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Cet ensemble (une couverture avec ses plans et un livret descriptif) forme un module complet pour les RÈGLES
DE BASE de DONJONS & DRAGONS®. Il est spécialement conçu pour aider et guider les Maîtres de Donjon et les
joueurs débutants, et en particulier pour permettre aux nouveaux Maîtres de Donjon de mettre en place une partie
avec un minimum de préparation. Et avec seulement quelques modifications mineures, ce module pourra égale-
ment être utilisé avec les règles AVANCÉES de DONJONS & DRAGONS®.
En plus des éléments descriptifs et situationnels, ce module inclut également des sections spéciales d’informations
comprenant : l’historique du contexte et les légendes qui l’entourent, des listes de monstres et de trésors et
comment les mettre en place, des listes de personnages pré-tirés, des conseils pour le Maître de Donjon sur diffé-
rents aspects du jeu, et d’autres pour aider les joueurs débutants.
Si vous avez aimé ce module, regardez les autres parutions pour la gamme D&D® de TSR, The Game Wizards!
 5@?;@?D5C28@?D®CÎX]VdUV3RdV KDTQR OQNOQDR ODQRNMM@FDR BQllR RDKNM K@ LlSGNCD CNMMlD
 C@MRKDL@MTDKCDR3mFKDRCD#@RDCD%0/+0/4 %3"(0/4 
5`_[`_DaÏTZR]U|:_ZeZReZ`_>`Uf]V3" RNHSBGNHRHQO@QLHKDRKHRSDRCDODQRNMM@FDROQlSHQlRENTQMHDRfK@

6?BF°E656=|:?4@??F EHMCDBDKHUQDSþKHRSDRPTHRDQUHQNMS@TRRHfK@BQl@SHNMC±lUDMSTDKR
 RDQU@MSR DSNT BNLO@FMNMR C±@QLDR PTH ONTQQNMS @BBNLO@
aRc>Z\V4Rcc FMDQKDRODQRNMM@FDRINTDTQRC@MRKDTQ@UDMSTQDÿ

:?EC@5F4E:@?+ $DKHUQDSþDSK@BNTUDQSTQDPTHK
@BBNLO@FMDÿ 5QNHRHmLDLDMS  BD LNCTKD OQlRDMSD OKTRHDTQR O@RR@FDR ODQSH
BNMRSHSTDTMLNCTKDROlBH@KC±HMHSH@SHNM@TW3mFKDRCD#@RDCD MDMSR RTQ K@ L@MHmQD CD AHDM BNMBDUNHQ TM CNMINM PTD SNTS
%0/+0/4 %3"(0/4® DSCDBDE@HSDRSROlBHEHPTDLDMSQDBNL MNTUD@T .% RDQ@HS ENQS @UHRl CD OQDMCQD DM BNMRHClQ@SHNM %D
L@MCl@TWINTDTQRDS.@rSQDRCD%NMINMClATS@MSR%DO@QR@ LnLD  HK CDUQ@HS F@QCDQ f K±DROQHS KDR BNMRDHKR RTHU@MSR KNQRPT±HK
BNMBDOSHNMO@QSHBTKHmQD HKONRRmCDCDMNLAQDTRDR@OOKHB@SHNMR BNLLDMBDQ@flK@ANQDQRDROQNOQDROK@MRDSRHST@SHNMR
DSRDQSCDLTKSHOKDRNAIDBSHER 
 ÿ aS@MS CNMMl PT±HK DRS HLONQS@MS C±NEEQHQ @TW INTDTQR TM ClEH f
-@OKTO@QSCDRlKlLDMSRLDMSHNMMlRC@MRBDLNCTKDRNMSClBQHSR KDTQLDRTQD BDCNMINMRTQCDTWMHUD@TW@CNMBlSlBNMkTSNTS
C@MR KD L@MTDK CDR 3mFKDR CD #@RDCD %  % 1@Q DMCQNHSR  CD ROlBH@KDLDMS@EHMC±nSQDDWOKNQlO@QCDRINTDTQRClATS@MSRENQ
MNTUD@TW lKlLDMSR þSDKR PTD LNMRSQDR  NAIDSR L@FHPTDR  DSBÿ L@MS TM FQNTOD CD  f  @UDMSTQHDQR þBD MNLAQD HMBKTS @TRRH
