV VIMRJSVGIH ERH
X[ ! XLMGORIWWSJ[IFMR TPEMR WXVYGXYVEP GSRGVIXI WLEPP FI HIXIVQMRIH FEWIH SR XLI
Y ! EZIVEKIXLMGORIWWSJGSRGVIXIFIX[IIRXLIGIRXIVSJ TVSZMWMSRWSJXLMWGLETXIV'SRGVIXI[EPPWJPSSVWERHVSSJW
QEMRVIMRJSVGMRKWXIIPERHJMVII\TSWIHWYVJEGIMR WLEPPQIIXQMRMQYQXLMGORIWWVIUYMVIQIRXWJSVTYVTSWIWSJ
()8)61-2-2+*-6)6)7-78%2')3*'32'6)8)%2(1%7326='327869'8-32%77)1&0-)7 

8EFPI{*MVIVIWMWXERGISJWMRKPIPE]IVGSRGVIXI
[EPPWJPSSVWERHVSSJW
%KKVIKEXI 1MRMQYQIUYMZEPIRXXLMGORIWWJSVJMVIVIWMWXERGIVEXMRKMR
X]TI LSYV LSYVW LSYVW LSYVW LSYVW
7MPMGISYW     
'EVFSREXI     
7IQM     
PMKLX[IMKLX
0MKLX[IMKLX     

FEVVMIVJMVIVIWMWXERGI'SRGVIXIGSRXEMRMRKWXIIPVIMRJSVGIQIRX
WLEPPEHHMXMSREPP]QIIXGSZIVTVSXIGXMSRVIUYMVIQIRXWMRXLMW
GLETXIVJSVTYVTSWIWSJQEMRXEMRMRKJMVIVIWMWXERGI
-RWSQIGEWIWHMWXMRGXMSRWEVIQEHIFIX[IIRRSVQEP[IMKLX
GSRGVIXI QEHI [MXL GEVFSREXI ERH WMPMGISYW EKKVIKEXIW -J
XLIX]TISJEKKVIKEXIMWRSXORS[RXLIZEPYIJSVXLIEKKVIKEXI *MK {)UYMZEPIRX XLMGORIWW SJ JPERKIH VMFFIH ERH
VIWYPXMRKMRXLIKVIEXIWXVIUYMVIHQIQFIVXLMGORIWWSVGSZIV YRHYPEXMRKTERIPW
XSXLIVIMRJSVGIQIRXWLEPPFIYWIH

{'SRGVIXI[EPPWJPSSVWERHVSSJW
4PEMRERHVIMRJSVGIHGSRGVIXIFIEVMRKSVRSRFIEVMRK[EPPW XLMGORIWWYWIHXSGEPGYPEXIXLIRIXGVSWWWIGXMSREPEVIEWLEPP
ERHJPSSVERHVSSJWPEFWVIUYMVIHXSTVSZMHIJMVIVIWMWXERGI RSXI\GIIHX[SXMQIWXLIQMRMQYQXLMGORIWWERH
VEXMRKW SJ  XS  LSYVW WLEPP GSQTP] [MXL XLI QMRMQYQ ;LIVIXLIGIRXIVXSGIRXIVWTEGMRKSJVMFWSVYRHYPEXMSRW
IUYMZEPIRXXLMGORIWWZEPYIWMR8EFPI*SVWSPMH[EPPWERH I\GIIHWX[SXMQIWXLIQMRMQYQXLMGORIWWFYXMWRSXQSVI
WPEFW[MXLJPEXWYVJEGIWXLIIUYMZEPIRXXLMGORIWWWLEPPFI XLERJSYVXMQIWXLIQMRMQYQXLMGORIWWGEPGYPEXIXLIIUYMZEPIRX
HIXIVQMRIHMREGGSVHERGI[MXL8LIIUYMZEPIRXXLMGORIWW XLMGORIWW XIJVSQXLIJSPPS[MRKIUYEXMSR
SJLSPPS[GSVIWPEFWSV[EPPWSVWPEFW[EPPWSVSXLIVFEVVMIV
IPIQIRXW[MXLWYVJEGIWXLEXEVIRSXJPEXWLEPPFIHIXIVQMRIH XI!XQMR ? XQMRW zA XI zXQMR 
MREGGSVHERGI[MXLXLVSYKL4VSZMWMSRWJSVGSZIV
TVSXIGXMSRSJWXIIPVIMRJSVGIQIRXEVIGSRXEMRIHMR [LIVI
 7SPMH[EPPWERHWPEFW[MXLJPEXWYVJEGIW{*SVWSPMH W ! WTEGMRKSJVMFWSVYRHYPEXMSRWMR
[EPPWERHWPEFW[MXLJPEXWYVJEGIWXLIEGXYEPXLMGORIWWWLEPP XQMR ! QMRMQYQXLMGORIWWMRERH
FIXLIIUYMZEPIRXXLMGORIWW XI ! IUYMZEPIRXXLMGORIWWMRGEPGYPEXIHMREGGSVHERGI
 ,SPPS[GSVI GSRGVIXI [EPPW ERH WPEFW{*SV [EPPW [MXL-XIQSJ7IGXMSR
ERH WPEFW GSRWXVYGXIH [MXL TVIGEWX GSRGVIXI LSPPS[GSVI  1YPXMTPIPE]IV [EPPW JPSSVW ERH VSSJW{*SV [EPPW
TERIPW [MXL GSRWXERX GSVI GVSWW WIGXMSR XLVSYKLSYX XLIMV JPSSVWERHVSSJWGSRWMWXMRKSJX[SSVQSVIPE]IVWSJHMJJIVIRX
PIRKXLGEPGYPEXIXLIIUYMZEPIRXXLMGORIWWF]HMZMHMRKXLIRIX X]TIW SJ GSRGVIXI QEWSRV] SV FSXL HIXIVQMRI XLI JMVI
GVSWWWIGXMSREPEVIEF]XLITERIP[MHXL;LIVIEPPSJXLIGSVI VIWMWXERGI MR EGGSVHERGI [MXL XLI KVETLMGEP SV RYQIVMGEP
WTEGIW EVI JMPPIH [MXL KVSYX SV PSSWI JMPP QEXIVMEP WYGL EW WSPYXMSRWMRSV8LIJMVIVIWMWXERGISJ
TIVPMXI ZIVQMGYPMXI WERH SV I\TERHIH GPE] WLEPI WPEK SV MRWYPEXIH GSRGVIXI JPSSVW ERH VSSJW WLEPP FI HIXIVQMRIH MR
WPEXIXLIJMVIVIWMWXERGISJXLI[EPPSVWPEFWLEPPFIXLIWEQI EGGSVHERGI[MXL
EWXLEXSJEWSPMH[EPPSVWPEFSJXLIWEQIX]TISJGSRGVIXI  +VETLMGEP ERH EREP]XMGEP WSPYXMSRW{*SV WSPMH
 *PERKIH TERIPW{*SV JPERKIH [EPPW ERH JPSSV ERH [EPPWJPSSVWERHVSSJWGSRWMWXMRKSJX[SPE]IVWSJHMJJIVIRX
VSSJTERIPW[LIVIXLIJPERKIWXETIVXLIIUYMZEPIRXXLMGORIWW X]TIWSJGSRGVIXIJMVIVIWMWXERGIWLEPPFIHIXIVQMRIHXLVSYKL
WLEPPFIHIXIVQMRIHEXXLIPSGEXMSRSJXLIPIWWIVHMWXERGISJ XLIYWISJ*MKSVJVSQ)U  SV  4IVJSVQWITEVEXI
X[SXMQIWXLIQMRMQYQXLMGORIWWSVMRJVSQXLITSMRXSJ JMVIVIWMWXERGI GEPGYPEXMSRW EWWYQMRK IEGL WMHI SJ XLI
XLIQMRMQYQXLMGORIWWSJXLIJPERKI *MK  IPIQIRXMWXLIJMVII\TSWIHWMHI8LIJMVIVIWMWXERGIWLEPPFI
 6MFFIH SV YRHYPEXMRK TERIPW{(IXIVQMRI XLI XLIPS[IVSJXLIX[SVIWYPXMRKGEPGYPEXMSRWYRPIWWSXLIV[MWI
IUYMZEPIRXXLMGORIWWXI SJIPIQIRXWGSRWMWXMRKSJTERIPW[MXL TIVQMXXIH F] XLI FYMPHMRK GSHI *SV JPSSVW ERH VSSJW XLI
VMFFIHSVYRHYPEXMRKWYVJEGIWEWJSPPS[W FSXXSQWYVJEGIWLEPPFIEWWYQIHXSFII\TSWIHXSJMVI
;LIVIXLIGIRXIVXSGIRXIVWTEGMRKSJVMFWSVYRHYPEXMSRW  2YQIVMGEPWSPYXMSR{*SVJPSSVERHVSSJWPEFWERH
MWQSVIXLERJSYVXMQIWXLIQMRMQYQXLMGORIWWXLIIUYMZEPIRX [EPPWQEHISJSRIPE]IVSJRSVQEP[IMKLXGSRGVIXIERHSRI
XLMGORIWW XIMWXLIQMRMQYQXLMGORIWWSJXLITERIPRIKPIGXMRK PE]IV SJ WIQMPMKLX[IMKLX SV PMKLX[IMKLX GSRGVIXI [LIVI
XLIVMFWSVYRHYPEXMSRW *MK  IEGLPE]IVMWMRSVKVIEXIVMRXLMGORIWWXLIGSQFMRIHJMVI
;LIVIXLIGIRXIVXSGIRXIVWTEGMRKSJVMFWSVYRHYPEXMSRW VIWMWXERGISJXLIEWWIQFP]WLEPPFITIVQMXXIHXSFIHIXIVQMRIH
MWIUYEP XS SV PIWW XLER X[S XMQIW XLI QMRMQYQ XLMGORIWW YWMRKXLIJSPPS[MRKI\TVIWWMSRW
GEPGYPEXI XLI IUYMZEPIRX XLMGORIWW XI F] HMZMHMRK XLI RIX E  ;LIR XLI JMVII\TSWIH PE]IV MW SJ RSVQEP[IMKLX
GVSWWWIGXMSREP EVIE F] XLI TERIP [MHXL 8LI QE\MQYQ GSRGVIXI
 %'-81778%2(%6(

*MK{)JJIGXSJWPEFXLMGORIWWERHEKKVIKEXIX]TISJJMVI
VIWMWXERGISJGSRGVIXIWPEFWFEWIHSR”* ”' VMWI
MRXIQTIVEXYVISJYRI\TSWIHWYVJEGI

% % ERH %R !XLIEMVJEGXSVJSVIEGLGSRXMRYSYWEMV


WTEGILEZMRKEHMWXERGISJXSMRFIX[IIR
PE]IVW
*MK{*MVIVIWMWXERGISJX[SPE]IVGSRGVIXI[EPPWJPSSVW 3FXEMRZEPYIWSJ6R JSVMRHMZMHYEPPE]IVWJSVYWIMR)U 
ERHVSSJW JVSQ8EFPISV*MKJSVGSRGVIXIQEXIVMEPWJVSQ8EFPI
JSV GSRGVIXI QEWSRV] ERH 8EFPI  JSV GPE] QEWSRV]
-RXIVTSPEXMSRFIX[IIRZEPYIWMRXLIXEFPIWWLEPPFITIVQMXXIH
)UYEXMSR   HSIW RSX GSRWMHIV [LMGL PE]IV MW FIMRK
6 ! XXSXzH XXSX XXSX  I\TSWIHXSXLIJMVI
 7ERH[MGLTERIPW{(IXIVQMRIXLIJMVIVIWMWXERGI
F ;LIRXLIJMVII\TSWIHPE]IVMWSJPMKLX[IMKLXSVWIQM SJTVIGEWXGSRGVIXI[EPPTERIPWGSRWMWXMRKSJEPE]IVSJJSEQ
PMKLX[IMKLXGSRGVIXI TPEWXMGWERH[MGLIHFIX[IIRX[SPE]IVWSJGSRGVIXIF]YWMRK
)U  *SVJSEQTPEWXMG[MXLEXLMGORIWWRSXPIWWXLERMR
6 ! XXSXH XXSXzH XXSX  YWI 6R!LSYVWMR)U  *SVJSEQTPEWXMG[MXLE
XSXEPXLMGORIWWPIWWXLERMRXLIJMVIVIWMWXERGIGSRXVMFYXMSR
SJXLITPEWXMGWLEPPFI^IVS*SEQTPEWXMGWLEPPFITVSXIGXIH
[LIVI SRFSXLWMHIW[MXLRSXPIWWXLERMRSJGSRGVIXI
6 ! JMVIVIWMWXERGILSYVW
 -RWYPEXIHJPSSVWERHVSSJW{9WI *MK E  F ERH
XXSX ! XSXEPXLMGORIWWSJWPEFMRERH G SV*MK E ERH F XSHIXIVQMRIXLIJMVIVIWMWXERGISJ
H ! XLMGORIWWSJJMVII\TSWIHPE]IVMR JPSSVWERHVSSJWGSRWMWXMRKSJEFEWIWPEFSJGSRGVIXI[MXLE
 %PXIVREXMZI RYQIVMGEP WSPYXMSR{(IXIVQMRI XLI XSTTMRK SZIVPE] SJGIPPYPEVTIVPMXISVZIVQMGYPMXIGSRGVIXI
JMVIVIWMWXERGIJVSQ)U  JSV[EPPWJPSSVWERHVSSJWRSX SV MRWYPEXMSR FSEVHW ERH FYMPXYT VSSJ ;LIVI E XLVIITP]
QIIXMRKXLIGVMXIVMESJERHGSRWMWXMRKSJX[SSVQSVI FYMPXYT VSSJ MW MRWXEPPIH SZIV E PMKLX[IMKLX MRWYPEXMRK SV
PE]IVWSJHMJJIVIRXX]TIWSJGSRGVIXISVGSRWMWXMRKSJPE]IVW WIQMPMKLX[IMKLX GSRGVIXI XSTTMRK MX WLEPP FI TIVQMXXIH XS
SJGSRGVIXIGSRGVIXIQEWSRV]GPE]QEWSRV]SVEGSQFMREXMSR EHH  QMRYXIW XS XLI JMVI VIWMWXERGI HIXIVQMRIH JVSQ
*MK E  F  G SV*MK
6 ! 6 66R %%  %R    4VSXIGXMSR SJ NSMRXW FIX[IIR TVIGEWXGSRGVIXI [EPP
TERIPW ERH WPEFW{;LIR NSMRXW FIX[IIR TVIGEWX GSRGVIXI
[LIVI [EPPTERIPWEVIVIUYMVIHXSFIMRWYPEXIHF]XLMWWLEPP
6 ! JMVIVIWMWXERGISJEWWIQFP]LSYVW FIHSRIMREGGSVHERGI[MXL.SMRXWFIX[IIRTVIGEWX
6 6 ERH 6R !JMVIVIWMWXERGISJMRHMZMHYEPPE]IVWLSYVW GSRGVIXIWPEFWWLEPPFIMREGGSVHERGI[MXL
()8)61-2-2+*-6)6)7-78%2')3*'32'6)8)%2(1%7326='327869'8-32%77)1&0-)7 

