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5  E 4YFPMG 'SQTER] %R] XLVII TSMRXW

E % GSQTER] MR [LMGL RSX PIWW XLER JMJX] TIV GIRX SJ XLI WLEVIW EVI LIPH F] XLI *IHIVEP
+SZIVRQIRX SV 4VSZMRGMEP +SZIVRQIRX
F % GSQTER] MR [LMGL RSX PIWW XLER JMJX] TIVGIRX SJ XLI WLEVIW EVI LIPH F] JSVIMKR
+SZIVRQIRX SV E JSVIMKR GSQTER] S[RIH F] E JSVIMKR +SZIVRQIRX
G % GSQTER] [LSWI WLEVIW [IVI XVEHIH SR E VIKMWXIVIH WXSGO I\GLERKI MR 4EOMWXER EX
ER] XMQI MR XLI XE\ ]IEV ERH [LMGL VIQEMRIH PMWXIH SR XLEX I\GLERKI EX XLI IRH SJ XLEX
]IEV
H % YRMX XVYWX [LSWI YRMXW EVI [MHIP] EZEMPEFPI XS XLI TYFPMG

F 8VIEXQIRX SJ XLI -RGSQI SJ 2SR6IWMHIRX JSV 8E\ 4YVTSWI

M 1V %WPEQ MW PMEFPI XS XE\ MR 4EOMWXER SRP] MR VIWTIGX SJ MRGSQI W  [LMGL GSQIW YRHIV
XLI HIJMRMXMSR SJ 4EOMWXER 7SYVGI -RGSQI  ,I MW HIVMZMRK MRGSQIW JVSQ VIRXEP MRGSQI
  ERH MRZIWXQIRXW MR WLEVIW ERH SXLIV MRWXVYQIRXW    FSXL EVI 4EOMWXER
7SYVGI -RGSQIW ERH EVI XE\EFPI YRHIV XLI 4EOMWXERM XE\ PE[W -R VIWTIGX SJ E RSR
VIWMHIRX JSVIMKR WSYVGI MRGSQI [MPP RSX FI MRGPYHIH MR LMW MRGSQI

MM *SPPS[MRK 4EOMWXER 7SYVGI -RGSQIW [MPP FI MRGPYHIH MR LMW MRGSQI

 %R] MRGSQI [LMGL MW VIGIMZIH MR 4EOMWXER
 %R] MRGSQI [LMGL MW HIIQIH XS FI VIGIMZIH MR 4EOMWXER
 %R] MRGSQI [LMGL EGGVYI SV EVMWI MR 4EOMWXER
 %R] MRGSQI [LMGL MW HIIQIH XS FI EGGVYIH SV EVMWI MR 4EOMWXER

MMM 1V %WPEQ FIMRK E RSRVIWMHIRX HIVMZMRK MRGSQIW GSQIW YRHIV XLI *MREP 8E\ 6IKMQI
*86 

MZ 1V %WPEQ MW RSX PMEFPI XS JMPI XE\ VIXYVR FYX LEW XS WYFQMX ER WXEXIQIRX WLS[MRK EPP
TEVXMGYPEVW VIPEXMRK XS LMW 4EOMWXERWSYVGI MRGSQIW MR TVIWGVMFIH JSVQEX ERH QERRIVW
XS XLI 'SQQMWWMSRIV SJ XE\ FIJSVI XLI XL HE] SJ 7ITXIQFIV RI\X JSPPS[MRK XLI IRH SJ
XLI XE\ ]IEV XS [LMGL XLI WXEXIQIRX SV VIXYVR VIPEXIW

