
'LETXIV
M
8EF&EVW
ERH4MGOIVW
RXLIPEWXGLETXIV]SYFYMPX]SYVJMVWXQYPXMZMI[ETTPMGEXMSR-RXLMWGLETXIV
]SYvVIKSMRKXSFYMPHEJYPPXEFFEVETTPMGEXMSR[MXLJMZIHMJJIVIRXXEFWERHJMZI
HMJJIVIRXGSRXIRXZMI[W&YMPHMRKXLMWETTPMGEXMSRMWKSMRKXSVIMRJSVGIEPSXSJ
[LEX]SYPIEVRIHMRXLIPEWXGLETXIVFYX]SYvVIXSSWQEVXXSWTIRHE[LSPI
GLETXIVHSMRKWXYJJ]SYEPVIEH]WSVXEORS[LS[XSHSWS[IvVIKSMRKXSYWI
XLSWIJMZIGSRXIRXZMI[WXSWLS[]SYLS[XSYWIEX]TISJM4LSRIGSRXVSPXLEX
[ILEZIRSXGSZIVIH]IX8LIGSRXVSPMWGEPPIHXLITMGOIVZMI[EPXLSYKLMXvW
YWYEPP]NYWXGEPPIHXLITMGOIV
=SYQE]RSXFIJEQMPMEV[MXLXLIREQIFYX
]SYvZIEPQSWXGIVXEMRP]YWIHETMGOIVMJ]SYvZI
S[RIHERM4LSRIJSVQSVIXLERWE]QMR
YXIW4MGOIVWEVIXLIGSRXVSPW[MXLHMEPWXLEX
WTMR=SYYWIXLIQXSMRTYXHEXIWMRXLI'EP
IRHEVETTPMGEXMSRSVXSWIXEXMQIVMRXLI'PSGO
ETTPMGEXMSRWII*MKYVI
4MGOIVWEVIVEXLIVQSVIGSQTPI\XLERXLI
M4LSRIGSRXVSPW]SYvZIWIIRWSJEVERHEWWYGL
XLI]HIWIVZIEPMXXPIQSVIEXXIRXMSR4MGOIVWGER
FIGSRJMKYVIHXSHMWTPE]SRIHMEPSVQER]&]
HIJEYPXTMGOIVWHMWTPE]PMWXWSJXI\XFYXXLI]GER
EPWSFIQEHIXSHMWTPE]MQEKIW
*MKYVI%TMGOIVMRXLI
'PSGOETTPMGEXMSR
',%48)6 8EF&EVWERH4MGOIVW

8LI4MGOIVW%TTPMGEXMSR

WIZIVEPTPEGIWMR%TTPIvWHSGYQIRXEXMSRXLITMGOIVvWETTIEV
ERGIMWHIWGVMFIHEWPSSOMRKEFMXPMOIEWPSXQEGLMRI;IPPXLIR
[LEXGSYPHFIQSVIJMXXMRKXLER[VMXMRKEPMXXPIWPSXQEGLMRI
KEQIWII*MKYVI#*SVXLMWTMGOIVXLIYWIV[SRvXFIEFPI
XSQERYEPP]GLERKIXLIZEPYIWSJXLIGSQTSRIRXWFYX[MPPFI
EFPIXSWIPIGXXLI7TMRFYXXSRXSQEOIXLIJMZI[LIIPW[MPPWTMR
XSERI[VERHSQP]WIPIGXIHZEPYI-JXLVIIGSTMIWSJXLIWEQI
MQEKIETTIEVMREVS[XLIYWIV[MRW
*MKYVI-RXLMWTMGOIV
SRIGSQTSRIRXMWHITIRHIRX
SRXLISXLIV%W[IWIPIGX
EWXEXIMRXLIPIJXGSQTS
RIRXXLIVMKLXGSQTSRIRX
GLERKIWXSEPMWXSJ>-4GSHIW
MRXLEXWXEXI
*MKYVI3YVJMZIGSQ
TSRIRXTMGOIV2SXIXLEX[I
HSRSXGSRHSRIYWMRK]SYV
M4LSRIEWEXMR]GEWMRS
(IPIKEXIWERH(EXEWSYVGIW
&IJSVI[IHMZIMRERHWXEVXFYMPHMRKSYVETTPMGEXMSRPIXvWPSSO
EX[L]TMGOIVWEVIWSQYGLQSVIGSQTPI\XLERXLISXLIV
GSRXVSPW]SYvZIYWIHWSJEV-XvWRSXNYWXEQEXXIVSJXLIVIFIMRK
QSVIGSRJMKYVEFPIEXXVMFYXIWXSWIXMR-RXIVJEGI&YMPHIV-R
JEGXXLITMGOIVEGXYEPP]LEWZIV]JI[EXXVMFYXIWXLEXEVIGSR
JMKYVEFPIMR-RXIVJEGI&YMPHIV;MXLXLII\GITXMSRSJXLIHEXI
TMGOIV]SYGERvXYWIETMGOIVF]NYWXKVEFFMRKSRIMR-RXIVJEGI
&YMPHIVHVSTTMRKMXSR]SYVGSRXIRXZMI[ERHGSRJMKYVMRKMX
=SYLEZIXSEPWSTVSZMHIMX[MXLFSXLETMGOIVHIPIKEXIERH
ETMGOIVHEXEWSYVGI

'VIEXMRKXLI*MPIW
-RXLIPEWXGLETXIV[IGVIEXIHEVSSXZMI[GSRXVSPPIV;IvPPFIHSMRKXLEXEKEMRXLMWXMQIFYX
[I[SRvXRIIHXSGVIEXIEGPEWWJSVMXFIGEYWI%TTPITVSZMHIWEZIV]KSSHSRIJSVQEREKMRK
XEFFEVZMI[WWS[IvVINYWXKSMRKXSYWIERMRWXERGISJ
9-8EF&EV'SRXVSPPIV
JSVSYVVSSX
GSRXVSPPIV;I[MPPGVIEXIXLEXMRWXERGIMR-RXIVJEGI&YMPHIVMREJI[QMRYXIW
',%48)6 8EF&EVWERH4MGOIVW