*MK {*MVI VIWMWXERGI SJ GSRGVIXI VSSJW [MXL FSEVH


MRWYPEXMSR

*MK{*MVIVIWMWXERGISJGSRGVIXIFEWIWPEFW[MXLSZIVPE]W
SJMRWYPEXMRKGSRGVIXIPFJX

 .SMRXWMR[EPPWVIUYMVIHXSFIMRWYPEXIH{;LIVI
STIRMRKWEVIRSXTIVQMXXIHSV[LIVISTIRMRKWEVIVIUYMVIHXS
FITVSXIGXIHYWIXLITVSZMWMSRWSJXSHIXIVQMRIXLI
VIUYMVIH XLMGORIWW SJ NSMRX MRWYPEXMSR .SMRXW FIX[IIR
GSRGVIXI[EPPTERIPWXLEXEVIRSXMRWYPEXIHEWTVIWGVMFIHMR
WLEPPFIGSRWMHIVIHYRTVSXIGXIHSTIRMRKW;LIVIXLI
TIVGIRXEKI SJ YRTVSXIGXIH STIRMRKW MW PMQMXIH MR I\XIVMSV
[EPPWMRGPYHIYRMRWYPEXIHNSMRXWMRI\XIVMSV[EPPW[MXLSXLIV *MK {*MVI VIWMWXERGI SJ WIQMPMKLX[IMKLX GSRGVIXI
YRTVSXIGXIH STIRMRKW -RWYPEXIH NSMRXW XLEX GSQTP] [MXL SZIVPE]WSRRSVQEP[IMKLXGSRGVIXIFEWIWPEFW
 WLEPP RSX FI GSRWMHIVIH STIRMRKW JSV TYVTSWIW SJ
HIXIVQMRMRKEPPS[EFPITIVGIRXEKISJSTIRMRKW
 8LMGORIWW SJ GIVEQMG JMFIV MRWYPEXMSR{8LI YWIH;LIVIEGSRGVIXIXSTTMRKMWRSXYWIHNSMRXWWLEPPFI
XLMGORIWW SJ GIVEQMG JMFIV FPEROIX MRWYPEXMSR VIUYMVIH XS KVSYXIHXSEHITXLSJEXPIEWXSJXLIWPEFXLMGORIWW-RXLI
MRWYPEXINSMRXWSJERHMRMR[MHXLFIX[IIRGSRGVIXI[EPP GEWI SJ LSPPS[GSVI WPEFW XLI KVSYX XLMGORIWW RIIH RSX
TERIPWXSQEMRXEMRJMVIVIWMWXERGIVEXMRKWSJXSLSYVWWLEPP I\GIIH XLI WYQ SJ XLI XLMGORIWWIW SJ XLI XST ERH FSXXSQ
FIMREGGSVHERGI[MXL*MK*SVNSMRX[MHXLWFIX[IIR WLIPPW-XWLEPPFITIVQMXXIHXSYWIGIVEQMGJMFIVFPEROIX
ERHMRHIXIVQMRIXLIXLMGORIWWSJMRWYPEXMSRF]MRXIVTSPEXMSR MRWYPEXMSRMREGGSVHERGI[MXL
3XLIV ETTVSZIH NSMRX XVIEXQIRX W]WXIQW XLEX QEMRXEMR XLI  )JJIGXW SJ JMRMWL QEXIVMEPW SR JMVI VIWMWXERGI{8LI
VIUYMVIHJMVIVIWMWXERGIWLEPPFITIVQMXXIH YWISJJMRMWLQEXIVMEPWXSMRGVIEWIXLIJMVIVIWMWXERGIVEXMRK
 .SMRXW FIX[IIR TVIGEWX WPEFW{-X WLEPP FI WLEPP FI TIVQMXXIH 8LI IJJIGXW SJ XLI JMRMWL QEXIVMEPW
TIVQMXXIHXSMKRSVINSMRXWFIX[IIREHNEGIRXTVIGEWXGSRGVIXI [LIXLIV SR XLI JMVII\TSWIH WMHI SV XLI RSRJMVII\TSWIH
WPEFW [LIR GEPGYPEXMRK XLI IUYMZEPIRX WPEF XLMGORIWW WMHIWLEPPFIIZEPYEXIHMREGGSVHERGI[MXLXLITVSZMWMSRWSJ
TVSZMHIHXLEXEGSRGVIXIXSTTMRKRSXPIWWXLERMRXLMGOMW 'LETXIV
 %'-81778%2(%6(

8EFPI{'SRWXVYGXMSRGPEWWMJMGEXMSRVIWXVEMRIH
ERHYRVIWXVEMRIH
9RVIWXVEMRIH
7MRKPIWTERWERHWMQTP]WYTTSVXIHIRHWTERWSJQYPXMTPI
;EPPFIEVMRK
FE]WWYGLEWGSRGVIXISVTVIGEWXYRMXW
6IWXVEMRIH
-RXIVMSVWTERWSJQYPXMTPIFE]W
'EWXMRTPEGIGSRGVIXIWPEFW]WXIQW
;EPPFIEVMRK 4VIGEWXGSRGVIXI[LIVIXLITSXIRXMEPXLIVQEPI\TERWMSR
MWVIWMWXIHF]EHNEGIRXGSRWXVYGXMSRj
&IEQWJEWXIRIHWIGYVIP]XSXLIJVEQMRKRYQFIVW
'EWXMRTPEGIJPSSVSVVSSJW]WXIQW WYGLEWFIEQWPEF
W]WXIQWJPEXWPEFWTERNSMWXWERH[EJJPIWPEFW [LIVIXLI
JPSSVSVVSSJW]WXIQMWGEWX[MXLXLIJVEQMRKQIQFIVW
-RXIVMSVERHI\XIVMSVWTERWSJTVIGEWXW]WXIQW[MXL
'SRGVIXI GEWXMRTPEGINSMRXWVIWYPXMRKMRVIWXVEMRXIUYMZEPIRXXSXLEX
JVEQMRK SJ'SRHMXMSRGSRGVIXIJVEQMRK
4VIJEFVMGEXIHJPSSVSVVSSJW]WXIQW[LIVIXLIWXVYGXYVEP
QIQFIVWEVIWIGYVIHXSWYGLW]WXIQWERHXLITSXIRXMEP
XLIVQEPI\TERWMSRSJXLIJPSSVSVVSSJW]WXIQWMWVIWMWXIH
F]XLIJVEQMRKW]WXIQSJXLIEHNSMRMRKJPSSVSVVSSJ
GSRWXVYGXMSRj
-XWLEPPFITIVQMXXIHXSGSRWMHIVJPSSVERHVSSJW]WXIQWVIWXVEMRIH[LIRXLI]EVIXMIH
MRXS[EPPW[MXLSV[MXLSYXXMIFIEQWTVSZMHIHXLI[EPPWEVIHIWMKRIHERHHIXEMPIHXS
VIWMWXXLIVQEPXLVYWXJVSQXLIJPSSVSVVSSJW]WXIQ
j*SV I\EQTPI VIWMWXERGI XS TSXIRXMEP XLIVQEP I\TERWMSR MW GSRWMHIVIH XS FI
EGLMIZIH[LIR
'SRXMRYSYWGSRGVIXIWXVYGXYVEPXSTTMRKMWYWIH
8LIWTEGIFIX[IIRXLIIRHWSJTVIGEWXYRMXWSVFIX[IIRXLIIRHWSJYRMXWERHXLI
ZIVXMGEPJEGISJWYTTSVXWMWJMPPIH[MXLGSRGVIXISVQSVXEVSV
8LIWTEGIFIX[IIRXLIIRHWSJXLITVIGEWXYRMXWERHXLIZIVXMGEPJEGISJWYTTSVXW
SVFIX[IIRXLIIRHWSJWSPMHSVLSPPS[GSVIWPEFYRMXWHSIWRSXI\GIIH SJ
XLIPIRKXLJSVRSVQEP[IMKLXGSRGVIXIQIQFIVWSV SJXLIPIRKXLJSVWXVYGXYVEP *MK{'IVEQMGJMFIVNSMRXTVSHYGXMSR
PMKLX[IMKLXGSRGVIXIQIQFIVW

8EFPI{1MRMQYQGSZIVMRGSRGVIXIJPSSVWERH WPEFWERHFIEQWEWVIWXVEMRIHSVYRVIWXVEMRIHMREGGSVHERGI
VSSJWPEFW [MXL8EFPI
 'SZIVJSVVIMRJSVGIQIRXMRWPEF{8LIQMRMQYQ
'SZIVjJSVGSVVIWTSRHMRKJMVIVIWMWXERGIMR
XLMGORIWWSJGSRGVIXIGSZIVXSTSWMXMZIQSQIRXVIMRJSVGIQIRX
%KKVIKEXI 6IWXVEMRIH 9RVIWXVEMRIH
FSXXSQWXIIP JSVHMJJIVIRXX]TIWSJGSRGVIXIJPSSVERHVSSJ
X]TI SVPIWW LSYV LSYVW LSYVW LSYVW LSYVW
WPEFWVIUYMVIHXSTVSZMHIJMVIVIWMWXERGISJXSLSYVWWLEPP
2SRTVIWXVIWWIH
GSRJSVQXSZEPYIWKMZIRMR8EFPI8EFPIMWETTPMGEFPI
7MPMGISYW      
XSSRI[E]SVX[S[E]GEWXMRTPEGIFIEQWPEFW]WXIQWSV
'EVFSREXI      
TVIGEWXWSPMHSVLSPPS[GSVIWPEFW[MXLJPEXYRHIVWYVJEGIW
7IQM
PMKLX[IMKLX        'SZIVJSVRSRTVIWXVIWWIHJPI\YVEPVIMRJSVGIQIRX
0MKLX[IMKLX       MRFIEQW{8LIQMRMQYQXLMGORIWWSJGSRGVIXIGSZIVXSRSR
4VIWXVIWWIH TVIWXVIWWIH FSXXSQ PSRKMXYHMREP WXIIP VIMRJSVGIQIRX JSV
7MPMGISYW       VIWXVEMRIH ERH YRVIWXVEMRIH FIEQW SJ HMJJIVIRX [MHXLW
'EVFSREXI       VIUYMVIH XS TVSZMHI JMVI VIWMWXERGI SJ  XS  LSYVW WLEPP
7IQM GSRJSVQXSZEPYIWKMZIRMR8EFPI:EPYIWMR8EFPIJSV
     
PMKLX[IMKLX VIWXVEMRIHFIEQWETTP]XSFIEQWWTEGIHQSVIXLERJXETEVX
0MKLX[IMKLX       SRGIRXIV*SVVIWXVEMRIHFIEQWERHNSMWXWWTEGIHJXSVPIWW
7LEPPEPWSQIIXQMRMQYQGSZIVVIUYMVIQIRXWSJ
SRGIRXIVMRGSZIVWLEPPFITIVQMXXIHXSQIIXJMVIVIWMWXERGI
j1IEWYVIHJVSQGSRGVIXIWYVJEGIXSWYVJEGISJPSRKMXYHMREPVIMRJSVGIQIRX
VIUYMVIQIRXWSJLSYVWSVPIWW(IXIVQMRIGSZIVJSVMRXIV
QIHMEXIFIEQ[MHXLWF]PMRIEVMRXIVTSPEXMSR
{'SRGVIXIGSZIVTVSXIGXMSRSJWXIIP 8LIGSRGVIXIGSZIVJSVERMRHMZMHYEPFEVMWXLIQMRMQYQ
VIMRJSVGIQIRX XLMGORIWWSJGSRGVIXIFIX[IIRXLIWYVJEGISJXLIFEVERHXLI
'SZIVTVSXIGXMSRHIXIVQMREXMSRWMRXLMWWIGXMSREVIFEWIH JMVII\TSWIHWYVJEGISJXLIFIEQ*SVFIEQWMR[LMGLWIZIVEP
SRXLIWXVYGXYVEPIRHTSMRX%WWIQFPMIWVIUYMVIHXSTIVJSVQ FEVWEVIYWIHXLIGSZIVJSVXLITYVTSWIWSJ8EFPIMWXLI
EWJMVIFEVVMIVWWLEPPEHHMXMSREPP]QIIXXLILIEXXVERWQMWWMSR EZIVEKI SJ XLI QMRMQYQ GSZIV SJ XLI MRHMZMHYEP FEVW *SV
IRHTSMRXERHGSQTP][MXLXLITVSZMWMSRWMR GSVRIV FEVW XLEX MW FEVW IUYMHMWXERX JVSQ XLI FSXXSQ ERH
 +IRIVEP{(IXIVQMRIQMRMQYQGSRGVIXIGSZIVSZIV WMHI XLIQMRMQYQGSZIVYWIHMRXLIGEPGYPEXMSRWLEPPFI
FSXXSQ PSRKMXYHMREP WXIIP VIMRJSVGIQIRX TSWMXMZI QSQIRX XLIEGXYEPZEPYI8LIEGXYEPGSZIVJSVER]MRHMZMHYEPFEV
VIMRJSVGIQIRXMRWMQTPIWTERW JSVJPSSVERHVSSJWPEFWERH WLEPPFIRSXPIWWXLERXLIZEPYIWLS[RMR8EFPISV
FIEQWYWMRKQIXLSHWHIWGVMFIHMRXLVSYKL MR[LMGLIZIVMWKVIEXIV
'SRGVIXIGSZIVWLEPPRSXFIPIWWXLERVIUYMVIHF]%'-  'SZIV JSV TVIWXVIWWIH JPI\YVEP VIMRJSVGIQIRX{
*SVTYVTSWIWSJHIXIVQMRMRKQMRMQYQGSRGVIXIGSZIVGPEWWMJ] *SV VIWXVEMRIH ERH YRVIWXVEMRIH FIEQW ERH WXIQQIH YRMXW
()8)61-2-2+*-6)6)7-78%2')3*'32'6)8)%2(1%7326='327869'8-32%77)1&0-)7 

8EFPI{1MRMQYQGSZIVMRRSRTVIWXVIWWIHFIEQW 8EFPI{1MRMQYQGSZIVMRTVIWXVIWWIHGSRGVIXI
&IEQ 'SZIVJSVGSVVIWTSRHMRKJMVIVIWMWXERGIVEXMRKMR
FIEQWMRSVKVIEXIVMR[MHXL
[MHXL 'SZIVXLMGORIWWJSVGSVVIWTSRHMRK
6IWXVEMRX MR LSYV LSYVW LSYVW LSYVW LSYVW JMVIVIWMWXERGIVEXMRKMR
&IEQ
      %KKVIKEXI [MHXL 
6IWXVEMRIH       6IWXVEMRX X]TI MR LSYV LSYVW LSYVW LSYVW LSYVW
      'EVFSREXI      
SVWMPMGISYW      
    24 24
6IWXVEMRIH 
9RVIWXVEMRIH 7IQM      
     
PMKLX[IMKLX      
     
2SXTIVQMXXIH 'EVFSREXI     j 24k
SVWMPMGISYW      
9RVIWXVEMRIH
8EFPI XLIQMRMQYQXLMGORIWWSJGSRGVIXIGSZIVSZIV 7IQM      24
FSXXSQPSRKMXYHMREPWXIIPVIMRJSVGIQIRXVIUYMVIHXSTVSZMHI PMKLX[IMKLX      
JMVIVIWMWXERGISJXSLSYVWWLEPPGSRJSVQXSZEPYIWKMZIR 
8EFYPEXIHZEPYIWJSVVIWXVEMRIHFIEQWETTP]XSFIEQWWTEGIHEXQSVIXLERJXSRGIRXIVW
j
MR8EFPIWERH:EPYIWMR8EFPIETTP]XSQIQFIVW k
2SXTVEGXMGEPJSVMR[MHIFIEQWFYXWLS[RJSVTYVTSWIWSJMRXIVTSPEXMSR
2SXTIVQMXXIH
[MXLGEVFSREXIWMPMGISYWSVWIQMPMKLX[IMKLXEKKVIKEXIERH
[MHXLW RSX PIWW XLER  MR :EPYIW MR 8EFPI  ETTP] XS
TVIWXVIWWIHQIQFIVWSJEPPEKKVIKEXIX]TIWERH[MHXLWXLEX 8EFPI{1MRMQYQGSZIVMRTVIWXVIWWIHGSRGVIXI
LEZI GVSWWWIGXMSREP EVIEW RSXPIWW XLER  MR -RGEWISJ FIEQWSJEPP[MHXLW
GSRJPMGXFIX[IIRXLIZEPYIWMXWLEPPFITIVQMXXIHXSYWIXLI 'SZIVXLMGORIWWJSV
GSVVIWTSRHMRKJMVIVIWMWXERGI
WQEPPIVSJXLIZEPYIWJVSQ8EFPIWSV8LIGSZIVXSFI VEXMRKMR
YWIH [MXL 8EFPIW  SV  ZEPYIW WLEPP FI E [IMKLXIH %KKVIKEXI     
EZIVEKIGSQTYXIHJSPPS[MRKXLITVSZMWMSRWMR[MXL 6IWXVEMRX X]TI %VIEMR LSYV LSYVW LSYVW LSYVW LSYVW
wWXVERHx SV wXIRHSRx WYFWXMXYXIH JSV wFEVx 8LI QMRMQYQ %PP  24j
 %    
GSZIV JSV RSRTVIWXVIWWIH FSXXSQ PSRKMXYHMREP WXIIP VIMRJSVGI 'EVFSREXISV  %      
QIRXMRTVIWXVIWWIHFIEQWWLEPPFIHIXIVQMRIHMREGGSVHERGI 6IWXVEMRIH WMPMGISYW  %     
[MXL  0MKLX[IMKLX
SVWIQM  %     
PMKLX[IMKLX
{%REP]XMGEPQIXLSHWJSVGEPGYPEXMRKWXVYGXYVEP %PP  %    24 24 24
JMVIVIWMWXERGIERHGSZIVTVSXIGXMSRSJGSRGVIXI
JPI\YVEPQIQFIVW 'EVFSREXISV  %     24 24
-RWXIEHSJYWMRKQIXLSHWHIWGVMFIHMRXLIGEPGYPEXMSR 9RVIWXVEMRIH WMPMGISYW  %    k k
QIXLSHW MR XLMW WIGXMSR WLEPP FI TIVQMXXIH JSV HIXIVQMRMRK 0MKLX[IMKLX
JMVI VIWMWXERGI ERH XLI EHIUYEG] SJ GSZIV TVSXIGXMSR MR SVWIQM  %    k k
PMKLX[IMKLX
GSRGVIXIJPI\YVEPQIQFIVWFEWIHSRXLI%781)XMQI -RGSQTYXMRKXLIGVSWWWIGXMSREPEVIEJSVWXIQWXLIEVIESJXLIJPERKIWLEPPFIEHHIHXS
XIQTIVEXYVI JMVI I\TSWYVI 8LI TVSZMWMSRW MR  HS RSX XLIEVIESJXLIWXIQERHXLIXSXEP[MHXLSJXLIJPERKIEWYWIHWLEPPRSXI\GIIHXLVII
XMQIWXLIEZIVEKI[MHXLSJXLIWXIQ
I\TPMGMXP] EGGSYRX JSV XLI IJJIGXW SJ VIWXVEMRX SJ XLIVQEPP] j2SXTIVQMXXIH
MRHYGIH I\TERWMSR LS[IZIV XLI YWI SJ GSQTVILIRWMZI k%HIUYEXITVSZMWMSRWEKEMRWXWTEPPMRKWLEPPFITVSZMHIHF]9WLETIHSVLSSHIHWXMVVYTW