G M 7IVZMGI SJ 2SXMGIW ERH SXLIV (SGYQIRXW XS 6IWMHIRX -RHMZMHYEPW

%R] RSXMGI VIUYMVIH XS FI WIVZIH SR E VIWMHIRX MRHMZMHYEP WLEPP FI XVIEXIH EW TVSTIVP]
WIVZIH SR XLI MRHMZMHYEP MJ 
 4IVWSREPP] WIVZIH SR XLI MRHMZMHYEP
 7IVZIH SR XLI VITVIWIRXEXMZI SJ XLI MRHMZMHYEP MR XLI GEWI SJ ER MRHMZMHYEP YRHIV
E PIKEP HMWEFMPMX] SV E RSRVIWMHIRX MRHMZMHYEP
 7IRX F] VIKMWXIVIH TSWX SV GSYVMIV WIVZMGI XS XLI TIVWSR W VIKMWXIVIH SJJMGI
EHHVIWW SV E TPEGI SJ FYWMRIWW MR 4EOMWXER
 7IVZIH SR XLI MRHMZMHYEP MR XLI QERRIV TVIWGVMFIH JSV WIVZMGI SJ XLI WYQQSRW
YRHIV XLI 'SHI SJ 'MZMP 4VSGIHYVI  : SJ  

8LIWYKKIWXIHERW[IVWTVSZMHIHSRERHQEHIEZEMPEFPIXLVSYKLXLI-RWXMXYXI W[IFWMXIQE]SRP]FIVIJIVVIHVIPMIHYTSRSVXVIEXIHEWEKYMHIERHWYFWXMXYXI
JSV TVSJIWWMSREP EHZMGI 8LI -RWXMXYXI HSIW RSX XEOI ER] VIWTSRWMFMPMX] EFSYX XLI EGGYVEG] GSQTPIXIRIWW SV GYVVIRG] SJ XLI MRJSVQEXMSR TVSZMHIH MR XLI
WYKKIWXIHERW[IVW8LIVIJSVIXLI-RWXMXYXIMWRSXPMEFPIXSEXXIRHSVVIGIMZIER]GSQQIRXWSFWIVZEXMSRWSVGVMXMGWVIPEXIHXSXLIWYKKIWXIHERW[IVW
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MM 7IVZMGI SJ 2SXMGIW ERH SXLIV (SGYQIRXW XS %WWSGMEXMSR SJ 4IVWSR %R] X[S

TSMRXW
%R] RSXMGI SVHIV SV VIUYMWMXMSR VIUYMVIH XS FI WIVZIH SR ER] TIVWSR SXLIV XLER E
VIWMHIRX MRHMZMHYEP QIRXMSRIH EFSZI JSV XLI TYVTSWI SJ -RGSQI 8E\ 3VHMRERGI
WLEPP FI XVIEXIH EW TVSTIVP] WIVZIH SR XLI TIVWSR MJ
 4IVWSREPP] WIVZIH SR XLI VITVIWIRXEXMZI SJ XLI TIVWSR
 7IRX F] VIKMWXIVIH TSWX SV GSYVMIV WIVZMGI XS XLI TIVWSR W VIKMWXIVIH SJJMGI SV
EHHVIWW JSV WIVZMGI SJ RSXMGIW YRHIV -RGSQI 8E\ 3VHMRERGI MR 4EOMWXER
SV [LIVI XLI TIVWSR HSIW RSX LEZI WYGL SJJMGI SV EHHVIWW XLI RSXMGI MW WIRX F]
VIKMWXIVIH TSWX XS ER] SJJMGI SV TPEGI SJ FYWMRIWW SJ XLI TIVWSR MR 4EOMWXER SV
 7IVZIH SR XLI TIVWSR MR XLI QERRIV TVIWGVMFIH JSV WIVZMGI SJ XLI WYQQSRW
YRHIV XLI 'SHI SJ 'MZMP 4VSGIHYVI  : SJ  