;IRIIHXSGVIEXIJMZIRI[GPEWWIWMR<GSHIXLIJMZIZMI[GSRXVSPPIVWXLEXXLIVSSXGSRXVSPPIV
[MPPW[ETMRERHSYX
)\TERHXLI'PEWWIWERH6IWSYVGIWJSPHIVWMRXLI+VSYTW*MPIWTERI2I\XWMRKPIGPMGOXLI
'PEWWIWJSPHIVERHTVIWW 2SVWIPIGX2I[*MPIJVSQXLI*MPIQIRY
7IPIGX'SGSE8SYGL'PEWWIWMRXLIPIJXTERISJXLIRI[JMPIEWWMWXERXERHXLIRWIPIGXXLIMGSR
JSV9-:MI['SRXVSPPIVWYFGPEWWERHGPMGO2I\X2EQIXLIJMVWXSRI(EXI4MGOIV:MI['SRXVSPPIVQ
QEOMRKWYVIXSGLIGO%PWSGVIEXIw(EXI4MGOIV:MI['SRXVSPPIVLx
6ITIEXJSYVQSVIXMQIWYWMRKXLIREQIW7MRKPI'SQTSRIRX4MGOIV:MI['SRXVSPPIVQ
(SYFPI'SQTSRIRX4MGOIV:MI['SRXVSPPIVQ(ITIRHIRX'SQTSRIRX4MGOIV:MI['SRXVSPPIVQ
ERH'YWXSQ4MGOIV:MI['SRXVSPPIVQ
2I\XWMRKPIGPMGOXLI6IWSYVGIWJSPHIVERHTVIWW 2SVWIPIGX2I[*MPIJVSQXLI
*MPIQIRYEKEMR8LMWXMQI]SY[ERXXSWIPIGX9WIV-RXIVJEGIWMRXLIPIJXTERISJXLIRI[
JMPIEWWMWXERXERHXLIRGPMGOXLI:MI[<-&MGSR;IRIIHJMZIRMFWSRIJSVIEGLGSRXIRXZMI[
'EPPXLIJMVWXSRI]SYGVIEXI(EXI4MGOIV:MI[\MF8LIRGVIEXIJSYVQSVI7MRKPI'SQTSRIRX
4MGOIV:MI[\MF(SYFPI'SQTSRIRX4MGOIV:MI[\MF(ITIRHIRX'SQTSRIRX4MGOIV:MI[\MFERH
'YWXSQ4MGOIV:MI[\MF
7IXXMRK9TXLI'SRXIRX:MI[2MFW
(SYFPIGPMGO(EXI4MGOIV:MI[\MFXSSTIRXLIJMPIMR-RXIVJEGI&YMPHIV;IvVIRSXEGXYEPP]
KSMRKXSFYMPHSYVGSRXIRXZMI[W]IX;IvVINYWXKSMRKXS[MVIYTXLIWOIPIXSRSJSYVXEF
ZMI[ETTPMGEXMSRRS[WSXLEXXLIFEWMGETTPMGEXMSR[SVOW;ILEZIXSQEOIWYVIXLEXIEGL
SJXLIRMFJMPIWMWTSMRXMRKXSXLIVMKLX*MPIvW3[RIVMGSR[LMGLRIIHWXSFIXLIGSVVIWTSRH

&IJSVI[IQSZIXS-RXIVJEGI&YMPHIVXSGVIEXISYVVSSXZMI[GSRXVSPPIVPIXvWEHHXLIJSPPS[MRK
GSHIXS4MGOIVW%TT(IPIKEXIQ
MQTSVX4MGOIVW%TT(IPIKEXIL
$MQTPIQIRXEXMSR4MGOIVW%TT(IPIKEXI
$W]RXLIWM^I[MRHS[
$W]RXLIWM^IVSSX'SRXVSPPIV
ZSMHETTPMGEXMSR(MH*MRMWL0EYRGLMRK9-%TTPMGEXMSRETTPMGEXMSR_
3ZIVVMHITSMRXJSVGYWXSQM^EXMSREJXIVETTPEYRGL
?[MRHS[EHH7YFZMI[VSSX'SRXVSPPIVZMI[A
?[MRHS[QEOI/I]%RH:MWMFPIA
a
ZSMHHIEPPSG_
?VSSX'SRXVSPPIVVIPIEWIA
?[MRHS[VIPIEWIA
?WYTIVHIEPPSGA
a
$IRH
',%48)6 8EF&EVWERH4MGOIVW

8LIVIWLSYPHRvXFIER]XLMRKXLIVIXLEXvWEWYVTVMWI
XS]SY-XvWTVIXX]QYGLXLIWEQIXLMRK[IHMHMRXLI
PEWXGLETXIVI\GITXXLEX[IvVIRSXYWMRKEGSRXVSPPIV
GPEWWTVSZMHIHF]%TTPIMRWXIEH[IvVIYWMRKSRI
[I[VSXISYVWIPZIW1EOIWYVI]SYWEZIFSXLJMPIW
8EFFEVWYWIMGSRWXSVITVIWIRXIEGLSJXLIXEFW
WS[IWLSYPHEPWSEHHXLIMGSRW[IvVIKSMRKXSYWI
FIJSVILIEHMRKSZIVXS-RXIVJEGI&YMPHIV=SYGER
JMRHWSQIWYMXEFPIMGSRWMRXLITVSNIGXEVGLMZIXLEX
EGGSQTERMIWXLMWFSSOMRXLI4MGOIVW8EF&EV
-GSRWJSPHIV8LIMGSRWWLSYPHFIF]TM\IPW

