+PUVTWEVKQPOCPWCN
2TGECWVKQPUFWTKPIKPUVCNNCVKQP
6JGOCEJKPGOWUVQPN[DGNKHVGFWUKPIUWKVCDNGGSWKROGPVKPCEEQTFCPEGYKVJNQECNUCHGV[
TGIWNCVKQPU.QQUGQTRKXQVKPIRCTVUOWUVDGUGEWTGN[HCUVGPGFDGHQTGNKHVKPI+VKUUVTKEVN[HQTDKFFGP
VQFYGNNQTUVC[KPVJGTKUM\QPGWPFGTCNKHVGFNQCF.KHVKPICEEGNGTCVKQPCPFFGEGNGTCVKQPOWUVDG
MGRVYKVJKPUCHGNKOKVU9GCTCUCHGV[JGNOGVYJGPYQTMKPIKPVJGCTGCQHQXGTJGCFQTNKHVKPI
GSWKROGPV
2NCEGVJGOCEJKPGYJGTGVJGCODKGPVCKTKUCUEQQNCPFENGCPCURQUUKDNG+HPGEGUUCT[KPUVCNNC
UWEVKQPFWEV0GXGTQDUVTWEVVJGCKTKPNGV%CTGOWUVDGVCMGPVQOKPKOKUGVJGGPVT[QHOQKUVWTGCV
VJGKPNGVCKT
#P[DNCPMKPIHNCPIGURNWIUECRUCPFFGUKEECPVDCIUOWUVDGTGOQXGFDGHQTGEQPPGEVKPIVJG
RKRGU
#KTJQUGUOWUVDGQHEQTTGEVUK\GCPFUWKVCDNGHQTVJGYQTMKPIRTGUUWTG0GXGTWUGHTC[GFFCOCIGF
QTYQTPJQUGU&KUVTKDWVKQPRKRGUCPFEQPPGEVKQPUOWUVDGQHVJGEQTTGEVUK\GCPFUWKVCDNGHQTVJG
YQTMKPIRTGUUWTG
6JGCURKTCVGFCKTOWUVDGHTGGQHHNCOOCDNGHWOGUXCRQWTUCPFRCTVKENGUGIRCKPVUQNXGPVUVJCV
ECPNGCFVQKPVGTPCNHKTGQTGZRNQUKQP
#TTCPIGVJGCKTKPVCMGUQVJCVNQQUGENQVJKPIYQTPD[RGQRNGECPPQVDGUWEMGFKP
'PUWTGVJCVVJGFKUEJCTIGRKRGHTQOVJGEQORTGUUQTVQVJGCHVGTEQQNGTQTCKTPGVKUHTGGVQGZRCPF
WPFGTJGCVCPFVJCVKVKUPQVKPEQPVCEVYKVJQTENQUGVQHNCOOCDNGOCVGTKCNU
0QGZVGTPCNHQTEGOC[DGGZGTVGFQPVJGCKTQWVNGVXCNXGVJGEQPPGEVGFRKRGOWUVDGHTGGQHUVTCKP
+HTGOQVGEQPVTQNKUKPUVCNNGFVJGOCEJKPGOWUVDGCTCENGCTUKIPUVCVKPI�)'46JKUOCEJKPGKU
TGOQVGN[EQPVTQNNGFCPFOC[UVCTVYKVJQWVYCTPKPI
6JGQRGTCVQTJCUVQOCMGUWTGVJCVVJGOCEJKPGKUUVQRRGFCPFVJCVVJGKUQNCVKPIUYKVEJKUQRGP
CPFNQEMGFDGHQTGCP[OCKPVGPCPEGQTTGRCKT#UCHWTVJGTUCHGIWCTFRGTUQPUUYKVEJKPIQP
TGOQVGN[EQPVTQNNGFOCEJKPGUUJCNNVCMGCFGSWCVGRTGECWVKQPUVQGPUWTGVJCVVJGTGKUPQQPG
EJGEMKPIQTYQTMKPIQPVJGOCEJKPG6QVJKUGPFCUWKVCDNGPQVKEGUJCNNDGCHHKZGFVQVJGUVCTV
GSWKROGPV
#KTEQQNGFOCEJKPGUOWUVDGKPUVCNNGFKPUWEJCYC[VJCVCPCFGSWCVGHNQYQHEQQNKPICKTKU
CXCKNCDNGCPFVJCVVJGGZJCWUVGFCKTFQGUPQVTGEKTEWNCVGVQVJGEQORTGUUQTCKTKPNGVQTEQQNKPICKT
KPNGV
6JGGNGEVTKECNEQPPGEVKQPUOWUVEQTTGURQPFVQVJGNQECNEQFGU6JGOCEJKPGUOWUVDGGCTVJGFCPF
RTQVGEVGFCICKPUVUJQTVEKTEWKVUD[HWUGUKPCNNRJCUGU#NQEMCDNGRQYGTKUQNCVKPIUYKVEJOWUVDG
KPUVCNNGFPGCTVJGEQORTGUUQT
1POCEJKPGUYKVJCWVQOCVKEUVCTVUVQRU[UVGOQTKHVJGCWVQOCVKETGUVCTVHWPEVKQPCHVGTXQNVCIG
HCKNWTGKUCEVKXCVGFCUKIPUVCVKPI6JKUOCEJKPGOC[UVCTVYKVJQWVYCTPKPIOWUVDGCHHKZGFPGCT
VJGKPUVTWOGPVRCPGN
+POWNVKRNGEQORTGUUQTU[UVGOUOCPWCNXCNXGUOWUVDGKPUVCNNGFVQKUQNCVGGCEJEQORTGUUQT0QP
TGVWTPXCNXGUEJGEMXCNXGUOWUVPQVDGTGNKGFWRQPHQTKUQNCVKPIRTGUUWTGU[UVGOU
0GXGTTGOQXGQTVCORGTYKVJVJGUCHGV[FGXKEGUIWCTFUQTKPUWNCVKQPHKVVGFQPVJGOCEJKPG'XGT[
RTGUUWTGXGUUGNQTCWZKNKCT[KPUVCNNGFQWVUKFGVJGOCEJKPGVQEQPVCKPCKTCDQXGCVOQURJGTKERTGUUWTG
OWUVDGRTQVGEVGFD[CRTGUUWTGTGNKGXKPIFGXKEGQTFGXKEGUCUTGSWKTGF
2KRGYQTMQTQVJGTRCTVUYKVJCVGORGTCVWTGKPGZEGUUQHu%u(CPFYJKEJOC[DG
CEEKFGPVCNN[VQWEJGFD[RGTUQPPGNKPPQTOCNQRGTCVKQPOWUVDGIWCTFGFQTKPUWNCVGF1VJGTJKIJ
VGORGTCVWTGRKRGYQTMOWUVDGENGCTN[OCTMGF
(QTYCVGTEQQNGFOCEJKPGUVJGEQQNKPIYCVGTU[UVGOKPUVCNNGFQWVUKFGVJGOCEJKPGJCUVQDG
RTQVGEVGFD[CUCHGV[FGXKEGYKVJUGVRTGUUWTGCEEQTFKPIVQVJGOCZKOWOEQQNKPIYCVGTKPNGV
RTGUUWTG