5  E *SPPS[MRK XE\ GVIHMXW EVI EPPS[IH SR JYPJMPPQIRX SJ TVIWGVMFIH GSRHMXMSRW YRHIV 7IGXMSRW 
  ERH  SJ XLI -RGSQI 8E\ 3VHMRERGI  %R] X[S I\TPEREXMSRW
'LEVMXEFPI (SREXMSRW 7IGXMSR 
8E\ GVIHMX MW EHQMWWMFPI MR VIWTIGX SJ HSREXMSR KMZIR MR XLI XE\ ]IEV IMXLIV MR GEWL SV MR XLI
JSVQ SJ TVSTIVX] HSREXIH XS ER] FSEVH SJ IHYGEXMSR SV ER] YRMZIVWMX] MR 4EOMWXER SV ER]
IHYGEXMSREP MRWXMXYXMSR LSWTMXEP SV VIPMIJ JYRH IWXEFPMWLIH SV VYR MR 4EOMWXER F] *IHIVEP
+SZIVRQIRX SV E 4VSZMRGMEP +SZIVRQIRX SV 0SGEP +SZIVRQIRX SV ER] RSRTVSJMX
SVKERM^EXMSR
-RZIWXQIRX MR 7LEVIW SV 0MJI -RWYVERGI 4VIQMYQ 7IGXMSR 
8E\ GVIHMX WLEPP FI EPPS[IH XS E VIWMHIRX TIVWSR SXLIV XLER E GSQTER] JSV ER] MRZIWXQIRX
QEHI HYVMRK E XE\ ]IEV MR EGUYMVMRK WLEVIW SJJIVIH XS TYFPMG F] PMWXIH GSQTERMIW SV WSPH F]
4VMZEXM^EXMSR 'SQQMWWMSR SJ 4EOMWXER SV QEOMRK TE]QIRX SJ PMJI MRWYVERGI TVIQMYQ TE]EFPI
XS PMJI MRWYVERGI GSQTERMIW VIKMWXIVIH [MXL 7IGYVMXMIW ERH )\GLERKI 'SQQMWWMSR SJ
4EOMWXER 7)'4 
'SRXVMFYXMSR XS %TTVSZIH 4IRWMSR *YRH 7IGXMSR 
8E\ GVIHMX MW EPPS[IH EX XLI EZIVEKI VEXI SJ XE\ XS ER IPMKMFPI TIVWSR ?ER 282'2-' LSPHIVA
MR VIWTIGX SJ ER] GSRXVMFYXMSR SV TVIQMYQ TEMH F] LMQ MR XLI XE\ ]IEV MR ETTVSZIH TIRWMSR
JYRH TVSZMHIH XLEX WYGL TIRWMSR JYRH LEW FIIR ETTVSZIH YRHIV XLI :SPYRXEV] 4IRWMSR
7]WXIQ 6YPIW 
1EVOYT SR 0SERW JSV ,SYWIW 7IGXMSR 
% XE\ GVIHMX MW EPPS[IH EX XLI EZIVEKI VEXI SJ XE\ MJ XLI XE\TE]IV LEW TEMH ER] EQSYRX EW
MRXIVIWX MI QEVOYT SV WLEVI MR VIRXEP MRGSQI ERH WLEVI XS[EVHW ETTVIGMEXMSR MR XLI ZEPYI
SJ LSYWI I\GPYHMRK VIXYVR SJ GETMXEP MJ ER] SR PSERW FSVVS[IH JSV GSRWXVYGXMSR SV
EGUYMWMXMSR SJ LSYWIW TVSZMHIH XLEX XLI PSER LEW FIIR EHZERGIH SV WERGXMSRIH F]
% WGLIHYPIH FERO
% RSRFEROMRK JMRERGI GSQTER] VIKYPEXIH F] 7IGYVMXMIW ERH )\GLERKI 'SQQMWWMSR
SJ 4EOMWXER 7)'4 
8LI +SZIVRQIRX *IHIVEP 4VSZMRGMEP SV 0SGEP 
7XEXYXSV] FSH] SV
% TYFPMG GSQTER] PMWXIH SR WXSGO I\GLERKI MR 4EOMWXER

