0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
&IKMRRMRKERH)RHMRK
XLI7TIIGL
8I\X 8LI1G+VE[n,MPP
'SQTERMIW
',%48)6 &)+-22-2+%2()2(-2+8,)74))',
PEWXGLERGIXSHVMZILSQI]SYVMHIEW1SVISZIV]SYVJMREPMQTVIWWMSR[MPP
TVSFEFP]PMRKIVMR]SYVPMWXIRIVWtQMRHW8LYW]SYRIIHXSGVEJX]SYVGSRGPY
WMSR[MXLEWQYGLGEVIEW]SYVMRXVSHYGXMSR
2SQEXXIV[LEXOMRHSJWTIIGL]SYEVIKMZMRKXLIGSRGPYWMSRLEWX[S
QENSVJYRGXMSRW
8SPIXXLIEYHMIRGIORS[]SYEVIIRHMRKXLIWTIIGL
8SVIMRJSVGIXLIEYHMIRGItWYRHIVWXERHMRKSJSVGSQQMXQIRXXSXLI
GIRXVEPMHIE
0IXYWPSSOEXIEGL
7-+2%08,))2(3*8,)74))',
-XQE]WIIQSFZMSYWXLEX]SYWLSYPHPIX]SYVEYHMIRGIORS[]SYEVIKSMRKXS
WXSTWSSR,S[IZIV]SY[MPPEPQSWXGIVXEMRP]LIEVWTIIGLIWMR]SYVGPEWWMR
[LMGLXLIWTIEOIVGSRGPYHIWWSEFVYTXP]XLEX]SYEVIXEOIRF]WYVTVMWI8SS
WYHHIRERIRHMRKPIEZIWXLIEYHMIRGITY^^PIHERHYRJYPJMPPIH
,S[HS]SYPIXEREYHMIRGIORS[]SYVWTIIGLMWIRHMRK#3RI[E]MW
XLVSYKL[LEX]SYWE]q-RGSRGPYWMSRrq1]TYVTSWILEWFIIRrq0IXQIIRH
F]WE]MRKrhXLIWIEVIEPPFVMIJGYIWXLEX]SYEVIKIXXMRKVIEH]XSWXST
=SYGEREPWSPIX]SYVEYHMIRGIORS[XLIIRHMWMRWMKLXF]]SYVQERRIVSJ
HIPMZIV]8LIGSRGPYWMSRMWXLIGPMQE\SJEWTIIGL%WTIEOIV[LSLEWGEVIJYPP]FYMPX
XSETIEOSJMRXIVIWXERHMRZSPZIQIRX[MPPRSXRIIHXSWE]ER]XLMRKPMOIqMRGSRGPY
WMSRr&]YWISJXLIZSMGIhMXWXSRITEGMRKMRXSREXMSRERHVL]XLQhEWTIEOIVGER
FYMPHXLIQSQIRXYQSJEWTIIGLWSXLIVIMWRSHSYFX[LIRMXMWSZIV
3RIQIXLSHSJHSMRKXLMWLEWFIIRPMOIRIHXSEQYWMGEPGVIWGIRHS%WMR
EW]QTLSR]MR[LMGLSRIMRWXVYQIRXEJXIVERSXLIVNSMRWMRYRXMPXLIIRXMVI
SVGLIWXVEMWTPE]MRKXLIWTIIGLFYMPHWMRJSVGIYRXMPMXVIEGLIWE^IRMXLSJTS[IV
ERHMRXIRWMX]8LMWHSIWRSXQIERWMQTP]KIXXMRKPSYHIVERHPSYHIV-XMWE
GSQFMREXMSRSJQER]XLMRKWMRGPYHMRKZSGEPTMXGLGLSMGISJ[SVHWHVEQEXMG
GSRXIRXKIWXYVIWTEYWIWhERHTSWWMFP]PSYHRIWW
%WYTIVFI\EQTPISJXLMWQIXLSHMWXLIQIQSVEFPIGSRGPYWMSRXS1EVXMR
0YXLIV/MRKtWq-tZI&IIRXSXLI1SYRXEMRXSTrXLIWTIIGLLIHIPMZIVIHXLIRMKLX
FIJSVILI[EWEWWEWWMREXIHMR%TVMP7TIEOMRKXSEREYHMIRGISJTISTPI
MR1IQTLMW8IRRIWWIILIIRHIHLMWWTIIGL[MXLEWXMVVMRKHIGPEVEXMSRXLEXXLI
GMZMPVMKLXWQSZIQIRX[SYPHWYGGIIHHIWTMXIXLIQER]XLVIEXWSRLMWPMJI
0MOIER]FSH]-[SYPHPMOIXSPMZIEPSRKPMJI0SRKIZMX]LEWMXWTPEGIFYX-tQRSXGSR
GIVRIHEFSYXXLEXRS[-NYWX[ERXXSHS+SHtW[MPPERHLItWEPPS[IHQIXSKSYTXSXLI
QSYRXEMRERH-tZIPSSOIHSZIVERH-tZIWIIRXLI4VSQMWIH0ERH-QE]RSXKIXXLIVI[MXL
]SYFYX-[ERX]SYXSORS[XSRMKLXXLEX[IEWETISTPI[MPPKIXXSXLI4VSQMWIH0ERH7S
-tQLETT]XSRMKLX-tQRSX[SVVMIHEFSYXER]XLMRK-tQRSXJIEVMRKER]QER1MRII]IW
LEZIWIIRXLIKPSV]SJXLIGSQMRKSJXLI0SVH
%RSXLIVIJJIGXMZIQIXLSHQMKLXFIGSQTEVIHXSXLIHMWWSPZIIRHMRKSJE
GSRGIVXWSRKXLEXIZSOIWHIITIQSXMSRWq8LIWSRKWIIQWXSJEHIE[E][LMPI
XLIPMKLXSRXLIWMRKIVWLVMROWKVEHYEPP]XSEWQEPPIVERHWQEPPIVGMVGPIYRXMPMX
PMKLXWSRP]XLIJEGIXLIRXLII]IW*MREPP]MXMWETMRTSMRXERHHMWETTIEVW[MXL
XLIPEWXRSXISJXLIWSRKr,IVIMWEWTIIGLIRHMRKXLEXHSIWQYGLXLIWEQI
XLMRK-XMWJVSQ+IRIVEP(SYKPEW1EG%VXLYVtWQSZMRKJEVI[IPPXSXLIGEHIXWEX
XLI971MPMXEV]%GEHIQ]
GVIWGIRHSIRHMRK
%GSRGPYWMSRMR[LMGLXLI
WTIIGLFYMPHWXSE^IRMXLSJ
TS[IVERHMRXIRWMX]
GSRRIGXPYGEWGSQ
:MI[XLIIRHMRKSJ1EVXMR
0YXLIV/MRKtWq-tZI&IIRXS
XLI1SYRXEMRXSTrMRXLI
SRPMRI1IHME0MFVEV]JSVXLMW
GLETXIV:MHIS'PMT