',%48)6 8EF&EVWERH4MGOIVW

7MRKPIGPMGOXLI8EF&EV'SRXVSPPIVMGSRMR]SYVRMFvWQEMR
[MRHS[ERHTVIWW XSFVMRKYTXLIEXXVMFYXIWMRWTIG
XSVJSVMX8LIEXXVMFYXIWMRWTIGXSVJSVEXEFFEVGSRXVSPPIV
[MPPPSSOPMOI*MKYVI
8LITEVXXLEX[IvVIMRXIVIWXIHMRMWXLIXSTWIGXMSR[LMGL
MWPEFIPIH:MI['SRXVSPPIVW;LIREPPMWWEMHERHHSRI
[IvPPIRHYT[MXLSRIZMI[GSRXVSPPIVJSVIEGLSJSYVXEF
GSRXVSPPIVvWXEFW8EOIEPSSOFEGOEX*MKYVI%W]SY
GERWIISYVTVSKVEQJIEXYVIWJMZIXEFWSRIJSVIEGLSJ
SYVJMZIWYFZMI[W{JMZIWYFZMI[WJMZIZMI[GSRXVSPPIVW
8YVR]SYVEXXIRXMSRFEGOXSXLIEXXVMFYXIWMRWTIGXSVJSV
XLIXEFFEVGSRXVSPPIV;IRIIHXSGLERKISYVXEFFEV
GSRXVSPPIVWSMXLEWJMZIXEFWMRWXIEHSJX[S'PMGOXLIFYX
XSR[MXLXLITPYWWMKRSRMXXLVIIXMQIWXSGVIEXIEXSXEP
SJJMZIGSRXVSPPIVW8LIEXXVMFYXIWMRWTIGXSV[MPPWLS[
JMZIMXIQWERHMJ]SYPSSOSZIVEXXLI8EF:MI['SRXVSPPIV
[MRHS[]SYvPPWIIXLEXMXRS[LEWJMZIFYXXSRWMRWXIEH
SJX[S
'PMGOXLIXEFFEVEXXLIFSXXSQSJXLI8EF&EV'SRXVSPPIV
[MRHS[&IWYVI]SYGPMGOXLIPIJXQSWXXEF8LMWWLSYPH
WIPIGXXLIGSRXVSPPIVXLEXGSVVIWTSRHWXSXLIPIJXQSWX
XEFERHXLIMRWTIGXSVWLSYPHGLERKIXSPSSOPMOI
*MKYVI
,IVIvW[LIVI[IEWWSGMEXIIEGLXEFvWZMI[GSRXVSPPIV
[MXLXLIETTVSTVMEXIRMF8LMWPIJXQSWXXEF[MPPPEYRGL
XLIJMVWXSJSYVJMZIWYFZMI[W0IEZIXLI8MXPIJMIPHFPERO
ERHWTIGMJ]E2-&2EQISJ(EXI4MGOIV:MI[(SRSX
MRGPYHIXLI\MFI\XIRWMSR

RS[VIEHW(EXIERHLEWETMGXYVISJEGPSGOSRMX;IRS[RIIHXSVITIEXXLMWTVSGIWWJSVXLI
SXLIVJSYVXEFFEVMXIQW
8LIWIGSRHZMI[GSRXVSPPIVWLSYPHFIKMZIREXMXPISJ7MRKPIERHERMFREQISJ
7MRKPI'SQTSRIRX4MGOIV:MI[-RXLIMHIRXMX]MRWTIGXSVMXWGPEWWWLSYPHFIGLERKIH
XS7MRKPI'SQTSRIRX4MGOIV:MI['SRXVSPPIV8LIWIGSRHXEFFEVMXIQWLSYPHFIKMZIREXMXPISJ
7MRKPIERHMXWLSYPHYWIXLIMGSRGEPPIHWMRKPIMGSRTRK
8LIXLMVHZMI[GSRXVSPPIVWLSYPHFIKMZIREXMXPISJ(SYFPIERHERMFREQISJ
(SYFPI'SQTSRIRX4MGOIV:MI[-XWGPEWWWLSYPHFIGLERKIHXS(SYFPI'SQTSRIRX4MGOIV:MI[
'SRXVSPPIV8LIXLMVHXEFFEVMXIQWLSYPHFIEWWMKRIHEXMXPISJ(SYFPIERHMXWLSYPHFI
EWWMKRIHXLIMQEKIGEPPIHHSYFPIMGSRTRK
8LIJSYVXLZMI[GSRXVSPPIVWLSYPHFIEWWMKRIHEXMXPISJ(ITIRHIRXERHERMFREQISJ
(ITIRHIRX'SQTSRIRX4MGOIV:MI[-XWGPEWWWLSYPHFIGLERKIHXS(ITIRHIRX'SQTSRIRX4MGOIV
:MI['SRXVSPPIV8LIJSYVXLXEFFEVMXIQKIXWEXMXPISJ(ITIRHIRXERHWLSYPHFIEWWMKRIHXLI
MGSRMQEKIHITIRHIRXMGSRTRK
8LIJMJXLERHPEWXZMI[GSRXVSPPIVWLSYPHFIEWWMKRIHEXMXPISJ'YWXSQERMFREQISJ'YWXSQ
4MGOIV:MI[-XWGPEWWWLSYPHFIGLERKIHXS'YWXSQ4MGOIV:MI['SRXVSPPIV8LIPEWXXEFFEVMXIQ
EPWSKIXWEXMXPISJ'YWXSQERHXLIXSSPMGSRTRKMGSR
*MKYVI8LIXEFFEVMXIQ
EXXVMFYXIWMRWTIGXSV
',%48)6 8EF&EVWERH4MGOIVW

