2I[WPIXXIV JSV

&MVH[EXGLIVW
:SP 2S 1E].YRI
 :SP 2S 1E].YRI % 2SXI JVSQ XLI 4YFPMWLIV
(IEV JIPPS[ &MVH[EXGLIVW
)HMXSVMEP &SEVH 7YRFMVHW IRMKQEXMG [E]W SJ PMJI
7 8LISHSVI &EWOEVER (V +IIXE 7 4EHEXI 4YVTPIVYQTIH WYRFMVH MW SRI SJ XLI WQEPPIWX GETXMZEXMRK ERH
(V %1/ &LEVSW 4VSJ 7 6ERKEW[EQM HEVMRK SJ SYV FMVH RIMKLFSYVW 8LIWI JP]MRK NI[IPW JPYXXIV EFSYX
,EVMWL 6 &LEX / 1VYXYQNE]E 6ES
(V 74 &LEXREKEV
IRIVKIXMGEPP] MR SYV JPS[IV KEVHIRW MR WIEVGL SJ RIGXEV ERH
%2 =IPPETTE 6IHH]
(V %/ 'LEOVEZEVXL] XLIVI QE] FI QER] JPS[IVW [EMXMRK XS UYIRGL XLI WYRFMVHW
(V 6ENMZ 7E\IRE
(V 6ERNER /YQEV (EW ETTIXMXIW 7YRFMVHW EVI IUYMTTIH [MXL PSRK XYFYPEV XSRKYI XS
(V %& 7LERFLEK HVEMR RIGXEV JVSQ XLI JPS[IVW SJ LMFMWGYW PSVERXLYW PERXERE
(V 7 (IZEWELE]EQ
&7 /YPOEVRM 7 7VMHLEV IV]XLVMRE WEPQEPME IXG 8LI] ZMZEGMSYWP] HEWL LEPJ  LSZIV
%VZMRH 1MWLVE (V %FVELEQ :IVKLIWI *6)7 0SRHSR

LEPJ  EQSRK XLI JPS[IV] WLVYFW ERH KVEGIJYPP] [LMVP EFSYX EW
4YFPMWLIV  7 7VMHLEV MJ FPS[R F] [MRH PSSOMRK JSV WTMHIVW [IIZMPW FYKW ERH RIGXEV
;LMPI XLI QEPI MW FVMPPMERXP] EXXMVIH MR KVIIR TYVTPI GLIWXRYX
'328)287 ERH ]IPPS[ XLI JIQEPI MW F] ERH PEVKI HYPP FVS[R ERH PEGOW
% 2SXI JVSQ XLI 4YFPMWLIV XLI VEHMERX GSWXYQI &YX MXW FVMPPMERGI LEW ERSXLIV SYXPIX
7YRFMVHW IRMKQEXMG [E]W SJ PMJI JSV WLI MW SRI SJ XLI QSWX WOMPPJYP RIWX FYMPHIVW MR XLI [SVPH
)ZIR EW XLI PMXXPI I]IGEXGLMRK QEPI WMRKW XLI GYWXSQEV]
%VXMGPIW
WLEVT X[MXXIVMRK XMX]SY SV XLI QSYW] WMWMW[II WSRK XLI
&VIIHMRK FMSPSK] SJ 'VIWXIH 8VII 7[MJX ,IQMTVSGRI MRGSRWTMGYSYW JIQEPI MRHYWXVMSYWP] JIVVMIW JMFVIW KVEWW
PSRKMTIRRMW
 F] 7EGLMR & 4EPOEV IXEP WXVMTW SJ [EJIVXLMR FEVO XIRHVMPW PMGLIRW ERH QSWW XS
9XMPM^EXMSR SJ EVXMJMGMEP RIWX FS\IW F] 'SQQSR &EVR GSQTPIXI XLI HIIT LERKMRK RIWX 7LI HI\XIVSYWP] MRXIVPEGIW
3[P  8]XS EPF E
MR 'EYZIV] (IPXE 8EQMP 2EHY F] XLI RIWX [MXL WTMHIV [IF ERH GYWLMSRW XLI RIWX GLEQFIV
4 2IIPEREVE]ERER
&VIIHMRK WXVEXIK] SJ E 7YRFMVH EX 8EQFEVEQ  8EQMP
2EHY  E 'VMXMUYI F] , (ERMIP ;IWPI]
&MVHMRK MR XLI 'IRXVEP ;IWXIVR ERH 2SVXL)EWXIVR
9RMXIH 7XEXIW SJ %QIVMGE F] 7EQMRE , *EVSSUM
2SXIW SR XLI RIWXMRK SJ 4YVTPIVYQTIH 7YRFMVHW
MR SYV KEVHIR F] (V . 7MRHLY ERH (V :MQEPE
6EQE 6ES
'SVVIWTSRHIRGI
[MXL JMRI JIEXLIV] FMXW ERH WMPOIR QEXIVMEPW
8LMW QYGL KIRIVEP MRJSVQEXMSR MW ORS[R XS QSWX FMVHIVW
FYX MR XLMW MWWYI [I VIGSYRX E GSYTPI SJ IRMKQEXMG ITMWSHIW
LMXLIVXS YRVITSVXIH EFSYX WYRFMVHW (VW 7MRHY ERH :MQEPE
6EQE 6ES W VMRKWMHI GSQQIRXEV] SR XLI MRXVMKYMRK IZIRXW
EX XLI RIWX SJ TYVTPIVYQTIH WYRFMVHW SR XL 1EVGL 
MW VEXLIV [IMVH ERH HMJJMGYPX XS GSQTVILIRH 7YGL MRWXERGIW
LEZI XLYW JEV FIIR VITSVXIH SRP] JVSQ VSPIVIZIVWEP FMVHW PMOI
XLI [EXXPIH NEGERE [LIVIMR XLI JIQEPIW HIJIRH XLIMV
XIVVMXSVMIW EKEMRWX SXLIV JIQEPIW ERH LEZI WIZIVEP QEPIW
;LMXIFIPPMIH 7IE )EKPI ,EPMEIIX YW PIYGSKEWXIV
FVIIHMRK EX &YPGLIVV] -WPERH 7YRHEVFERW (IPXE -RHME
F] %VYRE]ER 7LEVQE
'SQQIRXW SR XLI 7XEXYW SJ 'VMQWSR 7YRFMVH F] %WEH
6ELQERM
4EVIRXEP VIWTSRWMFMPMXMIW EQSRK 1EKTMI 6SFMRW F]
MRGYFEXMRK XLIMV IKKW )QPIRW ERH (IQSRK LEZI MR XLIMV
TETIV IRXMXPIH )\TIVMQIRXEP MRHYGXMSR SJ MRJERXMGMHI MR
JIQEPI [EXXPIH NEGEREW TYFPMWLIH MR  MR 8LI %YO 
 VITSVXIH XLEX [LIR E JIQEPI NEGERE XEOIW SZIV E RI[
XIVVMXSV] WLI OMPPW XLI ]SYRK EPVIEH] XLIVI WS EW XS LEWXIR
XLI XMQI [LIR XLI QEPIW [MPP FI MRGYFEXMRK LIV S[R IKKW
4VEKEXM 2E]EO 0MOI[MWI MR PMXXPI FYXXSR UYEMP ERSXLIV WI\VSPI VIZIVWIH
6ERHSQ FMVH RSXIW JVSQ 'LERHMKLEV F] 7RILEP 4EXIP WTIGMIW
JIQEPIW LEZI FIIR SFWIVZIH OMPPMRK GLMGOW MR ER
9RYWYEP TEVIRXEP GEVI SJ 4YVTPIVYQTIH 7YRFMVH IRGPSWYVI MR GMVGYQWXERGIW XLEX WYKKIWX XLI] QMKLX TVEGXMWI
2IGXEVMRME ^I]PSRMGE
 F] ,EVMWL 6 &LEX MRJERXMGMHI MR REXYVI -RJERXMGMHI LEW FIIR RSXMGIH MR SXLIV
VSPIVIZIVWIH FMVH WTIGMIW WYGL EW TLEPEVSTIW HSXXIVIPW
%HHVIWW JS V 'SVVIWTSRHIRGI  ERH QSSVLIRW &YX XLMW MW XLI JMVWX XMQI - LEZI LIEVH SJ XLI
2I[WPIXXIV JSV &MVH[EXGLIVW JIQEPI SJ E RSVQEP WTIGMIW GSQQMXXMRK MRJERXMGMHI
2 S  7MVYV 4EVO & 7XVIIX 7IWLEHVMTYVEQ %RSXLIV ERSQEPSYW FILEZMSYV LEW FIIR VITSVXIH F] ,EVMWL
&ERKEPSVI   -RHME 8IP      &LEX [LIVIMR E JIQEPI TYVTPIVYQTIH WYRFMVH [EW WYTTSWIHP]
)QEMP  REZFEVEX$KQEMPGSQ" JSYRH JIIHMRK GLMGOW EX X[S EHNEGIRX RIWXW &YX - FIPMIZI
4VMRXIH ERH 4YFPMWLIH FMQSRXLP] F] 7 7VMHLEV EX [MXL KSSH VIEWSR XLEX XLI WYRFMVH [EW SRP] I\LMFMXMRK TVIHEXSV
2EZFLEVEXL )RXIVTVMWIW 7IWLEHVMTYVEQ &ERKEPSVI    -RHME EZSMHERGI FILEZMSYV XS HMWXVEGX ER MRUYMWMXMZI TVIHEXSV
*SV 4VMZEXI 'MV GYPEXMSR 3RP] E[E] JVSQ MXW VIEP RIWX 3R QER] SGGEWMSRW JIQEPI
TYVTPIVYQTIH WYRFMVHW LEZI FIIR SFWIVZIH
'SZIV  'EXXPI )KVIX &YFYPGYW MFMW
 8LMW PERO] WRS[ [LMXI TVIXIRHMRK XS FI EMQPIWWP] PSSOMRK JSV MRWIGXW ERH
IKVIX [MXL ]IPPS[ FIEO MW PIWW EUYEXMG XLER SXLIV IKVIXW -X
HIPMKLXW MR [EPOMRK FVMWOP] FILMRH KVE^MRK ERMQEPW [MXL MXW HMZMRK XS XLI RIWX EX ER STTSVXYRI QSQIRX
RIGO GVERIH EFSZI XLI WLSYPHIVW XS PYRKI ERH NEF SV WRET 8LEROMRK ]SY
YT GSRJYWIH KVEWWLSTTIVW ERH SXLIV MRWIGXW EXXIQTXMRK XS =SYVW MR FMVH GSRWIVZEXMSR
NYQT SJJ XLI KVE^MRK ERMQEPW TEXL 4LSXS  7 7LVI]EW 7 7VMHLEV 4YFPMWLIV 20&;
2I[WPIXXIV JSV &MVH[EXGLIVW  
  

&VIIHMRK FMSPSK] SJ 'VIWXIH 8VII 7[MJX

,IQMTVSGRI PSRKMTIRRMW
7%',-2 & 4%0/%6 :-7,;%7 ( /%8(%6) 63,%2 . 03:%0)/%6 ERH :-7,;%7 : .37,-
7EL]EHVM 2MWEVKE 1MXVE 2IEV 0E\QMREVE]ER 8IQTPI %4 8EP 'LMTPYR
(MWXVMGX  6EXREKMVM 1ELEVEWLXVE -RHME   ) QEMP WEL]EHVMGTR$VIHMJJQEMPGSQ

-RXVSHYGXMSR XL %TVMP 

'VIWXIH 8VII 7[MJX ,IQMTVSGRI PSRKMTIRRMW MW E WQEPP
FIEYXMJYP FMVH JSYRH MR [IPP[SSHIH EVIEW ERH HV] JSVIWXW SJ
XLI -RHMER 9RMSR -X LEW FPYMWL KVI] YTTIV TEVXW ERH TEPIV
YRHIV TEVXW FIPP] ERH ZIRX FIGSQMRK [LMXMWL MR GSPSYV
8LI QEPI LEW HYPP SVERKI IEV GSZIVXW [LMPI XLI JIQEPI LEW
HEVO KVI] IEV GSZIVXW &MVHW LEZI TVSQMRIRX JVSRXEP GVIWX
;I VIEGLIH XLI RIWXMRK WMXI EX 4EVWLYVEQ EX LVW &SXL
XLI QEPI ERH JIQEPI [IVI WIIR TIVGLIH SR E XMR] FVERGL SJ
E 8IGXSRE KVERHMW XVII EX EFSYX  QIXIVW JVSQ XLI KVSYRH
%JXIV  QMRYXIW FSXL FMVHW JPI[ E[E] XS ERSXLIV 8IGXSRE
KVERHMW XVII [LMGL [EW JMZI QIXIVW E[E]
;I WE[ XLI W[MJX W RIWX SR XLI WIGSRH XVII 8LI QEPI [EW
IVIGX [LMPI TIVGLIH PEVKI MR WM^I ERH TSMRXIH XEMP %PM
6MTPI] 

7XYH] EVIE ERH QIXLSH
;I WXYHMIH XLI FVIIHMRK FMSPSK] SJ XLMW FMVH MR XLI ;IWXIVR
+LEX JSSXLMPPW EVSYRH 'LMTPYR  2 ) 6EXREKMVM
HMWXVMGX 1ELEVEWLXVE WXEXI -RHME &SXL TPEGIW EVI VMGL [MXL
HV] HIGMHYSYW JSVIWXW GSRXEMRMRK 8IGXSRE KVERHMW %GEGME
GEXIGLY &SQFE\ QEPEFEVMGYQ ERH %GEGME EYVMGYPMJSVQMW
1SVI XLER  WTIGMIW SJ FMVHW EVI VIGSVHIH MR XLMW EVIE
;I FIKER SYV WXYHMIW MR  ERH  RIWXW [IVI PSGEXIH
2IWXMRK EGXMZMX] [EW VIGSVHIH JVSQ PEXI *IFVYEV] XS %YKYWX
WMXXMRK SR XLI RIWX ERH XLI JIQEPI [EW WMXXMRK GPSWI F]
0EXIV XLI QEPI [EW WIIR TYPPMRK SYX E JIEXLIV JVSQ MXW FIPP]
TPEGMRK MX SR XLI IHKI SJ XLI RIWX ERH TEWXMRK MX [MXL MXW
WEPMZE %JXIV EFSYX X[S QMRYXIW XLI QEPI JPI[ E[E] [MXL
PSYH GLMVTMRK GEPPW -QQIHMEXIP] XLIVIEJXIV XLI JIQEPI WEX
SR XLI RIWX ERH [EW WIIR TEWXMRK LIV WEPMZE ERH WLETMRK
XLI IHKI SJ XLI RIWX -X [IRX SR JSV RIEVP] JMJXIIR QMRYXIW
8LIR XLI JIQEPI JPI[ E[E] ERH WEX SR ERSXLIV XVII JMZI
QIXIVW E[E] JVSQ XLI RIWXMRK XVII 2S WSSRIV XLI JIQEPI
TIVGLIH SR XLEX FVERGL XLI QEPI EVVMZIH ERH QEXMRK [EW
EGGSQTPMWLIH %JXIV QEXMRK XLI] JPI[ XS ERSXLIV XVII ERH
[IVI WIIR EQSVSYWP] VYFFMRK IEGL SXLIV W FIEOW
 -R 4EVWLYVEQ  OQW E[E] JVSQ 'LMTPYR
[I JSYRH XLI XL %TVMP 
RIWXW SR 8IGXSRE KVERHMW ERH &SQFE\ QEPEFEVMGYQ
XVIIW 8LIWI RIWXW [IVI FYMPX EX XLI XST SJ XLI XVII SR E
XMR] FVERGL SV SR WTMR] XVII PMOI &SQFE\ QEPEFEVMGYQ
%W E VIWYPX MX MW MQTSWWMFPI JSV ER]SRI XS GPMQF YTXS XLI
RIWXW 8LIVIJSVI [I HIGMHIH XS GPMQF SR E XVII EHNEGIRX
XS XLI RIWXMRK XVII X[MGI IZIV] HE] MI SRGI MR XLI
QSVRMRK ERH SRGI MR XLI IZIRMRK ;I YWIH XS SFWIVZI
JSV ER LSYV
;I VIEGLIH 4EVWLYVEQ RIWXMRK WMXI EX LVW 8LI RIWXMRK
TEMV [EW RSXMGIH SR E &SQFE\ QEPEFEVMGYQ XVII %JXIV E JI[
QMRYXIW XLI JIQEPI JPI[ E[E] 8LI QEPI VIQEMRIH XLIVI ERH
[EW WIIR VYFFMRK MXW FIEO SR XLI FEVO 8LI JIQEPI EVVMZIH
EJXIV E WLSVX [LMPI GEPPMRK ERH WEX GPSWI XS XLI QEPI 8LI
JIQEPI [EW WIIR XIRHIVP] RYHKMRK XLI QEPI [MXL LIV LIEH
ERH VYFFMRK LIV FIEO EKEMRWX XLI GVS[R SJ XLI QEPI 7LI
[EW EPWS WIIR TYJJMRK YT LIV JIEXLIVW UYMZIVMRK ERH GEPPMRK
 :EPSTI  OQW E[E] JVSQ 'LMTPYR
MW E WQEPP ZMPPEKI -X 8LI QEPI HMHR X VIGMTVSGEXI LIV EGXMSRW 8LMW GSYVXWLMT
MW WMXYEXIH EX XLI JSSXLMPP ERH SYV WXYH] EVIE MW SR XLI
XST SJ XLI LMPP %PP XLI RIWXW [IVI JSYRH SR &SQFE\
QEPEFEVMGYQ XVIIW [LMGL EVI SR XLI WPERXMRK LMPPWMHI
*SV SFWIVZEXMSRW [I GPMQFIH SR XLI XST SJ XLI LMPP ERH
SFWIVZIH XLI RIWXMRK EGXMZMX] [MXL E  \  FMRSGYPEV
EW MX [EW IEW] XS SFWIVZI XLI RIWX JVSQ I]I PIZIP
3FWIVZEXMSRW ERH HMWGYWWMSR
&VIIHMRK 7IEWSR
8LI FVIIHMRK WIEWSR SJ 'VIWXIH 8VII 7[MJX ,IQMTVSGRI
PSRKMTIRRMW MW JVSQ *IFVYEV] XS %YKYWX (YVMRK XLMW TIVMSH
XLI FMVHW EVI QSVI ZSGEP
'SYVXWLMT
FILEZMSYV [IRX SR JSV EFSYX X[IRX] QMRYXIW SV WS %JXIV E
[LMPI XLI QEPI JPI[ E[E] ERH WEX SR ERSXLIV &SQFE\
QEPEFEVMGYQ XVII [LMGL [EW  QIXIVW E[E] 8LI JIQEPI
JSPPS[IH XLI QEPI ERH FSXL XLI FMVHW [IVI WIIR VYFFMRK XLIMV
FIEOW EKEMRWX IEGL SXLIV 8LI JIQEPI [EW WIIR RYHKMRK XLI
QEPI ERH VITIEXMRK LIV GSYVXWLMT QERIYZIVW %JXIV  QMR
XLI TEMV XSSO XS [MRKW [MXL PSYH GEPPW ERH WEX SR XLI JMVWX
&SQFE\ QEPEFEVMGYQ XVII %PP XLMW [IRX SR YTXS  LVW
[LIR XLI] JPI[ E[E] 8LI] [IVI RSX WIIR JSV XLI RI\X X[S
LSYVW
2IWX ERH 2IWX GSRWXVYGXMSR
2IWX MW ZIV] WQEPP WLEPPS[ LEPJ GYT JM\IH FVEGOIX[MWI XS
XLI WMHI SJ E XMR] LSVM^SRXEP FVERGL &SXL XLI FMVHW XEOI TEVX
MR RIWX FYMPHMRK EGXMZMXMIW 2IWX MW  QQ HIIT MR XLI
8LI FMVHW [IVI ZIV] ZSGEP HYVMRK GSYVXWLMT 1EXMRK [EW
6MTPI] 