8LIWYKKIWXIHERW[IVWTVSZMHIHSRERHQEHIEZEMPEFPIXLVSYKLXLI-RWXMXYXI W[IFWMXIQE]SRP]FIVIJIVVIHVIPMIHYTSRSVXVIEXIHEWEKYMHIERHWYFWXMXYXI
JSV TVSJIWWMSREP EHZMGI 8LI -RWXMXYXI HSIW RSX XEOI ER] VIWTSRWMFMPMX] EFSYX XLI EGGYVEG] GSQTPIXIRIWW SV GYVVIRG] SJ XLI MRJSVQEXMSR TVSZMHIH MR XLI
WYKKIWXIHERW[IVW8LIVIJSVIXLI-RWXMXYXIMWRSXPMEFPIXSEXXIRHSVVIGIMZIER]GSQQIRXWSFWIVZEXMSRWSVGVMXMGWVIPEXIHXSXLIWYKKIWXIHERW[IVW
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F 8E\ 'VIHMX JSV -RZIWXQIRX MR 7LEVIW

M 8LI EQSYRX SJ TIVWSR W XE\ GVIHMX EPPS[IH YRHIV XLMW WIGXMSR WLEPP FI GSQTYXIH
EGGSVHMRK XS XLI JSPPS[MRK JSVQYPE
%& <'
;LIVI
% MW XLI EQSYRX SJ XE\ EWWIWWIH XS XLI TIVWSR JSV XLI XE\ ]IEV FIJSVI
EPPS[ERGI SJ ER] XE\ GVIHMX
& MW XLI TIVWSR W XE\EFPI MRGSQI JSV XLI XE\ ]IEV
' MW XLI PIWWIV SJ 
M 8LI XSXEP GSWX SJ EGUYMVMRK XLI WLEVIW
MM  SJ XLI TIVWSR W XE\EFPI MRGSQI JSV XLI ]IEV
MMM 3RI QMPPMSR 6YTIIW

MM % !  1%6/7
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8E\ GVIHMX  6W  

MMM -J E TIVWSR LEW FIIR EPPS[IH E XE\ GVIHMX YRHIV 7IGXMSR   SJ XLI -RGSQI 8E\
3VHMRERGI  MR E XE\ ]IEV MR VIWTIGX SJ XLI TYVGLEWI SJ E WLEVI ERH WYGL WLEVIW
EVI HMWTSWIH [MXLMR  QSRXLW SJ XLI HEXI SJ EGUYMWMXMSR XLI EQSYRX SJ XE\ TE]EFPI F]
XLI TIVWSR JSV XLI XE\ ]IEV MR [LMGL XLI WLEVIW [IVI HMWTSWIH SJ WLEPP FI MRGVIEWIH F]
XLI EQSYRX SJ XLI GVIHMX EPPS[IH

G 4E]QIRX XS 2SR6IWMHIRX
7IGXMSR  SJ -RGSQI 8E\ 3VHMRERGI  TIVXEMRW XS XE\EXMSR SJ WTIGMJMIH TE]QIRXW
XS RSRVIWMHIRX TIVWSRW 9RHIV XLMW TVSZMWMSR SJ PE[ XLI VEXI TVIWGVMFIH JSV TE]QIRX
XS RSRVIWMHIRX TIVWSRW MW  WYFNIGX XS GIVXEMR I\GITXMSRW [LIVI PS[IV XE\ VEXIW EVI
WTIGMJMGEPP] QEHI ETTPMGEFPI
-R XLI KMZIR WGIREVMS SJ *MRERGI &ERO 0MQMXIH *&0  XLI VEXI SJ  YRHIV 7IGXMSR
 WLEPP RSX ETTP] MJ XLI JSPPS[MRK GSRHMXMSRW EVI WEXMWJMIH
-J XLI TE]QIRX XS RSRVIWMHIRX JEPPW [MXLMR XLI EQFMX SJ 7IGXMSR  [LMGL HIEPW
[MXL FVSOIVEKI ERH GSQQMWWMSR MRGSQI
-J WYGL TE]QIRX MW QEHI XS XLI 4IVQERIRX )WXEFPMWLQIRX SJ 2SRVIWMHIRX JSV
[LMGL E GIVXMJMGEXI XS XLMW IJJIGX MW SFXEMRIH JVSQ XLI 'SQQMWWMSRIV -RPERH
6IZIRYI
-R XLI MRWXERX GEWI XLI *&0 WLSYPH LEZI ETTPMIH XS XLI 'SQQMWWMSRIV JSV QEOMRK
TE]QIRX [MXLSYX HIHYGXMSR SJ XE\ SR XLI KVSYRH XLEX XLI TE]QIRX MW MR XLI REXYVI SJ
GSQQMWWMSR ERH MW QEHI XS XLI 4IVQERIRX )WXEFPMWLQIRX SJ RSRVIWMHIRX