%PPXLEX[ILEZIPIJXXSHSMRXLMWRMFJMPIMWXSGSRXVSPHVEKJVSQXLI4MGOIVW%TT(IPIKEXIMGSR
XSXLI8EF&EV'SRXVSPPIVMGSRWIPIGXMRKXLIVSSX'SRXVSPPIVSYXPIX7EZI]SYVRMFERHKSFEGO
XS<GSHI
%XXLMWTSMRXXLIXEFFEVERHXLIGSRXIRXZMI[WWLSYPHEPPFILSSOIHYTERH[SVOMRK'SQ
TMPIERHVYRERH]SYVETTPMGEXMSRWLSYPHPEYRGL[MXLEXSSPFEVXLEXJYRGXMSRWGPMGOMRKEXEF
WLSYPHWIPIGXMX8LIVIvWRSXLMRKMRXLIGSRXIRXZMI[WRS[WSXLIGLERKIW[SRvXFIZIV]
HVEQEXMG&YXMJIZIV]XLMRK[IRXSOE]XLIFEWMGJVEQI[SVOJSV]SYVQYPXMZMI[ETTPMGEXMSRMW
RS[WIXYTERH[SVOMRKERH[IGERWXEVXHIWMKRMRKXLIMRHMZMHYEPGSRXIRXZMI[W
8-4

7MRKPIGPMGOXLIHEXITMGOIVMJMXvWRSXEPVIEH]WIPIGXIH
ERHTVIWW XSFVMRKYTXLIEXXVMFYXIWMRWTIGXSV%W
]SYGERWIIMR*MKYVIERYQFIVSJEXXVMFYXIWGER
FIGSRJMKYVIHJSVEHEXITMGOIV=SY[SRvXKIXSJJXLMW
IEW][MXLXLIVIWXSJXLITMGOIVWWSIRNS]MX[LMPI]SY
GER;IvVIKSMRKXSPIEZIQSWXSJXLIZEPYIWEXXLIMV
HIJEYPXWXLSYKL]SYWLSYPHJIIPJVIIXSTPE][MXLXLI
STXMSRW[LIR[IvVIHSRIXSWII[LEXXLI]HS8LISRI
XLMRK[IEVIKSMRKXSHSMWPMQMXXLIVERKISJXLITMGOIV
XSVIEWSREFPIHEXIW'LERKIXLI1MRMQYQHEXIZEPYIXS
ERHGLERKIXLI1E\MQYQXS
2I\XKVEFE6SYRH6IGX&YXXSRJVSQXLIPMFVEV]ERH
TPEGIMXFIPS[XLIHEXITMGOIV(SYFPIGPMGOMXERHKMZI
MXEXMXPISJ7IPIGXERHTVIWW XSW[MXGLXSXLIGSR
RIGXMSRWMRWTIGXSV(VEKJVSQXLIGMVGPIRI\XXSXLI
8SYGL9T-RWMHIIZIRXSZIVXSXLI*MPIvW3[RIVMGSRERH
GSRRIGXXSXLIFYXXSR4VIWWIHEGXMSR8LIRGSRXVSPHVEK
JVSQXLI*MPIvW3[RIVMGSRFEGOXSXLIHEXITMGOIVERH
WIPIGXXLIHEXI4MGOIVSYXPIX7EZIGPSWIXLIRMFERHKS
FEGOXS<GSHI
*MKYVI8LI(EXI4MGOIVMRXLI
PMFVEV]
*MKYVI4PEGIEPPTMGOIVWVMKLXYT
EKEMRWXXLIIHKIWSJXLIZMI[
*MKYVI8LIEXXVMFYXIWMRWTIG
XSVJSVE(EXI4MGOIV
',%48)6 8EF&EVWERH4MGOIVW

2S[[INYWXRIIHXSMQTPIQIRX
(EXI4MGOIV:MI['SRXVSPPIV

?RS[VIPIEWIA
a
&330WLSYPH%YXSVSXEXI8S-RXIVJEGI3VMIRXEXMSR
9 RXIVJEGI3VMIRXEXMSRMRXIVJEGI3VMIRXEXMSR_
6IXYVR=)7JSVWYTTSVXIHSVMIRXEXMSRW
VIXYVRMRXIVJEGI3VMIRXEXMSR!!9 RXIVJEGI3VMIRXEXMSR4SVXVEMX
a
ZSMHHMH6IGIMZI1IQSV];EVRMRK_
?WYTIVHMH6IGIMZI1IQSV];EVRMRKA
6IPIEWIWXLIZMI[MJMXHSIWRXLEZIEWYTIVZMI[
6IPIEWIER]XLMRKXLEXWRSXIWWIRXMEPWYGLEWGEGLIHHEXE
a
',%48)6 8EF&EVWERH4MGOIVW

ZSMHHIEPPSG_
?HEXI4MGOIVVIPIEWIA
?WYTIVHIEPPSGA
a
;IEHHIHXLIMQTPIQIRXEXMSRSJ
FYXXSR4VIWWIH
ERH[ISZIVVSHI
ZMI[(MH0SEH
-R
FYXXSR4VIWWIH
[IYWISYV
HEXI4MGOIV
SYXPIXXSKIXXLIGYVVIRXHEXIZEPYIJVSQXLIHEXI
TMGOIVERHXLIR[IGSRWXVYGXEWXVMRKFEWIHSRXLEXHEXIERHYWIMXXSWLS[EREPIVXWLIIX
-R
ZMI[(MH0SEH

7MRKPI'SQTSRIRX4MGOIV:MI['SRXVSPPIVL8LMWGSRXVSPPIVGPEWW[MPPEGXEWFSXLXLIHEXEWSYVGIERH
XLIHIPIKEXIJSVMXWTMGOIVWS[IRIIHXSQEOIWYVIMXGSRJSVQWXSXLITVSXSGSPWJSVXLSWIX[S
VSPIW-REHHMXMSR[IvPPRIIHXSHIGPEVIERSYXPIXERHEREGXMSR%HHXLIJSPPS[MRKGSHI
MQTSVX 9-/MX9-/MXL"
$MRXIVJEGI7MRKPI'SQTSRIRX4MGOIV:MI['SRXVSPPIV9-:MI['SRXVSPPIV
 9-4MGOIV:MI[(IPIKEXI9-4MGOIV:MI[(EXE7SYVGI"_
',%48)6 8EF&EVWERH4MGOIVW