SFWIVZIH  XS  HE]W TVMSV XS XLI PE]MRK SJ XLI JMVWX IKK
1EXMRK [EW KIRIVEPP] RSXMGIH SR XLI RIWXMRK XVII FYX RSX
SR XLI WEQI FVERGL [MXL RIWX 1EPI PIJX WSSR EJXIV QEXMRK
*IQEPI PEMH IKKW EJXIV  HE]W
QMHHPI -X MW QEHI YT SJ FMVHW S[R WEPMZE %PM
8LI] SJXIR YWI XLIMV S[R JIEXLIVW ERH TETIV] FEVO QEXIVMEP
JSV TPEWXIVMRK XLI RIWX 2IWX MW ZIV] WQEPP ERH [IPP
GEQSYJPEKIH [MXL XLI FVERGL WS XLEX MX MW ZIV] HMJJMGYPX XS
JMKYVI SYX -X WMQTP] ETTIEVW PMOI E REXYVEP RSHI SV ORSX SJ
 2I[WPIXXIV JSV &MVH[EXGLIVW  
 
XLI FVERGL 2IWX [EW IRXMVIP] JMPPIH YT F] XLI IKK (YVMRK 4VSKVIWW MR XLI SFWIVZIH RIWXW
XLI RIWX FYMPHMRK XLI TEMV MW ZIV] ZSGEP 2IWX MW FYMPX EX E
2)78 2S   8LI RIWX [EW SR 8IGXSRE KVERHMW XVII EX E
LIMKLX  XS  QIXIVW EFSZI XLI KVSYRH YWYEPP] SR E PIEJPIWW
LIMKLX SJ  QIXIVW EFSZI XLI KVSYRH SR E XMR] LSVM^SRXEP
XVII -R :MRHL][EWMRM [I JSYRH E RIWX SR XLI HIEH FVERGL
FVERGL ;LIR [I JSYRH XLI RIWX SR WX %TVMP  RIWXMRK
EX XLI XST SJ E 1ERKMJIVE MRHMGE XVII 8LI RIWX FYMPHMRK EGXMZMX]
[EW MR TVSKVIWW 8LI IKK [EW PEMH SR XL %TVMP JSPPS[IH F]
MW QSVI TVSRSYRGIH MR XLI QSVRMRKW
MRGYFEXMSR ERH XLI GLMGO LEXGLIH SR XL 1E] ;I GSYPH
8LI 'VIWXIH 8VII 7[MJX TVIJIVW XS RIWX SR &SQFE\ RSX SFWIVZI XLI JPIHKPMRK PIEZMRK XLI RIWX XS HIXIVQMRI XLI
QEPEFEVMGYQ ERH 8IGXSRE KVERHMW XVIIW 2IWXW [IVI FYMPX JPIHKMRK TIVMSH
SR XLI XSTQSWX FVERGLIW SJ XLI XVII ;I WXYHMIH  RIWXW MR
2)78 2S   8LMW RIWX [EW SR E &SQFE\ QEPEFEVMGYQ XVII
XLVII ]IEVW  SJ XLIQ [IVI SR &SQFE\ QEPEFEVMGYQ JSYV
EX E LIMKLX SJ  QIXIVW JVSQ XLI KVSYRH ;LIR [I JSYRH XLI
[IVI SR 8IGXSRE KVERHMW [LMPI XLI JMJXIIRXL [EW SR E 1ERKMJIVE
RIWX SR XL %TVMP  RIWX FYMPHMRK [EW MR TVSKVIWW 3R
MRHMGE XLI WM\XIIRXL [EW SR E 8IVQMREPME EPEXE XVII
VH %TVMP XLI IKK [EW PEMH ERH MX LEXGLIH SR XL 1E] %JXIV
)KK XLEX [I GSYPH SFWIVZI XLI TVSKVIWW JSV EFSYX  HE]W SRP]
)KK MW E WMRKPIXSR [LMXI GSPSYVIH [LMGL MW ZIV] IPSRKEXIH 2)78 2S   8LMW RIWX [EW JSYRH SR XL *IFVYEV]  SR
SZEP MR WLETI SFXYWI EX FSXL XLI IRHW %ZIVEKI WM^I SJ  E &SQFE\ QEPEFEVMGYQ XVII EX E LIMKLX SJ  QIXIVW JVSQ
IKKW KMZIR F] &EOIV MW EW  \ QQ %PM
6MTPI] 
 XLI KVSYRH %JXIV JSYV HE]W MI SR XL *IFVYEV] XLI WMRKPIXSR
-RGYFEXMSR ERH ,EXGLMRK IKK [EW PEMH 8LMW IKK LEXGLIH SR XL 1EVGL ;I GSYPH
RSX VIGSVH I\EGX HEXI SJ JPIHKMRK SJ GLMGO % WIGSRH FVSSH
-RGYFEXMSR WXEVXW MQQIHMEXIP] EJXIV PE]MRK &SXL XLI QEPI
[EW SFWIVZIH SR XL 1E] 8LI JPIHKPMRK SJ XLI JMVWX FVSSH
ERH XLI JIQEPI MRGYFEXI XLI IKK &YX JIQEPI XEOIW XLI QENSV
[EW WIIR RIEV XLI RIWX
WLEVI SJ MRGYFEXMSR 3RP] JIQEPI MRGYFEXIW HYVMRK XLI RMKLX
(YVMRK MRGYFEXMSR XLI TEMV OIITW GEPPMRK ERH GSQQYRMGEXMRK 2)78 2S   8LI RIWX [EW JSYRH SR XL *IFVYEV]  SR
[MXL IEGL SXLIV (YVMRK PS[ XIQTIVEXYVIW XLI MRGYFEXMRK FMVH E &SQFE\ QEPEFEVMGYQ XVII EX E LIMKLX SJ  QIXIVW JVSQ
GSZIVW XLI IRXMVI RIWX F] TYJJMRK YT MXW FIPP] JIEXLIVW XLI KVSYRH %JXIV  HE]W MI XL 1EVGL XLI IKK [EW PEMH
IWTIGMEPP] HYVMRK IEVP] QSVRMRKW ERH PEXI IZIRMRKW 8LI IKK 8LI IKK LEXGLIH SR XL %TVMP %JXIV IMKLX HE]W XLI GLMGO
MW RSX I\TSWIH HYVMRK WYGL TIVMSH ,S[IZIV HYVMRK LMKL [EW TVIHEXIH F] ER YRORS[R TVIHEXSV
XIQTIVEXYVI FIX[IIR  LVW ERH LVW
XLI MRGYFEXMRK
2)78 2S   8LI RIWX [EW JSYRH SR XL 1EVGL  SR E
FMVH QIVIP] WLIPXIVW XLI IKK WXERHMRK SR XLI FVERGL 8LIVI
&SQFE\ QEPEFEVMGYQ XVII EX E LIMKLX SJ  QIXIVW JVSQ XLI
[MPP FI E KET MR FIX[IIR EFHSQIR SJ XLI MRGYFEXMRK FMVH ERH
KVSYRH 3R RH 1EVGL XLI IKK [EW PEMH [LMGL LEXGLIH SR
XLI IKK [LMGL VIQEMRW I\TSWIH HYVMRK XLMW TIVMSH ERH IEWMP]
XL %TVMP ,IVI EPWS XLI WIGSRH FVSSH [EW VEMWIH FYX [I
SFWIVZEFPI
GSYPH RSX KIX XLI HIXEMPW 3JXIR XLI JPIHKPMRK SJ XLI JMVWX FVSSH
;I SFWIVZIH XLI MRGYFEXMSR TVSGIWW JSV XLI IRXMVI HE] EX WEX RIEV MXW TEVIRXW [LMGL [IVI FYW] MR MRGYFEXMSR ;I
RIWX RYQFIV X[S SR  XL %TVMP  ; I WXEVXIH SYV [EXGLIH XLI TEVIRXW JIIHMRK XLMW GLMGO IZIR EW XLI]
SFWIVZEXMSRW JVSQ LVW MR XLI QSVRMRK YT XS LVW MR MRGYFEXIH XLI IKK SJ XLI WIGSRH FVSSH
XLI IZIRMRK -R SYV SFWIVZEXMSRW SJ  LVW  QMRYXIW 
&VIIHMRK WYGGIWW
QMRYXIW
XLI QEPI [EW EX XLI RIWX JSV  QMRYXIW 

*IQEPI [EW EX XLI RIWX JSV QMRYXIW 
 8LI RIWX 8LI TIVGIRXEKI SJ FVIIHMRK WYGGIWW [EW JSYRH XS FI EFSYX
VIQEMRIH YREXXIRHIH JSV QMRYXIW 
 -RGYFEXMSR TIVMSH   3RP]  SJ  RIWXW JEMPIH 7II XEFPI

[EW JSYRH XS FI  XS  HE]W =IEV 7YGGIWWJYP 9RWYGGIWWJYP 8SXEP 4IVGIRXEKI
2IWXPMRK ERH RIWXPMRK TIVMSH     
)KKW YWYEPP] LEXGLIH ER] XMQI FIX[IIR VH ERH XL HE]     
8LI GLMGO MW EWL] KVI] MR GSPSYV [MXL FPEGO WTSXW SR XLI     
JIEXLIVW ERH WMXW WXEMHP] [MXL MXW FMPP TSMRXMRK YT[EVH -X MW 8SXEP    
JYPP] GEQSYJPEKIH [MXL XLI FVERGL ERH VIWIQFPIW E FVSOIR 'SRGPYWMSRW
WXIQ SJ XLI FVERGL &SXL XLI TEVIRXW JIIH XLI GLMGO 8LI]
SJXIR WLIPXIV XLI GLMGO -RGYFEXMSR TIVMSH SJ 'VIWXIH 8VII 7[MJX ,IQMTVSGRI
PSRKMTIRRMW MW TVIWIRXIH JSV XLI JMVWX XMQI &SXL XLI TEVIRXW
;I GSYPH RSX VIGSVH XLI I\EGX JPIHKMRK TIVMSH FYX MX WLSYPH TEVXMGMTEXIH MR RIWX FYMPHMRK MRGYFEXMSR JIIHMRK ERH
FI EVSYRH  HE]W KYEVHMRK -RGYFEXMSR TIVMSH MW  XS  HE]W *PIHKMRK TIVMSH
7IGSRH FVSSH MW EVSYRH  HE]W &VSSH WYGGIWWMSR LEW FIIR VIGSVHIH
JSV XLI JMVWX XMQI &VIIHMRK WYGGIWW [EW JSYRH XS FI  
;I SFWIVZIH XLI WIGSRH FVSSH MR XLI WEQI RIWX %JXIV
PIEZMRK XLI RIWX XLI GLMGO JVSQ XLI JMVWX FVSSH MW WIIR JP]MRK 6IJIVIRGIW
SV VIWXMRK [MXL XLI TEVIRXW RIEV XLI RIWX 8LI GLMGO SJ XLI %PM 7EPMQ ERH 6MTPI] 7 (MPPSR 
 ,ERHFSSO SJ &MVHW SJ -RHME ERH
JMVWX FVSSH [EW WIIR WMXXMRK RI\X XS XLI MRGYFEXMRK TEVIRX 4EOMWXER 7IGSRH )HMXMSR 3\JSVH 9RMZIVWMX] 4VIWW (IPLM :SPYQI
ERH EGGITXMRK JSSH 3YVW MW XLI JMVWX VIGSVH SJ SFWIVZMRK XLI 2S 
FVSSH WYGGIWWMSR EQSRK GVIWXIH XVII W[MJXW %PM 7EPMQ 
 &SSO SJ -RHMER &MVHW
2I[WPIXXIV JSV &MVH[EXGLIVW  
  

9XMPM^EXMSR SJ EVXMJMGMEP RIWX FS\IW F] 'SQQSR &EVR 3[P

8]XS EPFE
MR 'EYZIV] (IPXE 8EQMP 2EHY
4 2))0%2%6%=%2%2
4+ ERH 6IWIEVGL (ITEVXQIRX SJ >SSPSK] 2ILVY 1IQSVMEP 'SPPIKI %YXSRSQSYW

 -RHME
&EVR S[PW EVI YFMUYMXSYW MR HMWXVMFYXMSR TVMQEVMP] MRLEFMX
QERQEHI WXVYGXYVIW LYRX VSHIRXW ERH WLVI[W MR ERH
EVSYRH EKVMGYPXYVEP JMIPHW LYQER LEFMXEXMSRW ERH KVSZIW
2IWXW SJ FEVR S[PW EVI YWYEPP] TPEGIH SR FEVI KVSYRH MR
XLI KETW SV GVIZMGIW EX XLI VIEV SJ XLI WXEXYIW SJ HIMXMIW
MRWXEPPIH EVSYRH XLI WERGXYQ WERGXSVYQ ERH ZILMGPIW
4YXLEREQTEXXM    8MVYGLMVETTEPPM (X
)QEMP TRR$LSXQEMPGSQ  TRR$]ELSSGSMR
EHYPXW IRXIVMRK SV PIEZMRK XLI RIWX FS\ SV XLI TVIWIRGI SJ
IKKW SV GLMGOW MRWMHI XLI RIWX FS\ SV F] RSXMGMRK XLI XIPP
XEPI WMKRW ZM^ TIPPIXW HVSTTMRKW VIKYVKMXEXIW ERH VIQRERXW
SJ TVI] FIPS[ XLI RIWX FS\ 8[S [E] %23:% [EW TIVJSVQIH
XS JMRH XLI HMJJIVIRGIW MR XLI YXMPM^EXMSR SJ RIWX FS\IW F]
FEVR S[P EQSRK XLI LEFMXEXW
ZELEREQW
SJ HMJJIVIRX KSHW MR TPEGIW SJ [SVWLMT
8LI QIER TIVGIRXEKI SJ YXMPM^EXMSR SJ FEVR S[P [EW JSYRH XS
3GGEWMSREPP] XLI] EVI JSYRH RIWXMRK MR XLI GEZMXMIW MRWMHI
FI LMKL MR XLI FS\IW MRWXEPPIH RIEV XS LYQER LEFMXEXMSRW
XIQTPI XS[IVW HMPETMHEXIH WXVYGXYVIW YRYWIH ERH HIWSPEXI

JSPPS[IH F] EKVMGYPXYVEP PERHW 
ERH KVSZIW
VSSQW SZIVKVS[R [MXL ZIKIXEXMSR &] XVEHMXMSR XLI] TVIJIV XS

8EFPI
 % WMKRMJMGERX HMJJIVIRGI [EW SFWIVZIH MR XLI
RIWX MR FEVRW ERH REXYVEP GEZMXMIW SJ PEVKI XVIIW FYX SJ PEXI
YXMPM^EXMSR SJ RIWX FS\IW F] FEVR S[PW EQSRK XLI LEFMXEXW
XLI] LEZI FIIR JSYRH RIWXMRK MR RYQIVSYW WXVERKI TPEGIW
8[S [E] %23:%
 &EVR S[PW YWIH QE\MQYQ RYQFIV SJ
QIRXMSRIH EFSZI QEMRP] HYI XS RSREZEMPEFMPMX] SJ WYMXEFPI
FS\IW HYVMRK (IGIQFIV  
 3GXSFIV ERH 2SZIQFIV
ERH WEJI RIWXMRK TPEGIW 8LIVIJSVI TVSZMWMSR SJ EVXMJMGMEP RIWX
 