8LIWYKKIWXIHERW[IVWTVSZMHIHSRERHQEHIEZEMPEFPIXLVSYKLXLI-RWXMXYXI W[IFWMXIQE]SRP]FIVIJIVVIHVIPMIHYTSRSVXVIEXIHEWEKYMHIERHWYFWXMXYXI
JSV TVSJIWWMSREP EHZMGI 8LI -RWXMXYXI HSIW RSX XEOI ER] VIWTSRWMFMPMX] EFSYX XLI EGGYVEG] GSQTPIXIRIWW SV GYVVIRG] SJ XLI MRJSVQEXMSR TVSZMHIH MR XLI
WYKKIWXIHERW[IVW8LIVIJSVIXLI-RWXMXYXIMWRSXPMEFPIXSEXXIRHSVVIGIMZIER]GSQQIRXWSFWIVZEXMSRWSVGVMXMGWVIPEXIHXSXLIWYKKIWXIHERW[IVW
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5  2EQI SJ 8E\TE]IV  4VMQI 0IEXLIV ;SVOW 4ZX 0MQMXIH

2EXMSREP 8E\ 2YQFIV  <<<
8E\ =IEV )RHIH SR  .YRI  
8E\ =IEV   
4IVWSREP 7XEXYW  4VMZEXI 'SQTER]
6IWMHIRXMEP 7XEXYW 6IWMHIRX  6IWMHIRX

6YTIIW
(IWGVMTXMSR %QSYRX
%GGSYRXMRK 4VSJMX  
%HH -REHQMWWMFPI HIHYGXMSRW
%GGSYRXMRK HITVIGMEXMSR   
4VSZMWMSR JSV HSYFXJYP VIGIMZEFPIW  
4VSZMWMSR JSV TSWX IQTPS]QIRX FIRIJMXW  
*MRIW ERH TIREPXMIW  
'SQQMWWMSR I\TIRWI  
8E\EFPI KEMR SR HMWTSWEP SJ JM\IH EWWIX  
 
0IWW %HQMWWMFPI (IHYGXMSRW
8E\ HITVIGMEXMSR  
&EH HIFXW  
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%GGSYRXMRK KEMR SR HMWTSWEP SJ JM\IH EWWIXW  
 
8E\EFPI 4VSJMX  
0IWW (MZMHIRH MRGSQI 7ITEVEXI &PSGO SJ -RGSQI  

0IWW 4VSJMX VIPEXIH XS JMREP XE\EXMSR   
2IX 8E\EFPI 4VSJMX 2SVQEP -RGSQI  
! 2SVQEP 8E\ 0MEFMPMX]   
*MREP 8E\ 0MEFMPMX]   
8E\ SR HMZMHIRH MRGSQI   
8SXEP 8E\ 0MEFMPMX]  
0IWW 8E\ TEMH WYJJIVIH EX WSYVGI  
2IX 8E\ 4E]EFPI  
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8LIWYKKIWXIHERW[IVWTVSZMHIHSRERHQEHIEZEMPEFPIXLVSYKLXLI-RWXMXYXI W[IFWMXIQE]SRP]FIVIJIVVIHVIPMIHYTSRSVXVIEXIHEWEKYMHIERHWYFWXMXYXI
JSV TVSJIWWMSREP EHZMGI 8LI -RWXMXYXI HSIW RSX XEOI ER] VIWTSRWMFMPMX] EFSYX XLI EGGYVEG] GSQTPIXIRIWW SV GYVVIRG] SJ XLI MRJSVQEXMSR TVSZMHIH MR XLI
WYKKIWXIHERW[IVW8LIVIJSVIXLI-RWXMXYXIMWRSXPMEFPIXSEXXIRHSVVIGIMZIER]GSQQIRXWSFWIVZEXMSRWSVGVMXMGWVIPEXIHXSXLIWYKKIWXIHERW[IVW
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5 E M 8E\EXMSR SJ *VII 7EQTPIW