EREP]WMW ERH HIWMKR TVSGIHYVIW XLEX XEOI MRXS EGGSYRX XLI WTEGIHRSXXSI\GIIHXLIHITXLSJXLIQIQFIVERHLEZMRKEGSZIVSJMR

IJJIGXWSJQSQIRXVIHMWXVMFYXMSRERHXLIVIWXVEMRXSJXLIVQEPP]
MRHYGIHQIQFIVI\TERWMSRWLEPPFITIVQMXXIH-RRSGEWIWLEPP  'EPGYPEXMSR TVSGIHYVI JSV WMQTP] WYTTSVXIH
GSZIVTVSXIGXMSRFIPIWWXLERXLEXVIUYMVIHF]%'- FIEQW{8LIWEQITVSGIHYVIWXLEXETTP]XSWPEFWMR
 7MQTP] WYTTSVXIH ERH YRVIWXVEMRIH SRI[E] WPEFW WLEPP ETTP] XS FIEQW [MXL XLI JSPPS[MRK HMJJIVIRGI [LIR
ERHFIEQW{3RXLIFEWMWSJWXVYGXYVEPIRHTSMRXFILEZMSV HIXIVQMRMRKEREZIVEKIZEPYISJY JSVFIEQW[MXLGSVRIVFEVW
XLIJMVIVIWMWXERGISJEWMQTP]WYTTSVXIHYRVIWXVEMRIHJPI\YVEP SVGSVRIVXIRHSRWERwIJJIGXMZIYx YIJ WLEPPFIYWIHMRMXW
QIQFIVWLEPPFIHIXIVQMRIHF] TPEGI:EPYIWSJY JSVXLIGSVRIVFEVWSVXIRHSRWYWIHMRXLI
GSQTYXEXMSR SJ YIJ WLEPP FI IUYEP XS  SJ XLIMV EGXYEP Y
1R 1R 1 ZEPYI *MKYVI  WLEPP FI YWIH MR GSRNYRGXMSR [MXL XLI
GSQTYXIH YIJ 
%WWYQIXLEXXLIYRJEGXSVIHJYPPWIVZMGIPSEHQSQIRX1MW  'SRXMRYSYW FIEQW ERH WPEFW{*SV TYVTSWIW SJ XLI
GSRWXERXJSVXLIIRXMVIJMVIVIWMWXERGITIVMSH QIXLSH[MXLMRXLMWWIGXMSRGSRXMRYSYWQIQFIVWEVIHIJMRIH
8LIVIHMWXVMFYXMSRSJQSQIRXWSVXLIMRGPYWMSRSJXLIVQEP EWJPI\YVEPQIQFIVWXLEXI\XIRHSZIVSRISVQSVIWYTTSVXWSV
VIWXVEMRXIJJIGXWWLEPPRSXFITIVQMXXIHMRHIXIVQMRMRKXLIJMVI EVIFYMPXMRXIKVEPP][MXLSRISVQSVIWYTTSVXWWYGLXLEXQSQIRX
VIWMWXERGISJ QIQFIVW GPEWWMJMIH EW FSXL WMQTP] WYTTSVXIH VIHMWXVMFYXMSRGERSGGYVHYVMRKXLIJMVIVIWMWXERGITIVMSH
ERHYRVIWXVEMRIH 3RXLIFEWMWSJWXVYGXYVEPIRHTSMRXFILEZMSVXLIJMVIVIWMW
 'EPGYPEXMSRTVSGIHYVIJSVWPEFW{9WI *MKXS XERGISJGSRXMRYSYWJPI\YVEPQIQFIVWWLEPPFIHIXIVQMRIHF]
HIXIVQMRIXLIWXVYGXYVEPJMVIVIWMWXERGISVEQSYRXSJGSRGVIXI
GSZIV YXSGIRXIVSJXLIWXIIPVIMRJSVGIQIRXSJGSRGVIXIWPEFW 1R !1\
 %'-81778%2(%6(

*MK{*MVIVIWMWXERGISJGSRGVIXIWPEFWEWMRJPYIRGIHF]EKKVIKEXIX]TIVIMRJSVGMRKWXIIPX]TIQSQIRXMRXIRWMX]ERHYEW
HIJMRIHMR

*MK  F {6IHMWXVMFYXIH ETTPMIH QSQIRX HMEKVEQ EX


JEMPYVIGSRHMXMSRJSVEW]QQIXVMGEPYRMJSVQP]PSEHIHJPI\YVEP
*MK  E {6IHMWXVMFYXIH ETTPMIH QSQIRX HMEKVEQ EX
JEMPYVI GSRHMXMSR JSV E YRMJSVQP] PSEHIH JPI\YVEP QIQFIV QIQFIVGSRXMRYSYWEXFSXLWYTTSVXW
GSRXMRYSYWSZIVSRIWYTTSVX
 6IMRJSVGIQIRXHIXEMPMRK{(IWMKRXLIQIQFIVWS
XLEXJPI\YVEPXIRWMSRKSZIVRWXLIHIWMKR2IKEXMZIQSQIRX
XLEXMW[LIR1R MWVIHYGIHXS1\XLIQE\MQYQZEPYISJ VIMRJSVGIQIRX WLEPP FI PSRK IRSYKL XS EGGSQQSHEXI XLI
XLIVIHMWXVMFYXIH TSWMXMZI QSQIRXEXHMWXERGI \*SVWPEFW GSQTPIXIVIHMWXVMFYXIHQSQIRXERHGLERKIMRXLIPSGEXMSRSJ
ERHFIEQWXLEXEVIGSRXMRYSYWSZIVSRIWYTTSVXXLMWHMWXERGI MRJPIGXMSR TSMRXW 8LI VIUYMVIH PIRKXLW SJ XLI RIKEXMZI
MWQIEWYVIHJVSQXLISYXIVWYTTSVX*SVGSRXMRYMX]SZIVX[S QSQIRXVIMRJSVGIQIRXWLEPPFIHIXIVQMRIHEWWYQMRKXLEXXLI
WYTTSVXW XLI HMWXERGI \ MW QIEWYVIH JVSQ IMXLIV WYTTSVX WTER FIMRK GSRWMHIVIH MW WYFNIGXIH XS MXW QMRMQYQ TVSFEFPI
*MK E ERH F  PSEH ERH XLEX XLI EHNEGIRX WTER W  EVI PSEHIH XS XLIMV JYPP
1R WLEPP FI GSQTYXIH EW VIUYMVIH MR  E  8LI YRJEGXSVIH WIVZMGI PSEHW 6IMRJSVGIQIRX HIXEMPMRK WLEPP
VIUYMVIHERHEZEMPEFPIZEPYIWSJ1R WLEPPFIHIXIVQMRIHEW WEXMWJ]XLITVSZMWMSRWMR7IGXMSRERH'LETXIVSJ
VIUYMVIHMR F ERH H  %'-ERHXLIVIUYMVIQIRXSJ F SJXLMWWXERHEVH
()8)61-2-2+*-6)6)7-78%2')3*'32'6)8)%2(1%7326='327869'8-32%77)1&0-)7 

*MK  E {8IQTIVEXYVIW [MXLMR WPEFW HYVMRK %781 ) *MK  F {8IQTIVEXYVIW [MXLMR WPEFW HYVMRK %781 )
JMVIXIWXW{GEVFSREXIEKKVIKEXIGSRGVIXI JMVIXIWXW{WMPMGISYWEKKVIKEXIGSRGVIXI

 E 8SEZSMHGSQTVIWWMZIJEMPYVIMRXLIRIKEXMZI
QSQIRXVIKMSRXLIRIKEXMZIQSQIRXXIRWMSRVIMRJSVGIQIRX
MRHI\  WLEPP RSX I\GIIH  -R XLI GEPGYPEXMSR SJ 
GSRGVIXILSXXIVXLER”*WLEPPFIRIKPIGXIH-RXLMWGEWI
EVIHYGIHHIJ WLEPPFIYWIHMRTPEGISJH[LIVI ! J] JG
! %W J] FHIJJG JSVRSRTVIWXVIWWIHVIMRJSVGIQIRXERH !
%TW JTW FHIJJG JSVTVIWXVIWWIHVIMRJSVGIQIRX
 F ;LIRXLIEREP]WMWMRMRHMGEXIWXLEX
RIKEXMZIQSQIRXWI\XIRHJSVXLIJYPPPIRKXLSJXLIWTERRSX
PIWWXLER SJXLIRIKEXMZIQSQIRXVIMRJSVGIQIRXMRXLI
WTERWLEPPFII\XIRHIHXLVSYKLSYXXLIWTERXSEGGSQQSHEXI
XLIRIKEXMZIQSQIRXVIHMWXVMFYXMSRERHGLERKISJPSGEXMSRSJ
XLIMRJPIGXMSRTSMRXW
 'EPGYPEXMSR TVSGIHYVI JSV GSRXMRYSYW WPEFW{
4VSGIHYVIWMR E WLEPPFIYWIHXSHIXIVQMRIWXVYGXYVEP
JMVIVIWMWXERGIERHGSZIVTVSXIGXMSRFEWIHSRGSRXMRYMX]SZIV
SRIWYTTSVX*SVGSRXMRYMX]SZIVX[SWYTTSVXWXLITVSGIHYVIW
MR  G WLEPPFIYWIH
 E (IXIVQMREXMSRSJWXVYGXYVEPJMVIVIWMWXERGI
SV EQSYRX SJ WXIIP VIMRJSVGIQIRX JSV GSRXMRYMX] SZIV SRI
WYTTSVX{3FXEMR GSRGVIXI ERH WXIIP XIQTIVEXYVIW MR XLI
VIKMSR SJ QE\MQYQ TSWMXMZI QSQIRX JVSQ *MK  E
XLVSYKL G FEWIHSRXLIX]TISJEKKVIKEXIMRGSRGVIXIXLI
VIUYMVIHJMVIVEXMRKERHEREWWYQIHJMVIXIWXI\TSWYVIXSXLI *MK  G {8IQTIVEXYVIW [MXLMR WPEFW HYVMRK %781 )
%781)WXERHEVHJMVIGSRHMXMSR JMVIXIWXW{WIQMPMKLX[IMKLXEKKVIKEXIGSRGVIXI
'SQTYXI XLI TSWMXMZI QSQIRX GETEGMXMIW EW 1R !
%W J] H z E  JSVRSRTVIWXVIWWIHVIMRJSVGIQIRXERH1R ! JG ! XLIVIHYGIHGSQTVIWWMZIWXVIRKXLSJXLIGSRGVIXI
%TW JTW H z E  JSVTVIWXVIWWIHVIMRJSVGIQIRX[LIVI MRXLI^SRISJJPI\YVEPGSQTVIWWMSRFEWIHSRXLI
J] JTW ! XLI VIHYGIH VIMRJSVGIQIRX WXVIRKXLW EX IPIZEXIH IPIZEXIHXIQTIVEXYVIERHGSRGVIXIEKKVIKEXIX]TI
XIQTIVEXYVIWHIXIVQMRIHJVSQ*MK HIXIVQMRIHJVSQ*MKERH
E ! %W J] JG FJSVVIMRJSVGMRKFEVW H ! HMWXERGIJVSQXLIGIRXVSMHSJXLIXIRWMSRVIMRJSVGI
E ! %TW JTW JG FJSVTVIWXVIWWMRKWXIIP QIRXXSXLII\XVIQIGSQTVIWWMZIJMFIV
 %'-81778%2(%6(

*MK  E {'SQTVIWWMZI WXVIRKXL SJ WMPMGISYW EKKVIKEXI


GSRGVIXIEXLMKLXIQTIVEXYVIWERHEJXIVGSSPMRK

*MK{7XVIRKXLSJJPI\YVEPVIMRJSVGIQIRXWXIIPFEVERH
WXVERHEXLMKLXIQTIVEXYVIW

%PXIVREXMZIP]MXMWEPWSTIVQMXXIHXSYWI*MKXSHIXIVQMRI
XLIEZEMPEFPIQSQIRXGETEGMX]1R EWEJVEGXMSRSJ1R 
 F (IWMKRSJRIKEXMZIQSQIRXVIMRJSVGIQIRX{
(IXIVQMRIXLIVIUYMVIHRIKEXMZIQSQIRXVIMRJSVGIQIRXERH
PSGEXMSRSJERMRJPIGXMSRTSMRXXSGEPGYPEXIMXWHIZIPSTQIRX
PIRKXLF]XLIJSPPS[MRKTVSGIHYVIW
'EPGYPEXI EWMR E  ERHMRGVIEWIGSQTVIW
WMSRWXIIPSVSXLIV[MWIEPXIVXLIWIGXMSRMJRIGIWWEV]
*SVEYRMJSVQP]HMWXVMFYXIHPSEH[ *MK E

1\! [P\ z [\ z 1Rz \ P!1R


*MK F {'SQTVIWWMZIWXVIRKXLSJGEVFSREXIEKKVIKEXI
1Rz 
! [P  [P
1R  
[P GSRGVIXIEXLMKLXIQTIVEXYVIWERHEJXIVGSSPMRK

\!Pz1Rz [P

\!1Rz [P

[LIVI \IUYEPWXLIHMWXERGIJVSQXLIMRJPIGXMSRTSMRXEJXIV
QSQIRX VIHMWXVMFYXMSR XS XLI PSGEXMSR SJ XLI JMVWX MRXIVMSV
WYTTSVX 8LI HMWXERGI \ VIEGLIW E QE\MQYQ [LIR XLI
QMRMQYQERXMGMTEXIHYRMJSVQWIVZMGIPSEH[MWETTPMIH
8LIEZEMPEFPIRIKEXMZIQSQIRXGETEGMX]WLEPPFIGSQTYXIHEW