-&3YXPIX9-4MGOIV:MI[WMRKPI4MGOIV
27%VVE]TMGOIV(EXE
a
$TVSTIVX]RSREXSQMGVIXEMR9-4MGOIV:MI[WMRKPI4MGOIV
$TVSTIVX]RSREXSQMGVIXEMR27%VVE]TMGOIV(EXE
-&%GXMSRFYXXSR4VIWWIH
$IRH
;IWXEVXF]GSRJSVQMRKSYVGSRXVSPPIVGPEWWXSX[STVSXSGSPW
9-4MGOIV:MI[(IPIKEXI
ERH
9-4MGOIV:MI[(EXE7SYVGI
%JXIVXLEX[IHIGPEVIERSYXPIXJSVXLITMGOIVERHETSMRXIVXS
ER
27%VVE]
[LMGL[MPPFIYWIHXSLSPHXLIPMWXSJMXIQWXLEX[MPPFIHMWTPE]IHMRXLITMGOIV
*MREPP][IHIGPEVIXLIEGXMSRQIXLSHJSVXLIFYXXSRNYWXEW[IHMHJSVXLIHEXITMGOIV
&YMPHMRKXLI:MI[
(SYFPIGPMGO7MRKPI'SQTSRIRX4MGOIV:MI[\MFXS
STIRXLIGSRXIRXZMI[JSVXLIWIGSRHXEFMRSYVXEF
FEV&VMRKSZIVE4MGOIV:MI[JVSQXLIPMFVEV]WII
*MKYVIERHEHHMXXS]SYVRMFvW:MI[[MRHS[
TPEGMRKMXWRYKP]MRXSXLIXSTSJXLIZMI[EW]SYHMH

MQTSVX7MRKPI'SQTSRIRX4MGOIV:MI['SRXVSPPIVL
$MQTPIQIRXEXMSR7MRKPI'SQTSRIRX4MGOIV:MI['SRXVSPPIV
$W]RXLIWM^IWMRKPI4MGOIV
$W]RXLIWM^ITMGOIV(EXE
MHMRMX;MXL2MF2EQI277XVMRKRMF2EQI3V2MP
FYRHPI27&YRHPIRMF&YRHPI3V2MP_
MJWIPJ!?WYTIVMRMX;MXL2MF2EQIRMF2EQI3V2MP
FYRHPIRMF&YRHPI3V2MPA_
-RMXMEPM^EXMSRGSHI
a
VIXYVRWIPJ
a
-&%GXMSRFYXXSR4VIWWIH
_
27-RXIKIVVS[!?WMRKPI4MGOIVWIPIGXIH6S[-R'SQTSRIRXA
277XVMRKWIPIGXIH!?TMGOIV(EXESFNIGX%X-RHI\VS[A
277XVMRKXMXPI!??277XVMRKEPPSGAMRMX;MXL*SVQEX
$=SYWIPIGXIH$WIPIGXIHA
9-%PIVX:MI[EPIVX!??9-%PIVX:MI[EPPSGAMRMX;MXL8MXPIXMXPI
QIWWEKI$8LERO]SYJSVGLSSWMRK
HIPIKEXIRMP
GERGIP&YXXSR8MXPI$=SYVI;IPGSQI
SXLIV&YXXSR8MXPIWRMPA
?EPIVXWLS[A
?EPIVXVIPIEWIA
?XMXPIVIPIEWIA
a
ZSMHZMI[(MH0SEH_
27%VVE]EVVE]!??27%VVE]EPPSGAMRMX;MXL3FNIGXW$0YOI$0IME
$,ER$'LI[FEGGE$%VXSS$8LVIITMS$0ERHSRMPA

a
TVEKQEQEVO4MGOIV(IPIKEXI1IXLSHW
277XVMRKTMGOIV:MI[9-4MGOIV:MI[TMGOIV:MI[
XMXPI*SV6S[27-RXIKIVVS[
JSV'SQTSRIRX27-RXIKIVGSQTSRIRX
_
VIXYVR?TMGOIV(EXESFNIGX%X-RHI\VS[A
a
$IRH
8LIJMVWXX[SQIXLSHWWLSYPHFIJEQMPMEVXS]SYF]RS[8LI
FYXXSR4VIWWIH
QIXLSHMW
RIEVP]MHIRXMGEPXSXLISRI[IYWIH[MXLXLIHEXITMGOIV9RPMOIXLIHEXITMGOIVEVIKYPEV
TMGOIVGERvXXIPPYW[LEXHEXEMXLSPHWFIGEYWIMXHSIWRvXQEMRXEMRXLIHEXE-XLERHWXLEXNSF
SJJXSXLIHIPIKEXIERHHEXEWSYVGI-RWXIEH[ILEZIXSEWOXLITMGOIV[LMGLVS[MWWIPIGXIH
ERHXLIRKVEFXLIGSVVIWTSRHMRKHEXEJVSQSYV
TMGOIV(EXE
EVVE]
,IVIMWLS[[IEWOMXJSVXLIWIPIGXIHVS[
27-RXIKIVVS[!?WMRKPI4MGOIVWIPIGXIH6S[-R'SQTSRIRXA
',%48)6 8EF&EVWERH4MGOIVW