ERH 2SZIQFIV  
[LMGL [IVI RIEV
FS\IW GSYPH FI LIPTJYP JSV XLI GSRWIVZEXMSR ERH TVSTEKEXMSR
XS LYQER LEFMXEXMSRW KVSZIW ERH EKVMGYPXYVEP PERHW
SJ FEVR S[PW [LIVIZIV WYMXEFPI RIWX WMXIW EVI WGEVGI SV
VIWTIGXMZIP] 8LI SZIVEPP QIER RIWX FS\ YXMPM^EXMSR F] FEVR
EFWSPYXIP] PEGOMRK
S[P JSV RIWXMRK ERH VSSWXMRK [EW  HYVMRK XLI WXYH]
7XYHMIW MR 1EPE]WME LEZI MRHMGEXIH XLEX XLI TVSZMWMSR SJ TIVMSH 8EFPI
 *VSQ XLI VIWYPXW MX MW IZMHIRX XLEX XLI FEVR
EVXMJMGMEP RIWX FS\IW LEW MRGVIEWIH XLI FVIIHMRK HIRWMX] SJ S[PW EVI GPSWIP] EWWSGMEXIH [MXL QER ERH EKVMGYPXYVI
FEVR S[PW 8LI SFNIGXMZI SJ XLI TVIWIRX WXYH] [EW XS QSRMXSV
3YX SJ XLI JSVX] RIWX FS\IW JMZI [IVI MRWXEPPIH RIEV XS XLI
ERH GSQTEVI XLI YXMPM^EXMSR SJ RIWX FS\IW F] FEVR S[PW MR
WMXIW LEZMRK E HIEVXL SJ RIWXMRK WMXIW ERH XLI] [IVI
XLVII HMJJIVIRX LEFMXEXW ZM^ LYQER LEFMXEXMSRW XVIIW MR
MQQIHMEXIP] SGGYTMIH F] FEVR S[PW JSV RIWXMRK 8LI HIEVXL
KVSZIW ERH XVIIW RIEV EKVMGYPXYVEP PERHW ERH XS WYKKIWX XLI
ERH RSREZEMPEFMPMX] SJ WEJI ERH WYMXEFPI RIWXMRK WMXIW [SYPH
FEVR S[PW TVIJIVIRGI SJ WMXIW JSV RIWXMRK 7YGL E WXYH] [MPP
ETTEVIRXP] EGX EW E PMQMXMRK JEGXSV JSV XLI FVIIHMRK G]GPI SJ
FI GIRXVEP XS HVE[MRK YT E GSQTVILIRWMZI GSRWIVZEXMSR TPER
FEVR S[PW 8LI TVSZMWMSR SJ EVXMJMGMEP RIWX FS\IW LIPTIH XLI
JSV FEVR S[PW XLVSYKL PEVKI WGEPI MRWXEPPEXMSR SJ RIWX FS\IW
FEVR S[PW ETTVIGMEFP] MR QEMRXEMRMRK XLI HIRWMX] SJ FVIIHMRK
MR JYXYVI
TEMVW 2IWX FS\IW QE] EPWS FI YXMPM^IH F] XLI FEVR S[PW JSV
8LI WXYH] EVIE  OQ
 MRXIRWMZIP] IRKEKIH MR EKVMGYPXYVEP VSSWXMRK HYVMRK EHZIVWI GPMQEXIW WMRGI XLI] TVSZMHI E
STIVEXMSRW [EW EX XLI XEMP IRH SJ 'EYZIV] HIPXE SJ WLIPXIVIH WEJI QMGVSIRZMVSRQIRX
2EKETEXXMREQ HMWXVMGX 8EQMPREHY 8LI GVSTW GYPXMZEXIH EVI
8LI EGGITXERGI SJ EVXMJMGMEP RIWX FS\IW MRWXEPPIH SR QER
VMGI TYPWIW GSXXSR KVSYRHRYX WYKEVGERI GSGSRYX TEPQ
QEHI WXVYGXYVIW ERH XVIIW F] FEVR S[PW MRHMGEXI XLEX XLI]
ERH SMP TEPQ 2IWX FS\IW *MK
JSV FEVR S[PW [IVI TVITEVIH
YWI XLI FS\IW EW WYFWXMXYXIW JSV XLI PSWWIW SJ REXYVEP RIWXMRK
YWMRK [SSHIR TPEROW SJ 7EQERIE WEQER *SVX] RIWX FS\IW
WMXIW 3YV WXYH] LEW VIZIEPIH XLEX XLI VITVSHYGXMZI SYXTYX
[IVI MRWXEPPIH MR XLI QSRXLW SJ .YP]  3GXSFIV 
SJ FEVR S[PW MQTVSZIH WMKRMJMGERXP] [LIRIZIV RIWXMRK
ERH (IGIQFIV  MR XLI TPEGIW [LIVIZIV HIEVXL SJ REXYVEP
STTSVXYRMXMIW [IVI TVSZMHIH XLVSYKL MRWXEPPEXMSR SJ RIWX FS\IW
RIWXMRK WMXIW [IVI SFWIVZIH 7SQI RIWX FS\IW [IVI TPEGIH
GSQTEVIH XS XLSWI EX WMXIW LEZMRK E TEYGMX] SJ WYMXEFPI
EX SXLIV WYMXEFPI QERQEHI WXVYGXYVIW ERH SR XVIIW
RIWXMRK WMXIW
1ERKMJIVE MRHMGE 8EQEVMRHYW MRHMGE %^EHMVEGLXE MRHMGE
ERH 7EQERIE WEQER
RIEV XS LYQER LEFMXEXMSRW R ! 
 &IWMHIW &EVR 3[PW 7TSXXIH S[PIXW %XLIRI FVEQE
 &PYI
MR XLI XVIIW 8EQEVMRHYW MRHMGE
SJ KVSZIW R ! 
 ERH MR XLI VSGO TMKISRW 'SPYQFME PMZME
ERH 'SQQSR 1]REW
XVIIW 8EQEVMRHYW MRHMGE ERH (IPSRM\ VIKME
RIEV XS %GVMHSXLIVIW XVMWXMW
SGGYTMIH XLI EVXMJMGMEP RIWX FS\IW XS
EKVMGYPXYVEP PERHW R ! 
 8LI LIMKLX SJ XLI MRWXEPPIH RIWX XLI XYRI SJ  SZIVEPP QIER
MR EPP XLI XLVII LEFMXEXW
FS\IW VERKIH FIX[IIR  ERH  Q EFSZI KVSYRH PIZIP 4VSZMWMSR SJ WQEPPIV RIWX FS\IW JSV SXLIV FMVHW GSYPH VIHYGI
XLI GSQTIXMXMSR JVSQ SXLIV FMVHW JSV XLI FS\IW MRWXEPPIH
8LI RIWX FS\IW [IVI QSRMXSVIH SRGI E QSRXL FIX[IIR
I\GPYWMZIP] JSV XLI FEVR S[PW
7ITXIQFIV  ERH .ERYEV]  JSV IWXMQEXMRK XLI
UYSXMIRX SJ YXMPM^EXMSR F] FEVR S[PW 2IWX FS\ YXMPM^EXMSR F] 8LYW MX MW WYKKIWXIH XLEX XLI TVSZMWMSR SJ RIWX FS\IW JSV
FEVR S[PW [EW GSRJMVQIH IMXLIV F] HMVIGX SFWIVZEXMSR SJ XLI FEVR S[PW SR QERQEHI WXVYGXYVIW ERH XVIIW RIEV XS
 2I[WPIXXIV JSV &MVH[EXGLIVW  
 

1328, 4IVGIRXEKISJRIWXFS\YXMPM^EXMSR

=)%6 JSVRIWXMRKERHVSSWXMRK
,EFMXEXX]TIW
,YQER +VSZIW %KVMGYPXYVEP 8SXEP
,EFMXEXMSR 0ERHW
&EVR &EVR 3XLIV
S[P S[P &MVHW
7ITXIQFIV      
3GXSFIV      
2SZIQFIV      
(IGIQFIV      
.ERYEV]      
*IFVYEV]      
1EVGL      
%TVMP      
1E]      
.YRI       %VXMJMGMEP 2IWX &S\
.YP]      
%YKYWX      
7ITXIQFIV       EKVMGYPXYVEP JMIPHW [LIVI XLI TVI] TSTYPEXMSR MW EFYRHERX
3GXSFIV       [SYPH FI E JIEWMFPI WXVEXIK] JSV XLI GSRWIVZEXMSR SJ FEVR
2SZIQFIV       S[PW &] HSMRK WS JEVQIVW GER IJJIGXMZIP] OIIT VSHIRX
(IGIQFIV       TSTYPEXMSRW YRHIV GLIGO -R XLI PSRK VYR GVST PSWWIW HYI
.ERYEV]       XS VSHIRXW GER FI QMRMQM^IH ERH XLIVI [MPP EPWS FI
WMKRMJMGERX WEZMRKW SR VSHIRXMGMHIW ERH XLI EWWSGMEXIH
1IER     
LE^EVHW *YVXLIV XLI WTVIEH SJ GSRXEKMSYW HMWIEWIW XLVSYKL
 8LI TIVMSH FIX[IIR 7ITXIQFIV  ERH (IGIQFIV  VSHIRX GSRXEGX GER EPWS FI XEGOPIH XS WSQI I\XIRX F] XLMW
XLIVI [IVI  RIWX FS\IW   MR ,YQER LEFMXEXMSR  MR WMQTPI FMSGSRXVSP QIEWYVI 8LIVIJSVI
+VSZIW ERH  MR %KVMGYPXYVEP PERHW
JSV &EVR S[PW ERH IZIV] IJJSVX WLSYPH FI QEHI F] FMVH PSZIVW
XLIVIEJXIV XLIVI [IVI  RIWX FS\IW   MR ,YQER
LEFMXEXMSR  MR +VSZIW ERH  RIEV XS %KVMGYPXYVEP PERHW
MR FEVR S[P RIWX FS\IW MR WYMXEFPI PSGEXMSRW
XLI WXYH] EVIE
 3XLIV FMVHW MRGPYHIH 7TSXXIH S[PIX &PYIVSGO 4MKISR ERH
'SQQSR 1]RE
&VIIHMRK 7XVEXIK] SJ E 7YRFMVH EX
8EQFEVEQ  8EQMP2EHY  E 'VMXMUYI
8LI WYRFMVHW EVI SJ XLI JEQMP] 2IGXEVMRMMHEI ?%PM 7
7( FSXL 4YVTPIVYQTIH ERH XLI 0SXIR W FIMRK GSRKIRIVMG
6MTPI] A 8LVII WYRFMVH WTIGMIW SGGYV SR XLI TPEMRW SJ
8EQMP2EHY 2IGXEVMRME ^I]PSRMGE 0MRREIYW ?A 2
EWMEXMGE 0EXLEQ A ERH 2 PSXIRME ?0MRREIYW A
8LIWI GSQTIXI [MXL SRI ERSXLIV XLI VIUYMVIQIRXW EVI
EPQSWX XLI WEQI 8LI 0SXIR W WYRFMVH MW IRHIQMG XS XLI
-RHMER 4IRMRWYPE MRGPYHMRK 7VM 0EROE -X SGGYVW MR
8MVYGLMVETTEPPM   2  ) %X 8EQFEVEQ E TEMV LEH
FIIR SFWIVZIH XS FYMPH E RIWX ERH VIYWI MX JSV JSYV WYGGIWWMZI
XS IRGSYVEKI JEVQIVW XS MRWXEPP EVXMJMGMEP
MR ERH EVSYRH XLIMV JMIPHW ERH TVSXIGX XLI
S[PW WS EW XS HIVMZI TIVTIXYEP HMZMHIRHW
JVSQ XLIQ ERH XLIMV TVSKIR]
, (%2-)0 ;)70)=
 6EQEPMRKE 2EKEV 7SYXL 8MVYGLMVETTEPPM 
HMWTPE]MRK WMQMPEVMX] MR XLI WIZIVEP IPIQIRXW SJ XLI FVIIHMRK
TVSGIWW XLI HEXE JSV XLI JSVQIV EVI EWWYQIH XS FI EFSYX
XLI WEQI JSV XLI PEXXIV ERH ZMGI ZIVWE 2IZIVXLIPIWW 6VT MW
I\XIRWMFPI HITIRHMRK SR XLI I\XIVREP IRZMVSRQIRXEP JEGXSVW
[MXL E QMRMQYQ SJ  HE]W ERH E QE\MQYQ SJ  HE]W
?;IWPI] A
'VMX MUYI
FVSSHW ?+MJX 7MVSQSRI] A 8LI EYXLSV LS[IZIV HSIW
EVI
RSX KMZI HIXEMPW SJ XLI HEXIW ERH XMQIW SJ XLI IZIRXW WYGL
EW RIWX MRMXMEXMSR ERH GSQTPIXMSR GPYXGL MRMXMEXMSR ERH
GSQTPIXMSR ERH MRGYFEXMSR ERH RIWXPMRK TIVMSHW 8LI
6ITVSHYGXMZI VIJVEGXSV] TIVMSH ?6VTA MW RSX ORS[R JSV XLI
FMVHW 8LEX JSV XLI 4YVTPIVYQTIH 7YRFMVH FIMRK ORS[R ERH
8LI HEXE ?ZMHI ETTIRHM\A SJ +MJX 7MVSQSRI] 
TVIWIRXIH SR 8EFPI ,MW EWWIVXMSR XLEX E WMRKPI RIWX [EW
VITIEXIHP] YWIH F] E TEMV SJ 0SXIR W 7YRFMVHW JSV JSYV FVSSHW
MW KMZIR E WGVYXMR] MR XLMW EGGSYRX MR XLI PMKLX SJ XLI VITSVXIH
SFWIVZEXMSRW ?;IWPI] A SR XLI 0SXIR W 7YRFMVH ERH
XLI 4YVTPIVYQTIH 7YRFMVH
2I[WPIXXIV JSV &MVH[EXGLIVW  
  

8EFPI SJ HIHYGXMSRW JVSQ XLI WXEXIQIRXW SJ +MJX 7MVSQSRI] 

7IVMEP    
&VSSH 7XEXIQIRX 2IWXMRK 4VIPE]MRK )KK PE]MRK -RGYFEXMSR 4IVMSH 2IWXPMRK 4IVMSH ERH 6IQEVOW
2S (IHYGXMSR 6IRSZEXMSR HE] KET HEXIW ERH ,EXGLMRK HE] *PIHKMRK HE]
WX ;IIO SJ .YP] 6SSWXMRK MR RIWX %JXIV WSQI HE]W TEVIRXW (EXE ZIV]
 RH [IIO SJ .YP] JIH GLMGOW 0EXIV IQTX] ZEKYI
 RIWX 6SSWXMRK
 XL .YP]  XL
XL XL
XL XL XL XL .YP] XL %YKYWX MW
 [VSRKP]
SV YWIH JSV
 0EWX ;IIO SJ .YRI WX
RH VH
XL XL XL .YP] XL VH %YKYWX
MRGYFEXMSR
XS WX .YP] 
6
4
WX ;IIO SJ 2IWX IQTX] EX XLI IRH
GPSWIH
7ITXIQFIV  SJ WX [IIO SJ
4EVIRXW JIH ]SYRK 7ITXIQFIV 

  XL %YKYWX XL

XL XL
XL  VH %YKYWX VH %YKYWX
 XL 7ITXIQFIV
SV
  XL %YKYWX XL XL XL XL XL XL %YKYWX XL %YKYWX
6
4
XL 7ITXIQFIV
 
VH ;IIO SJ 7ITX XL 7ITX  XL 3GXSFIV 3RI ]SYRK HE]W
 &MVHW ZMWMXIH *IQEPI VSSWXMRK JIIP SYX 4EVIRXW JIH
RIWX JSV  HE]W  IKKW 0EXIV XLMW
XLI SXLIV MR XLI
JIH ]SYRK RIWX
 XL XL 7ITX WX RH VH XL XL 7ITX XL XL XL 3GXSFIV
 3GXSFIV
SV
 XL RH 7ITX VH
XL XL
XL XL 7ITX XL XL XL 3GXSFIV
3GXSFIV 6
4
XL 2SZIQFIV XL (IGIQFIV XL .ERYEV]  2IWX  
 &MVHW ZMWMXIH  *IQEPI LEH JEPPIR E GLMGO SR HE]W
RIWX 1EXI MR XLI 6SSWXIH  )KKW *PSSV XLI SXLIV MR XLI
EMV *IQEPI 6IFYMPX WGVYF FIMRK JIH
2IWX
 XL 2SZ VH XL
XL XL
XL XL RH RH (IG XL .ER
 (IGIQFIV  (IGIQFIV 
SV
 XL 2SZ XL (IG XL
XL XL
XL XL (IG XL (IG XL (IG XL .ER 
6
4
7IGSRH ;IIO SJ E JI[
.ERYEV]  8[S HE]W
 FMVHW PSSOIH SZIV
XLI VIQRERX RIWX
2S RIWX

%GXYVEP HEXE SJ +MJX 7MVSQSRI] W EVXMGPI  %WWYQIH TSWWMFPI EPXIVREXI HEXE

%FSYX XLI 8EFPI

8LI HIHYGXMSRW EVI FEWIH SR XLI YRHIVWXERHMRK XLEX XLI
8LI XEFPI LEW JMVWX GSPYQR RYQFIVIH  ERH GSVVIWTSRHMRK LMWXSV] SJ FVSSH MRZSPZIW RIWX FYMPHMRK 
 IKK PE]MRK 