1Rz ! %W J] HIJ z E 

[LIVI HIJ MWEWHIJMRIHMR E 


 G (IXIVQMREXMSR SJ WXVYGXYVEPJMVI VIWMWXERGI *MK  G {'SQTVIWWMZI WXVIRKXL SJ WIQMPMKLX[IMKLX
SV EQSYRX SJ WXIIP VIMRJSVGIQIRX JSV GSRXMRYMX] SZIV X[S GSRGVIXIEXLMKLXIQTIVEXYVIWERHEJXIVGSSPMRK
WYTTSVXW{8LIWEQITVSGIHYVIWWLEPPFIYWIHMRHIXIVQMRMRK
WXVYGXYVEPJMVIVIWMWXERGIERHGSZIVTVSXIGXMSRVIUYMVIQIRXW
JSV TSWMXMZI WXIIP VIMRJSVGIQIRX EW MR  E  JSV WPEFW PSGEXMSR SJ MRJPIGXMSR TSMRXW XS GEPGYPEXI MXW HIZIPSTQIRX
GSRXMRYSYWSZIVSRIWYTTSVX PIRKXLF]XLIJSPPS[MRKTVSGIHYVIW
 H (IWMKRSJRIKEXMZIQSQIRXVIMRJSVGIQIRX{ 'EPGYPEXI  EW MR  E  ERH MRGVIEWI
(IXIVQMRIXLIVIUYMVIHRIKEXMZIQSQIRXVIMRJSVGIQIRXERH GSQTVIWWMSRWXIIPSVSXLIV[MWIEPXIVXLIWIGXMSRMJRIGIWWEV]
()8)61-2-2+*-6)6)7-78%2')3*'32'6)8)%2(1%7326='327869'8-32%77)1&0-)7 

8EFPI{1MRMQYQGSRGVIXIGSPYQRWM^I
%KKVIKEXI 1MRMQYQGSPYQRHMQIRWMSRJSVJMVIVIWMWXERGIVEXMRKMR
X]TI LSYV LSYVW LSYVW LSYVW LSYVW
'EVFSREXI     
7MPMGISYW     
7IQM
PMKLX[IMKLX     

8EFPI{1MRMQYQGSRGVIXIGSPYQRWM^I[MXLJMVI
I\TSWYVIGSRHMXMSRWSRX[STEVEPPIPWMHIW
1MRMQYQGSPYQRHMQIRWMSRJSVJMVIVIWMWXERGIVEXMRKMR
%KKVIKEXI
X]TI LSYV LSYVW LSYVW LSYVW LSYVW
'EVFSREXI     
7MPMGISYW     
7IQM     
PMKLX[IMKLX

1MRMQYQ HMQIRWMSRW EVI EGGITXEFPI JSV VIGXERKYPEV GSPYQRW[MXL E JMVI I\TSWYVI
GSRHMXMSRSRXLVIISVJSYVWMHIWTVSZMHIHXLEXSRIWIXSJXLIX[STEVEPPIPWMHIWSJXLI
GSPYQRMWEXPIEWXMRPSRK

*SVEYRMJSVQP]HMWXVMFYXIHPSEH[

1\! [\ !1R

\! 1R [ 

[LIVI
\ ! HMWXERGIFIX[IIRMRJPIGXMSRTSMRXWSJXLIWTERMR *MK  E {8IQTIVEXYVIW MR RSVQEP[IMKLX GSRGVIXI
VIGXERKYPEVERHXETIVIHYRMXWEXLSYVSJJMVII\TSWYVI
UYIWXMSR
1Rz ! [P z1R 
\ ! P z \ 
8LIHMWXERGI\VIEGLIWEQE\MQYQ[LIRXLIQMRMQYQ
ERXMGMTEXIHYRMJSVQWIVZMGIPSEH[ MWETTPMIH
 'EPGYPEXMSR TVSGIHYVI JSV GSRXMRYSYWFIEQW{
8LIGEPGYPEXMSRTVSGIHYVIWLEPPFIXLIWEQIEWMR E
JSV GSRXMRYSYW WPEFW SZIV SRI WYTTSVX SV MR  G  JSV
GSRXMRYSYW WPEFW SZIV X[S WYTTSVXW [MXL XLI JSPPS[MRK
HMJJIVIRGIW
*MKYVI E XLVSYKL Q WLEPPFIYWIHJSVHIXIVQMRMRK
GSRGVIXIERHWXIIPXIQTIVEXYVIWEWHIWGVMFIHMR E 
*SV TYVTSWIW SJ GEPGYPEXMRK ER EZIVEKI Y ZEPYI ER
wIJJIGXMZI YxWLEPPFIYWIHF]GSRWMHIVMRKXLIHMWXERGISJGSVRIV
FEVW SV XIRHSRW XS SYXIV FIEQ WYVJEGIW EW  SJ XLI EGXYEP
HMWXERGI

{6IMRJSVGIHGSRGVIXIGSPYQRW
 'SPYQRWLEZMRKHIWMKRGSQTVIWWMZIWXVIRKXLJG SJ
 TWM SV PIWW 8LI PIEWX HMQIRWMSR SJ VIMRJSVGIH
GSRGVIXI GSPYQRW SJ HMJJIVIRX X]TIW SJ GSRGVIXI LEZMRK E
WTIGMJMIHGSQTVIWWMZIWXVIRKXLIUYEPXSSVPIWWXLERTWM
JSV JMVIVIWMWXERGI VEXMRK SJ  XS  LSYVW WLEPP GSRJSVQ XS
ZEPYIWKMZIRMR8EFPIWERH
 'SPYQRW LEZMRK HIWMKR GSQTVIWWMZI WXVIRKXL JG
KVIEXIVXLERTWM
 8LI PIEWX HMQIRWMSR SJ VIMRJSVGIH GSRGVIXI
GSPYQRW SJ HMJJIVIRX X]TIW SJ GSRGVIXI LEZMRK E WTIGMJMIH
GSQTVIWWMZI WXVIRKXL KVIEXIV XLER  TWM JSV E JMVI *MK  F {8IQTIVEXYVIW MR RSVQEP[IMKLX GSRGVIXI
VIWMWXERGIVEXMRKSJXSLSYVWWLEPPFIMR VIGXERKYPEVERHXETIVIHYRMXWEXLSYVWSJJMVII\TSWYVI
 %'-81778%2(%6(

*MK  G {8IQTIVEXYVIW MR RSVQEP[IMKLX GSRGVIXI *MK  I {8IQTIVEXYVIW MRWIQMPMKLX[IMKLX GSRGVIXI
VIGXERKYPEVERHXETIVIHYRMXWEXLSYVWSJJMVII\TSWYVI VIGXERKYPEVERHXETIVIHYRMXWEXLSYVWSJJMVII\TSWYVI

*MK H {8IQTIVEXYVIWMRWIQMPMKLX[IMKLXGSRGVIXI *MK  J {8IQTIVEXYVIW MR WIQMPMKLX[IMKLX GSRGVIXI


VIGXERKYPEVERHXETIVIHYRMXWEXLSYVSJJMVII\TSWYVI VIGXERKYPEVERHXETIVIHYRMXWEXLSYVWSJJMVII\TSWYVI
()8)61-2-2+*-6)6)7-78%2')3*'32'6)8)%2(1%7326='327869'8-32%77)1&0-)7 

*MK K {1IEWYVIHXIQTIVEXYVIHMWXVMFYXMSREXLSYVJMVI *MK  M {8IQTIVEXYVI HMWXVMFYXMSR MR E RSVQEP[IMKLX


I\TSWYVIJSVWIQMPMKLX[IMKLXGSRGVIXIVIGXERKYPEVYRMX GSRGVIXIVIGXERKYPEVYRMXEXLSYVSJJMVII\TSWYVI

*MK L {1IEWYVIHXIQTIVEXYVIHMWXVMFYXMSREXLSYVJMVI *MK  N {8IQTIVEXYVI HMWXVMFYXMSR MR E RSVQEP[IMKLX


I\TSWYVIJSVWIQMPMKLX[IMKLXGSRGVIXIXETIVIHYRMX GSRGVIXIVIGXERKYPEVYRMXEXLSYVWSJJMVII\TSWYVI
 %'-81778%2(%6(

*MK  P {8IQTIVEXYVIW EPSRK ZIVXMGEP GIRXIVPMRIW EX


ZEVMSYWJMVII\TSWYVIWJSVMR QQ [MHIVIGXERKYPEV
YRMXWGSEXIH[MXL71*

*MK  O {8IQTIVEXYVI HMWXVMFYXMSR MR E RSVQEP[IMKLX


GSRGVIXIVIGXERKYPEVYRMXEXLSYVWSJJMVII\TSWYVI

 8MIW WLEPP FI JSVQIH [MXL LSSOW LEZMRK E WM\


HMEQIXIVI\XIRWMSRXLEXIRKEKIWXLIPSRKMXYHMREPVIMRJSVGIQIRX
ERHTVSNIGXWMRXSXLIMRXIVMSVSJXLILSST,SSOWJSVVIGXERKYPEV
LSSTW WLEPP FI JSVQIH [MXL QMRMQYQ HIKVII FIRHW
,SSOWJSVGMVGYPEVLSSTWWLEPPFIJSVQIH[MXLQMRMQYQ
HIKVIIFIRHW
 1MRMQYQ GSZIV JSV VIMRJSVGIQIRX{8LI QMRMQYQ
XLMGORIWWSJGSRGVIXIGSZIVXSQEMRPSRKMXYHMREPVIMRJSVGIQIRX
MR GSPYQRW VIKEVHPIWW SJ X]TI SJ EKKVIKEXI YWIH MR XLI
GSRGVIXIERHWTIGMJMIHGSQTVIWWMZIWXVIRKXLSJXLIGSRGVIXI
WLEPP RSX FI PIWW XLER  MR XMQIW XLI RYQFIV SJ LSYVW SJ
VIUYMVIHJMVIVIWMWXERGISVMR[LMGLIZIVMWPIWW

{7XVYGXYVEPWXIIPGSPYQRWTVSXIGXIHF]
GSRGVIXI
8LIJMVIVIWMWXERGISJWXVYGXYVEPWXIIPGSPYQRWTVSXIGXIHF]
GSRGVIXIEWMPPYWXVEXIHMR*MKWLEPPFIHIXIVQMRIHYWMRK
)U  ERH  SV8EFPIW %XS%MJERETTVSTVMEXI
GSQFMREXMSRSJGSPYQRWM^IERHGSRGVIXIX]TIERHXLMGORIWW
I\MWXW )UYEXMSRW   ERH   ETTP] XS EPP XLVII GEWIW
WLS[RMR*MKFYXXLIGEWIMR*MK G EPWSVIUYMVIW *MK  Q {8IQTIVEXYVIW EPSRK ZIVXMGEP GIRXIVPMRIW EX
XLIETTPMGEXMSRSJ)U  ZEVMSYWJMVII\TSWYVIWJSVMR QQ [MHIVIGXERKYPEV
YRMXWGSEXIH[MXL:'1
6 ! 6S Q 
%WYWIHMRXLIWII\TVIWWMSRW
[LIVI 6 ! JMVIVIWMWXERGIEXIUYMPMFVMYQQSMWXYVIGSRHMXMSRW
QMRYXIW 
6S ! ;TW   LOG ? ,W [GGGL 0L A  6S ! JMVIVIWMWXERGIEX^IVSQSMWXYVIGSRXIRX QMRYXIW 
()8)61-2-2+*-6)6)7-78%2')3*'32'6)8)%2(1%7326='327869'8-32%77)1&0-)7 

*MK {'SRGVIXITVSXIGXIH WXVYGXYVEP WXIIP GSPYQRW E  TVIGEWX GSRGVIXI GSPYQR


GSZIV F GSRGVIXIIRGEWIHWXVYGXYVEPXYFIERH G GSRGVIXIIRGEWIH[MHIJPERKIWLETI

Q ! IUYMPMFVMYQ QSMWXYVI GSRXIRX SJ XLI GSRGVIXI F] 8EFPI{8LIVQEPTVSTIVXMIWSJGSRGVIXI


ZSPYQI  8LIVQEPGSRHYGXMZMX] 7TIGMJMGLIEXGG
; ! EZIVEKI[IMKLXSJXLIWXIIPGSPYQRPFJX (IRWMX] (G PFJX OG &XY LJX”* &XY PF”*
TW ! LIEXIHTIVMQIXIVSJWXIIPGSPYQRMR   
L ! EZIVEKIXLMGORIWWSJGSRGVIXIGSZIV *MK !   
LL MR   
OG ! EQFMIRXXIQTIVEXYVIXLIVQEPGSRHYGXMZMX]SJXLI   
GSRGVIXI&XY LJX”*    
,W ! EQFMIRXXIQTIVEXYVIXLIVQEPGETEGMX]SJXLIWXIIP   
GSPYQR!;&XY JX”*    
[G ! GSRGVIXIHIRWMX]PFJX   
GG ! EQFMIRX XIQTIVEXYVI WTIGMJMG LIEX SJ GSRGVIXI   
&XY PFž*    
0 ! EZIVEKI MRXIVMSV HMQIRWMSR SJ VIGXERKYPEV GSRGVIXI   
FS\ TVSXIGXMSR ! 0  0   JSV TVIGEWX GSRGVIXI
GSPYQR GSZIVW *MK  E  SV GSRGVIXIIRGEWIH JSVRSVQEP[IMKLXGSRGVIXIERHYWI8EFPI%JSVWXVYGXYVEP
WXVYGXYVEP XYFI *MK  F  SV ! H  FJ  JSV PMKLX[IMKLX GSRGVIXI XS HIXIVQMRI XLI XLMGORIWW SJ XLI
GSRGVIXIIRGEWIH[MHIJPERKIWLETI *MK G MR GSPYQRGSZIVWVIUYMVIHJSVZEVMSYWJMVIVIWMWXERGIVEXMRKWJSV
*SV [MHI JPERKI WXIIP GSPYQRW GSQTPIXIP] IRGEWIH MR X]TMGEP [MHI JPERKI WLETIW 8LI XLMGORIWWIW SJ GSRGVIXI
GSRGVIXI[MXLEPPVIIRXVERXWTEGIWJMPPIH *MK G EHHXLI KMZIRMRXLIWIXEFPIWEPWSETTP]XSWXVYGXYVEPWXIIPGSPYQRW
XLIVQEPGETEGMX]SJXLIGSRGVIXI[MXLMRXLIVIIRXVERXWTEGIW PEVKIVXLERXLSWIPMWXIH
XSXLIXLIVQEPGETEGMX]SJXLIWXIIPGSPYQREWJSPPS[W 2SXIW
;LIRXLIMRWMHITIVMQIXIVSJXLIGSRGVIXITVSXIGXMSRMW
,W!;  [GGG FJ Hz%WX  RSX WUYEVI 0 WLEPP FI XEOIR EW XLI EZIVEKI SJ 0 ERH 0
;LIRXLIXLMGORIWWSJGSRGVIXIGSZIVMWRSXGSRWXERXLWLEPP
[LIVI FIXEOIREWXLIEZIVEKISJL ERH L
FJ ! JPERKI[MHXLSJXLIWXIIPGSPYQRMR .SMRXWWLEPPFITVSXIGXIH[MXLEQMRMQYQMRXLMGORIWW
H ! HITXLSJXLIWXIIPGSPYQRMRERH SJ GIVEQMG JMFIV FPEROIX FYX MR RS GEWI PIWW XLER  XLI
%WX ! GVSWWWIGXMSREPEVIESJXLIWXIIPGSPYQRMR XLMGORIWWSJXLIGSPYQRGSZIV *MK E 
;LIRWTIGMJMGHEXESRXLITVSTIVXMIWSJGSRGVIXIEVIRSX
EZEMPEFPIYWIXLIZEPYIWKMZIRMR8EFPI ',%48)6{'32'6)8)1%7326=
*SVWXVYGXYVEPWXIIPGSPYQRWIRGEWIHMRGSRGVIXI[MXLEPP {+IRIVEP
VIIRXVERXWTEGIWJMPPIH *MK G YWI8EFPIW%ERH% 8LIJMVIVIWMWXERGISJGSRGVIXIQEWSRV]EWWIQFPMIWWLEPP
%TTIRHM\% XSHIXIVQMRIXLIXLMGORIWWSJGSRGVIXIGSZIV FI HIXIVQMRIH MR EGGSVHERGI [MXL XLI TVSZMWMSRW SJ XLMW
VIUYMVIHJSVZEVMSYWJMVIVIWMWXERGIVEXMRKWJSVX]TMGEP[MHI GLETXIV 8LI QMRMQYQ IUYMZEPIRX XLMGORIWWIW SJ GSRGVIXI
JPERKIWIGXMSRW8LIXLMGORIWWIWSJGSRGVIXIKMZIRMRXLIWI QEWSRV]EWWIQFPMIWVIUYMVIHXSTVSZMHIJMVIVIWMWXERGISJ
XEFPIW EPWS ETTP] XS WXVYGXYVEP WXIIP GSPYQRW PEVKIV XLER XSLSYVWWLEPPGSRJSVQXSZEPYIWKMZIRMR8EFPIW 
XLSWIPMWXIH SV EWMWETTVSTVMEXIXSXLIEWWIQFP]FIMRKGSRWMHIVIH
*SV WXVYGXYVEP WXIIP GSPYQRW TVSXIGXIH [MXL TVIGEWX )\GITX[LIVIXLITVSZMWMSRWSJXLMWGLETXIVEVIQSVIWXVMRKIRX
GSRGVIXIGSPYQRGSZIVWEWWLS[RMR*MK E YWI8EFPI% XLI HIWMKR GSRWXVYGXMSR ERH QEXIVMEP VIUYMVIQIRXW SJ
 %'-81778%2(%6(

