0YGEW8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG
7TIEOMRK
8I\X 8LI1G+VE[n,MPP
'SQTERMIW
WIGSRH[E]XSEZSMHMRGVIQIRXEPTPEKMEVMWQMWXSIVVSRXLIWMHISJGEYXMSR-R
SXLIV[SVHW[LIRMRHSYFXGMXI]SYVWSYVGI
40%+-%6-71%2(8,)-28)62)8
;LIRMXGSQIWXSTPEKMEVMWQRSWYFNIGXTSWIWQSVIGSRJYWMSRhSVQSVI
XIQTXEXMSRhXLERXLI-RXIVRIX&IGEYWIMXtWWSIEW]XSGST]MRJSVQEXMSRJVSQ
XLI;IFQER]TISTPIEVIRSXE[EVISJXLIRIIHXSGMXIWSYVGIW[LIRXLI]YWI
-RXIVRIXQEXIVMEPWMRXLIMVWTIIGLIW-J]SYHSRtXGMXI-RXIVRIXWSYVGIW]SYEVI
NYWXEWKYMPX]SJTPEKMEVMWQEWMJ]SYXEOIMRJSVQEXMSRJVSQTVMRXWSYVGIW[MXL
SYXTVSTIVGMXEXMSR
3RI[E]XSEZSMHTEXGL[SVOTPEKMEVMWQSVMRGVIQIRXEPTPEKMEVMWQ[LIR
[SVOMRK[MXLXLI-RXIVRIXMWXSXEOIGEVIJYPVIWIEVGLRSXIW1EOIWYVI]SYOIITE
VIGSVHSJXLIJSPPS[MRK
XLIXMXPISJXLI-RXIVRIXHSGYQIRX
XLIEYXLSVSV
SVKERM^EXMSRVIWTSRWMFPIJSVXLIHSGYQIRX
XLIHEXISR[LMGLXLIHSGYQIRX
[EWPEWXYTHEXIH
XLIHEXISR[LMGL]SYEGGIWWIHXLIWMXI=SY[MPPRIIHEPPXLMW
MRJSVQEXMSRJSV]SYVWTIIGLFMFPMSKVETL]
=SY[MPPEPWSRIIHXSMHIRXMJ]]SYV-RXIVRIXWSYVGIW[LIR]SYTVIWIRXXLI
WTIIGL-XtWRSXIRSYKLXSWE]q%W-JSYRHSRXLI;IFrSVq%GGSVHMRKXSXLI
-RXIVRIXr=SYRIIHXSWTIGMJ]XLIEYXLSVERHXLI;IFWMXI-R'LETXIV[ItPP
PSSOQSVIGPSWIP]EXLS[XSGMXI-RXIVRIXHSGYQIRXW*SVRS[OIITMRQMRH
XLEXTVSZMHMRKWYGLGMXEXMSRWMWERSXLIVSJ]SYVIXLMGEPVIWTSRWMFMPMXMIWEWE
TYFPMGWTIEOIV
%RSXLIVTVSFPIQ[MXLVIKEVHXSXLI-RXIVRIXMWXLIPEVKIRYQFIVSJ;IF
WMXIWXLEXWIPPIRXMVIWTIIGLIWSVTETIVW-REHHMXMSRXSFIMRKLMKLP]YRIXLMGEP
YWMRKQEXIVMEPJVSQSRISJXLIWIWMXIWMWI\XVIQIP]VMWO]8LIWEQIXIGLRSPSK]
XLEXQEOIWMXIEW]XSTPEKMEVM^IJVSQXLI;IFQEOIWMXIEW]JSVXIEGLIVWXS
PSGEXIQEXIVMEPXLEXLEWFIIRTPEKMEVM^IHERHXLII\EGXWSYVGIJVSQ[LMGLMX
LEWFIIRXEOIR
=SYWLSYPHEPWSORS[XLEXEPQSWXEPPXLIWTIIGLIWERHTETIVW
SJJIVIHJSV
WEPISRXLI;IFEVISJZIV]PS[UYEPMX]-J]SYEVIIZIVXIQTXIHXSTYVGLEWISRI
OIITMRQMRHXLIVIMWEKSSHGLERGI]SY[MPP[EWXI]SYVQSRI]ERHKIXGEYKLX
MRXLITVSGIWW,IVIEWMRSXLIVEWTIGXWSJPMJILSRIWX]MWXLIFIWXTSPMG]
+YMHIPMRIWJSV)XLMGEP0MWXIRMRK
7SJEVMRXLMWGLETXIV[ILEZIJSGYWIHSRXLIIXLMGEPHYXMIWSJTYFPMGWTIEOIVW
&YXWTIIGLQEOMRKMWRSXESRI[E]WXVIIX0MWXIRIVWEPWSLEZIIXLMGEPSFPMKE
XMSRW8LI]EVI
XSPMWXIRGSYVXISYWP]ERHEXXIRXMZIP]
XSEZSMHTVINYHKMRK
XLIWTIEOIVERH
XSQEMRXEMRXLIJVIIERHSTIRI\TVIWWMSRSJMHIEW0IXYW
PSSOEXIEGL
&)'3968)397%2(%88)28-:)
-QEKMRIXLEX]SYEVIKMZMRK]SYVJMVWXGPEWWVSSQWTIIGL=SYLEZITYXEKVIEXHIEPSJXMQI
MRXS[VMXMRKXLIWTIIGLERH]SYLEZITVEGXMGIH]SYVHIPMZIV]YRXMP]SYEVIGSRJMHIRX]SY
GERHS[IPPhIWTIGMEPP]SRGI]SYKIXSZIVXLIMRMXMEPVYWLSJWXEKIJVMKLX
=SYLEZI[SVOIHLEVHSR]SYVMRXVSHYGXMSRERH]SYVWTIIGLKIXWSJJXSEJMRIWXEVX1SWX
SJ]SYVGPEWWQEXIWEVITE]MRKGPSWIEXXIRXMSRFYXWSQIEVIRSX3RIETTIEVWXSFIHSMRK
LSQI[SVOJSVERSXLIVGPEWW%RSXLIVOIITWWRIEOMRKKPERGIWEXXLIWGLSSPRI[WTETIV8[SSV
XLVIIEVIKE^MRKSYXXLI[MRHS[ERHSRIMWPIERMRKFEGOMRLMWGLEMV[MXLLMWI]IWWLYX
+YMHIPMRIWJSV)XLMGEP0MWXIRMRK