JMZI VS[W )EGL SJ XLI PEXXIV MW HMZMHIH MRXS X[S QENSV VS[W MRGYFEXMSR ERH LEXGLMRK 
 JPIHKMRK 
 IEGL SGGYT]MRK
8LI XST VS[ MR IEGL WXEXIW XLI HEXE SJ 1V +MJX 7MVSQSRI] E GIVXEMR RYQFIV SJ HE]W MR FVEGOIXW
 TIGYPMEV XS XLI
XLI EYXLSV SJ  EVXMGPI (IWMKREXIH EW 7XEXIQIRXW  WTIGMIW MRZSPZIH ERH XLI MRXIVZEP 6VT
FIX[IIR SRI FVSSH
W]QFSPM^IH F] EWXIVMWO ERH XLI PS[IV MW VS[ HIWMKREXIH JPIHKMRK ERH XLI WXEVXMRK SJ ERSXLIV ZEV]MRK FIX[IIR  ERH
EW (IHYGXMSRW W]QFSPM^IH F] HEKKIV WMKR  9RHIV  HE]W HITIRHMRK SR XLI IRZMVSRQIRXEP WMXYEXMSR
(IHYGXMSRW X[S TSWWMFPI EPXIVREXI HEXE EVI WYKKIWXIH F]
QI ERH LIRGI XLIVI EVI X[S WYFVS[W JSV XLI WIGSRH SJ -J XLI WX .YP]  ?8EFPIA MW EWWYQIH XS LEZI FIIR XLI
IEGL VS[ 8LI WYFVS[W EVI WITEVEXIH F] 3V MR XLI 8EFPI HE] SJ RIWX MRMXMEXMSR XLI JMVWX FVSSH QYWX LEZI JPIHKIH SR 

 
EFSYX XL %YKYWX %RH MJ XLI TEMV LEH FVSYKLX YT XLI WIGSRH
FVSSH EW IRZMWEKIH F] XLI EYXLSV XLI FVSSH JPIHKMRK MR XLI
JMVWX [IIO SJ 7ITXIQFIV XLI RIWX MRMXMEXMSR SYKLX XS LEZI
7&
FIIR MR XLI IEVP] JMVWX [IIO SJ %YKYWX 8LMW LS[IZIV [SYPH
RSX LEZI FIIR TSWWMFPI XLI 6VT FIMRK WSPMH ERH GPSWIH
,IRGI XLI WIGSRH FVSSH MR XLI RIWX [EW XLEX SJ ERSXLIV
TEMV SJ WYRFMVHW
3YWXIH JVSQ XLI XIVVMXSV] XLI JMVWX TEMV QMKLX LEZI KSRI MR
WIEVGL SJ ERSXLIV RIWX SV VIWSVXIH XS QEOMRK E JVIWL SRI
WSQI[LIVI IPWI MR XLI LEFMXEX
8LI WIGSRH FVSSH JPIHKIH MR XLI JMVWX [IIO SJ 7ITXIQFIV EW
XLI EHYPX [SYPH RSX LEZI FIIR TL]WMSPSKMGEPP] TVITEVIH JSV
ERSXLIV WIX VH WIX SJ IKKW XLEX LEH XS LEXGL MR EFSYX XLI
VH [IIO SJ XLI WEQI QSRXL XLI 6VT [EW SRP]  HE]W
7S XLI XLMVH FVSSH [EW XLEX SJ IMXLIV XLI JMVWX TEMV MJ MX LEH
RSX WIXXPIH IPWI[LIVI SV SJ E XLMVH TEMV SJ FMVHW 7XVERKI MJ
2I[WPIXXIV JSV &MVH[EXGLIVW  
8LI 'VMQWSR 7YRFMVH MW VITSVXIH XS FI EFPI XS QEOI E RI[
RIWX MR XLI IZIRX SJ RIWXHIEXL ERH RSVQEPP] XS VEMWI QSVI
XLER SRI FVSSH MR XLI WEQI RIWX ?0SZEPIOEV 6.
4EPOEV A
%PP GSRWMHIVIH [LEX ETTIEVIH XS LEZI FIIR E VITIEXIH YWI
SJ E RIWX F] E TEMV SJ 0SXIR W 7YRFMVHW EX 8EQFEVEQ [EW E
NYQFPI SJ WIVMEP YWYVTEXMSR ERH TMVEG] F] HMJJIVIRX TEMVW SJ
XLI FMVH WTIGMIW WIEVGLMRK EX VERHSQ JSV RI[ WMXIW ERH
WYGGIWWJYP VIYWI XLSYKL RSX WYGGIWWMZIP] SJ XLI WEQI RIWX
XLI FMVH VIXEMRMRK EX XLI WEQI XMQI MXW TVMQEV] EFMPMX] XS QEOI
RI[ RIWXW [LIR VIUYMVIH -J XLIVI MW GVSWWWTIGMJMG TMVEG]
MI XLI 0SXIR W WYRFMVH [VIWXMRK RIWXW SJ SXLIV WYRFMVH
WTIGMIW MW E WYWTMGMSR EVMWMRK SYX SJ ER MRWXERGI EX
8MVYGLMVETTEPPM SJ E TEMV MRZIWXMKEXMRK E 4YVTPIVYQTIH
7YRFMVH W RIWX
8LI XLVII GSRKIRIVMG WTIGMIW SJ WYRFMVHW EVI VIWMHIRX FMVHW
SR XLI 1EHVEW 'LVMWXMER 'SPPIKI GEQTYW 7IPZEVEXLMREQ IX
XLI EPVIEH] ZERUYMWLIH TEMV VIKEMRIH XLI WMXI 8LI XLMVH FVSSH
E- 
 3R XLI EFSZI MRJIVIRGI MX WIIQW GIVXEMR XLEX XLI
LEH RSX JPIHKIH SR XL 3GXSFIV [LIR SRI SJ XLI RIWXPMRKW
EKKVIWWMZI GERHMHEXI XLEX XLI 0SXIR W 7YRFMVH MW LEW WXIEHMP]
LEH JEPPIR SYX FYX LSTTIH XS XLI WEJIX] SJ XLI WGVYF NYRKPI
TVSKVIWWIH JVSQ FIMRK ER SGGEWMSREP ERH VEVI ZMWMXSV XS XLI
4IVLETW XLI] [SYPH LEZI JPIHKIH REXYVEPP] MR ERSXLIV GSYTPI
1'' 'EQTYW MR &EVRI W HE]W ?A XS MXW GYVVIRX
SJ HE]W WE] SR XL 3GXSFIV
EFYRHERGI XLIVI VITSVXIH EFSYX F] 7ERXLEVEQ ?A 'SYPH
8LI XLMVH TEMV SJ EHYPXW LEH LEH QSVI XLER XLI RSVQEP XLI EFWIRGI SJ XLI 4YVTPI 7YRFMVH EX :ERHEPYV ?1ERMQS^LM
QMRMQYQ 6VT ? HE]WA XS LEZI FIIR EFPI XS TVSHYGI IX E- A FI EXXVMFYXIH XS XLMW EKKVIWWMZI GSRKIRIV# -J WS
XLI JSYVXL FVSSH MR XLI RIWX ,IRGI XLMW TEMV LEH MX QE] FI IMXLIV GEWI MW ER MRWXERGI SJ GSQTIXMXMZI I\GPYWMSR E
EWWYQIH X[S FVSSHW MR XLI WEQI RIWX 8LIR XLIVI [EW WXVEXIK] TVIZEPIRX EQSRK XLI ZEVMIH ERMQEP OMRHW
ERSXLIV TSWWMFMPMX] -J ER IEVPMIV TEMV LEH FIIR EVSYRH XLEX
6IJIVIRGIW
QMKLX LEZI LEH XLI GLERGI SJ VISGGYT]MRK XLI RIWX EJXIV E
XYWWPI 3R XL 2SZIQFIV  XLI FMVHW ZMWMXIH XLI RIWX ERH %PM 7 ERH 7( 6MTPI] 
 'SQTEGX ,ERH FSSO SJ XLI
QEXIH MR XLI EMV  -J XLMW QIIXMRK MR XLI EMV ERH GPE[PSGOIH &MVHW SJ -RHME ERH 4EOMWXER RH )HR 3\JSVH 9RMZIVWMX]
PERHMRK [EW VIEPP] QEXMRK MW E QSSX TSMRX -R XLMW WTIGMIW 4VIWW 3\JSVH 2I[ =SVO
EW MR XLI 4YVTPI 7YRFMVH 2 EWMEXMGE XLI QEPI FIKMRW &EVRIW %1 
 &MVHW SFWIVZIH MR ERH RIEV 8EQFEVEQ
FVIIHMRK EGXMZMXMIW IZIR [LMPI MR XLI IGPMTWI TPYQEKI 'LMRKPITYX (MWXVMGX 7SYXL -RHME . &SQFE] 2EX ,MWX
GSRXIRHMRK [MXL XLI JYPP] QSYPXIH QEPIW MR 8MVYGLMVETTEPPM 7SG 
 
?4IVWYRTYFA ERH IPWI[LIVI ?;IWPI] A 8LI RIWX +MJX 7MVSQSRI] 
 6ITIEXIH YWI SJ WMRKPI RIWX F] XLI
[VIWXIH JVSQ XLI IEVPMIV SGGYTERX XLI JIQEPI SJ XLI RI[ -RHMER 1EVSSRFVIEWXIH 7YRFMVH 20&; 

TEMV [SYPH LEZI EYXLSVIH XLI JSYVXL FVSSH XLSYKL XLMW RIIH
RSX LEZI FIIR XLI GEWI MR XLI TVIWIRX MRWXERGI -R XLI JMREP 0SZEPIOEV 6. ERH 7EGLMR & 4EPOEV 
 % 2SXI SR XLI
EREP]WMW XLIVI [IVI EX PIEWX XLVII TEMVW SJ WYRFMVHW MRZSPZIH &VIIHMRK SJ 'VMQWSR 7YRFMVH %IXLST]KE WMTEVENE MR
MR XLI QEOMRK SJ JSYV WYGGIWWJYP GPYXGLIW  FVSSHW 6EXREKMVM (MWX 1ELEVEWLXVE 20&; 
 
1ERMQS^LM %4 %WMXLEQFM 1 7IOEV ERH 2 &EWOEV 

-R XLI WIGSRH [IIO SJ .ERYEV]  X[S FMVHW PSSOIH SZIV &MVHW SJ %VMKREV %RRE >SSPSKMGEP 4EVO :ERHEPYV 1EHVEW
XLI RIWX FYX RS RIWX [EW FYMPX 8LI JSYVXL FVSSH LEZMRK
20&; 
 
JPIHKIH EX XLI IRH SJ XLI WX [IIO SJ .ERYEV]  XLI VIXYVR
XS XLI RIWX WMXI EKEMR SJ XLI TEVIRXW JSV ERSXLIV FVSSH XS FI 7ERXLEVEQ : 
 'LERKIW MR XLI FMVH JEYRE SJ E WGVYF
VEMWIH MR MX MW MRGSRGIMZEFPI 8LI PEWX TEMV QMKLX LEZI FIIR NYRKPI JSPPS[MRK JVEKQIRXEXMSR ERH LEFMXEX EPXIVEXMSRW
PSSOMRK JSV XLI ]SYRK XLEX LEH FIIR PSWX WSQILS[ SV MX &PEGOFYGO 
 
[EW E JSYVXL TEMV SR XLIMV WIEVGL JSV E RIWX WMXI XLI XLSVR] 7IPZEVEXLMREQ 71 .SLR 1EXLI[ %RERHIIT 1
WXVYGXYVI WXMPP MR TPEGI MR XLI ZIVERHEL (IZEHEWER
0IIPE 1EHLEZER 
 'LIGO PMWX SJ
&MVHW SJ 1EHVEW 'LVMWXMER 'SPPIKI 'EQTYW JVSQ 
8LEX XLI RIWX LEH WRETTIH MRHMGEXIH MXW WXVIRKXL ERH
 &MVH 'SRWIVZEXMSR 7XVEXIKMIW JSV XLI 2MRIXMIW ERH
HYVEFMPMX] MX GSYPH WYTTSVX SRP] JSYV FVSSHW XLI PEWX SRI
&I]SRH 3VRMXLSPSKMGEP 7SGMIX] SJ -RHME TT
XLSYKL TVIGEVMSYWP] %PWS XLI VIRSZEXMSR [SVO WEMH XS LEZI
FIIR HSRI F] XLI FMVH QMKLX RSX LEZI FIIR EX XLI ERGLSVMRK ;IWPI] ,( 
 )\GMXMRK )RGSYRXIV [MXL 0SXIR W
VIKMSR FYX [MXLMR XLI FYPFSYW TSVXMSR JSV GYWLMSRMRK XLI FIH 7YRFMVH 20&; 
 
%TTEVIRXP] XLI WTIGMIW MR KIRIVEP HSIW RSX LEZI XLI RIYVEP ;IWPI] ,( 
 % GSQTEVMWSR SJ XLI FVIIHMRK FILEZMSYV
GIVIFVEP QIGLERMWQ XS QEOI HS XLI RIWX JVSQ ER SJ X[S WTIGMIW SJ WYRFMVHW 2IGXEVMRMMHEI
 1E]YVE 
MRXIVQIHMEXI WXIT MR XLI GSRWXVYGXMSR TVSGIWW (IGIQFIV
 
2I[WPIXXIV JSV &MVH[EXGLIVW  
  

%R EREP]WMW SJ +MJX 7LMVSQSRI] W EVXMGPI

20&;      VITVSHYGIH EW %TTIRHM\ FIPS[
'EPIRHEV SJ IZIRXW EW GSRWXVYIH JVSQ +MJX 7LMVSQSRI] W EVXMGPI
.YP]   .ERYEV]  7GEPI  HE]W !  'Q !
*MVWX XMQI RIWXMRK 7IGSRH XMQI 8LMVH XMQI *SYVXL XMQI