8EFPI{*MVIVIWMWXERGIVEXMRKSJGSRGVIXI
QEWSRV]EWWIQFPMIW
1MRMQYQIUYMZEPIRXXLMGORIWW8IEJSV
JMVIVIWMWXERGIVEXMRKMRj
      
%KKVIKEXIX]TI LSYV LSYV LSYV LSYVW LSYVW LSYVW LSYVW
'EPGEVISYWSVWMPMGISYW
KVEZIP SXLIVXLERPMQIWXSRI       
0MQIWXSRIGMRHIVWSV       
EMVGSSPIHWPEK
)\TERHIHGPE]I\TERHIH       
WLEPISVI\TERHIHWPEXI
)\TERHIHWPEKSVTYQMGI       
*MVIVIWMWXERGIVEXMRKWFIX[IIRXLILSYVP]JMVIVIWMWXERGIVEXMRKTIVMSHWPMWXIHWLEPP
FIHIXIVQMRIHF]PMRIEVMRXIVTSPEXMSRFEWIHSRXLIIUYMZEPIRXXLMGORIWWZEPYISJXLI
GSRGVIXIQEWSRV]EWWIQFP]
j1MRMQYQVIUYMVIHIUYMZEPIRXXLMGORIWWGSVVIWTSRHMRK XS XLI JMVIVIWMWXERGI VEXMRK
JSVYRMXWQEHI[MXLEGSQFMREXMSRSJEKKVIKEXIWWLEPPFIHIXIVQMRIHF]PMRIEVMRXIV
TSPEXMSRFEWIHSRXLITIVGIRXF]HV]VSHHIHZSPYQISJIEGLEKKVIKEXIYWIHMRQERY *MK{1YPXM[]XLI[EPPW
JEGXYVMRKXLIYRMXW

0 ! PIRKXLSJQEWSRV]YRMXHIXIVQMRIHMREGGSVHERGI
8EFPI{6IMRJSVGIHQEWSRV]WXVYGXYVIW [MXL%781'MRERH
*MVIVIWMWXERGILSYVW     , ! LIMKLXSJQEWSRV]YRMXHIXIVQMRIHMREGGSVHERGI
1MRMQYQRSQMREPGSPYQR     [MXL%781'MR
HMQIRWMSRWMR
 9RKVSYXIH SV TEVXMEPP] KVSYXIH GSRWXVYGXMSR{8LI
IUYMZEPIRXXLMGORIWW8ISJERYRKVSYXIHSVTEVXMEPP]KVSYXIH
8EFPI{6IMRJSVGIHQEWSRV]PMRXIPW GSRGVIXI QEWSRV] EWWIQFPEKI WLEPP FI XEOIR IUYEP XS XLI
1MRMQYQPSRKMXYHMREPVIMRJSVGIQIRX ZEPYIHIXIVQMRIHF])U  
GSZIVJSVJMVIVIWMWXERGIVEXMRKMR
 7SPMHKVSYXIHGSRWXVYGXMSR{8LIIUYMZEPIRXXLMGORIWW
2SQMREPPMRXIP[MHXLMR LSYV LSYVW LSYVW LSYVW
8I SJ WSPMH KVSYXIH GSRGVIXI QEWSRV] YRMXW WLEPP FI XEOIR
   24 24
IUYEPXSXLIXLMGORIWWSJXLIYRMXHIXIVQMRIHMREGGSVHERGI
    
[MXL%781'
SVQSVI    
2SXTIVQMXXIH[MXLSYXEQSVIHIXEMPIHEREP]WMW
 %MVWTEGIWERHGIPPWJMPPIH[MXLPSSWIJMPPQEXIVMEP{
8LI IUYMZEPIRX XLMGORIWW 8I SJ LSPPS[ GSRGVIXI QEWSRV]
YRMXWGSQTPIXIP]JMPPIHMWXLIXLMGORIWWSJXLIYRMXHIXIVQMRIH
MREGGSVHERGI[MXL%781'[LIRPSSWIJMPPQEXIVMEPW
GSRGVIXIQEWSRV]MRGPYHMRKYRMXWQSVXEVKVSYXGSRXVSPNSMRX
QEXIVMEPW ERH VIMRJSVGIQIRX WLEPP GSQTP] [MXL %'-  EVIWERHTIEKVEZIPGVYWLIHWXSRISVWPEKXLEXQIIX%781
%7') 817  ERH %'- %7') 817  '  VIUYMVIQIRXW TYQMGI WGSVME I\TERHIH WLEPI
'SRGVIXIQEWSRV]YRMXWWLEPPGSQTP][MXL%781'' I\TERHIHGPE]I\TERHIHWPEXII\TERHIHWPEKI\TERHIHJP]
''SV' EWL SV GMRHIVW XLEX GSQTP] [MXL %781 '  TIVPMXI
QIIXMRK XLI VIUYMVIQIRXW SJ%781 '  SV ZIVQMGYPMXI
{)UYMZEPIRXXLMGORIWW QIIXMRKXLIVIUYMVIQIRXWSJ%781'
8LIIUYMZEPIRXXLMGORIWWSJGSRGVIXIQEWSRV]GSRWXVYGXMSR
WLEPPFIHIXIVQMRIHMREGGSVHERGI[MXLXLITVSZMWMSRWSJXLMW {'SRGVIXIQEWSRV][EPPEWWIQFPMIW
WIGXMSR 8LI QMRMQYQ IUYMZEPIRX XLMGORIWW SJ ZEVMSYW X]TIW SJ
8LIIUYMZEPIRXXLMGORIWWSJGSRGVIXIQEWSRV]EWWIQFPMIW TPEMRSVVIMRJSVGIHGSRGVIXIQEWSRV]FIEVMRKSVRSRFIEVMRK
8IEWLEPPFIGSQTYXIHEWXLIWYQSJXLIIUYMZEPIRXXLMGORIWW [EPPWVIUYMVIHXSTVSZMHIJMVIVIWMWXERGIVEXMRKWSJXSLSYVW
SJ XLI GSRGVIXI QEWSRV] YRMX 8I EW HIXIVQMRIH F]  WLEPPGSRJSVQXS8EFPI
SVTPYWXLIIUYMZEPIRXXLMGORIWWSJJMRMWLIW8IJ  7MRKPI[]XLI [EPP EWWIQFPMIW{8LI JMVIVIWMWXERGI
HIXIVQMRIHMREGGSVHERGI[MXL'LETXIV VEXMRK SJ WMRKPI[]XLI GSRGVIXI QEWSRV] [EPPW WLEPP FI
HIXIVQMRIHMREGGSVHERGI[MXL8EFPI
8IE!8I8IJ   1YPXM[]XLI[EPPEWWIQFPMIW{8LIJMVIVIWMWXERGISJ
QYPXM[]XLI[EPPW *MK WLEPPFIGEPGYPEXIHYWMRKXLIJMVI
8I ! :R 0,  VIWMWXERGI SJ IEGL []XLI ERH ER] EMV WTEGI FIX[IIR IEGL
[]XLIMREGGSVHERGI[MXL)U  
[LIVI  )\TERWMSR SV GSRXVEGXMSR NSMRXW{)\TERWMSR SV
8I ! IUYMZEPIRX XLMGORIWW SJ GSRGVIXI QEWSRV] YRMX GSRXVEGXMSR NSMRXW MR JMVIVEXIH QEWSRV] [EPP EWWIQFPMIW MR
HIXIVQMRIHMREGGSVHERGI[MXL%781'MR [LMGL STIRMRKW EVI RSX TIVQMXXIH SV MR [EPP EWWIQFPMIW
:R ! RIXZSPYQISJQEWSRV]YRMXHIXIVQMRIHMREGGSV [LIVISTIRMRKWEVIVIUYMVIHXSFITVSXIGXIH WLEPP GSQTP]
HERGI[MXL%781'MR [MXL *MK
()8)61-2-2+*-6)6)7-78%2')3*'32'6)8)%2(1%7326='327869'8-32%77)1&0-)7 

{6IMRJSVGIHGSRGVIXIQEWSRV]GSPYQRW
8LIJMVIVIWMWXERGISJVIMRJSVGIHGSRGVIXIQEWSRV]GSPYQRW
WLEPP FI HIXIVQMRIH YWMRK XLI PIEWX TPER HMQIRWMSR SJ XLI
GSPYQRMREGGSVHERGI[MXLXLIVIUYMVIQIRXWSJ8EFPI8LI
QMRMQYQGSZIVJSVPSRKMXYHMREPVIMRJSVGIQIRXWLEPPFIMR

{'SRGVIXIQEWSRV]PMRXIPW
8LI JMVI VIWMWXERGI SJ GSRGVIXI QEWSRV] PMRXIPW WLEPP FI
IWXEFPMWLIHFEWIHSRXLIRSQMREP[MHXLSJXLIPMRXIPERHXLI
QMRMQYQGSZIVSJPSRKMXYHMREPVIMRJSVGIQIRXMREGGSVHERGI
[MXL 8EFPI

{7XVYGXYVEPWXIIPGSPYQRWTVSXIGXIHF]
GSRGVIXIQEWSRV]
8LIJMVIVIWMWXERGISJWXVYGXYVEPWXIIPGSPYQRWTVSXIGXIHF]
GSRGVIXI QEWSRV] WLEPP FI HIXIVQMRIH YWMRK XLI JSPPS[MRK
IUYEXMSR

6 ! %WX TW ? 8IEOGQ A 

?_ %WX [GQ8IE  T  8IE aA

[LIVI
6 ! JMVIVIWMWXERGISJXLIGSPYQREWWIQFP]LSYVW
%WX ! GVSWWWIGXMSREP EVIE SJ XLI WXVYGXYVEP WXIIP *MK{)\TERWMSRSVGSRWXVYGXMSRNSMRXWMRQEWSRV][EPPW
GSPYQRMR  [MXL  MR  QQ  QE\MQYQ [MHXL LEZMRK  SV LSYV
[GQ ! HIRWMX]SJXLIGSRGVIXIQEWSRV]TVSXIGXMSRPFJX JMVIVIWMWXERGI
T ! MRRIV TIVMQIXIV SJ GSRGVIXI QEWSRV] TVSXIGXMSR
*MK E MR
TW ! LIEXIHTIVMQIXIVSJWXIIPGSPYQR )U    
ERH  MR
8IE ! IUYMZEPIRXXLMGORIWWSJGSRGVIXIQEWSRV]TVSXIGXMSR
EWWIQFP]MRERH
OGQ ! XLIVQEP GSRHYGXMZMX] SJ GSRGVIXI QEWSRV]
)U  &XY LJX”*

TW ! FJ  HWX  FJ z X[ ?;WIGXMSRA 

TW ! HWX ?TMTIWIGXMSRA 

TW !HWX ?WUYEVIWXVYGXYVEPXYFIWIGXMSRA 

[LIVI
FJ ! [MHXLSJJPERKIMR
HWX ! GSPYQRHMQIRWMSR *MK MR
TW ! LIEXIHTIVMQIXIVSJWXIIPGSPYQR )U    
ERH  MRERH
X[ ! XLMGORIWWSJ[IF *MK[WLETI MR
-XWLEPPFITIVQMXXIHXSGEPGYPEXIXLIXLIVQEPGSRHYGXMZMX]
SJGSRGVIXIQEWSRV]JSVYWIMR)U  EW

OGQ !I&XY LJX”* 

8LI QMRMQYQ VIUYMVIH IUYMZEPIRX XLMGORIWW SJ GSRGVIXI


QEWSRV]YRMXWJSVWTIGMJMIHJMVIVIWMWXERGIVEXMRKWSJWIZIVEP
GSQQSRP] YWIH GSPYQR WLETIW ERH WM^IW MW WLS[R MR *MK {7XVYGXYVEP WXIIP WLETIW TVSXIGXIH F] GSRGVIXI
%TTIRHM\& QEWSRV]
 %'-81778%2(%6(

',%48)6{'0%=&6-'/%2(8-0)1%7326= 8EFPI{*MVIVIWMWXERGISJGPE]QEWSRV][EPPW
{+IRIVEP 1MRMQYQIUYMZEPIRXXLMGORIWW
8LIGEPGYPEXIHJMVIVIWMWXERGISJGPE]QEWSRV]EWWIQFPMIW JSVJMVIVIWMWXERGIMRjk
WLEPPFIHIXIVQMRIHFEWIHSRXLITVSZMWMSRWSJXLMWGLETXIV 1EXIVMEPX]TI LSYV LSYVW LSYVW LSYVW
)\GITX[LIVIXLITVSZMWMSRWSJXLMWGLETXIVEVIQSVIWXVMRKIRX 7SPMHFVMGOSJGPE]SVWLEPI‹    
XLIHIWMKRGSRWXVYGXMSRERHQEXIVMEPVIUYMVIQIRXWSJGPE] ,SPPS[FVMGOSVXMPISJGPE]SVWLEPIYRJMPPIH    
QEWSRV] MRGPYHMRK YRMXW QSVXEV KVSYX GSRXVSP NSMRX ,SPPS[FVMGOSVXMPISJGPE]SVWLEPI
QEXIVMEPW ERH VIMRJSVGIQIRX WLEPP GSQTP] [MXL %'-  KVSYXIHSVJMPPIH[MXLQEXIVMEPWWTIGMJMIH    
%7')817ERH%'-%7')817'PE] MR