2SXMGIXLEX[ILEHXSWTIGMJ][LMGLGSQTSRIRX[I[ERXXSORS[EFSYX;ISRP]LEZISRI
GSQTSRIRXMRXLMWTMGOIVWS[IWMQTP]TEWWMR

[LMGLMWXLIMRHI\SJXLIJMVWXGSQTSRIRX
'%98-32
(MH]SYRSXMGIXLEXXLIVIMWRSEWXIVMWOFIX[IIR
27-RXIKIV
ERH

[IGVIEXIEREVVE][MXLWIZIVEPSFNIGXWWSXLEX[ILEZIHEXEXSJIIHXLI
TMGOIV9WYEPP]]SYVHEXE[MPPGSQIJVSQSXLIVWSYVGIWPMOIETVSTIVX]PMWXMR]SYVTVSNIGXvW
6IWSYVGIWJSPHIV&]IQFIHHMRKEPMWXSJMXIQWMRSYVGSHIXLI[E][IvZIHSRILIVI[IEVI
QEOMRKMXQYGLLEVHIVSRSYVWIPZIWMJ[IRIIHXSYTHEXIXLMWPMWXSVMJ[I[ERXXSLEZISYV
ETTPMGEXMSRXVERWPEXIHMRXSSXLIVPERKYEKIW&YXXLMWETTVSEGLMWXLIUYMGOIWXERHIEWMIWX
[E]XSKIXHEXEMRXSEREVVE]JSVHIQSRWXVEXMSRTYVTSWIW)ZIRXLSYKL]SY[SRvXYWYEPP]
GVIEXI]SYVEVVE]WPMOIXLMW]SY[MPPEPQSWXEP[E]WGEGLIXLIHEXE]SYEVIYWMRKMRXSEREVVE]
LIVIMRXLI
ZMI[(MH0SEH
QIXLSHWSXLEX]SYvVIRSXGSRWXERXP]KSMRKXSHMWOSVXSXLIRIX
[SVOIZIV]XMQIXLITMGOIVEWOW]SYJSVHEXE
8-4
-J]SYvVIRSXWYTTSWIHXSGVIEXIEVVE]WJVSQPMWXWSJSFNIGXWMR]SYVGSHIEW[INYWXHMHMR
ZMI[(MH0SEH

LS[WLSYPH]SYHSMX#)QFIHXLIPMWXWMRTVSTIVX]PMWXJMPIWERHEHHXLSWIJMPIWXSXLI6IWSYVGIWJSPHIVSJ
]SYVTVSNIGX4VSTIVX]PMWXJMPIWGERFIGLERKIH[MXLSYXVIGSQTMPMRK]SYVWSYVGIGSHI[LMGLQIERWRS
VMWOSJMRXVSHYGMRKRI[FYKW[LIR]SYHSWS=SYGEREPWSTVSZMHIHMJJIVIRXZIVWMSRWSJXLIPMWXJSVHMJJIV
IRXPERKYEKIWEW]SYvPPWIIMRXLIGLETXIVSRPSGEPM^MRK]SYVETTPMGEXMSR'LETXIV4VSTIVX]PMWXWGER
FIGVIEXIHYWMRKXLI4VSTIVX]0MWX)HMXSVETTPMGEXMSRPSGEXIHEX(IZIPSTIV%TTPMGEXMSRW9XMPMXMIW4VSTIVX]
0MWX)HMXSVETTSVVMKLXMR<GSHI[LMGLWYTTSVXWXLIIHMXMRKSJTVSTIVX]PMWXWMRXLIIHMXSVTERI&SXL
27%VVE]
ERH
27(MGXMSREV]
SJJIVEQIXLSHGEPPIH
MRMX;MXL'SRXIRXW3J*MPI
XSEPPS[]SY
XSMRMXMEPM^IMRWXERGIWJVSQETVSTIVX]JMPIWSQIXLMRK[IvPPHSMRXLMWGLETXIV[LIRMQTPIQIRXMRKXLI
(ITIRHIRXXEF
',%48)6 8EF&EVWERH4MGOIVW

3RGIEKEMR[IEVIXSPH[LMGLTMGOIVZMI[MWEWOMRKERH[LMGLGSQTSRIRXXLEXTMGOIVMW
EWOMRKEFSYX7MRGI[IORS[XLEX[ILEZISRP]SRITMGOIVERHSRIGSQTSRIRX[IHSRvX
FSXLIV[MXLIMXLIVSJXLIEVKYQIRXWERHWMQTP]VIXYVRXLIGSYRXSJSFNIGXWJVSQSYVHEXE
EVVE]
%JXIVXLIX[SHEXEWSYVGIQIXLSHW[IMQTPIQIRXSRIHIPIKEXIQIXLSH9RPMOIXLIHEXE
WSYVGIQIXLSHWEPPSJXLIHIPIKEXIQIXLSHWEVISTXMSREP8LIXIVQwSTXMSREPxMWEFMXHIGIMZMRK
FIGEYWI]SYHSLEZIXSMQTPIQIRXEXPIEWXSRIHIPIKEXIQIXLSH=SY[MPPYWYEPP]MQTPIQIRX
XLIQIXLSHXLEX[IEVIMQTPIQIRXMRKLIVI%W]SYvPPWII[LIR[IKIXXSXLIGYWXSQTMGOIVMJ
]SY[ERXXSHMWTPE]WSQIXLMRKSXLIVXLERXI\XMRXLITMGOIV]SYLEZIXSMQTPIQIRXEHMJJIVIRX
QIXLSHMRWXIEH
277XVMRKTMGOIV:MI[9-4MGOIV:MI[TMGOIV:MI[
XMXPI*SV6S[27-RXIKIVVS[
JSV'SQTSRIRX27-RXIKIVGSQTSRIRX
_
VIXYVR?TMGOIV(EXESFNIGX%X-RHI\VS[A
a
',%48)6 8EF&EVWERH4MGOIVW

46%+1%;,%8#
(MH]SYRSXMGIXLIWIPMRIWSJGSHIJVSQ7MRKPI'SQTSRIRX4MGOIV:MI['SRXVSPPIVQ#
TVEKQEQEVO
TVEKQEQEVO4MGOIV(EXE7SYVGI1IXLSHW
%R]PMRISJGSHIXLEXFIKMRW[MXL
TVEKQE
MWXIGLRMGEPP]EGSQTMPIVHMVIGXMZIWTIGMJMGEPP]ETVEKQEXMGSV
GSQTMPIVWTIGMJMGHMVIGXMZIXLEX[SRvXRIGIWWEVMP][SVO[MXLSXLIVGSQTMPIVWSVMRSXLIVIRZMVSRQIRXW-J
XLIGSQTMPIVHSIWRvXVIGSKRM^IXLIHMVIGXMZIMXMKRSVIWMXXLSYKLMXQE]KIRIVEXIE[EVRMRK-RXLMWGEWIXLI
TVEKQE
HMVIGXMZIWEVIEGXYEPP]HMVIGXMZIWXSXLI-()RSXXLIGSQTMPIVERHXLI]XIPP<GSHIvWIHMXSVXSTYX
EFVIEOMRXLITSTYTQIRYSJQIXLSHWERHJYRGXMSRWEXXLIXSTSJXLIIHMXSVTERIEWWLS[RMRXLIJSPPS[