7EQTPI TEGOW [MXLSYX ER] GSRWMHIVEXMSR MW XVIEXIH EW WYTTP] JSV XLI TYVTSWI SJ
MQTSWMXMSR SJ WEPIW XE\ YRHIV XLI 7EPIW 8E\ %GX 
%W XLI KSSHW EVI FIMRK WYTTPMIH JVII SJ GSWX XLI JEMV QEVOIX ZEPYI WLEPP FI XEOIR EW E
ZEPYI JSV XLI WEPIW XE\ TYVTSWIW ERH WEPIW XE\ MW ETTPMGEFPI EX  SR XLI STIR
QEVOIX TVMGI SJ WYGL KSSHW

MM 8E\EXMSR MR 'EWI SJ 4EGOEKI (IEP

%W XLI WEPI YRHIV E TEGOEKI HIEP MW E RSVQEP FYWMRIWW TVEGXMGI XLIVIJSVI XLI
HMWGSYRXIH TVMGI WLEPP FI XEOIR EW ZEPYI SJ WYTTPMIW QEHI ERH WLEPP FI GLEVKIH XS
WEPIW XE\

MMM 7EPI YRHIV ,MVI 4YVGLEWI %KVIIQIRX

;LIVI E XE\EFPI WYTTP] MW QEHI YRHIV XLI LMVITYVGLEWIMRWXEPPQIRX QSHI 7EPIW XE\
MW ETTPMGEFPI SR STIR QEVOIX TVMGI SJ XLI WYTTP] I\GPYHMRK XLI EQSYRX SJ XE\ SR WYGL
WYTTP] IZIR MJ XLI TVMGI MW LMKLIV HYI XS IPIQIRX SJ QEVOYT SV WYVGLEVKI
-R XLI PMKLX SJ XLI EFSZI TVSZMWMSR XLIWI KSSHW WLEPP FI GLEVKIH XS XE\ EX XLI VEXI
TVIZEMPMRK EX XLI XMQI [LIR EKVIIQIRX MW IRXIVIH MRXS 8LIVI [MPP FI RS MQTEGX SJ XE\
PMEFMPMX] MJ XLI XE\ VEXI MW GLERKI PEXIV SR
1%6/7
F 3YXTYX XE\ 6YTIIW
7EPIW XS VIKMWXIVIH TIVWSRW   \   
7EPIW XS RSRVIKMWXIVIH TIVWSR  \   ?2A  
7EPIW SJ I\IQTXIH KSSHW   
8SXEP  
0IWW -RTYX XE\ EPPS[IH ?2A  
2IX XE\ TE]EFPI  
2 % TIVWSR QEOMRK XE\EFPI WYTTPMIW XS RSRVIKMWXIVIH TIVWSR WLEPP GLEVKI ERH
TE] E JYVXLIV XE\ $  SJ XLI ZEPYI SJ WYTTPMIW FIWMHIW GLEVKMRK XE\ EX XLI 
RSVQEP VEXI SJ WEPIW XE\
2 8SXEP MRTYX XE\ 6YTIIW
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-RTYX XE\ TEMH XS /)7' ?2A 
 