-RGYFEXMSR TIVMSH  XS  HE]W *PIHKMRK TIVMSH  XS  HE]W 'LMGOW JPIHKI JVSQ RIWX

- LEZI I\EQMRIH 7LMVSQSRI] W EVXMGPI ERH TVITEVIH XLMW +MZIR XLEX XLI RIWX [EW EX E LIMKLX SJ XLVII QIXIVW JVSQ XLI
GEPIRHEV - EQ SJ XLI STMRMSR XLEX XLI JMVWX XMQI ERH WIGSRH KVSYRH MX [EW RSX IEW] JSV ER] SFWIVZIV XS JVIUYIRXP] GPEQFIV
XMQI RIWXMRK EVI TVSFEFP] XLEX SJ XLI WEQI TEMV YT XS XLI TSYGL WLETIH RIWX TYWL EWMHI XLI TVSXVYHMRK
2IZIVXLIPIWW (V ;IWPI] JIIPW XLEX XLI WIGSRH XMQI RIWXMRK TSVGL EFSZI XLI RIWX IRXVERGI ERH TIIT MRWMHI XS EWGIVXEMR
[EW XLEX SJ ERSXLIV TEMV WMRGI XLI IKKW
RIIHW XS HIZIPST XLI I\EGX WXEKIW SJ MRGYFEXMSR LEXGLMRK ERH KVS[XL SJ
JVSQ XLI JSPPMGPI QEXYVI ERH HIWGIRH XLI HYGXW
IXG [LMGL RIWXPMRKW 'SRWIUYIRXP] XLI MRXIVZEP FIX[IIR XLI JMVWX ERH
QMKLX VIUYMVI QSVI XMQI (V ;IWPI] EPWS IQTLEWM^IW XLI WIGSRH RIWXMRK LEW WLSVXIRIH RSXMGIEFP] MR 7LMVSQSRI] W
JEGX XLEX XLI TEVIRXW LEZI XS XEOI GEVI SJ XLI JPIHKPMRKW SJ EVXMGPI [LMGL LEW FIGSQI XLI JSGEP TSMRX SJ (V ;IWPI] W
XLI TVIZMSYW FVSSH XS MRHITIRHIRGI %PP XLI WEQI - FIPMIZI GVMXMUYI -X QMKLX FI SJ MRXIVIWX XS VIEHIVW XS RSXI XLEX 4LMPPMTW
MX QMKLX LEZI FIIR HMJJMGYPX JSV ERSXLIV QEPI XS XEOI SZIV XLI LEH VIGSVHIH XLEX XLI 'I]PSR 1EVSSRFVIEWXIH 7YRFMVH
XIVVMXSV] EXXVEGX E JIQEPI ERH MRMXMEXI RIWXMRK EGXMZMX] MR WYGL
QE] YWI XLI WEQI RIWX JSV WIZIVEP
E WLSVX WTER 6IKEVHMRK XLI UYIWXMSR SJ XEOMRK GEVI SJ XLI
JPIHKPMRKW SJ XLI TVIZMSYW FVSSH XS MRHITIRHIRGI MX WLSYPH
FI VIQIQFIVIH XLEX EQSRK XLI 1EVSSRFVIEWXIH WYRFMVHW
2IGXEVMRME PSXIRME PSXIRME
WYGGIWWMZI FVSSHW MR LMW JSYV TEVX TETIV 2IWXW ERH IKKW SJ
'I]PSR FMVHW  MR 'I]PSR .SYVREP SJ 7GMIRGI TYFPMWLIH
FIX[IIR  ERH 
XLI ]SYRK SYX SJ RIWX EVI JIH QSWXP] F] QEPI 7EPMQ %PM ERH
6MTPI]
 WS XLEX XLI JIQEPI GER GSRGIRXVEXI IRXMVIP] SR XLI
WIGSRH FVSSH
%TTIRHM\
6ITIEXIH YWI SJ E WMRKPI RIWX F] XLI -RHMER 1EVSSR
FVIEWXIH 7YRFMVH F] +MJX 7MVSQSRI] TYFPMWLIH MR XLI
7 7VMHLEV
4YFPMWLIV 20&;
SIRSTPME SR XLI GIMPMRK XS OIIT XLI FEXW SJJ HYVMRK RMKLXW 8LI
FMVH WYWTIRHIH MXW RIWX JVSQ E X[MK EX E LIMKLX SJ EFSYX XLVII
QIXIVW JVSQ XLI JPSSV (YVMRK XLI WIGSRH [IIO SJ .YP] XLI JIQEPI
VSSWXIH MR XLI RIWX EX RMKLX %JXIV WSQI HE]W FSXL XLI QEPI ERH
2I[WPIXXIV JSV &MVH[EXGLIVW ? 
A %YKYWX 
(YVMRK E TIVMSH SJ WM\ QSRXLW JVSQ .YP]  XS .ERYEV] 
E WMRKPI RIWX [EW YWIH JSYV XMQIW F] -RHMER 1EVSSRFVIEWXIH
7YRFMVHW -X MW UYMXI PMOIP] XLEX XLI WEQI TEMV YWIH XLI RIWX
VITIEXIHP] -R XLI ,ERHFSSO SJ &MVHW SJ -RHME ERH 4EOMWXER MX MW
RSXIH XLEX MR 'I]PSR XLI WEQI RIWX QE] FI YWIH F] XLI 'I]PSR
XLI JIQEPI YWIH XS JIIH XLI GLMGOW MR XLI RIWX 0EXIV - JSYRH
XLI RIWX IQTX] ERH XLI GLMGOW LEH TVIWYQEFP] JPS[R E[E]
%JXIV E JI[ [IIOW XLI WEQI RIWX [EW YWIH JSV XLI WIGSRH XMQI F]
XLI 7YRFMVHW (YVMRK XLI JMVWX [IIO SJ 7ITXIQFIV FSXL XLI QEPI
ERH XLI JIQEPI [IVI JSYRH JIIHMRK E WMRKPI GLMGO -X MW UYMXI
1EVSSRFVIEWXIH 7YRFMVH 2IGXEVMRME PSXIRME PSXIRME
 FYX RS TSWWMFPI XLEX MX [EW XLI WEQI TEMV SJ TEVIRX FMVHW 8LI RIWX [EW
WYGL VIGSVH I\MWXW JSV XLI -RHMER WYFWTIGMIW 2IGXEVMRME PSXIRME IQTX] EX XLI IRH SJ XLI JMVWX [IIO SJ XLEX QSRXL
LMRHYWXERMGE
[LMGL MW SJXIR VIJIVVIH XS EW 0SXIR W 7YRFMVH (YVMRK XLI XLMVH [IIO SJ 7ITXIQFIV E TEMV ZMWMXIH XLI RIWX SRGI
8LMW 7YRFMVH GER FI IEWMP] HMWXMRKYMWLIH JVSQ XLI 4YVTPI EKEMR ERH JSV JSYV HE]W XLI JIQEPI [SYPH IRXIV ERH PSSO EVSYRH
7YRFMVH F] MXW PEVKIV WM^I ERH PSRKIV FIEO XLI RIWX 3R 7ITXIQFIV  XLI JIQEPI [EW WIIR VSSWXMRK EX
(YVMRK XLI JMVWX [IIO SJ .YP] 
 - RSXMGIH E JIQEPI -RHMER RMKLX -X [EW IEW] XS WII XLI PSRK FIEO SJ XLI JIQEPI WXMGOMRK
1EVSSRFVIEWXIH 7YRFMVH FYMPHMRK E RIWX MR SYV ZIVERHEL - SYX SJ XLI RIWX ;I YWIH XS OIIT XLI ZIVERHEL PMKLX FYVRMRK XMPP
LEH JM\IH WSQI HV] XLSVR] FVERGLIW 7SSVEM QYPPY
SJ >M^MTLYW EFSYX  TQ ERH XLMW HMH RSX WIIQ XS EJJIGX XLI FMVH MR XLI

 
PIEWX 8[S IKKW [IVI MR XLI RIWX ERH PEXIV XLI JIQEPI [EW
JSYRH JIIHMRK XLI GLMGOW 3R 3GXSFIV  SRI ]SYRK GLMGO JIPP
SYX SJ XLI RIWX ERH - TYX MX FEGO MR XLI RIWX -X JIPP SJJ EKEMR ERH
LSTTIH EVSYRH ERH KSX MRXS XLI WGVYF NYRKPI WYVVSYRHMRK SYV
LSYWI 8LI JIQEPI OITX JIIHMRK MX 8LI TEVIRXW EPWS JIH XLI
WIGSRH GLMGO MR XLI RIWX
-R 2SZIQFIV XLI FMVHW PSSOIH SZIV XLI SPH RIWX 7MRGI XLMW [EW
XLI JSYVXL XMQI - XVMIH XS [EXGL XLIQ QSVI GEVIJYPP] 3R
2SZIQFIV  XLI FMVHW ZMWMXIH XLI RIWX ERH QEXIH MR XLI EMV
GSQMRK HS[R XS XLI KVSYRH 8LI JIQEPI WXEVXIH VIFYMPHMRK XLI
RIWX -X [EW QSVI EGXMZI HYVMRK XLI WYRR] HE]W 3R (IGIQFIV
 XLI JIQEPI [EW JSYRH VSSWXMRK - JSYRH X[S IKKW ERH SRI SJ
XLIQ QIEWYVIH  \  QQ 3R .ERYEV]   - LIEVH E
WLEVT GEPP SJ E FMVH EVSYRH  LVW -X [EW WXMPP HEVO SYXWMHI -
STIRIH XLI JVSRX HSSV ERH JSYRH XLI RIWX SJ XLI JPSSV 8LI RIWX
LEH WRETTIH ;LIR - W[MXGLIH SR XLI PMKLX - GSYPH WII E GLMGO
E JI[ JIIX E[E] - OITX XLI GLMGO GSRJMRIH XMPP WYRVMWI - LIEVH
&MVHMRK MR XLI 'IRXVEP ;IWXIVR ERH
2SVXL)EWXIVR 9RMXIH 7XEXIW SJ %QIVMGE
1] PSRK GLIVMWLIH HVIEQ GEQI XVYI [LIR
- [EW SJJIVIH E WLSVXXIVQ WYQQIV MRXIVRWLMT
EX ,MKL 4SMRX 4VMQEXI 'SQQYRMGEXMSR
6IWIEVGL *EGMPMX] MR 1MWWSYVM 97% YRHIV
XLI 4VSNIGX &S[ E XLVII]IEV SPH QEPI
GLMQTER^II (YVMRK XLI MRXIVRWLMT TIVMSH
ERH VIPEXIH XVEZIP WIWWMSRW XS 2SVXLIEWX ERH ;IWXIVR 7XEXIW
- LEH EQTPI STTSVXYRMXMIW XS [EXGL XLI FMVH HMZIVWMX] SJ XLIWI
VIKMSRW 8LIVI EVI SZIV  WTIGMIW SJ FMVHW MR 2SVXL %QIVMGE
2I[WPIXXIV JSV &MVH[EXGLIVW  
XLI TEVIRX FMVHW FYX XLI] HMH RSX GSQI XS JIIH XLI GLMGO RSV HMH
XLI] PSSO JSV XLI RIWX - VIWXSVIH XLI GLMGO XS XLI FMVHW [LMGL
[IVI FYW] PSSOMRK EJXIV ERSXLIV GLMGO MR XLI WGVYF NYRKPI
(YVMRK XLI WIGSRH [IIO SJ .ERYEV] X[S FMVHW PSSOIH SZIV [LEX
[EW PIJX SJ XLI RIWX 8LI] HMH RSX FYMPH ERSXLIV RIWX JVSQ XLI
>M^MTLYW X[MK ERH - GPIEVIH XLI ZIVERHEL SJ XLI HV] >M^MTLYW
XLSVRW
*VSQ XLIWI SFWIVZEXMSRW WTVIEH SZIV WM\ QSRXLW [I JMRH XLEX
XLI -RHMER 1EVSSRFVIEWXIH 7YRFMVH FVIIHW VSYRH XLI ]IEV
8LEX MW MX FVIIHW RSX SRP] HYVMRK PEXI [MRXIV ERH WTVMRK FYX EPWS
MR EYXYQR ERH [MRXIV *VSQ XLI XMQI SJ VSSWXMRK XS XLI XMQI SJ
XLI ]SYRK SRIW JP]MRK SJJ XLI RIWX MX XEOIW EFSYX JSYV [IIOW
*VSQ XLI XMQI SJ RIWXMRK XS XLI XMQI SJ ]SYRKSRIW PIEZMRK XLI
RIWX MX XEOIW EFSYX JSVX] HE]W
- GSYPH LEZI OITX GPSWIV [EXGL SZIV XLI RIWX FYX - [EW EJVEMH XLEX -
QMKLX HMWXYVF XLI FMVHW [LS QMKLX RSX VIXYVR XS XLI WEQI RIWX
7%1-2% ,-7%19((-2 *%6335-
(ITEVXQIRX SJ ;MPHPMJI 7GMIRGI %PMKEVL 1YWPMQ 9RMZIVWMX]
%PMKEVL  -RHME )QEMP XLEQMRE$]ELSSGSQ
SJ FMVHW %JXIV 6SFMRW XLI QSWX WMKLXIH FMVHW [IVI XLI
'LMTTMRK 7TEVVS[W ERH XLI ZMFVERX )EWXIVR &PYIFMVH [LMGL
LETTIRW XS FI XLI 7XEXI &MVH SJ 1MWWSYVM %VSYRH XLI TPEGI
LEVHP] ER] KEVFEKI [EW RSXMGIH ERH PMXXIVMRK [EW RIKPMKMFPI
8LMW TIVLETW I\TPEMRW XLI JEGX XLEX %QIVMGER 'VS[W [IVI
QSWXP] IRGSYRXIVIH MR [SSHW ERH QIEHS[W SRP] 7MRGI
QSWX SJ XLI REXMZIW QEMRXEMR FMVH JIIHW ERH FMVHFEXLW
[LMGL EXXVEGX WQEPP FMVHW PMOI &PEGOGETTIH 'LMGOEHIIW
ERH 7TEVVS[W
6MGLEVH 
 -R 1MWWSYVM EPSRI QSVI XLER  HMJJIVIRX
(YVMRK XLI QSRXL SJ .YRI XLI XIQTIVEXYVI VERKIH FIX[IIR
OMRHW SJ FMVHW LEZI FIIR VIGSVHIH XLVSYKL XLI ]IEVW 8IOMIPE
' ERH ' [MXL WYRR] ERH [EVQ QSVRMRKW ERH RSSR

 (YVMRK Q] FMVHMRK MR XLIWI VIKMSRW - [EW EFPI XS VIGSVH
JSPPS[IH F] TPIEWERX WLEHS[] IZIRMRKW HYI XS SEO
QSVI XLER  WTIGMIW SJ FMVHW
LMGOSV] ERH TMRI XVIIW 1SWX FMVHW [IVI WMKLXIH MR XLI
8LI JMVWX FMVH - WMKLXIH [EW E TEMV SJ SYV JEQMPMEV ,SYWI IZIRMRKW XMPP WYRWIX
WTEVVS[W EX .SLR * /IRRIH] EMVTSVX PSYRKI 2I[ =SVO )R
- [EW PYGO] XS WTSX E &EPH )EKPI XLI REXMSREP FMVH SJ 97%
VSYXI JVSQ 7X 0SYMW XS ,MKL 4SMRX (VMZI - [EW SZIV[LIPQIH
JP]MRK SZIVLIEH EX RSSR [MXL MXW HMWXMRGX FVMKLX [LMXI LIEH
F] XLI REXYVEP FIEYX] SJ 1MWWSYVM 7XEXI 1MWWSYVM LEZMRK
ERH XEMP TPYQEKI XLVSYKL [LMGL MX GER FI HMWXMRKYMWLIH JVSQ
STIR WTEGI SJ QSVI XLER  WU QMPIW MW HMZMHIH MRXS
ZYPXYVIW MR JPMKLX 8LI 8YVOI] :YPXYVI [LMGL MW ZIV] GSQQSR
XLVII HMWXMRGX VIKMSRW ZM^ XLI KPEGMEXIH TPEMRW 'IRXVEP 0S[
MR XLEX VIKMSR [EW JVIUYIRXP] WIIR LSZIVMRK [MXL MXW HMWXMRGX
0ERHW
 XLI 7SYXLIVR 1MWWSYVM 9TPERH 3^EVOW
ERH 7SYXL
)EWX 1MWWSYVM IEGL SJ [LMGL WYTTSVXW HMJJIVIRX KVSYT SJ
FMVHW 8LI +VIIR 3^EVO 1SYRXEMRW [MXL HIRWI JSVIWXW
WMHIPMRIH XLI LMKL[E]W JSPPS[IH F] GVIIOW ERH GEZIW [LMGL
EVI JEQSYW XSYVMWX EXXVEGXMSRW (YVMRK SYV XLVII LSYV HVMZI
[I WXSTTIH EX SRI SJ XLI JSSH SYXPIXW [LIVI - WE[ E JPSGO SJ
)YVSTIER 7XEVPMRKW SR XLI KVSYRH JIIHMRK SR PIJXSZIVW ;LIR
- VIEGLIH XLI ,MKL4SMRX *EGMPMX] XLI JMVWX FMVH - WE[ [EW ER
%QIVMGER 6SFMR JSVEKMRK JSV [SVQW SR XLI KVSYRH - JSYRH
XLI TPEGI QYGL GPIERIV ERH KVIIRIV [MXL WTVE[PMRK PE[RW
HSXXIH [MXL XVIIW WYGL EW ETTPI TSTPEVW VIH QETPI WMPZIV
QETPI TMRI SEOW ERH LMGOSV] LEVFSVMRK E WMKRMJMGERX RYQFIV
VIH LIEH ERH X[SXSRIH [MRKW [MXL FPEGO PIEHMRK IHKI ERH
KVE] SR XLI XVEMPMRK IHKI ERH XMT &IWMHIW XLIWI FMVHW SJ
TVI] - EPWS VIGSVHIH &PEGO :YPXYVIW 3WTVI]W ERH E 7LEVT
WLMRRIH ,E[O TIVGLMRK SR XLI WXYF SJ ER SPH XVII
8LI  EGVI 2IX^ *EVQ EX 8SEH &VERGL (VMZI EPWS LEVFSVIH
E KSSH RYQFIV SJ FMVHW 3RGI [LMPI VIXYVRMRK JVSQ XLIVI -
WE[ WSQI PMKLX FPYI GSPSYVIH FMVHW LSTTMRK EQMH XLI FYWLIW
8LI] [IVI PEXIV MHIRXMJMIH EW -RHMKS &YRXMRKW 0SSOMRK JVSQ
Q] ZILMGPI - [EW SZIVNS]IH XS WII  XS  JIQEPI ;MPH 8YVOI]W
MR XLI QMHHPI SJ XLI VSEH 7IIMRK SYV GEV XLI] UYMGOP] LIEHIH
XS[EVHW XLI [SSHW
2I[WPIXXIV JSV &MVH[EXGLIVW  
 