QEWSRV]YRMXWWLEPPGSQTP][MXL%781'''' )UYMZEPIRXXLMGORIWWEWHIXIVQMRIHJVSQ
j'EPGYPEXIHJMVIVIWMWXERGIFIX[IIRXLILSYVP]MRGVIQIRXWPMWXIHWLEPPFIHIXIVQMRIH
'''SV' F]PMRIEVMRXIVTSPEXMSR
k;LIVI GSQFYWXMFPIQIQFIVWEVIJVEQIH MRXSXLI[EPP XLI XLMGORIWWSJWSPMHQEXIVMEP
FIX[IIRXLIIRHSJIEGLQIQFIVERHXLISTTSWMXIJEGISJXLI[EPPSVFIX[IIRQIQFIVW
{)UYMZEPIRXXLMGORIWW WIXMRJVSQSTTSWMXIWMHIWWLEPPRSXFIPIWWXLER SJXLIXLMGORIWWWLS[R
‹
8LIIUYMZEPIRXXLMGORIWWSJGPE]QEWSRV]EWWIQFPMIWWLEPPFI 9RMXW MR [LMGL XLI RIX GVSWWWIGXMSREP EVIESJ GSVIH SVJVSKKIH FVMGO MR ER] TPERI
TEVEPPIPXSXLIWYVJEGIGSRXEMRMRKXLIGSVIWSVJVSKMWEXPIEWX SJXLIKVSWWGVSWW
HIXIVQMRIHMREGGSVHERGI[MXLXLITVSZMWMSRWSJXLMWWIGXMSR WIGXMSREPEVIEQIEWYVIHMRXLIWEQITPERI
8LI IUYMZEPIRX XLMGORIWW SJ LSPPS[ GPE] QEWSRV]
GSRWXVYGXMSRWLEPPFIFEWIHSRXLIIUYMZEPIRXXLMGORIWWSJXLI
GPE]QEWSRV]YRMXEWHIXIVQMRIHF]ERH  1YPXM[]XLIGPE]QEWSRV][EPPW[MXLHMQIRWMSREPP]
)U   HMWWMQMPEV []XLIW{8LI JMVIVIWMWXERGISJQYPXM[]XLIGPE]
QEWSRV] [EPPW GSRWMWXMRK SJ X[S SV QSVI HMQIRWMSREPP]
8I!:R 0,  HMWWMQMPEV[]XLIWWLEPPFIFEWIHSRXLIJMVIVIWMWXERGISJIEGL
[]XLI )UYEXMSR  WLEPPFIYWIHXSHIXIVQMRIJMVIVIWMW
[LIVI XERGISJXLI[EPPEWWIQFP]
8I ! IUYMZEPIRXXLMGORIWWSJXLIGPE]QEWSRV]YRMXMR  1YPXM[]XLI [EPPW [MXL HMWWMQMPEV QEXIVMEPW{
*SVQYPXM[]XLI[EPPWGSRWMWXMRKSJX[SSVQSVI[]XLIWSJ
:R ! RIXZSPYQISJXLIQEWSRV]YRMXMR 
HMWWMQMPEVQEXIVMEPW GSRGVIXISVGSRGVIXIQEWSRV]YRMXW XLI
0 ! WTIGMJMIHPIRKXLSJXLIQEWSRV]YRMXMRERH
JMVIVIWMWXERGISJXLIHMWWMQMPEV[]XLIW6RWLEPPFIHIXIVQMRIHMR
, ! WTIGMJMIHLIMKLXSJXLIQEWSRV]YRMXMR EGGSVHERGI[MXL *MKJSVGSRGVIXIERHERH8EFPI
 9RKVSYXIH SV TEVXMEPP] KVSYXIH GSRWXVYGXMSR{8LI JSVGSRGVIXIQEWSRV]YRMXW )UYEXMSR  WLEPPFIYWIHXS
IUYMZEPIRXXLMGORIWW8ISJERYRKVSYXIHSVTEVXMEPP]KVSYXIH HIXIVQMRIJMVIVIWMWXERGISJXLI[EPPEWWIQFP]
GPE]QEWSRV]YRMX WLEPPFIXEOIRIUYEPXSXLIZEPYIHIXIVQMRIH  'SRXMRYSYW EMV WTEGIW{8LI JMVI VIWMWXERGI SJ
F])U   QYPXM[]XLIGPE]FVMGOERHXMPIQEWSRV][EPPWWITEVEXIHF]
 7SPMHKVSYXIHGSRWXVYGXMSR{8LIIUYMZEPIRXXLMGORIWW GSRXMRYSYWEMVWTEGIWFIX[IIRIEGL[]XLIWLEPPFIHIXIVQMRIH
SJWSPMHP]KVSYXIHGPE]QEWSRV]YRMXWWLEPPFIXEOIREWXLI YWMRK )U  
EGXYEPXLMGORIWWSJXLIYRMX
 %MVWTEGIWERHGIPPWJMPPIH[MXLPSSWIJMPPQEXIVMEP{ {6IMRJSVGIHGPE]QEWSRV]GSPYQRW
8LI IUYMZEPIRX XLMGORIWW SJ LSPPS[ GPE] QEWSRV] YRMXW 8LI JMVI VIWMWXERGI SJ VIMRJSVGIH GPE] QEWSRV] GSPYQRW
GSQTPIXIP]JMPPIHWLEPPFIXEOIREWXLIEGXYEPXLMGORIWWSJXLI WLEPPFIFEWIHSRXLIPIEWXTPERHMQIRWMSRSJXLIGSPYQRMR
YRMX[LIRPSSWIJMPPQEXIVMEPWEVIWERHTIEKVEZIPGVYWLIH EGGSVHERGI [MXL XLI VIUYMVIQIRXW SJ 8EFPI  8LI
WXSRISVWPEKXLEXQIIX%781'VIUYMVIQIRXWTYQMGI QMRMQYQGSZIVJSVPSRKMXYHMREPVIMRJSVGIQIRXWLEPPFIMR
WGSVME I\TERHIH WLEPI I\TERHIH GPE] I\TERHIH WPEXI
I\TERHIHWPEKI\TERHIHJP]EWLSVGMRHIVWMRGSQTPMERGI[MXL {6IMRJSVGIHGPE]QEWSRV]PMRXIPW
%781' TIVPMXI QIIXMRK XLIVIUYMVIQIRXWSJ%781 ' 8LI JMVI VIWMWXERGI SJ GPE] QEWSRV] PMRXIPW WLEPP FI
SVZIVQMGYPMXIQIIXMRKXLIVIUYMVIQIRXWSJ%781' HIXIVQMRIHFEWIHSRXLIRSQMREP[MHXLSJXLIPMRXIPERHXLI
QMRMQYQ GSZIV JSV XLI PSRKMXYHMREP VIMRJSVGIQIRX MR
{'PE]FVMGOERHXMPIQEWSRV][EPPEWWIQFPMIW EGGSVHERGI[MXL8EFPI
8LI JMVI VIWMWXERGI SJ GPE] FVMGO ERH XMPI QEWSRV] [EPP
EWWIQFPMIW WLEPP FI HIXIVQMRIH MR EGGSVHERGI [MXL XLI {)\TERWMSRSVGSRXVEGXMSRNSMRXW
TVSZMWMSRWSJXLMWWIGXMSR )\TERWMSRSVGSRXVEGXMSRNSMRXWMRJMVIVEXIHGPE]QEWSRV]
[EPPEWWIQFPMIWWLEPPFIMREGGSVHERGI[MXL
 *MPPIHERHYRJMPPIHGPE]FVMGOERHXMPIQEWSRV]{8LI
JMVIVIWMWXERGISJGPE]FVMGOERHXMPI[EPPWWLEPPFIHIXIVQMRIH
{7XVYGXYVEPWXIIPGSPYQRWTVSXIGXIH
JVSQ 8EFPI  YWMRK XLI IUYMZEPIRX XLMGORIWW GEPGYPEXMSR F]GPE]QEWSRV]
TVSGIHYVITVIWGVMFIHMR  'EPGYPEXMSRSJJMVIVIWMWXERGI{-XWLEPPFITIVQMXXIHXS
 7MRKPI[]XLI[EPPW{8LIJMVIVIWMWXERGISJGPE]FVMGO GEPGYPEXIJMVIVIWMWXERGISJEWXVYGXYVEPWXIIPGSPYQRTVSXIGXIH
ERHXMPIQEWSRV][EPPWWLEPPFIHIXIVQMRIHJVSQ8EFPI [MXL GPE] QEWSRV] SV XS HIXIVQMRI XLI XLMGORIWW SJ GPE]
 1YPXM[]XLI [EPPW{8LI JMVI VIWMWXERGI SJ QYPXM QEWSRV]RIGIWWEV]JSVQIIXMRKEJMVIVIWMWXERGIVIUYMVIQIRX
[]XLI [EPPW WLEPP FI HIXIVQMRIH MR EGGSVHERGI [MXL XLI JSPPS[MRKXLIQIXLSHWSJ*SVXLMWGEPGYPEXMSRXLIXLIVQEP
TVSZMWMSRWSJXLMWWIGXMSRERH8EFPI GSRHYGXMZMX]SJXLIGPE]QEWSRV]WLEPPFIXEOIREWJSPPS[W
()8)61-2-2+*-6)6)7-78%2')3*'32'6)8)%2(1%7326='327869'8-32%77)1&0-)7 

(IRWMX]!PFJX OGQ !&XY LJX”* 8EFPI{1YPXMTP]MRKJEGXSVJSVJMRMWLIWSRRSR


JMVII\TSWIHWMHISJGSRGVIXIWPEFWERHGSRGVIXI
ERHQEWSRV][EPPW
(IRWMX]!PFJX OGQ !&XY LJX”*
8LI QMRMQYQ VIUYMVIH IUYMZEPIRX XLMGORIWWIW SJ GPE] 8]TISJJMRMWLETTPMIHXSWPEFSV[EPP
QEWSRV]JSV WTIGMJMIH JMVI VIWMWXERGI SJWIZIVEP GSQQSRP] 4SVXPERH
GIQIRXWERH +]TWYQ +]TWYQ
YWIHGSPYQRWLETIWERHWM^IWEVIWLS[RMR%TTIRHM\' 8]TISJQEXIVMEPYWIH TPEWXIVSV WERH ZIVQMGYPMXISV +]TWYQ
MRWPEFSV[EPP XIVVE^^S TPEWXIV TIVPMXITPEWXIV [EWLFSEVH
',%48)6{)**)'873**-2-7, 'SRGVIXIWPEFSV[EPP
1%8)6-%0732*-6)6)7-78%2') 'SRGVIXI{WMPMGISYW
{+IRIVEP GEVFSREXIEMVGSSPIH    
FPEWXJYVREGIWPEK
(IXIVQMRI XLI GSRXVMFYXMSR SJ EHHMXMSREP JMVI VIWMWXERGI
'SRGVIXI{
TVSZMHIH F] JMRMWL QEXIVMEPW MRWXEPPIH SR GSRGVIXI SV WIQMPMKLX[IMKLX    
QEWSRV]EWWIQFPMIWMREGGSVHERGI[MXLXLITVSZMWMSRWSJXLMW 'SRGVIXI{
GLETXIV8LIMRGVIEWIMRJMVIVIWMWXERGISJXLIEWWIQFP]WLEPP PMKLX[IMKLX    
MRWYPEXMRKGSRGVIXI
FI FEWIH WXVMGXP] SR XLI MRJPYIRGI SJ XLI JMRMWL QEXIVMEPvW
'SRGVIXIQEWSRV][EPP
EFMPMX]XSI\XIRHXLILIEXXVERWQMWWMSRIRHTSMRXMRER%781
'SRGVIXIQEWSRV]{
)XIWXJMVI WMPMGISYWGEPGEVISYW
PMQIWXSRIGMRHIVW    
EMVGSSPIHFPEWX
{'EPGYPEXMSRTVSGIHYVI JYVREGIWPEK
8LIJMVIVIWMWXERGIVEXMRKSJ[EPPWSVWPEFWSJGEWXMRTPEGI 'SRGVIXIQEWSRV]{
SV TVIGEWX GSRGVIXI SV [EPPW SJ GSRGVIXI SV GPE] QEWSRV] QEHI[MXL SV
QSVIF]ZSPYQISJ    
[MXLJMRMWLIWSJK]TWYQ[EPPFSEVHSVTPEWXIVETTPMIHXSSRI I\TERHIHWLEPIWPEXI
SV FSXL WMHIW SJ XLI [EPP SV WPEF WLEPP FI HIXIVQMRIH MR SVGPE]I\TERHIH
WPEKSVTYQMGI
EGGSVHERGI[MXLXLMWWIGXMSR
'PE]QEWSRV][EPP
 %WWYQIIEGLWMHISJ[EPPSVWPEFMWXLIJMVII\TSWIH
'PE]QEWSRV]{WSPMH    
WMHI{*SV E [EPP SV WPEF LEZMRK RS JMRMWL SR SRI WMHI SV FVMGOSJGPE]SVWLEPI
LEZMRKHMJJIVIRXX]TIWXLMGORIWWIWSVFSXLSJJMRMWLSRIEGL 'PE]QEWSRV]{
WMHITIVJSVQXLIGEPGYPEXMSRTVSGIHYVIWMRERH LSPPS[FVMGOSVXMPISJ    
GPE]SVWLEPI
EWWYQMRKXLEXIEGLWMHISJXLI[EPPSVWPEFMWXLIJMVII\TSWIH *SVTSVXPERHGIQIRXWERHTPEWXIVMRSVPIWWMRXLMGORIWWERHETTPMIHHMVIGXP]XS
WMHI 8LI VIWYPXMRK JMVI VIWMWXERGI SJ XLI [EPP SV WPEF GSRGVIXISVQEWSRV]SRXLIRSRJMVII\TSWIHWMHISJXLI[EPPQYPXMTP]MRKJEGXSVWLEPP
FI
MRGPYHMRKJMRMWLIWWLEPPRSX I\GIIH XLIWQEPPIV SJXLIX[S
ZEPYIW GEPGYPEXIH I\GITX MR XLI GEWI SJ XLI FYMPHMRK GSHI
VIUYMVMRKXLEX[EPPWSVWPEFWSRP]FIVEXIHJSVJMVII\TSWYVI
JVSQSRIWMHISJXLI[EPPSVWPEF XLIGSRGVIXISVQEWSRV]EPSRIWLEPPTVSZMHIRSXPIWWXLERSJ
 'EPGYPEXMSR JSV RSRJMVII\TSWIH WMHI{;LIVI XLI XLIXSXEPVIUYMVIHJMVIVIWMWXERGI-REHHMXMSRXLIGSRXVMFYXMSR
JMRMWLMWETTPMIHXSXLIRSRJMVII\TSWIHWMHISJXLIWPEFSV XSJMVIVIWMWXERGISJXLIJMRMWLSRXLIRSRJMVII\TSWIHWMHISJ
[EPPHIXIVQMRIXLIJMVIVIWMWXERGISJXLIIRXMVIEWWIQFP]EW XLI[EPPWLEPPRSXI\GIIHXLIGSRXVMFYXMSRSJXLIGSRGVIXISV
JSPPS[WEHNYWXXLIXLMGORIWWSJXLIJMRMWLF]QYPXMTP]MRKXLI QEWSRV]EPSRI
EGXYEPXLMGORIWWSJXLIJMRMWLF]XLIETTPMGEFPIJEGXSVJVSQ
8EFPIFEWIHSRXLIX]TISJEKKVIKEXIMRXLIGSRGVIXISV {-RWXEPPEXMSRSJJMRMWLIW
GSRGVIXIQEWSRV]YRMXWSVXLIX]TISJGPE]QEWSRV]%HHXLI *MRMWLIWSRGSRGVIXIWPEFWERHGSRGVIXIERHQEWSRV][EPPW
EHNYWXIHJMRMWLXLMGORIWWXSXLIEGXYEPXLMGORIWWSVIUYMZEPIRX XLEXEVIEWWYQIHXSGSRXVMFYXIXSXLIXSXEPJMVIVIWMWXERGIWLEPP
XLMGORIWWSJXLI[EPPSVWPEFXLIRHIXIVQMRIXLIJMVIVIWMWXERGISJ GSQTP][MXLXLIMRWXEPPEXMSRVIUYMVIQIRXWSJERH
XLIGSRGVIXISVQEWSRV]MRGPYHMRKXLIIJJIGXSJJMRMWLJVSQ SXLIVETTPMGEFPITVSZMWMSRWSJXLIFYMPHMRKGSHI4PEWXIVERH
8EFPI *MKSV*MK JSVGSRGVIXIJVSQ8EFPI XIVVE^^SWLEPPFIETTPMIHHMVIGXP]XSXLIWPEFSV[EPP+]TWYQ
JSVGSRGVIXIQEWSRV]SVJVSQ8EFPIJSVGPE]QEWSRV] [EPPFSEVHWLEPPFITIVQMXXIHXSFIEXXEGLIHXS[SSHSVWXIIP
 'EPGYPEXMSRJSVJMVII\TSWIHWMHI{;LIVIXLIJMRMWL JYVVMRKQIQFIVWSVEXXEGLIHHMVIGXP]XS[EPPWF]EHLIWMZIW
MWETTPMIHXSXLIJMVII\TSWIHWMHISJXLIWPEFSV[EPPHIXIVQMRI  +]TWYQ [EPPFSEVH{+]TWYQ [EPPFSEVH ERH
XLIJMVIVIWMWXERGISJXLIIRXMVIEWWIQFP]EWJSPPS[WEHHXLI K]TWYQPEXLWLEPPFIEXXEGLIHXSGSRGVIXIWPEFWERHGSRGVIXI
XMQIEWWMKRIHXSXLIJMRMWLMR8EFPIXSXLIJMVIVIWMWXERGI ERHQEWSRV][EPPWMREGGSVHERGI[MXLXLIVIUYMVIQIRXWSJ
HIXIVQMRIH JVSQ 8EFPI  *MK  SV *MK  JSV XLI XLMWWIGXMSRSVEWSXLIV[MWITIVQMXXIHF]XLIFYMPHMRKGSHI
GSRGVIXIEPSRIJVSQ8EFPIJSVGSRGVIXIQEWSRV]JVSQ  *YVVMRK{%XXEGLK]TWYQ[EPPFSEVHERHK]TWYQ
8EFPI  JSV GPE] QEWSRV] SV XS XLI JMVI VIWMWXERGI EW PEXLXS[SSHSVWXIIPJYVVMRKQIQFIVWWTEGIHRSXQSVIXLER
HIXIVQMRIH MR EGGSVHERGI [MXL  JSV XLI GSRGVIXI SV MRSRGIRXIV+]TWYQ[EPPFSEVHERHK]TWYQPEXLWLEPPFI
QEWSRV]ERHJMRMWLSRXLIRSRJMVII\TSWIHWMHI EXXEGLIH MR EGGSVHERGI [MXL SRI SJ XLI QIXLSHW MR
 1MRMQYQ JMVI VIWMWXERGI TVSZMHIH F] GSRGVIXI SV  E SV F 
QEWSRV]{;LIVIXLIJMRMWLETTPMIHXSEGSRGVIXIWPEFSVE  E {7IPJXETTMRK HV][EPP WGVI[W WLEPP FI
GSRGVIXISVQEWSRV][EPPGSRXVMFYXIWXSXLIJMVIVIWMWXERGI WTEGIHEXEQE\MQYQSJMRSRGIRXIVERHWLEPPTIRIXVEXI
 %'-81778%2(%6(