[IvVIVIXYVRMRKXLIVMKLXZEPYIERHVS[GSYRXJSVIEGLGSQTSRIRX
(IGPEVMRK3YXPIXWERH%GXMSRW
7MRKPIGPMGO(SYFPI'SQTSRIRX4MGOIV:MI['SRXVSPPIVLERHEHHXLIJSPPS[MRKGSHI
MQTSVX 9-/MX9-/MXL"
HIJMRIO*MPPMRK'SQTSRIRX
HIJMRIO&VIEH'SQTSRIRX
$MRXIVJEGI(SYFPI'SQTSRIRX4MGOIV:MI['SRXVSPPIV9-:MI['SRXVSPPIV
 9-4MGOIV:MI[(IPIKEXI9-4MGOIV:MI[(EXE7SYVGI"
_
-&3YXPIX9-4MGOIV:MI[HSYFPI4MGOIV
27%VVE]JMPPMRK8]TIW
27%VVE]FVIEH8]TIW
a
$TVSTIVX]RSREXSQMGVIXEMR9-4MGOIV:MI[HSYFPI4MGOIV
$TVSTIVX]RSREXSQMGVIXEMR27%VVE]JMPPMRK8]TIW
$TVSTIVX]RSREXSQMGVIXEMR27%VVE]FVIEH8]TIW
-&%GXMSRFYXXSR4VIWWIH
$IRH
',%48)6 8EF&EVWERH4MGOIVW

%W]SYGERWII[IWXEVXSYXF]HIJMRMRKX[SGSRWXERXWXLEX[MPPVITVIWIRXXLIX[SGSQTS
RIRXW[LMGL[MPPQEOISYVGSHIIEWMIVXSVIEH'SQTSRIRXWEVIEWWMKRIHRYQFIVW[MXLXLI
PIJXQSWXGSQTSRIRXFIMRKEWWMKRIH^IVSERHMRGVIEWMRKF]SRIIEGLQSZIXSXLIVMKLX
2I\X[IGSRJSVQSYVGSRXVSPPIVGPEWWXSFSXLXLIHIPIKEXIERHHEXEWSYVGITVSXSGSPWERH
[IHIGPEVIERSYXPIXJSVXLITMGOIVEW[IPPEWJSVX[SEVVE]WXSLSPHXLIHEXEJSVSYVX[S
TMGOIVGSQTSRIRXW%JXIVHIGPEVMRKTVSTIVXMIWJSVIEGLSJSYVMRWXERGIZEVMEFPIW[IHIGPEVI
EWMRKPIEGXMSRQIXLSHJSVXLIFYXXSRNYWXEW[IHMHMRXLIPEWXX[SGSRXI\XTERIW7EZIXLMW
ERHHSYFPIGPMGO(SYFPI'SQTSRIRX4MGOIV:MI[\MFXSSTIRXLIRMFJMPIMR-RXIVJEGI&YMPHIV
&YMPHMRKXLI:MI[
%HHETMGOIVERHEFYXXSRXSXLI:MI[ERHXLIRQEOIXLIRIGIWWEV]GSRRIGXMSRW;IvVIRSX

O&VIEH'SQTSRIRXA
27-RXIKIVJMPPMRK6S[!?HSYFPI4MGOIVWIPIGXIH6S[-R'SQTSRIRX
O*MPPMRK'SQTSRIRXA

277XVMRKFVIEH!?FVIEH8]TIWSFNIGX%X-RHI\FVIEH6S[A
277XVMRKJMPPMRK!?JMPPMRK8]TIWSFNIGX%X-RHI\JMPPMRK6S[A
277XVMRKQIWWEKI!??277XVMRKEPPSGAMRMX;MXL*SVQEX
$=SYV$SR$FVIEH[MPPFIVMKLXYTJMPPMRKFVIEHA
9-%PIVX:MI[EPIVX!??9-%PIVX:MI[EPPSGAMRMX;MXL8MXPI
$8LERO]SYJSV]SYVSVHIV
QIWWEKIQIWWEKI
HIPIKEXIRMP
GERGIP&YXXSR8MXPI$+VIEX
SXLIV&YXXSR8MXPIWRMPA
?EPIVXWLS[A
?EPIVXVIPIEWIA
?QIWWEKIVIPIEWIA
a
ZSMHZMI[(MH0SEH_
27%VVE]FVIEH%VVE]!??27%VVE]EPPSGAMRMX;MXL3FNIGXW$;LMXI
$;LSPI;LIEX$6]I$7SYVHSYKL$7IZIR+VEMRRMPA
WIPJFVIEH8]TIW!FVIEH%VVE]
?FVIEH%VVE]VIPIEWIA
27%VVE]JMPPMRK%VVE]!??27%VVE]EPPSGAMRMX;MXL3FNIGXW$,EQ
$8YVOI]$4IERYX&YXXIV$8YRE7EPEH
$'LMGOIR7EPEH$6SEWX&IIJ$:IKIQMXIRMPA
WIPJJMPPMRK8]TIW!JMPPMRK%VVE]
?JMPPMRK%VVE]VIPIEWIA
a
&330WLSYPH%YXSVSXEXI8S-RXIVJEGI3VMIRXEXMSR