3RI IZIRMRK - LIEVH E X[MXX[MX WSYRH NYWX SZIV Q] LIEH SR
E QETPI XVII - PSSOIH YT ERH RSXMGIH E FVMKLX VIH FMVH QEOMRK
XLI GEPP -X [EW XLI 2SVXLIVR 'EVHMREP -X HMJJIVIH JVSQ ERSXLIV
VIH FMVH XLI 7YQQIV 8EREKIV ERH XLI 7GEVPIX 8EREKIVW
LEZMRK E FPEGO QEWO SV GVIWX SR LIEH 8LI] EVI YWYEPP]
VITSVXIH JVSQ XLI LIHKIVS[W %QSRK XLI WTEVVS[W XLIVI
[IVI QM\IH JPSGOW SJ 'LMTTMRK 7TEVVS[W XLI ,EVVMW
7TEVVS[W ,SYWI 7TEVVS[W ERH 7SRK 7TEVVS[W
(YVMRK QSWX SJ XLI WYRWIXW - [EW JEWGMREXIH F] E WQEPP
HIPMGEXI KVE]MWL FVS[R FMVH XLI )EWXIVR 4LSIFI YWYEPP]
TIVGLIH SR SPH FVERGL SV SR [MVIW KMZMRK MXW GLEVEGXIVMWXMG
WSRK *II &II ERH LE[OMRK XS GEXGL MRWIGXW %RSXLIV TEMV
SJ FMVHW [MXL XLMW LE[OMRK LEFMX [EW XLI IPIKERX )EWXIVR
/MRKFMVHW QSWX GSQQSR MR STIR JMIPHW ERH TVEMVMIW 3R 2IX^
JEVQ HYVMRK Q] WIGSRH XVMT EW - [EW NYWX [EXGLMRK XLI
&EVR 7[EPPS[W TIVGLMRK SR XLI GIMPMRK SJ ER SPH EFERHSRIH
FEVR - WYHHIRP] LIEVH E WLVMIO - [EW WYVTVMWIH XS WII XLEX
- [EW EFSYX XS WXIT SR XLI RIWX SJ E /MPPHIIV ER YTPERH
WLSVI FMVH SJ TPSZIV JEQMP] -X [EW EGXYEPP] TIVJSVQMRK MXW
FVSOIR [MRK HMWTPE] XS HMZIVX Q] EXXIRXMSR JVSQ XLI RIWX %W
PSRK EW - WXSSH RIEV XLI RIWX XLI FMVH GSRXMRYIH XS HMWXVEGX
QI [MXL MXW FVSOIR [MRK HMWTPE] &YX RS WSSRIV - GLERKIH
Q] HMVIGXMSR E[E] JVSQ XLI RIWX XLI OMPPHIIV JPI[ SJJ
GLEXXIVMRK *VIUYIRXP] EX XLI ETTVSEGLMRK SJ HEVORIWW - [EW
WXVYGO SJ F] XLI X[MXXIVMRK GEPPW SJ XLI 'LMQRI] 7[MJXW JP]MRK
MR LYRHVIHW XS[EVHW XLIMV VSSWXMRK WMXIW  8LIWI FMVHW [IVI
SJXIR GEPPIH EW JP]MRK GMKEVW HYI XS XLIMV TSMRXIH FSH] WLETI
3RI IZIRMRK HYVMRK Q] WXVSPP MR XLI [SSHW - LIEVH XLI XET
XET MR XLI YTTIV GERST] SJ SEOLMGOSV] XVIIW % PSSO XLVSYKL
Q] FMRSGYPEVW VIZIEPIH E 6IHGETTIH SV 6IHLIEHIH
;SSHTIGOIV I\GEZEXMRK E LSPI MR XLI FEVO SJ ER SEO XVII
YRE[EVI SJ Q] TV]MRK I]IW 8LI SXLIV WTIGMIW SJ
[SSHTIGOIVW WMKLXIH [IVI XLI 6IHFIPPMIH ;SSHTIGOIV ERH
XLI (S[R] ;SSHTIGOIV [LMGL [EW VITSVXIH MR XLI FMVGL
W]GEQSVI JSVIWX MR 'ERRER 3R XLI JMRI QSVRMRK SJ XL .YRI
EW - PMJXIH XLI FPMRHW SJ Q] [MRHS[ - [EW WYVTVMWIH XS WII E
TEMV SJ 2SVXLIVR &SF[LMXI 5YEMPW WXERHMRK MR XLI XEPP HV]
KVEWW RIEV XLI JIRGI %W MX VEMRIH LIEZMP] MR XLI RMKLX XLI
TEMV [EW IRNS]MRK XLI WYRWLMRI 8LI QEPI FSF[LMXI WYHHIRP]
WIRWIH Q] TVIWIRGI ERH W[MJXP] VER MR XLI HIRWI KVEWW
JSPPS[IH F] XLI JIQEPI 2IZIVXLIPIWW MX [EW E KSSH WMKLXMRK
%KEMR SR XL SJ .YRI MR XLI QSVRMRK [I XSSO SYV GLMQT XS
1SRXEYO 2EXYVI 8VEMP 8LIVI SR XLI [E] - EKEMR WE[ E
&SF[LMXI TEMV EPSRK [MXL E 'SQQSR +VEGOPI [MXL MXW
MVMHIWGIRX FPYI LIEH ERH KPSWW] FPEGO FSH]
-R XLI EJXIVRSSRW - JVIUYIRXP] LIEVH XLI GSSMRK GEPPW SJ XLI
QSYVRMRK HSZIW TIVGLIH SR XLI [SSHIR JIRGI ERH TVIIRMRK
XLIMV FSHMIW FIX[IIR XLI GSSMRK GEPPW
3R XL .YP] [I WXEVXIH JSV SYV 2I[ ,EQTWLMVI SH]WWI] MR
XLI RSVXLIEWX VIKMSR SJ 97 (YVMRK XLI XVMT [I GVSWWIH WIZIVEP
WXEXIW PMOI 3LMS -RHMERE 2I[ =SVO 2I[ .IVWI]
4IRRW]PZERME IX -RHMERE MW ORS[R EW XLI FVIEH FEWOIX SJ
XLI 97% [MXL TPIRX] SJ GSVR ERH [LIEX JMIPHW 0SSOMRK SYX
HYVMRK XLI HVMZI - WE[ E 'EXXPI )KVIX EPSRK [MXL WSQI
%QIVMGER 'VS[W MR XLI JMIPHW ;LIR [I LEPXIH EX SRI SJ XLI
VIWX EVIEW - WTSXXIH LSYWI WTEVVS[W ERH E =IPPS[LIEHIH

&PEGOFMVH [MXL FVMPPMERX ]IPPS[ LIEH ERH RETI SJ XLI RIGO
EGGITXMRK XMHFMXW ERH SXLIV IEXEFPIW JVSQ XLI ZMWMXSVW %X
XLI RI\X VIWX EVIE MR 'PIZIPERH 3LMS - WTSXXIH E 6IH[MRKIH
&PEGOFMVH %X E PMXXPI HMWXERGI WSQI TISTPI [IVI KPIIJYPP]
JIIHMRK E JPSGO SJ 6SGO (SZIW SV 6SGO TMKISRW
%W [I QSZIH GPSWIV XS XLI RSVXLIEWX VIKMSR - WE[ JSV XLI
JMVWX XMQI E TEMV SJ 'EREHE +IIWI JP]MRK SZIVLIEH 0EXIV SR
[I WTSXXIH QSVI KIIWI EPSRK XLI VSYXI MR XLI JMIPHW ERH
SXLIV YVFER EVIEW
3YV PSK GEFMR MR 'ERRER [EW WYVVSYRHIH F] FMVGL ERH
%QIVMGER W]GEQSVI JSVIWX [LMGL [EW EPWS UYMXI VMGL MR FMVH
WTIGMIW 3R XLI EJXIVRSSR SJ RH %YKYWX - LIEVH PSXW SJ FMVH
GEPPW %W - TMGOIH YT Q] FMRSGYPEVW ERH TIIOIH SYX SJ Q]
[MRHS[ - WE[ UYMXI E JI[ 6IHFVIEWXIH 2YXLEXGLIW ERH
;LMXIFVIEWXIH 2YXLEXGLIW GPMQFMRK HS[R LIEH JMVWX SR XLI
XVYRO SJ E GSRMJIV XVII 'LMGOEHIIW ERH 7SRK 7TEVVS[W
LSTTMRK JVSQ FVERGL XS FVERGL ERH IRXMVI JSVIWX [EW JMPPIH
[MXL XLI PMUYMH JPYXIPMOI GEPPW SJ XLI ;SSH 8LVYWL 3R XLI
RI\X HE] E FVMKLX ]IPPS[ %QIVMGER +SPHJMRGL JPI[ TEWX SYV
GEV XS E RIEVF] XVII
-R XLI IZIRMRK - YWIH XS IRNS] [EXGLMRK XLI HMZMRK EGVSFEXMGW
SJ 'SQQSR 0SSRW MR XLI PEOI ERH EJXIV HEVO [I GSYPH LIEV
XLIMV GS]SXI PMOI GEPPW JVSQ XLI PEOI ;LMPI [EXGLMRK XLIQ
JVSQ Q] FIEGL GLEMVW - [EW WXEVXPIH F] XLI QEGLMRI KYR
PMOI GPEXXIVMRK GEPPW SJ E &IPXIH /MRKJMWLIV [LMGL JPI[ SZIV
Q] LIEH TVSFEFP] MX [EW FYMPHMRK E RIWX SR XLI FERO SJ XLI
PEOI EW - WMKLXIH XLMW FMVH RIEV XLI WEQI TPEGI UYMXI SJXIR
7MRGI Q] WSNSYVR MR XLI ;IWX [EW MR 7ER *VERGMWGS FE]
VIKMSR - LEH XLI STTSVXYRMX] SJ [EXGLMRK QEVMRI FMVHW SJ
XLI 4EGMJMG PMOI 6MRKFMPPIH +YPPW XLEX [IVI JVMIRHP] [MXL XLI
XSYVMWXW YT XS XLI I\XVIQI LEFMX SJ KVEFFMRK XLI JSSH JVSQ
XLI LERHW 8LIR JP]MRK EFSZI XLI SGIER [IVI XLI +VIEX &PEGO
FEGOIH +YPPW ERH XLI &VS[R 4IPMGERW 2IEV XLI FIEGL [LMPI
- [EW PIMWYVIP] QYRGLMRK Q] WERH[MGL - WE[ E JPYJJ]
'VS[RIH 7TEVVS[ PSSOMRK EX QI I\TIGXERXP] JSV E XMHFMX
8LIVI [IVI JPSGOW SJ 7XEVPMRKW ERH &VS[RLIEHIH 'S[FMVHW
ERRS]MRK XLI XSYVMWXW ERH GVIEXMRK E RYMWERGI 8LIVI [IVI
(S RSX JIIH &MVHW WMKR FSEVHW IZIV][LIVI ERH XLIVIJSVI -
HMH RSX SJJIV ER] QSVWIP XS XLI FMVHW
3RGI FEGO EX XLI LMKL TSMRX JEGMPMX] - WE[ E JIQEPI 6YF]
XLVSEXIH ,YQQMRK FMVH LSZIVMRK XS WMT RIGXEV JVSQ E JPS[IV
%X JMVWX KPERGI - QMWXSSO MX JSV E QSXL *VIUYIRXP] MR IEVP]
QSVRMRKW - WTSXXIH E TEMV SJ 7GMWWSVXEMPIH *P]GEXGLIVW
TIVGLIH SR XLI IPIGXVMG [MVIW JPEYRXMRK XLIMV HMWXMRGX PSRK XEMP
(YVMRK Q] WXE] MR 9RMXIH 7XEXIW ERH EX FMVHMRK XVMTW - EPWS
IRGSYRXIVIH E JI[ 2SVXL%QIVMGER QEQQEPW PMOI XLI ;LMXI
XEMPIH (IIV )EWXIVR 'SXXSRXEMP 6EFFMX ;LMXIXEMPIH .EGO
6EFFMX )EWXIVR KVE] 7UYMVVIP )EWXIVR *S\ 7UYMVVIP [SSH
GLYGO SV +VSYRH ,SK ERH 2MRIFERHIH %VQEHMPPS % RYQFIV
SJ VSEH OMPPW [IVI EPWS RSXMGIH WGEXXIVIH EPSRK XLI LMKL[E]W
8LI GEVGEWWIW MRGPYHIH XLSWI SJ VEGGSSRW FEHKIV KVSYRH
LSKW VEXW VEFFMXW ERH TSWWYQW
8LIVI MW [MHI WGSTI JSV I\TPSVMRK XLI FMVH ERH ERMQEP PMJI SJ
XLIWI VIKMSRW SJ %QIVMGE - EQ XLEROJYP XS (V %]E OEX^ JSV
 2I[WPIXXIV JSV &MVH[EXGLIVW  
 
TVSZMHMRK QI PSGEP LSWTMXEPMX] ERH E KSSH STTSVXYRMX] JSV  =IPPS[LIEHIH &PEGOFMVH \ERXLSGITLEPYW \ERXLSGITLEPYW
FMVH [EXGLMRK ERH - EQ ZIV] KVEXIJYP XS 4VSJ , 7 % =EL]E  6IH ;MRKIH &PEGOFMVH %KIPEMYW TLSIRMGIYW
JSV MQTVSZMRK XLMW 4VSSJ *MREPP] - EQ KVEXIJYP XS Q] JEQMP]  6SGO (SZI 'SPYQFE PMZME
 6MRK FMPPIH +YPP 0EVYW HIPE[EVIRWMW
JSV WTSRWSVMRK Q] ZMWMX XS 97% ERH XS Q] FVSXLIV ,EVMW [LS
 7LEVT7LMRRIH ,E[O %GGMTMXIV WXVMEXYW
EVVERKIH XLI ZMWMX XS 'EPMJSVRME  ;MPH 8YVOI] 1IPIEKVMW KEPPSTEZS
%TTIRHM\  7GMIRXMJMG REQI SJ XLI FMVHW WMKLXIH  %QIVMGER +SPHJMRGL 'EVHYIPMW XVMWXMW
'SQQSR 2EQI 7GMIRXMJMG 2EQI  ;SSH 8LVYWL ,]PSGMGLPE QYWXIPMRE
 6IH &VIEWXIH 2YXLEXGL 7MXXE GEREHIRWMW
 ,SYWI 7TEVVS[ 4EWWIV HSQIWXMGYW
 ;LMXI &VIEWXIH 2YXLEXGL 7MXXE GEVSPMRIRWMW
 %QIVMGER 6SFMR 8YVHYW QMKVEXSVMYW
 (S[R] ;SSHTIGOIV 4MGSMHIW TYFIWGIRW
 7YQQIV 8EREKIV 4MVERKE VYFVE
 8YVOI] :YPXYVI 'EXLEVXIW EYVE
 +VE] 'EXFMVH (YQIXIPPE GEVSPMRIRWMW
 &IXPXIH /MRKJMWLIV 'IV]PI EPG]SR
 2SVXLIVR 'EVHMREP 'EVHMREPMW GEVHMREPMW
 7SRK 7TEVVS[ 1IPSWTM^E QIPSHME
 &PEGO'ETTIH 'LMGOEHII 4SIGMPI EXVMGETMPPE
 'SQQSR 0SSR +EZME MQQIV
 'LMTTMRK 7TEVVS[ 7TM^IPPE TEWWIVMRE
 &VS[R 4IPMGER 4IPIGERYW SGGMHIRXEPMW
 %QIVMGER 'VS[ 'SVZYW FVEGL]VL]RGLSW
 +VIEX &PEGO FEGOIH +YPP 0EVYW QEVMRYW
 +VIEXXEMPIH +VEGOPI 5YMWGEPYW QI\MGERYW
 ;LMXI 'VS[RIH 7TEVVS[ >SRSXVMGLME PIYGSTLV]W
 1SYVRMRK (SZI >IREMHE QEGVSYVE
 &VS[RLIEHIH 'S[FMVH 1SPSXLVYW EXIV
 4YVTPI 1EVXMR TVSKRI WYFMW
 7GMWWSVXEMPIH *P]GEXGLIV 8]VERRYW JSVJMGEXYW
 ,EVVMW 7TEVVS[ >SRSXVMGLME UYIVYPE
 'SQQSR =IPPS[ XLVSEX ;EVFPIV +ISXLP]TMW XVMGLEW
 )YVSTIER 7XEVPMRK 7XYVRYW ZYPKEVMW
 )EWXIVR 4LSIFI 7E]SVRMW TLSIFI
 6IHFIPPMIH ;SSHTIGOIV 1IPERIVTIW GEVSPMRYW
 &PYI .E] ']ERSGMXXE GVMWXEXE
 2SVXLIVR &SF[LMXI 5YEMP 'SPMRYW ZMVKMRMERYW
 &EPH )EKPI ,EPMEIIXYW PIYGSGITLEPYW
 'SQQSR +VEGOPI 5YMWGEPYW UYMWGYPE
 3WTVI] 4ERHMS LEPMEIXYW
 )EWXIVR &PYIFMVH 7MEPME WMEPMW
 6YF] XLVSEXIH ,YQQMRKFMVH %VGLMPSGLYW GSPYFVMW
 -RHMKS &YRXMRK 4EWWIVMRE G]ERIE
 6IH LIEHIH ;SSHTIGOIV 1IPERIVTIW IV]XLVSGITLEPYW 6IJIVIRGIW
 &VS[R 8LVEWLIV 8S\SWXSQE VYJYQ
 /MPPHIIV 'LEVEHVMYW ZSGMJIVSYW ;SSH%2 
 8LI &MVHW SJ 1MGLMKER 1MWGIPPERISYW 4YFPMGEXMSRW
 &EVR 7[EPPS[ ,MVYRHS VYWXMGE 1YWIYQ SJ >SSPSK] 9RMZIVWMX] SJ 1MGLMKER 2S  %RR %VFSV 9RMZ
 (EVO I]IH .YRGS .YRGS L]IQEPMW SJ 1MGLMKER 4VIWW
 )EWXIVR /MRKFMVH 8]VERRYW X]TVERRYW 8IOMIPE 7 
 &MVHW SJ 1MWWSYVM *MIPH KYMHI 44  %HZIRXYVI
 'LMQRI] 7[MJX 'LEIXYVE TIPEKMGE 4YFPMGEXMSR -RG 'EQFVMHKI 1MRRIWSXE
 'EXXPI )KVIX &YFYPGYW MFMW 6MGLEVH & 
 8LI )RG]GPSTIHME SJ 2SVXL %QIVMGER %RMQEPW
 'EREHE +SSWI &VERXE GEREHIRWMW 4EVEKSR 4YFPMWLMRK 5YIIR 7XVIIX ,SYWI 9/