8EFPI{8MQIEWWMKRIHXSJMRMWLQEXIVMEPWSR EVIVIZMWIH JVIUYIRXP] XLIVIEHIVMW EHZMWIH XS GSRXEGX XLI


JMVII\TSWIHWMHISJGSRGVIXIERHQEWSRV][EPPW TVSTIVWTSRWSVMRKKVSYTMJMXMWHIWMVIHXSVIJIVXSXLIPEXIWX
*MRMWLHIWGVMTXMSR 8MQIQMR ZIVWMSR
+]TWYQ[EPPFSEVH
MR  %QIVMGER'SRGVIXI-RWXMXYXI
MR   7XERHEVH7TIGMJMGEXMSRJSV8SPIVERGIWJSV
MR  'SRGVIXIERH'SRWXVYGXMSRERH1EXIVMEPW
8[SPE]IVWSJMR   &YMPHMRK 'SHI 6IUYMVIQIRXW JSV 7XVYG
3RIPE]IVSJMRERHSRIPE]IVSJMR  XYVEP'SRGVIXI
8[SPE]IVWSJMR   &YMPHMRK'SHI6IUYMVIQIRXWJSV1EWSRV]
8]TIw<xK]TWYQ[EPPFSEVH 7XVYGXYVIW HSGYQIRXMWEPWSMHIRXMJMIHEW
MR  %7')817
MR   7TIGMJMGEXMSRJSV1EWSRV]7XVYGXYVIW
(MVIGXETTPMIHTSVXPERHGIQIRXWERHTPEWXIV 
4SVXPERHGIQIRXWERHTPEWXIVSRQIXEPPEXL %781-RXIVREXMSREP
MR  %%1 7XERHEVH 7TIGMJMGEXMSR JSV 9RGSEXIH
MR  ,MKL7XVIRKXL7XIIP&EVWJSV4VIWXVIWWMRK
MR  'SRGVIXI
+]TWYQWERHTPEWXIVSRMRK]TWYQPEXL ' 7XERHEVH 7TIGMJMGEXMSR JSV 'SRGVIXI
MR  %KKVIKEXIW
MR  ' 7XERHEVH7TIGMJMGEXMSRJSV7XVYGXYVEP'PE]
MR  0SEH&IEVMRK;EPP8MPI
+]TWYQWERHTPEWXIVSRQIXEPPEXL ''1 7XERHEVH7TIGMJMGEXMSRJSV+]TWYQ;EPP
MR  FSEVH
MR  ' 7XERHEVH 7TIGMJMGEXMSR JSV 'SRGVIXI
MR  &YMPHMRK&VMGO

*SVTYVTSWIWSJHIXIVQMRMRKXLIGSRXVMFYXMSRSJTSVXPERHGIQIRXWERHTPEWXIVXSXLI ' 7XERHEVH7TIGMJMGEXMSRJSV7XVYGXYVEP'PE]
IUYMZEPIRXXLMGORIWWSJGSRGVIXISVQEWSRV]JSVYWIMR8EFPIW SVMXWLEPP
FITIVQMXXIHXSYWIXLIEGXYEPXLMGORIWWSJXLITPEWXIVSVMR[LMGLIZIVMWWQEPPIV 2SR0SEH&IEVMRK8MPI
' 7XERHEVH7TIGMJMGEXMSRJSV&YMPHMRK&VMGO
7SPMH1EWSRV]9RMXW1EHIJVSQ'PE]SV
MRMRXSVIWMPMIRXWXIIPJYVVMRKGLERRIPWVYRRMRKLSVM^SRXEPP] 7LEPI
ERHWTEGIHEXEQE\MQYQSJMRSRGIRXIV ' 7XERHEVH7TIGMJMGEXMSRJSV'EPGMYQ7MPMGEXI
 F {0EXLREMPWWLEPPFIWTEGIHEXEQE\MQYQ &VMGO 7ERH0MQI&VMGO
SJMRSRGIRXIVERHWLEPPTIRIXVEXIMRMRXSRSQMREP 'F 7XERHEVH 7TIGMJMGEXMSR JSV 0SEH&IEVMRK
\MR[SSHJYVVMRKWXVMTWXLEXEVIWIGYVIHXSXLIQEWSRV]F] 'SRGVIXI1EWSRV]9RMXW
MRGSRGVIXIREMPWERHWTEGIHEXEQE\MQYQSJMRSR '  7XERHEVH 7TIGMJMGEXMSR JSV 'IVEQMG
GIRXIV +PE^IH 7XVYGXYVEP 'PE] *EGMRK 8MPI
 %HLIWMZI EXXEGLQIRX XS GSRGVIXI ERH GPE] *EGMRK&VMGOERH7SPMH1EWSRV]9RMXW
QEWSRV]{4PEGIEMRFIEHSJTERIPEHLIWMZIEVSYRHXLI ' 7XERHEVH 7TIGMJMGEXMSR JSV 2SRPSEH
TIVMQIXIVSJXLI[EPPFSEVHERHEGVSWWXLIHMEKSREPW%JXIV FIEVMRK'SRGVIXI1EWSRV]9RMXW
XLI[EPPFSEVHMWPEQMREXIHXSXLIQEWSRV]WYVJEGIWIGYVIMX ' 7XERHEVH8IWX1IXLSHWJSV7EQTPMRKERH
[MXLSRIQEWSRV]REMPJSVIEGLJXSJTERIP 8IWXMRK 'SRGVIXI 1EWSRV] 9RMXW ERH
 +]TWYQ[EPPFSEVHSVMIRXEXMSR{-RWXEPPK]TWYQ 6IPEXIH9RMXW
[EPPFSEVH [MXL XLI PSRK HMQIRWMSR TEVEPPIP XS JYVVMRK '  7XERHEVH7TIGMJMGEXMSRJSV7XVYGXYVEP'PE]
QIQFIVW ERH [MXL EPP LSVM^SRXEP ERH ZIVXMGEP NSMRXW *EGMRK8MPI
WYTTSVXIHERHJMRMWLIH ' 7XERHEVH 7TIGMJMGEXMSR JSV *EGMRK &VMGO
)\GITXMSR  MR XLMGO 8]TI w<x K]TWYQ [EPPFSEVH MW 7SPMH1EWSRV]9RMXW1EHIJVSQ'PE]SV
TIVQMXXIH XS FI MRWXEPPIH LSVM^SRXEPP] SR [EPPW [MXL XLI 7LEPI
LSVM^SRXEPNSMRXWYRWYTTSVXIH ' 7XERHEVH 7TIGMJMGEXMSR JSV 0MKLX[IMKLX
 4PEWXIVERHWXYGGS{4PEWXIVERHWXYGGSEXXEGLIHXSE %KKVIKEXIWJSV7XVYGXYVEP'SRGVIXI
GSRGVIXI SV QEWSRV] WYVJEGI JSV XLI TYVTSWI SJ MRGVIEWMRK ' 7XERHEVH 7TIGMJMGEXMSR JSV 0MKLX[IMKLX
JMVIVIWMWXERGIWLEPPFIETTPMIHMREGGSVHERGI[MXLTVSZMWMSRW %KKVIKEXIWJSV'SRGVIXI1EWSRV]9RMXW
SJXLIFYMPHMRKGSHI ' 7XERHEVH 7TIGMJMGEXMSR JSV 0MKLX[IMKLX
%KKVIKEXIWJSV-RWYPEXMRK'SRGVIXI
',%48)6{6)*)6)2')7 ' 7XERHEVH 7TIGMJMGEXMSR JSV :IVQMGYPMXI
{6IJIVIRGIHWXERHEVHW 0SSWI*MPP8LIVQEP-RWYPEXMSR
8LIWXERHEVHWPMWXIHFIPS[[IVIXLIPEXIWXIHMXMSRWEXXLI ' 7XERHEVH 7TIGMJMGEXMSR JSV 4IVPMXI 0SSWI
XMQIXLMWHSGYQIRX[EWTVITEVIH&IGEYWIXLIWIHSGYQIRXW *MPP-RWYPEXMSR
()8)61-2-2+*-6)6)7-78%2')3*'32'6)8)%2(1%7326='327869'8-32%77)1&0-)7 

'E 7XERHEVH 8IWX 1IXLSH JSV (IXIVQMRMRK  7TIGMJMGEXMSRJSV1EWSRV]7XVYGXYVIW WII


(IRWMX]SJ7XVYGXYVEP0MKLX[IMKLX'SRGVIXI EPWS%'-817
' 7XERHEVH 7TIGMJMGEXMSR JSV 1MRIVEP *MFIV
&PSGOERH&SEVH8LIVQEP-RWYPEXMSR 8LI1EWSRV]7SGMIX]
'E 7XERHEVH 7TIGMJMGEXMSR JSV ,SPPS[ &VMGO  &YMPHMRK 'SHI 6IUYMVIQIRXW JSV
,SPPS[1EWSRV]9RMXW1EHIJVSQ'PE] 1EWSRV]7XVYGXYVIW WIIEPWS%'-
SV7LEPI %7')
' 7XERHEVH 7TIGMJMGEXMSR JSV 1MRIVEP *MFIV  7TIGMJMGEXMSRJSV1EWSRV]7XVYGXYVIW WII
6SSJ-RWYPEXMSR&SEVH EPWS%'-%7')
' 7XERHEVH 7TIGMJMGEXMSR JSV 4VIJEGIH 8LI EFSZI HSGYQIRXW GER FI TYVGLEWIH JVSQ XLI
'SRGVIXI ERH 'EPGMYQ 7MPMGEXI 1EWSRV] JSPPS[MRKSVKERM^EXMSRW
9RMXW
' 7XERHEVH 8IWX 1IXLSH JSV *SEQMRK %QIVMGER'SRGVIXI-RWXMXYXI
%KIRXW JSV 9WI MR 4VSHYGMRK 'IPPYPEV 43&S\
'SRGVIXI9WMRK4VIJSVQIH*SEQ *EVQMRKXSR,MPPW1-
' 7XERHEVH 7TIGMJMGEXMSR JSV 8LMR :IRIIV
&VMGO9RMXW1EHIJVSQ'PE]SV7LEPI
%QIVMGER7SGMIX]SJ'MZMP)RKMRIIVW
)E 7XERHEVH 8IWX 1IXLSHW JSV *MVI 8IWXW SJ
%PI\ERHIV&IPP(V
&YMPHMRK'SRWXVYGXMSRERH1EXIVMEPW
6IWXSR:%
-)))
%7817- %QIVMGER 2EXMSREP 7XERHEVH JSV 9WI SJ
XLI-RXIVREXMSREP7]WXIQSJ9RMXW 7- 8LI %781-RXIVREXMSREP
1SHIVR1IXVMG7]WXIQ &EVV,EVFSV(VMZI
;IWX'SRWLSLSGOIR4%
%QIVMGER7SGMIX]SJ'MZMP)RKMRIIVW
 &YMPHMRK'SHI6IUYMVIQIRXWJSV1EWSRV] 8LI1EWSRV]7SGMIX]
7XVYGXYVIW WII EPWS %'- 817 &VSEH[E]9RMX(
 &SYPHIV'3
 %'-81778%2(%6(

%44)2(-<%{1-2-191'3:)6*3678))0'309127)2'%7)(-2'32'6)8)

8EFPI%{1MRMQYQGSZIV MR JSVWXIIPGSPYQRWIRGEWIHMRRSVQEP[IMKLXGSRGVIXI *MK G


*MVIVIWMWXERGIVEXMRKL
7XVYGXYVEPWLETI     

;\ 

;\

;\ 

;\

;\

;\ 
;\  
;\ 

;\  
;\ 

;\ 
 
;\
;\ 
;\ 

;\  

;\

;\ 
;\  

;\ 
;\
 
;\ 

;\ 
;\ 

 
;\

;\ 
;\
 
;\

;\ 

8EFYPEXIHXLMGORIWWIWEVIFEWIHSRXLIEWWYQIH(G!PFJX OG!&XY LJX”* ERHGG!&XY PF”* 

8EFPI%{1MRMQYQGSZIV MR JSVWXIIPGSPYQRWIRGEWIHMRWXVYGXYVEPPMKLX[IMKLXGSRGVIXI *MK G


*MVIVIWMWXERGIVEXMRKL
7XVYGXYVEPWLETI     


;\ 
;\ 
 
;\  
;\

;\  
;\  

;\  
 
;\ 
;\
 
;\ 
 
;\
 
;\ 
;\ 
;\  
 
;\ 
;\  

8EFYPEXIHXLMGORIWWIWEVIFEWIHSRXLIEWWYQIH(G!PFJX OG!&XY LJX”* ERHGG!&XY PF”* 
()8)61-2-2+*-6)6)7-78%2')3*'32'6)8)%2(1%7326='327869'8-32%77)1&0-)7 

8EFPI%{1MRMQYQGSZIV MR JSVWXIIPGSPYQRWIRGEWIHMRRSVQEP[IMKLXTVIGEWXGSZIVW *MK E


*MVIVIWMWXERGIVEXMRKL
7XVYGXYVEPWLETI     
;\

;\ 

;\
 
;\

;\ 
;\
 
;\ 

;\ 
;\ 
 
;\

;\ 
;\  

;\
;\  

;\ 
;\ 
 
;\ 
;\  
;\  

;\ 
;\   
;\ 
;\  
 
;\
;\ 
 
;\ 
;\  

;\ 

;\
 
;\ 

;\ 
8EFYPEXIHXLMGORIWWIWEVIFEWIHSRXLIEWWYQIH( 
G!PFJX  OG!&XY LJX”* ERHGG!&XY PF”* 

8EFPI%{1MRMQYQGSZIV MR JSVWXIIPGSPYQRWIRGEWIHMRWXVYGXYVEPPMKLX[IMKLXTVIGEWXGSZIVW *MK E


*MVIVIWMWXERGIVEXMRKL
7XVYGXYVEPWLETI     
;\

;\ 
;\ 
;\
  
;\

;\
;\ 

;\ 
;\

;\ 
;\ 

;\
 
;\

;\

;\ 
;\ 
;\ 
;\ 

;\
 
;\ 
;\

;\ 

;\ 
;\ 
 
;\ 
;\  

;\ 

;\  
;\  

;\  
 
;\ 
8EFYPEXIHXLMGORIWWIWEVIFEWIHSRXLIEWWYQIH( 
G!PFJX  OG!&XY LJX”* ERHGG!&XY PF”* 
 %'-81778%2(%6(

%44)2(-<&{*-6)6)7-78%2')3*'32'6)8)1%7326=4638)'8)(78))0'309127

8EFPI&{*MVIVIWMWXERGISJGSRGVIXIQEWSRV]TVSXIGXIHWXIIPGSPYQRW
;WLETIW
1MRMQYQIUYMZEPIRXXLMGORIWWJSV 1MRMQYQIUYMZEPIRXXLMGORIWWJSV
'SRGVIXI JMVIVIWMWXERGIVEXMRKSJGSRGVIXIQEWSRV] 'SRGVIXI JMVIVIWMWXERGIVEXMRKSJGSRGVIXIQEWSRV]
QEWSRV] TVSXIGXMSREWWIQFP]8I MR QEWSRV] TVSXIGXMSREWWIQFP]8I MR
'SPYQRWM^I HIRWMX]PFJX LSYV LSYVW LSYVW LSYVW 'SPYQRWM^I HIRWMX]PFJX LSYV LSYVW LSYVW LSYVW
         
