0YGEW 8LI%VXSJ4YFPMG
7TIEOMRK8IRXL)HMXMSR
)XLMGWERH4YFPMG
7TIEOMRK8I\X 8LI1G+VE[n,MPP
'SQTERMIW %TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
0SSOFEGOEXXLIWXSV]SJ*IPMGME6SFMRWSRSRTEKI)ZEPYEXILIVHMPIQQE
MRPMKLXSJXLIKYMHIPMRIWJSVIXLMGEPWTIIGLQEOMRKTVIWIRXIHMRXLMWGLETXIV
)\TPEMR[LEX]SYFIPMIZI[SYPHFIXLIQSWXIXLMGEPGSYVWISJEGXMSRMRLIV
GEWI
8LIMWWYISJMRWYPXMRKERHEFYWMZIWTIIGLhIWTIGMEPP]WPYVWHMVIGXIHEKEMRWX
TISTPISRXLIFEWMWSJVEGIVIPMKMSRKIRHIVSVWI\YEPSVMIRXEXMSRhMWI\XVIQIP]
GSRXVSZIVWMEP(S]SYFIPMIZIWSGMIX]WLSYPHTYRMWLWYGLWTIIGL[MXLGVMQMREP
TIREPXMIW#8S[LEXHIKVIIEVIGSPPIKIWERHYRMZIVWMXMIWNYWXMJMIHMRXV]MRKXSHMW
GMTPMRIWXYHIRXW[LSIRKEKIMRWYGLWTIIGL#(S]SYJIIPMXMWTVSTIVXSTPEGIER]
FSYRHEVMIWSRJVIII\TVIWWMSRMRSVHIVXSTVSLMFMXMRWYPXMRKERHEFYWMZIWTIIGL#
;L]SV[L]RSX#&ITVITEVIHXSI\TPEMR]SYVMHIEWMRGPEWW
%PPXLIJSPPS[MRKWMXYEXMSRWGSYPHEVMWIMR]SYVWTIIGLGPEWW-HIRXMJ]XLIIXLMGEP
MWWYIWMRIEGLERHI\TPEMR[LEXEWEVIWTSRWMFPIWTIEOIVSVPMWXIRIV]SYVGSYVWI
SJEGXMSR[SYPHFI
E =SYEVIWTIEOMRKSRXLIXSTMGSJTVMWSRVIJSVQ-R]SYVVIWIEVGL]SYVYREGVSWW
X[STYFPMGSTMRMSRTSPPW3RISJXLIQERMRHITIRHIRXWYVZI]F]XLI+EPPYT
3VKERM^EXMSRWLS[WXLEXEQENSVMX]SJTISTPIMR]SYVWXEXISTTSWI]SYVTSWM
XMSR8LISXLIVTSPPWYWTIGXMRMXWQIXLSHWERHGSRHYGXIHF]ETEVXMWERSVKERM
^EXMSRWE]WEQENSVMX]SJTISTPIMR]SYVWXEXIWYTTSVX]SYVTSWMXMSR;LMGLTSPP
HS]SYGMXIMR]SYVWTIIGL#-J]SYGMXIXLIWIGSRHTSPPHS]SYTSMRXSYXMXW
WLSVXGSQMRKW#
F ;LIRPMWXIRMRKXSERMRJSVQEXMZIWTIIGLF]SRISJ]SYVGPEWWQEXIW]SYVIEPM^I
XLEXQYGLSJMXMWTPEKMEVM^IHJVSQEQEKE^MRIEVXMGPI]SYVIEHEGSYTPI[IIOW
IEVPMIV;LEXHS]SYHS#(S]SYWE]WSQIXLMRK[LIR]SYVMRWXVYGXSVEWOWJSV
GSQQIRXWEFSYXXLIWTIIGL#(S]SYQIRXMSR]SYVGSRGIVRXSXLIMRWXVYGXSV
EJXIVGPEWW#(S]SYXEPO[MXLXLIWTIEOIV#(S]SYVIQEMRWMPIRX#
G ;LMPIVIWIEVGLMRK]SYVTIVWYEWMZIWTIIGL]SYJMRHEUYSXEXMSRJVSQEREVXMGPI
F]ELMKLP]VIWTIGXIHI\TIVXXLEX[MPPREMPHS[RSRISJ]SYVQSWXMQTSVXERX
TSMRXW&YXEW]SYVIEHXLIVIWXSJXLIEVXMGPI]SYVIEPM^IXLIEYXLSVHSIWRSXMR
JEGXWYTTSVXXLITSPMG]]SYEVIEHZSGEXMRK7LSYPH]SYWXMPPMRGPYHIXLIUYSXE
XMSRMR]SYVWTIIGL#
,EZMRKKVEHYEXIH[MXLEHIKVIIMRTYFPMGEHQMRMWXVEXMSRERHLSTMRKXSTYVWYIE
GEVIIVMRTSPMXMGW]SYLEZIFIIRJSVXYREXIXSVIGIMZIEWXEJJTSWMXMSR[MXLSRISJXLI
PIEHMRKWIREXSVWMR]SYVWXEXIPIKMWPEXYVI7MRGI]SYVEVVMZEPX[SQSRXLWEKS]SY
LEZIERW[IVIHTLSRIWSVHIVIHPYRGLQEHIGSTMIWWXETPIHQEMPMRKWERHWXYJJIH
IRZIPSTIW*MREPP]]SYLEZIFIIREWOIHXSPSSOSZIVEWTIIGLXLIWIREXSV[MPP
HIPMZIVEX]SYVEPQEQEXIV7YVIP]]SYXLMROXLMW[MPPFIXLIJMVWXSJQER]MQTSV
XERXEWWMKRQIRXWSRGI]SYVZEPYIMWVIGSKRM^IH
%JXIVVIEHMRKXLIWTIIGLLS[IZIV]SYVIRXLYWMEWQMWHEQTIRIH=SYEKVII
[LSPILIEVXIHP][MXLMXWWYTTSVXSJEFMPPXSJYRHWGLSPEVWLMTWJSVPS[MRGSQIWXY
HIRXWFYX]SYtVIHMWQE]IHF]MXWEXXEGOSRSTTSRIRXWSJXLIFMPPEWqIPMXMWXFMKSXW
[LS[SYPHHIR]EGSPPIKIIHYGEXMSRXSXLSWI[LSRIIHMXQSWXr=SYLEZIRtXFIIR
EWOIHXSGSQQIRXSRXLIIXLMGWSJXLIWTIIGLERH]SYGIVXEMRP]HSRtX[ERXXS
NISTEVHM^I]SYVTSWMXMSRSRXLIWIREXSVtWWXEJJ%XXLIWEQIXMQI]SYXLMROLMWYWI
SJREQIGEPPMRKQE]EGXYEPP]EVSYWIW]QTEXL]JSVXLISTTSWMXMSR8LIWIREXSV
[SYPHPMOI]SYVGSQQIRXWMRX[SLSYVW;LEX[MPP]SYXIPPLMQ#
%TTP]MRKXLI4S[IVSJ4YFPMG7TIEOMRK
)<)6'-7)7*36'6-8-'%08,-2/-2+