TVEKQEQEVO4MGOIV(IPIKEXI1IXLSHW
277XVMRKTMGOIV:MI[9-4MGOIV:MI[TMGOIV:MI[
XMXPI*SV6S[27-RXIKIVVS[
JSV'SQTSRIRX27-RXIKIVGSQTSRIRX
_
MJGSQTSRIRX!!O&VIEH'SQTSRIRX
VIXYVR?WIPJFVIEH8]TIWSFNIGX%X-RHI\VS[A
VIXYVR?WIPJJMPPMRK8]TIWSFNIGX%X-RHI\VS[A
a
$IRH
8LI
FYXXSR4VIWWIH
QIXLSHMWEPMXXPIQSVIMRZSPZIHXLMWXMQIFYXXLIVIvWZIV]PMXXPIXLIVI
XLEXvWRI[XS]SY[INYWXLEZIXSWTIGMJ][LMGLGSQTSRIRX[IEVIXEPOMRKEFSYX[LIR[I
VIUYIWXXLIWIPIGXIHVS[YWMRKXLSWIGSRWXERXW[IHIJMRIHIEVPMIV
O&VIEH'SQTSRIRX
ERH
O*MPPMRK'SQTSRIRX

27-RXIKIVFVIEH6S[!?HSYFPI4MGOIVWIPIGXIH6S[-R'SQTSRIRX
O&VIEH'SQTSRIRXA
27-RXIKIVJMPPMRK6S[!?HSYFPI4MGOIVWIPIGXIH6S[-R'SQTSRIRX
O*MPPMRK'SQTSRIRXA
=SYGERWIILIVIXLEXYWMRKXLIX[SGSRWXERXWMRWXIEHSJ

ERH

QEOIWSYVGSHIGSRWMHIV
EFP]QSVIVIEHEFPI*VSQXLMWTSMRXSRXLI
FYXXSR4VIWWIH

_
MJGSQTSRIRX!!O&VIEH'SQTSRIRX
VIXYVR?WIPJFVIEH8]TIWSFNIGX%X-RHI\VS[A
VIXYVR?WIPJJMPPMRK8]TIWSFNIGX%X-RHI\VS[A
a
8LEX[EWRvXWSLEVH[EWMX#'SQTMPIERHVYR]SYVETTPMGEXMSRERHQEOIWYVIXLI(SYFPIGSRXIRX
TERIPSSOWPMOI*MKYVI2SXMGIXLEXIEGL[LIIPMWGSQTPIXIP]MRHITIRHIRXSJXLISXLIVSRI8YVR
MRKSRILEWRSEJJIGXSRXLISXLIV8LEXvWETTVSTVMEXIMRXLMWGEWI&YXXLIVIEVIKSMRKXSFIXMQIW
[LIRSRIGSQTSRIRXMWHITIRHIRXSRERSXLIV%KSSHI\EQTPISJXLMWMWMRXLIHEXITMGOIV;LIR
]SYGLERKIXLIQSRXLXLIHMEPXLEXWLS[WXLIRYQFIVSJHE]WMRXLIQSRXLQE]LEZIXSGLERKI
FIGEYWIRSXEPPQSRXLWLEZIXLIWEQIRYQFIVSJHE]W-QTPIQIRXMRKXLMWMWRvXVIEPP]LEVHSRGI]SY
ORS[LS[FYXMXvWRSXXLIIEWMIWXXLMRKXSJMKYVISYXSR]SYVS[RWSPIXvWHSXLEXRI\X
',%48)6 8EF&EVWERH4MGOIVW

-QTPIQIRXMRK(ITIRHIRX'SQTSRIRXW
;IvVITMGOMRKYTWXIEQRS[*SVXLMWRI\XWIGXMSR[IvVIRSXKSMRKXSLSPH]SYVLERHUYMXI
EWQYGL[LIRMXGSQIWXSQEXIVMEP[IvZIEPVIEH]GSZIVIH-RWXIEH[IvPPJSGYWSRXLIRI[
WXYJJ3YVRI[TMGOIV[MPPHMWTPE]EPMWXSJ97WXEXIWMRXLIPIJXGSQTSRIRXERHEPMWXSJ>-4
GSHIWMRXLIVMKLXGSQTSRIRXXLEXGSVVIWTSRHXSXLIWXEXIGYVVIRXP]WIPIGXIHMRXLIPIJX
;IvPPRIIHEWITEVEXIPMWXSJ>-4GSHIZEPYIWJSVIEGLMXIQMRXLIPIJXLERHGSQTSRIRX
;IvPPHIGPEVIX[SEVVE]WSRIJSVIEGLGSQTSRIRXEW[IHMHPEWXXMQI;IvPPEPWSRIIH
ER
27(MGXMSREV]
-RXLIHMGXMSREV][IvVIKSMRKXSLEZIER
27%VVE]
JSVIEGLWXEXIWII
*MKYVI0EXIVSR[IvPPMQTPIQIRXEHIPIKEXIQIXLSHXLEX[MPPRSXMJ]YW[LIRXLI
TMGOIVvWWIPIGXMSRGLERKIW-JXLIZEPYISRXLIPIJXGLERKIW[I[MPPKVEFXLIGSVVIGXEVVE]SYX
SJXLIHMGXMSREV]ERHEWWMKRMXXSXLIEVVE]FIMRKYWIHJSVXLIVMKLXLERHGSQTSRIRX(SRvX
[SVV]MJ]SYHMHRvXGEXGLEPPXLEX[IvPPXEPOEFSYXMXQSVIEW[IKIXMRXSXLIGSHI




27%VVE]
]
VE]
%VVE]
%VVE]
27
27%VVE]
]
27
27%VVE]
]
27
VE]
]


*MKYVI3YVETTPMGEXMSRvWHEXE*SVIEGLWXEXIXLIVI[MPPFISRI
IRXV]MREHMGXMSREV][MXLXLIREQISJXLIWXEXIEWXLIOI]7XSVIHYRHIV
XLEXOI][MPPFIER27%VVE]MRWXERGIGSRXEMRMRKEPPXLI>-4GSHIWJVSQ
XLEXWXEXI