         
;\ ;\
         
         
         
         
;\ ;\
         
         
         
         
;\ ;\
         
         
         
         
;\ ;\
         
         
         
         
;\ ;\
         
         
         
         
;\ ;\
         
         
         
         
;\ ;\
         
         
         
         
;\ ;\
         
         
2SXI8EFYPEXIHZEPYIWEWWYQIMREMVKETFIX[IIRQEWSRV]ERHWXIIPWIGXMSR
()8)61-2-2+*-6)6)7-78%2')3*'32'6)8)%2(1%7326='327869'8-32%77)1&0-)7 

8EFPI& GSRX {*MVIVIWMWXERGISJGSRGVIXIQEWSRV]TVSXIGXIHWXIIPGSPYQRW


7UYEVIWXVYGXYVEPXYFMRK 7XIIPTMTI
1MRMQYQIUYMZEPIRXXLMGORIWWJSV 1MRMQYQIUYMZEPIRXXLMGORIWWJSV
'SRGVIXI JMVIVIWMWXERGIVEXMRKSJGSRGVIXIQEWSRV] 'SRGVIXI JMVIVIWMWXERGIVEXMRKSJGSRGVIXIQEWSRV]
QEWSRV] TVSXIGXMSREWWIQFP]8I MR QEWSRV] TVSXIGXMSREWWIQFP]8I MR
2SQMREP
XYFIWM^IMR HIRWMX]PFJX LSYV LSYVW LSYVW LSYVW 'SPYQRWM^I HIRWMX]PFJX LSYV LSYVW LSYVW LSYVW
         
\ HSYFPI
     I\XVEWXVSRK     
[EPP [EPP
XLMGORIWW          
XLMGORIWW
         
         
\ I\XVE
     WXVSRK     
[EPP
XLMGORIWW      [EPP     
XLMGORIWW
         
         
\      WXERHEVH     
[EPP [EPP
XLMGORIWW      XLMGORIWW     
         
         
HSYFPI
\      I\XVEWXVSRK     
[EPP
XLMGORIWW      [EPP     
XLMGORIWW
         
         
\ I\XVE
     WXVSRK     
[EPP [EPP
XLMGORIWW          
XLMGORIWW
         
         
\      WXERHEVH     
[EPP [EPP
XLMGORIWW      XLMGORIWW     
         
         
\ HSYFPI
     I\XVEWXVSRK     
[EPP [EPP
XLMGORIWW          
XLMGORIWW
         
         
\ I\XVE
     WXVSRK     
[EPP [EPP
XLMGORIWW          
XLMGORIWW
         
         
\      WXERHEVH     
[EPP [EPP
XLMGORIWW      XLMGORIWW     
         
2SXI8EFYPEXIHZEPYIWEWWYQIMREMVKETFIX[IIRQEWSRV]ERHWXIIPWIGXMSR
 %'-81778%2(%6(

%44)2(-<'{*-6)6)7-78%2')3*'0%=1%7326=4638)'8)(78))0'309127

8EFPI'{*MVIVIWMWXERGISJGPE]QEWSRV]TVSXIGXIHWXIIPGSPYQRW
;WLETIW
1MRMQYQIUYMZEPIRXXLMGORIWWJSV 1MRMQYQIUYMZEPIRXXLMGORIWWJSV
JMVIVIWMWXERGIVEXMRKSJGPE]QEWSRV] JMVIVIWMWXERGIVEXMRKSJGPE]QEWSRV]
'PE]QEWSRV] TVSXIGXMSREWWIQFP]8I MR 'PE]QEWSRV] TVSXIGXMSREWWIQFP]8I MR
'SPYQRWM^I HIRWMX]PFJX LSYV LSYVW LSYVW LSYVW 'SPYQRWM^I HIRWMX]PFJX LSYV LSYVW LSYVW LSYVW
         
;\ ;\
         
         
;\ ;\
         
         
;\ ;\
         
         
;\ ;\
         
         
;\ ;\
         
         
;\ ;\
         
         
;\ ;\
         
         
;\ ;\
         
7UYEVIWXVYGXYVEPXYFMRK 7XIIPTMTI
1MRMQYQIUYMZEPIRXXLMGORIWWJSV 1MRMQYQIUYMZEPIRXXLMGORIWWJSV
'SRGVIXI JMVIVIWMWXERGIVEXMRKSJGPE]QEWSRV] 'SRGVIXI JMVIVIWMWXERGIVEXMRKSJGPE]QEWSRV]
QEWSRV] TVSXIGXMSREWWIQFP]8I MR QEWSRV] TVSXIGXMSREWWIQFP]8I MR
2SQMREPXYFI
 
WM^IMR HIRWMX]PFJX LSYV LSYVW LSYVW LSYVW 'SPYQRWM^I HIRWMX]PFJX LSYV LSYVW LSYVW LSYVW
\      HSYFPII\XVEWXVSRK     
[EPPXLMGORIWW      [EPPXLMGORIWW     
\      I\XVEWXVSRK     
[EPPXLMGORIWW      [EPPXLMGORIWW     
\      WXERHEVH     
[EPPXLMGORIWW      [EPPXLMGORIWW     
\      HSYFPII\XVEWXVSRK     
[EPPXLMGORIWW      [EPPXLMGORIWW     
\      I\XVEWXVSRK     
[EPPXLMGORIWW      [EPPXLMGORIWW     
\      WXERHEVH     
[EPPXLMGORIWW      [EPPXLMGORIWW     
\      HSYFPII\XVEWXVSRK     
[EPPXLMGORIWW      [EPPXLMGORIWW     
\      I\XVEWXVSRK     
[EPPXLMGORIWW      [EPPXLMGORIWW     
\      WXERHEVH     
[EPPXLMGORIWW      [EPPXLMGORIWW     
2SXI8EFYPEXIHZEPYIWEWWYQIMREMVKETFIX[IIRQEWSRV]ERHWXIIPWIGXMSR
%HZERGMRKXLIORS[PIHKISJQEWSRV]

'ST]VMKLXMRJSVQEXMSRERHMRJSVQEXMSREFSYX%'-MWTVMRXIHSRXLIMRWMHIJVSRXGSZIV%'-MWXLIPIEHWTSRWSVSJXLMW
NSMRXGSQQMXXII

%W RSXIH SR XLI MRWMHI JVSRX GSZIV XLMW QEXIVMEP QE] RSX FI VITVSHYGIH SV GSTMIH MR [LSPI SV MR TEVX MR ER]
TVMRXIHQIGLERMGEPIPIGXVSRMGJMPQSVSXLIVHMWXVMFYXMSRERHWXSVEKIQIHME[MXLSYX[VMXXIRGSRWIRX

8LI XIGLRMGEP GSQQMXXIIW VIWTSRWMFPI JSV 817 GSQQMXXII VITSVXW ERH WXERHEVHW WXVMZI XS EZSMH EQFMKYMXMIW
SQMWWMSRWERHIVVSVWMRXLIWIHSGYQIRXW-RWTMXISJXLIWIIJJSVXWXLIYWIVWSJ817HSGYQIRXWSGGEWMSREPP]JMRH
MRJSVQEXMSRSVVIUYMVIQIRXWXLEXQE]FIWYFNIGXXSQSVIXLERSRIMRXIVTVIXEXMSRSVQE]FIMRGSQTPIXISVMRGSVVIGX
9WIVW[LSLEZIWYKKIWXMSRWJSVXLIMQTVSZIQIRXSJ817HSGYQIRXWEVIVIUYIWXIHXSGSRXEGX817

817GSQQMXXIIHSGYQIRXWEVIMRXIRHIHJSVXLIYWISJMRHMZMHYEPW[LSEVIGSQTIXIRXXSIZEPYEXIXLIWMKRMJMGERGI
ERHPMQMXEXMSRWSJXLIMVGSRXIRXERHVIGSQQIRHEXMSRWERH[LS[MPPEGGITXVIWTSRWMFMPMX]JSVXLIETTPMGEXMSRSJXLI
QEXIVMEPXLI]GSRXEMR-RHMZMHYEPW[LSYWIXLMWTYFPMGEXMSRMRER][E]EWWYQIEPPVMWOERHEGGITXXSXEPVIWTSRWMFMPMX]
JSVXLIETTPMGEXMSRERHYWISJXLMWMRJSVQEXMSR%PPMRJSVQEXMSRMRXLMWTYFPMGEXMSRMWTVSZMHIHwEWMWx[MXLSYX[EVVERX]
SJER]OMRHIMXLIVI\TVIWWSVMQTPMIHMRGPYHMRKFYXRSXPMQMXIHXSXLIMQTPMIH[EVVERXMIWSJQIVGLERXEFMPMX]JMXRIWW
JSVETEVXMGYPEVTYVTSWISVRSRMRJVMRKIQIRX

817 ERH MXW QIQFIVW HMWGPEMQ PMEFMPMX] JSV HEQEKIW SJ ER] OMRH MRGPYHMRK ER] WTIGMEP MRHMVIGX MRGMHIRXEP SV
GSRWIUYIRXMEPHEQEKIWMRGPYHMRK[MXLSYXPMQMXEXMSRPSWXVIZIRYIWSVPSWXTVSJMXW[LMGLQE]VIWYPXJVSQXLIYWISJ
XLMW 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 817 HSIW RSX QEOI ER] VITVIWIRXEXMSRW [MXL
VIKEVHXSLIEPXLERHWEJIX]MWWYIWERHXLIYWISJXLMWHSGYQIRX8LIYWIVQYWXHIXIVQMRIXLIETTPMGEFMPMX]SJEPP
VIKYPEXSV] PMQMXEXMSRW FIJSVI ETTP]MRK XLI HSGYQIRX ERH QYWX GSQTP] [MXL EPP ETTPMGEFPI PE[W ERH VIKYPEXMSRW
MRGPYHMRKFYXRSXPMQMXIHXS9RMXIH7XEXIW3GGYTEXMSREP7EJIX]ERH,IEPXL%HQMRMWXVEXMSR 37,% LIEPXLERHWEJIX]
WXERHEVHW

7MRGIMXWMRGSVTSVEXMSRMR8LI1EWSRV]7SGMIX]LEWWSYKLXXSEHZERGIXLIORS[PIHKISJQEWSRV]WSXLEXXLMW
LMWXSVMG]IXGLERKMRKQEXIVMEPGERGSRXMRYIXSFIYWIHIJJIGXMZIP]ERHIJJMGMIRXP]XSQIIXXLIRIIHWSJLYQEROMRH
817KEXLIVWERHHMWWIQMREXIWXIGLRMGEPMRJSVQEXMSRXLVSYKLMXWGSQQMXXIIWTYFPMGEXMSRWGSHIWERHWXERHEVHW
WPMHI WIXW ZMHISXETIW GSQTYXIV WSJX[EVI RI[WPIXXIV VIJIVIIH NSYVREP IHYGEXMSREP TVSKVEQW TVSJIWWSVWv
[SVOWLST WGLSPEVWLMTW GIVXMJMGEXMSR TVSKVEQW HMWEWXIV MRZIWXMKEXMSR XIEQ ERH GSRJIVIRGIW 1IQFIVW SJ 817
MRGPYHILYRHVIHW SJTVEGXMXMSRIVWERHTVSJIWWMSREPW [SVPH[MHI [LS WLEVI E GSQQMXQIRXXS QEMRXEMR XLI LMKLIWX
MRHYWXV] WXERHEVHW JSV QEWSRV] XIGLRSPSK] GSRWXVYGXMSR HIWMKR IZEPYEXMSR ERH VITEMV TVEGXMGIW *SV QSVI
MRJSVQEXMSRSR817MXWTYFPMGEXMSRWERHTVSNIGXWSVXSNSMRWIISYV[IFWMXIEX[[[QEWSRV]WSGMIX]SVK

3VHIVMRJSVQEXMSR817HSGYQIRXWEVIEZEMPEFPIMRTVMRXERHWSQIEVIEZEMPEFPISR'(631SVF]HS[RPSEHJVSQ
SYV[IFWMXI

8LI1EWSRV]7SGMIX]
&VSEH[E]7YMXI(
&SYPHIV'3
97%
4LSRI  
*E\  
[[[QEWSRV]WSGMIX]SVK
'SHI6IUYMVIQIRXWJSV(IXIVQMRMRK*MVI6IWMWXERGI
SJ'SRGVIXIERH1EWSRV]'SRWXVYGXMSR%WWIQFPMIW

%QIVMGER'SRGVIXI-RWXMXYXI’
%HZERGMRKGSRGVIXIORS[PIHKI

8LI%1)6-'%2'32'6)8)-278-898)
%'- [EW JSYRHIH MR  EW E RSRTVSJMX QIQFIVWLMT SVKERM^EXMSR HIHMGEXIH XS TYFPMG WIVZMGI ERH
VITVIWIRXMRK XLI YWIV MRXIVIWX MR XLI JMIPH SJ GSRGVIXI %'- KEXLIVW ERH HMWXVMFYXIW MRJSVQEXMSR SR XLI
MQTVSZIQIRXSJHIWMKRGSRWXVYGXMSRERHQEMRXIRERGISJGSRGVIXITVSHYGXWERHWXVYGXYVIW8LI[SVOSJ
%'- MW GSRHYGXIH F] MRHMZMHYEP %'- QIQFIVW ERH XLVSYKL ZSPYRXIIV GSQQMXXIIW GSQTSWIH SJ FSXL
QIQFIVWERHRSRQIQFIVW

8LI GSQQMXXIIW EW [IPP EW %'- EW E [LSPI STIVEXI YRHIV E GSRWIRWYW JSVQEX [LMGL EWWYVIW EPP
TEVXMGMTERXW XLI VMKLX XS LEZI XLIMV ZMI[W GSRWMHIVIH 'SQQMXXII EGXMZMXMIW MRGPYHI XLI HIZIPSTQIRX SJ
FYMPHMRK GSHIW VIUYMVIQIRXW ERH WTIGMJMGEXMSRW EREP]WMW SJ VIWIEVGL ERH HIZIPSTQIRX VIWYPXW
TVIWIRXEXMSRSJGSRWXVYGXMSRERHVITEMVXIGLRMUYIWERHIHYGEXMSR

-RHMZMHYEPW MRXIVIWXIH MR XLI EGXMZMXMIW SJ %'- EVI IRGSYVEKIH XS FIGSQI QIQFIVW 8LIVI EVI RS
IHYGEXMSREP SV IQTPS]QIRX VIUYMVIQIRXW %'-vW QIQFIVWLMT MW GSQTSWIH SJ IRKMRIIVW EVGLMXIGXW
WGMIRXMWXWGSRXVEGXSVWIHYGEXSVWERHVITVIWIRXEXMZIWJVSQEZEVMIX]SJGSQTERMIWERHSVKERM^EXMSRW

1IQFIVW EVI IRGSYVEKIH XS TEVXMGMTEXI MR GSQQMXXII EGXMZMXMIW XLEX VIPEXI XS XLIMV WTIGMJMG EVIEW SJ
MRXIVIWX*SVQSVIMRJSVQEXMSRGSRXEGX%'-

[[[GSRGVIXISVK

%HZERGMRKXLIORS[PIHKISJQEWSRV]

8LI1%7326=73'-)8=

817MWETVSJIWWMSREPXIGLRMGEPERHIHYGEXMSREPWSGMIX]HIHMGEXIHXSXLIEHZERGIQIRXSJORS[PIHKIMR
QEWSRV] 1IQFIVW MRGPYHI IRKMRIIVW EVGLMXIGXW IHYGEXSVW QERYJEGXYVIVW GSRXVEGXSVW GVEJXWQIR
WXYHIRXWERHSXLIVW[MXLERMRXIVIWXMRQEWSRV]817TYFPMWLIWXIGLRMGEPHIWMKRERHGSRWXVYGXMSR
MRJSVQEXMSR WTSRWSVW XIGLRMGEP GSQQMXXIIW GSSVHMREXIW XLI 817 (MWEWXIV -RZIWXMKEXMSR 8IEQ ERH
TVSZMHIW IHYGEXMSREP STTSVXYRMXMIW XLVSYKL MXW WIQMREVW MXW ERRYEP QIIXMRK ERH XLI 2SVXL %QIVMGER
1EWSRV]'SRJIVIRGI

[[[QEWSRV]WSGMIX]SVK

Das könnte Ihnen auch gefallen