2SXIW SR XLI RIWXMRK SJ

4YVTPIVYQTIH 7YRFMVHW MR SYV KEVHIR
(V 7-2(,9 . ERH (V :-1%0% 6%1% 6%3
2S  7EHEWLMZREKEV &ERKEPSVI  

;I LEZI LEH WYRFMVHW RIWXMRK MR SYV
KEVHIR JVSQ QER] ]IEVW 8LIVI LEZI
FIIR MRWXERGIW SJ ;LMXII]IW ;LMXI
LIEHIH FEFFPIVW ERH 7TSXXIH HSZIW
WYGGIWWJYPP] VEMWMRK XLIMV SJJWTVMRK ;I LEZI QEMRXEMRIH E
W]WXIQEXMG EGGSYRX SRP] JVSQ  +MZIR FIPS[ EVI XLI
 7YRFMVHW RIWXIH MR 1ILIRHM TPERX GERST]
 *IQEPI WYRFMVH [EW MRGYFEXMRK XLI IKKW 8LI
RIWXMRK [EW WYGGIWWJYP
 *IQEPI WYRFMVH [EW MRGYFEXMRK LIV IKKW MR XLI
PEWX ]IEV W RIWX MR XLI 1ILIRHM TPERX GERST] [LMGL WLI
LEH VIJYVFMWLIH ERH SGGYTMIH
WYRFMVHW RIWXMRK HEXE EW I\XVEGXIH JVSQ Q] :66
HMEVMIW
   7TSXXIH E TEMV SJ 4YVTPIVYQTIH 7YRFMVH
TVSWTIGXMRK JSV E RIWXMRK WMXI MR XLI  JIIX XEPP VIH
,MFMWGYW WLVYF 8LI JIQEPI WXEVXIH FYMPHMRK XLI RIWX [MXL
JPYJJ LEMV HVMIH PIEZIW ERH 8IGSQE WIIHW 8LI RIWXMRK
[EW WYGGIWWJYP
 7YRFMVHW RIWXIH MR XLI VIH ,MFMWGYW WLVYF ERH
WYGGIWWJYPP] VEMWIH X[S GLMGOW
 7YRFMVHW FYMPX E RIWX MR E XERKPI SJ .EWQMRI 8LI
RIWXMRK [EW WYGGIWWJYP
 8LI TEVIRX WYRFMVHW [IVI WIIR I\XVEGXMRK RIGXEV
JVSQ XLI VIH 'EPERHVE TYJJW ERH ,MFMWGYW JPS[IVW ERH
JIIHMRK XLI GLMGOW EX RIWX
 'LMGOW [IVI LIEVH GLIITMRK JVSQ XLI RIWX
 'LMGOW JPIHKIH ERH LEH JPS[R XS XLI VSWIETTPI
XVII [LMGL MW EFSYX  JIIX E[E]
*MVWX [IIO SJ *IFVYEV]  7E[ E JIQEPI WYRFMVH JPYXXIVMRK
RIEV E GEV[MTMRK GPSXL LYRK YT XS HV] RIEV XLI [EWL
WPEF &] IZIRMRK XLI WYRFMVH LEH WXEVXIH FYMPHMRK E RIWX
SR XLI GPSXL YWMRK MX JSV XLI FEGO SJ LIV RIWX
2I[WPIXXIV JSV &MVH[EXGLIVW  
 
 8MPP  EQ XLI RIWX [EW IQTX] &YX EX TQ
XLI JIQEPI [EW WIIR WMXXMRK MRWMHI XLI RIWX
 8LI IKKW QYWX LEZI LEXGLIH 8LI FMVH [EW WIIR
JP]MRK SYX SJXIR (YVMRK MRGYFEXMSR WLI EP[E]W [IRX SYX

SRI SJ XLI GLMGOW JEPPMRK XS XLI KVSYRH ;I FVSYKLX XLI
HMWTPEGIH GLMGO MRWMHI -R XLI QIER[LMPI XLI EKKVIWWSV
LEH VIXYVRIH XS EXXEGO XLI RIWX 8LIVIJSVI - FVSOI XLI
X[MK ERH FVSYKLX XLI RIWX MRWMHI 8LI GLMGO MR XLI RIWX
[LIRIZIV - :66
[EW EX XLI WMRO [EWLMRK YXIRWMPW EFSYX [EW HMWGSRWSPEXI ERH [EW [MPHP] JPETTMRK ERH GLIITMRK
  EQ
;I JIH XLI JEPPIR GLMGO [MXL WSQI LSRI] QM\IH [MXL [EXIV
YWMRK ER MROJMPPIV [MXL QYGL GSE\MRK 8LIR [I TPEGIH
 % GSGSRYX JVSRH JIPP ERH FVSOI XLI KEPZERM^IH [MVI
FEGO XLI JEPPIR GLMGO MRXS XLI RIWX ERH VIJEWXIRIH XLI
SR [LMGL [I LYRK GPSXLIW XS HV] 8LI PMRI [LIVI XLI [EWL
RIWX SR XS XLI X[MK [MXL E GPSXL GPMT 8LI QSXLIV VIXYVRIH
GPSXL ERH RIWX [IVI [EW EPWS FVSOIR -X [EW JSYRH LERKMRK
XS JIIH XLI GLMGOW %X  TQ XLI GLMGO LEH JEPPIR SYX EKEMR
PSSWI RIEV XLI KEVEKI [EPP ;I TYPPIH E[E] XLI GSGSRYX
8LMROMRK XLEX XLI WXVSRKIV WMFPMRK [EW TYWLMRK MX SYX -
JVSRH ERH XMIH XLI [MVIW FEGO MR TPEGI %JXIV VIX]MRK XLI
HIWMKRIH E JMKPIEJ GYT TPEGIH XLI GLMGO MR MX ERH GPMTTIH
RIWX LEH GLERKIH HMVIGXMSR ERH [EW JEGMRK XS[EVHW WYR
XLYW I\TSWMRK HMVIGX WYR VE]W 8LI FMVH VIXYVRIH EJXIV  XLI GYT WLETIH PIEJ XS E X[MK GPSWI XS XLI RIWX I\TIGXMRK
 QMRYXIW ERH [EW MRGYFEXMRK LIV IKKW EKEMR XLI QSXLIV XS RSXMGI LIV SJJWTVMRK &YX XLI QSXLIV RIMXLIV
JIH MX RSV [IRX RIEV MX
 8LI FMVH LEH FYMPX E RI[ TSVXMGS XS XLI RIWX 2S[
XLI 7YR VE]W GSYPH RSX WLMRI HMVIGXP] MR XS XLI RIWX 8LI RI\X QSVRMRK XLI GLMGO LEH JEPPIR XS XLI KVSYRH 8LI GPMT
ERH XLI JMKPIEJ [IVI JEV E[E] ;I FVSYKLX XLI GLMGO MRWMHI
8LIVI QYWX LEZI FIIR SRP] SRI IKK 8LIVI [EW E WMRKPI ERH XVMIH XS JIIH MX [MXL LSRI] QM\IH [MXL [EXIV &YX XLI
FIEO TSTTMRK SYX SJ XLI RIWX IRXVERGI XS VIGIMZI JSSH JVSQ
GLMGO XLVI[ MX YT ERH [EW KEWTMRK -X HMIH EX EFSYX  EQ
XLI TEVIRXW &] XLI IRH SJ *IFVYEV] XLI GLMGO JPIHKIH ERH
PIJX XLI RIWX -X VIGIMZIH JP]MRK PIWWSRW JVSQ TEVIRXW MR XLI ,S[IZIV XLI QSXLIV GSRXMRYIH XS JIIH XLI WYVZMZMRK GLMGO
LIHKI EX RIWX %X EFSYX  TQ XLIVI [EW E WXVERKI GSQQSXMSR
;LIR - :66
VYWLIH SYX XS WII XLI GLMGO [EW HIEH LEPJ
-R  ERH  EPWS [I LEH WYRFMVHW RIWXMRK MR SYV KEVHIR
SJ MX IEXIR SV HIGETMXEXIH 0EXIV IZIR XLI VIQEMRW SJ XLI
3RI RIWX [MXL JPIHKPMRKW [EW TYPPIH SJJ ERH XLVS[R F] E
GLMGO [IVI KSRI ERH XLI RIWX [EW XSVR XS WLVIHW
WUYMVVIP SR E XSVVIRXMEP VEMR] HE] MR QSRXL SJ %TVMP
%JXIV XLMW MPPJEXIH MRGMHIRX RS WYRFMVH LEW IZIV FYMPX E RIWX
-R (IGIQFIV  E RIWX [EW FYMPX MR E RI[ PSGEXMSR SR E
MR SYV KEVHIR 8LIVI EVI QER] SJ XLIWI FMVHW JIIHMRK SR XLI
'SVEP .EWQMRI 4EEVMNEXLE
XVII 8LI FMVH WXEVXIH MRGYFEXMRK
LMFMWGYW JPS[IVRIGXEV ERH 7MRKETSVI GLIVVMIW &YX RS RIWX
SR  &]  WLI [EW JIIHMRK XLI GLMGOW 8LI]
FYMPHMRK LEW XEOIR TPEGI XMPP HEXI
JPIHKIH ERH PIJX XLI RIWX SR 
%FSYX E HS^IR WUYMVVIPW LEZI XEOIR VIJYKI MR SYV KEVHIR %
 8LI WEQI RIWX [EW FIMRK VIJYVFMWLIH 8LI FMVH
[EW JIIHMRK XLI GLMGOW MR XLI WIGSRH [IIO SJ 1EVGL 3R RIMKLFSV TVSZMHIW MHPMW ERH HSWEW IZIV] QSVRMRK 8LI] EVI
 E WXVERKI XLMRK LETTIRIH % JIQEPI WYRFMVH ZIV] EKKVIWWMZI ERH XV] XS GSQI MRXS XLI LSYWI XS FYMPH RIWXW
[EW TIGOMRK EX XLI GLMGOW ERH XIEVMRK XLI RIWX ETEVX - 8LI] QEVO IZIV] FYWL WLVYF XVII ERH TPERX ERH WLVMIO ERH
:66
RSXMGIH ERSXLIV JIQEPI SR E FVERGL JSYV JIIX E[E] GLEWI E[E] EPP SXLIV FMVHW FEVFIXW QEKTMI VSFMRW WYRFMVHW
TSWWMFP] XLI S[RIV SJ XLI RIWX
 [EXGLMRK LIPTPIWWP] EW FEFFPIVW WTSXXIH HSZIW FYPFYPW ERH Q]REW 8LI] IZIR
LIV GLMGOW [IVI XSVXYVIH F] XLI MRXVYHIV 8LI QEPI [EW TVIZIRX XLIQ JVSQ HVMROMRK [EXIV JVSQ XLI PMP] TSRHW 8LI
RS[LIVI XS FI WIIR - XVMIH XS HVMZI E[E] XLI MRXVYHMRK WUYMVVIPW EVI VETMHP] MRGVIEWMRK MR RYQFIV ERH XLI WYRFMVHW
WYRFMVH FYX MXW JMIVGI ERH TIVWMWXIRX EXXEGOW VIWYPXIH MR LEZI PMXXPI GLERGI SJ VIRIWXMRK MR SYV KEVHIR

'366)7432()2')

;,-8)&)00-)( 7)% )%+0) ,EPMEIIXYW PIYGSKEWXIV
 LVW - WE[ E JI[ [LMXI FIPPMIH WIE IEKPIW ,EPMEIIXYW
&6))(-2+ %8 &90',)66= -70%2( 792(%6&%27 PIYGSKEWXIV
LSZIVMRK EFSZI SYV PEYRGL ERH FYW] MR
()08% -2(-% %692%=%2 7,%61% 'IRXVI JSV )GSPSKMGEP GSPPIGXMRK WSQI RIWXMRK QEXIVMEPW JVSQ XLI WIEWLSVI WMHI
)RKMRIIVMRK 2IXENM 7YFLEWL 6SEH 1EPHE  ;IWX (YVMRK Q] WYVZI] - GEQI EGVSWW QER] RIWXW SJ 8LI ;LMXI
&IRKEP FIPPMIH 7IE )EKPI MR QERKVSZI XVIIW % RIWX [EW JSYRH 
3R XL .ERYEV]  - [EW GEVV]MRK SYX E FMVH WYVZI] EX QIXIVW EFSZI WIE PIZIP SR E QERKVSZI XVII 8LI HMEQIXIV SJ
&YPGLIVV] -WPERH MR XLI I\XVIQI IRH SJ 7YRHEVFERW HIPXE XLI RIWX [EW G  QIXIVW %JXIV SFWIVZMRK WSQI MRHMZMHYEPW -
RIEV &E] SJ &IRKEP EW E TEVX SJ ER MRXIVREXMSREP I\TIHMXMSR RSXIH XLIWI RIWXW EVI XVEHMXMSREP (YVMRK XLI WYVZI] - WXE]IH
MR WIEVGL SJ 7TSSRFMPPIH 7ERHTMTIVW 'EPMHVMW T]KQIYW
[MXL XLIVI JSV WM\ LSYVW ERH WYVZI]IH E  OQW WXVIXGL SJ
E XIEQ SJ MRXIVREXMSREP SVRMXLSPSKMWXW &IJSVI - GSYPH VIEGL GSEWXPMRI SJ XLI MWPERH - GSYRXIH JMZI RIWXW SJ ;LMXIFIPPMIH
XLI MWPERH JVSQ E HMWXERGI JVSQ SYY PEYRGL EX EVSYRH 7IE )EKPIW MR XLI MWPERH 8LI EZIVEKI HMWXERGI FIX[IIR