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LMQ WS LMW GYWXSQIV GERRSX GPEMQ GVIHMX SJ MRTYX XE\
2 -RTYX XE\ TEMH SR IPIGXVMGMX] FMPP MW EZEMPEFPI EW GVIHMX EKEMRWX XLI SYXTYX XE\
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QERYJEGXYVMRK WYGL KSSHW [LMGL EVI WYFNIGX XS XLI WEPIW XE\

8LIWYKKIWXIHERW[IVWTVSZMHIHSRERHQEHIEZEMPEFPIXLVSYKLXLI-RWXMXYXI W[IFWMXIQE]SRP]FIVIJIVVIHVIPMIHYTSRSVXVIEXIHEWEKYMHIERHWYFWXMXYXI
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WYKKIWXIHERW[IVW8LIVIJSVIXLI-RWXMXYXIMWRSXPMEFPIXSEXXIRHSVVIGIMZIER]GSQQIRXWSFWIVZEXMSRWSVGVMXMGWVIPEXIHXSXLIWYKKIWXIHERW[IVW
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M % VIXEMPIV [LSWI ZEPYIW SJ WYTTPMIW I\GIIHW VYTIIW JMZI  QMPPMSR MR ER] TIVMSH
HYVMRK XLI PEWX X[IPZI QSRXLW MW VIUYMVIH XS VIKMWXIV [MXL XLI WEPIW XE\ EYXLSVMXMIW

MM =IW ^IVS VEXIH ERH I\IQTXIH WYTTPMIW [MPP GSRWXMXYXI XLI TEVX SJ ZEPYI SJ WYTTPMIW JSV
XLI TYVTSWIW SJ GLEVKMRK ERH GSPPIGXMRK WEPIW XE\

MMM 8LI VIXEMPIVW WLEPP RSX FI IRXMXPIH XS EHNYWX ER] MRTYX XE\ SV GPEMQ VIJYRH SJ WEPIW XE\

MZ % VIXEMPIV STIVEXMRK YRHIV XLIWI VYPIW WLEPP HITSWMX XLI WEPIW XE\ HYI EPSRK [MXL VIXYVR
SR UYEVXIVP] FEWMW MR XLI QERRIV TVIWGVMFIH MR 'LETXIV -- SJ XLI 7EPIW 8E\ 6YPIW
 EGGSVHMRK XS JSPPS[MRK XMQIJVEQI REQIP]
5YEVXIV IRHMRK SR XL 7ITXIQFIV WLEPP FI JMPIH F] XLI XL HE] SJ 3GXSFIV
5YEVXIV IRHMRK SR WX (IGIQFIV WLEPP FI JMPIH F] XL HE] SJ .ERYEV]
5YEVXIV IRHMRK SR WX 1EVGL WLEPP FI JMPIH F] XLI XL HE] SJ %TVMP ERH
5YEVXIV IRHMRK SR XL .YRI WLEPP FI JMPIH F] XLI XL HE] SJ .YP]

Z =IW MX MW QERHEXSV] XLEX XLI VIXEMPIV WLEPP MWWYI WIVMEPP] RYQFIVIH MRZSMGIW SV GEWL
QIQSW JSV IEGL WYTTP] QEHI F] LMQ 8LIWI HSGYQIRXW QE] FI KIRIVEXIH QERYEPP]
SV XLVSYKL *MWGEP )PIGXVSRMG 'EWL 6IKMWXIV *)'6 

F M *VERGLMWI
*VERGLMWI QIERW ER EYXLSVMX] KMZIR F] E JVERGLMWIV YRHIV [LMGL JVERGLMWII MW
GSRXVEGXYEPP] SV SXLIV[MWI KVERXIH ER] VMKLX XS TVSHYGI QERYJEGXYVI WIPP SV XVEHI MR SV
HS ER] SXLIV FYWMRIWW EGXMZMX] MR VIWTIGX SJ KSSHW SV XS TVSZMHI WIVZMGIW SV XS
YRHIVXEOI ER] TVSGIWW MHIRXMJMIH [MXL JVERGLMWIV EKEMRWX E JII SV GSRWMHIVEXMSR
MRGPYHMRK VS]EPX] SV XIGLRMGEP JII [LIXLIV SV RSX E XVEHI QEVO WIVZMGI QEVO XVEHI
REQI PSKS FVERH REQI SV ER] WYGL VITVIWIRXEXMSR SV W]QFSP EW XLI GEWI QE] FI MW
MRZSPZIH

MM 4VSTIVX] (IZIPSTIVW SV 4VSQSXIVW

4VSTIVX] HIZIPSTIVW SV TVSQSXIVW QIERW TIVWSRW IRKEKIH MR HIZIPSTQIRX SJ
TYVGLEWIH SV PIEWIH PERH JSV GSRZIVWMSR MRXS VIWMHIRXMEP SV GSQQIVGMEP TPSXW SV
GSRWXVYGXMSR SJ VIWMHIRXMEP SV GSQQIVGMEP YRMXW JSV WEPI

G M 8IQTSVEV] )\TSVX SJ -QTSVXIH 4PERX ERH 1EGLMRIV]

%R MQTSVXIH TPERX ERH QEGLMRIV] XLEX LEW FIIR XIQTSVEVMP] I\TSVXIH QE] FI VI
MQTSVXIH HYX] JVII WYFNIGX XS XLI JSPPS[MRK GSRHMXMSRW
E 8LI TPERX ERH QEGLMRIV] XLEX LEZI RSX YRHIVKSRI ER] EPXIVEXMSR
VIRSZEXMSR EHHMXMSR SV VIJYVFMWLQIRX
F 8LI KIRIVEP SV WTIGMJMG GSRHMXMSRW TVIWGVMFIH F] XLI &SEVH LEZI FIIR
JYPJMPPIH

MM :EPYI SJ (EQEKIH +SSHW

*SV XLI TYVTSWIW SJ XLMW WIGXMSR XLI ZEPYI SJ HEQEKIH SV HIXIVMSVEXIH KSSHW QE] FI
EWGIVXEMRIH F] IMXLIV SJ XLI JSPPS[MRK QIXLSHW EX XLI STXMSR SJ XLI S[RIV
:EPYI QE] FI ETTVEMWIH F] ER 3JJMGIV SJ 'YWXSQW RSX FIPS[ XLI VERO SJ
%WWMWXERX 'SPPIGXSV SR XLI FEWMW SJ TL]WMGEP I\EQMREXMSR SJ XLI KSSHW SV
7YGL KSSHW QE] FI WSPH F] TYFPMG EYGXMSR SV F] XIRHIV SV [MXL XLI GSRWIRX SJ
XLI S[RIV MR ER] SXLIV QERRIV ERH XLI KVSWW WEPI TVSGIIHW WLEPP FI HIIQIH
XS FI XLI ZEPYI SJ WYGL KSSHW MRGPYWMZI SJ HYXMIW

8,) )2(
8LIWYKKIWXIHERW[IVWTVSZMHIHSRERHQEHIEZEMPEFPIXLVSYKLXLI-RWXMXYXI W[IFWMXIQE]SRP]FIVIJIVVIHVIPMIHYTSRSVXVIEXIHEWEKYMHIERHWYFWXMXYXI
JSV TVSJIWWMSREP EHZMGI 8LI -RWXMXYXI HSIW RSX XEOI ER] VIWTSRWMFMPMX] EFSYX XLI EGGYVEG] GSQTPIXIRIWW SV GYVVIRG] SJ XLI MRJSVQEXMSR TVSZMHIH MR XLI
WYKKIWXIHERW[IVW8LIVIJSVIXLI-RWXMXYXIMWRSXPMEFPIXSEXXIRHSVVIGIMZIER]GSQQIRXWSFWIVZEXMSRWSVGVMXMGWVIPEXIHXSXLIWYKKIWXIHERW[IVW
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