 
X[S RIWXW [EW G  OQW %JXIV ER I\XIRWMZI WYVZI] - MRJIVVIH
XLEX XLMW MW E KSSH TPEGI JSV [EXGLMRK XLI JIIHMRK ERH
FVIIHMRK FILEZMSYV SJ XLI ;LMXIFIPPMIH 7IE )EKPI 8LI
IEKPIW EVI FVIIHMRK LIVI MR VIPEXMZI WEJIX] -X WLSYPH FI RSXIH
XLEX XLI IRXMVI 7YRHEVFERW HIPXE MRGPYHMRK XLI I\XVIQI IRH
SJ XLI &YPGLIVV] -WPERH [EW JVII JVSQ XLI 8WYREQM IJJIGX
'311)287 32 8,) 78%897 3* '6-1732 792&-6(
%7%( 6%,1%2- (MVIGXSV &2,7 FRLW$FSQZWRPRIXMR
- VIEH [MXL KVIEX MRXIVIWX XLI EVXMGPI IRXMXPIH % 2SXI SR XLI
2I[WPIXXIV JSV &MVH[EXGLIVW  
6%2(31 &-6( 238)7 *631 ',%2(-+,%6 72),%0
4%8)0 2EXYVI 'PYF SJ 7YVEX 2S  7EVNER 7SGMIX]
%XL[EPMRIW 7YVEX  
(YVMRK Q] VIGIRX FYWMRIWW XVMT XS 'LERHMKLEV - LEH XS WXE]
FEGO JSV E HE] [LMGL [EW YRWGLIHYPIH 8LI MRHYWXV] [LMGL
- [EW ZMWMXMRK [EW EFSYX  OQW E[E] JVSQ 'LERHMKLEV SR
XLI FEROW SJ XLI VMZIV &IEW 8LIVIJSVI - HIGMHIH XS WXE] EX
XLI 4YRNEF 8SYVMWQ (ITEVXQIRXW XSYVMWX GSQTPI\ 4MRO
'EWWME SR XLI FERO SJ VMZIV &IEW EX 6SSTREKEV 8LI PSGEXMSR
[EW ZIV] TMGXYVIWUYI ERH MR XLI QSVRMRK XLI FMVH GEPPW [SOI
QI YT F]  EQ )ZIR XLSYKL MX [EW WXMPP HEVO - HIGMHIH
&VIIHMRK SJ 'VMQWSR 7YRFMVH %IXLST]KE WMTEVENE
MR 6EXREKMVM
XS XEOI E WXVSPP EPSRK XLI VMZIV FERO &] WYRVMWI - [EW EX XLI
(MWX 1ELEVEWLXVE F] 6SLER .0SZEPIOEV ERH 7EGLMR
VMZIVJVSRX RIEV XLI LSXIP 8LI LSXIP KEVHIR SZIVPSSOW XLI
&4EPOEV TYFPMWLIH MR XLI 2I[WPIXXIV JSV &MVH[EXGLIVW :SP
VMZIVJVSRX JVSQ [LIVI - GSYPH LIEV XLI GEPPW SJ E ZEVMIX] SJ
 -WWYI  .ER*IF 
 -RXIVIWXMRKP] 4EQIPE 6EWQYWWIR
FMVHW
MR LIV FSSO &MVHW SJ XLI -RHMER WYFGSRXMRIRX  8LI 6MTPI]W
+YMHI LEW WITEVEXIH 'VMQWSR 7YRFMVH %IXLST]KE WMTEVENE
8LIVI [EW RS EGGIWW XS XLMW TPEGI EW MX [EW E [IXPERH [MXL
ERH :MKSVW 7YRFMVH %IXLST]KE ZMKSVWMM
MR XS X[S JYPPJPIHKIH XLMGO ZIKIXEXMSR ERH XEPP XVIIW 8LIVIF] - LEH XS GSRXMRYI
WTIGMIW ERH :MKSVW 7YRFMVH MW IRHIQMG XS RSVXLIVR ;IWXIVR
+LEXW WS XLI SFWIVZEXMSRW SR MXW FVIIHMRK FILEZMSYV F] 6SLER
ERH 4EPOEV EVI UYMXI WMKRMJMGERX
4%6)28%0 6)74327-&-0-8-)7 %132+ 1%+4-)
63&-27 46%+%8- 2%=%/ %EWLMV[EH %]]ETY 4SWX
4YXXYV 8EPYO 
- [SYPH PMOI XS GSQQIRX SR 4VEHIIT /YQEV 7LEVQE W RSXI
 (MWXVMFYXMSR SJ 4EVIRXEP 6IWTSRWMFMPMXMIW %QSRK 1EKTMI
6SFMRW [LMGL ETTIEVIH MR XLI .YP]%YKYWX MWWYI SJ XLI
2I[WPIXXIV ;I LEZI E RIWX FS\ MR E KYEZE XVII MR SYV KEVHIR
ERH EPQSWX IZIV] ]IEV QEKTMI VSFMRW RIWX LIVI LIRGI -
LEZI SFWIVZIH XLIQ HYVMRK QER] FVIIHMRK WIEWSRW - HSR X
TSWI XS FI E KVIEX EYXLSVMX] SR QEKTMI VSFMRW FYX - LEZI
FIIR SFWIVZMRK XLIQ JSV QER] ]IEVW MR Q] KEVHIR ERH LIRGI
JIIP NYWXMJMIH MR QEOMRK XLI JSPPS[MRK GSQQIRXW
- EKVII XLEX XLI QEPI 1EKTMI 6SFMR MW EP[E]W SR KYEVH HYX]
;LIR XLI JIQEPI MW FVSSHMRK ERH PIEZIW XLI RIWX JSV JSVEKMRK
XLI QEPI KYEVHW SYXWMHI XLI RIWX %JXIV XLI GLMGOW LEZI
LEXGLIH XLI QEPI MW EP[E]W RIEVF] 8LI RIWX MW RIZIV PIJX
YREXXIRHIH 8LI JIQEPI [MPP PIEZI XLI RIWX XS LYRX JSV JSSH
SRP] EJXIV XLI QEPI LEW TSWMXMSRIH LMQWIPJ SYXWMHI MX 8LI
QEPI QMKLX PIEZI [LIR LI MW WYVI XLEX XLI JIQEPI MW MRWMHI
XLI RIWX [MXL XLI GLMGOW SV NYWX SYXWMHI MX
3RGI XLI GLMGOW EVI JPIHKIH ERH EPQSWX VIEH] XS PIEZI XLI
RIWX XLIMV ETTIXMXI WIIQW XS MRGVIEWI 8LMW XMQI FSXL
TEVIRXW FVMRK JSSH XS XLIQ %W WSSR EW SRI GSQIW XS XLI
RIWX [MXL JSSH XLI SXLIV PIEZIW 8LI JMVWX HSIW RSX PIEZI
EKEMR YRXMP MXW WTSYWI LEW EVVMZIH XS XEOI MXW TPEGI 7S FSXL
XLI HYXMIW SJ JIIHMRK XLI GLMGOW ERH OIITMRK ER I]I SR
XLIQ ETTIEVW XS FI NSMRXP] WLEVIH F] FSXL TEVIRXW
Q] [EPO EPSRK XLI VMZIV MXWIPJ -X [EW XLI FIKMRRMRK SJ [MRXIV
ERH XLIVI [EW E FEVVEKI SR XLI VMZIV NYWX  QIXIVW HS[R
WXVIEQ JVSQ [LIVI E GSSP FVII^I [EW KVEGIJYPP] JERRMRK
8LIVI [IVI E PSX SJ FSEXW P]MRK SR XLI FERO WSQI SJ XLIQ
LEPJ WYFQIVKIH MR XLI SZIVJPS[MRK VMZIV [EXIVW - [MTIH XLI
HI[ HVSTW JVSQ SRI SJ XLI FSEXW [LMGL [EW KIRXP] VSGOMRK
ERH FIKER XS VIPMWL XLI XVERUYMPMX] %W XLI 7YR FIKER XS VMWI
FILMRH XLI W[EQT XLI FMVH EGXMZMX] MRGVIEWIH [MXL JPSGOW
SJ Q]REW JP]MRK XS[EVHW XLIMV JIIHMRK KVSYRHW GLMVTMRK EPP
XLI [E] )EGL JPSGO EZIVEKIH  FMVHW ERH WSQI [IVI QEOMRK
WLSVX WSVXMIW SZIV XLI VSSOIV] XS NSMR SXLIV KVSYTW SV JSV
VIKVSYTMRK
-R EPP QSVI XLIR  Q]REW [IVI LIEHIH XS[EVHW XLI XS[R
SJ 6SSTREKEV ERH MX XSSO NYWX  XS  QMRYXIW JSV XLI Q]REW
XS HMWETTIEV MR WSVXMIW 8LI WYR LEH NYWX GPIEVIH XLI XVII
PMRI [LIR - WTSXXIH WSQI  GSVQSVERXW SR E XVII EFSYX 
JIIX E[E] 8LI] WIIQIH XS FI MR RS LYVV] XS FIKMR XLIMV
JMWLMRK EGXMZMXMIW I\GITX XLVII MRHMZMHYEPW [LMGL XSSO SJJ MR
XLI HMVIGXMSR SJ XLI VMZIV - EPWS WE[ WSQI [EXIVLIRW ERH
PET[MRKW JSVEKMRK MR XLI LSXIP KEVHIR 8LI JIRGI TSWX FIX[IIR
XLI KEVHIR ERH XLI VMZIV [EW XLI TIVGLMRK TSMRX JSV XLI ;LMXI
FVIEWXIH /MRKJMWLIV [LSWI JVERXMG 8M8M8M8M GEPPW GSYPH FI
LIEVH SGGEWMSREPP] 3R XLI TVIZMSYW RMKLX ER S[PIX LEH YWIH
XLMW JIRGI TSWX XS [EXGL SYX JSV MXW QIEP 7YHHIRP] - LIEVH
XLI LEVWL /E/E/E/E GEPPW SJ E 8VIITMI EW YWYEP XLI]
ETTIEVIH MR E TEMV JVSQ XLI W[EQT ERH JPI[ XS[EVHW XLI
LSXIP KEVHIR - [EW PSSOMRK JSV[EVH XS LIEV XLIMV W[IIX GEPP
FYX XLI] HMWETTSMRXIH QI
*VYMX FEXW [IVI WIIR JP]MRK SGGEWMSREPP] EFSZI XLI W[EQT
ERH PERHMRK SR WSQI XVIIW EX E HMWXERGI 7YHHIRP] - RSXMGIH
E PEVKI KVI] FMVH [LMGL - WYWTIGXIH XS FI E +VI] ,SVRFMPP
JP]MRK XS[EVHW XLI W[EQT ERH UYMGOP] HMWETTIEVMRK FILMRH
2I[WPIXXIV JSV &MVH[EXGLIVW  
  

XLI W[EQT 7MRGI KVI] LSVRFMPPW YWYEPP] JP] EFSYX MR TEMVW - 92979%0 4%6)28%0 '%6) 3* 49640)6914)(
XYVRIH EVSYRH XS WII MJ MXW QEXI [EW JSPPS[MRK WYMX 1] 792&-6( 2IGXEVMRM E ^I]PSRMGE
 ,%6-7, 6 &,%8
WYWTMGMSRW TVSZIH VMKLX [LIR ERSXLIV +VI] ,SVRFMPP ETTIEVIH 'IRXVI JSV )GSPSKMGEP 7GMIRGIW -RHMER -RWXMXYXI SJ 7GMIRGI
ERH JPI[ MR XLI WEQI HMVIGXMSR XS NSMR MXW QEXI 1IER[LMPI &ERKEPSVI  
E 'SYGEP PERHIH RIEV XLI WLSVI ERH XSSO SJJ [MXL WSQIXLMRK
3R XLI QSVRMRK SJ VH 1EVGL  EW - [EPOIH YRHIV
MR MXW FIEO % FYRGL SJ FEFFPIVW GEQI FEFFPMRK ERH QSZIH
XLI NEGOJVYMX XVII %VXSGEVTYW LIXIVSTL]PPYW
MR XLI
EPSRK XLI VMZIV FERO LSTTMRK ERH JP]MRK 8LI] EPWS
UYEHVERKPI XS[EVHW XLI PMFVEV] SJ SYV HITEVXQIRX XLI
QSZIH MRXS XLI W[EQT +VI] LIVSRW 4YVTPI ,IVSRW
'SVQSVERXW ERH 4EVEOIIXW OITX JP]MRK MR ERH SYX SJ XLI
GEYKLX Q] EXXIRXMSR -X [EW JVERXMGEPP] GEPPMRK
W[EQT VEXLIV MRXIVQMXXIRXP] 8LI W[EQT WIIQIH XS FI E
LEZIR JSV XLI FMVHW
*VSQ XLI [EXIVIHKI EFSYX  JIIX E[E] - LIEVH E VEXLIV
JYRR] ERH WXVERKI 5EI 5EI WSYRH - XYVRIH MR XLEX
HMVIGXMSR I\TIGXMRK XS MHIRXMJ] XLI FMVH IQIVKMRK JVSQ XLI
EUYEXMG ZIKIXEXMSR &YX - LIEVH XLI WSYRH SRGI EKEMR ERH
QSZIQIRXW SJ E JIQEPI 4YVTPIVYQTIH 7YRFMVH 2IGXEVMRME
^I]PSRMGE
[MXL PSYH RSXIW ERH WTIIHMRK JVSQ E HMWXERX FVERGL XS[EVH
XLI NEGOJVYMX XVII [MXL XLVII JPIIXMRK WXSTSZIVW -XW FILEZMSYV
WYKKIWXIH XLEX MX LEH E RIWX RIEVF] 7SSR Q] HSYFX
[EW GPIEVIH [LIR XLI FMVH PERHIH EX E TIRHERX RIWX
GSZIVIH [MXL GSF[IF ERH SXLIV GSXXSR] QEXIVMEP 8LI FMVH
[EW GEVV]MRK E WQEPP GEXIVTMPPEVPMOI MRWIGX MR MXW FIEO
- VEXLIV VIGOSRIH F] XLIR XLEX MX [EW XLI HMWXVIWW GEPP SJ E
MR XLI RIWX - XSSO GSZIV
JVSK [LMGL [EW TIVLETW FIMRK W[EPPS[IH F] E WREOI
FIGEYWI RSRI SJ XLI FMVHW [IVI MR XLI ZMGMRMX] - EX SRGI
WXITTIH SYX SJ XLI FSEX ERH [EPOIH MR XLI HMVIGXMSR SJ 5EI
5EI WSYRH [LMGL [EW WXMPP IQEREXMRK VEXLIV WYFHYIH
ERH MX FIKER JIIHMRK MXW GLMGOW
ERH [EMXIH JSV XLI FMVH XS VIXYVR XS JIIH XLI GLMGOW EKEMR
&YX - [EW TIVTPI\IH XS WII XLI WEQI FMVH JP]MRK [MXL JIIH
MR MXW FIEO XS[EVHW ]IX ERSXLIV TIRHERX RIWX EFSYX JMZI
JIIX E[E] JVSQ XLI JMVWX RIWX ,IVI EPWS - GSYPH GPIEVP]
1] I]IW ^IVSIH SR E GLIGOIVIH OIIPFEGO [EXIV WREOI
[EXGL XLI JIQEPI WYRFMVH JIIHMRK E GLMGO EW WSQI
[MXL E PEVKI JVSK MR MXW QSYXL - XVMIH XS JVII^I Q] QSZIQIRX QSZIQIRX [EW RSXMGIH MRWMHI XLI RIWX IZIR FIJSVI XLI
EW - HMH RSX MRXIRH XS MRXIVJIVI [MXL XLI PE[W SJ REXYVI &YX JIQEPI PERHIH EX XLI RIWX IRXVERGI - SFWIVZIH XLMW TIGYPMEV
XLI WREOI LEH WIIR Q] QSZIQIRX ERH MX VIPIEWIH XLI JVSK FILEZMSYV XLVMGI MR E WTER SJ X[S LSYVW - GSRXMRYIH Q]
MRWXERXERISYWP] 8LI JVSK KPIIJYPP] NYQTIH MRXS XLI PEOI SFWIVZEXMSR RI\X HE] XSS 8LI WEQI WIUYIRGI SJ JIIHMRK
ERH XLI WREOI EPWS KPMHIH MRXS XLI [EXIV XS WEZI MXW WOMR - [EW VITIEXIH X[MGI ,S[IZIV - GSYPH RSX GSRXMRYI Q]
GSYPH RIMXLIV JIIP LETT] JSV - WEZIH XLI PMJI SJ XLI JVSK RSV SFWIVZEXMSRW HYI XS Q] SXLIV TVIWWMRK GSQQMXQIRXW
GSYPH - JIIP WSVV] JSV XLI WREOI XLEX PSWX MXW QIEP HYI XS - EQ OIIR XS ORS[ [LIXLIV XLMW X]TI SJ FILEZMSYV LEW
Q] YRI\TIGXIH MRXIVJIVIRGI FIIR SFWIVZIH IEVPMIV - EQ EPWS GYVMSYW XS ORS[ EW XS
[L] XLMW JIQEPI WYRFMVH [EW MRXIVIWXIH MR JIIHMRK GLMGOW
&] XLIR MX [EW  EQ XLI WYR [EW VETMHP] VMWMRK ERH XLI
SJ X[S HMJJIVIRX RIWXW#
EGXMZMXMIW LEH QSVI SV PIWW GSQI XS E WXERHWXMPP MR XLI
W[EQT &ILMRH QI [EW XLI VIWIVZSMV SJ 6SSTREKEV FEVVEKI
'VIWXIH 8VII 7[MJX EX RIWX 8LI RIWX MW ZIV] WQEPP WLEPPS[
ERH - RSXMGIH KVSYTW SJ HYGOW JP]MRK ERH PERHMRK JEV E[E]
LEPJ GYT JM\IH FVEGOIX[MWI XS XLI WMHI SJ E XMR] LSVM^SRXEP
EW EPWS SXLIV KVSYTW SJ [LMXI FMVHW PERHMRK ERH XEOMRK SJJ SR
FVERGL 4LSXS  %WLSO ' 1ERWSSV
XLI STTSWMXI WLSVI 9RJSVXYREXIP] - [EW RSX GEVV]MRK Q]
FMRSGYPEVW EW XLMW [EW WYTTSWIH XS FI E FYWMRIWW XVMT
%GGSVHMRK XS XLI QEREKIV SJ XLI LSXIP XLMW PEOI VIGIMZIW
UYMXI E PEVKI RYQFIV SJ QMKVEXSV] FMVHW MR [MRXIV 8LI SRP]
RIKEXMZI TSMRX SJ XLMW TPEGI MW XLEX JVSQ E TPEGI SJ [SVWLMT
EFSYX E OMPSQIXIV E[E] SR XLI STTSWMXI FERO SJ XLI VMZIV
TVE]IVW EVI TPE]IH SR PSYH WTIEOIVW MR JYPP FPEWX JVSQ 
XS  EQ ERH MX MW WMQTP] MQTSWWMFPI XS IRNS] XLI WSRKW
ERH GEPPW SJ XLI FMVHW 8LMW MW E GSQQSR TVSFPIQ EPP SZIV
-RHME ERH MR QENSVMX] SJ XLI GEWIW MX MW E XETI VIGSVHIH TVE]IV
XLEX FPEVIW TVE]IVW JVSQ PSYH WTIEOIVW MR JYPP ZSPYQI -J RSX
E QIGLERM^IH HVYQQMRK QEGLMRI MW TPYKKIH XS XLI QEMRW
XS KMZI SYX QSRSXSRSYW LMKL TMXGLIH HVYQFIEXW -X MW LMKL
XMQI PSYHWTIEOIVW EVI FERRIH SV EPPS[IH XS TPE] SRP] EX
VIWXVMGXIH LSYVW ERH XLEX XSS EX E PS[ ZSPYQI
 2I[WPIXXIV JSV &MVH[EXGLIVW  
 

%HHVIWW JSV 'SVVIWTSRHIRGI 

'SZIV  ;LMXIRIGOIH 7XSVO 'MGSRME ITMWGSTYW MW ER YRGSQQSR WSPIQRPSSOMRK
2I[WPIXXIV JSV &MVH[EXGLIVW
WXSVO XLEX JSVEKIW MR QEVWL] KVEWWPERHW MVVMKEXIH JMIPHW HIIT JSVIWXW [MXL QEVWLIW 2S  7MVYV 4EVO & 7XVIIX
ERH FEROW SJ WXVIEQW 7XEPOW ERH TVI]W SR JVSKW XSEHW WQEPP VITXMPIW GVEFW ERH 7IWLEHVMTYVEQ
GLYFF] MRWIGXW 8LMW WXSVO LEW XLVII FILEZMSYVEP MHMSW]RGVEWMIW  MX WIPHSQ RIWXW &ERKEPSVI   -RHME
MR GSPSRMIW MX WIPHSQ [EHIW MR [EXIV MX WIPHSQ GEPPW SV GVMIW SYX ,S[IZIV MX 8IP     
FVIEOW MXW WMPIRGI HYVMRK GSYVXWLMT F] GPEXXIVMRK MXW QERHMFPIW [MXL RIGO FIRX SZIV )QEMP  REZFEVEX$KQEMPGSQ"
FEGO[EVHW ERH GVS[R VIWXMRK FIX[IIR XLI WLSYPHIVW -X TVIJIVW XS FYMPH E WSPMXEV] 4VMRXIH ERH 4YFPMWLIH FMQSRXLP]
RIWX MR ER MREGGIWWMFPI PSJX] XVII VIQEMRW WL] SJ LYQERW ERH MW KIRIVEPP] [EV] SJ F] 7 7VMHLEV EX 2EZFLEVEXL
)RXIVTVMWIW 7IWLEHVMTYVEQ
TIVQMXXMRK E GPSWIV PSSO ;LMXIRIGOIH WXSVOW TSTYPEXMSR LEW WYJJIVIH TIVGITXMFP] &ERKEPSVI    -RHME
MR -RHME EW TIV XLI 1MH[MRXIV [EXIVJS[P GIRWYW VITSVXW 4LSXS  7 7LVI]EW *SV 4VMZEXI 'MVGYPEXMSR 3RP]