RNMSHMSQNCTHSR L@HRKNQRPTDB±DRSKDB@R TMDEENQSSNTSO@QSHBTKHDQ AHDMKDRODQRNMM@FDRINTDTQRPTDMNMINTDTQRÿ@UDBKDR3mFKDR
@ lSl E@HS @EHM CD UNTR ENTQMHQ KDR DWOKHB@SHNMR MlBDRR@HQDR RTQ CD#@RDCD% %$DBHRDQDEKmSDCDCHEElQDMSDRL@MHmQDR
KDTQRDEEDSRDS@RODBSRHLONQS@MSR 
 @ÿ &M FlMlQ@K  BD CNMINM DRS LNHMR LDTQSQHDQ DS OKTR HMCTK
$DTWPTHNMSK
HMSDMSHNMCDClATSDQDMS@MSPTDINTDTQR@UDBBD FDMS PTD BDTW OQlUTR ONTQ CDR INTDTQR DWOlQHLDMSlR *K
LNCTKD RDQ@HDMS AHDM @UHRlR C±DM @QQnSDQ K@ KDBSTQD RTQ KD OQNONRD SNTSDENHR CDR ClEHR @RRDY RSHLTK@MSR DS M±DRS DM
BG@LO -@ Q@HRNM DM DRS PTD  ONTQ CDR O@QSHBHO@MSR CNMS K@ @TBTM B@R E@BHKD -DR @UDMSTQHDQR HMRNTBH@MSR O@HDQNMS
RDTKDBNMM@HRR@MBDPT±HKRDMNMSRNMSKDRHMENQL@SHNMRClKHUQlDR C±@HKKDTQRKDOQHWCDKDTQRHLOQTCDMBDR¬BDBHM±DRSPT±TMD
O@Q KD LDMDTQ CD IDT  K±@LTRDLDMS NEEDQS O@Q BD LNCTKD RDQ@ CDRMNLAQDTRDRKDkNMRPTDKDTQDMRDHFMDQ@K±DWOKNQ@SHNM
QDMENQBl f BG@BTMD CD KDTQ BNMEQNMS@SHNM E@BD f K±HMBNMMT DS C±TMCNMINM
K±HM@SSDMCT$±DRSBDSSDMNSHNMCDBNMEQNMS@SHNME@BDfK±HMBNMMT 
@HMRH PTD K@ QDBGDQBGD CD SQlRNQR PTH DM ClBNTKD þ@UDB CDR Aÿ -DCNMINMDRSBNMkTCDL@MHmQDfnSQDHMRSQTBSHEONTQKDR
LNMRSQDRGNRSHKDRDSCDRC@MFDQRHM@SSDMCTRPT±HKE@TSClINTDQDS MNTUD@TWINTDTQR*KCNHSC@MRRNMDMRDLAKDnSQDE@BHKDf
RTQLNMSDQÿ PTH DRS K±DRRDMBD LnLD C±TMD @UDMSTQD CD B@QSNFQ@OGHDQ  AHDM PTD BDQS@HMDR RDBSHNMR OTHRRDMS RD
%0/+0/4 %3"(0/4 DSDMR@UNHQSQNOODTSFgBGDQKDOK@HRHQ QlUlKDQOKTRBNLOKHPTlDR¬DMO@QSHBTKHDQC@MRKDMHUD@T
CDK
DWOlQHDMBDPTHE@HSCD% %TMIDTRHROlBH@K%NMB RHUNTR HMElQHDTQN{CQDRRDQKDOK@MCDRB@UDQMDRDSSTMMDKRS@HKKlR
BNLOSDY nSQD INTDTQ C@MR BD LNCTKD  BDRRDY CD KHQD CmR fLnLDK@QNBGDRDQlUmKDQ@nSQDTMUlQHS@AKDClEH
L@HMSDM@MS  QlRHRSDY f K@ SDMS@SHNM þPTH ODTS nSQD BNMRHClQ@AKDÿ 
C±DMDW@LHMDQKDBNMSDMT LDSSDYKDCDBwSl DS@SSDMCDYPTD Bÿ -DRLNMRSQDRQDMBNMSQlRRDQNMSFlMlQ@KDLDMSOQNONQSHNM
UNSQD.@rSQDCD%NMINMRNHSOQnSfK±TSHKHRDQ7NTRMDKDQDFQDSSDQDY MlR f K@ B@O@BHSl PT±NMS KDR @UDMSTQHDQR CD KDR U@HMBQD
O@R $NMBDQM@MS KDR PTDKPTDR Q@QDR C±DMSQD DTW PTH RNMS SQNO
OTHRR@MSR KDR@UDMSTQHDQRCDUQNMS@KNQRRNHS@OOQDMCQDK
@QS
?@E6DA@FC=6>2´EC6565@?;@? MlBDRR@HQD CD K@ ETHSD  RNHS DLOKNXDQ K@ QTRD DS CDR
LNXDMROKTROTHRR@MSRBNMSQDDTW
&M S@MS PTD .@rSQD CD %NMINM ClATS@MS  UNTR SQNTUDQDY BD 
LNCTKD TSHKD f AHDM CDR lF@QCR 1QDLHmQDLDMS  HK NEEQD TM Cÿ %±TMDL@MHmQDFlMlQ@KD KDRSQlRNQRRNMSCDE@HAKDU@KDTQ 
DWDLOKDUHRTDKCDBDPT±DRSKDClATSC±TMCNMINM%DBDE@HS HK AHDM PTD BDQS@HMR OTHRRDMS nSQD OKTR RTARS@MSHDKR RH KDR
ODTS R±@UlQDQ TSHKD @TW .@rSQDR CD %NMINM DM GDQAD PTH AlMl @UDMSTQHDQRRDLNMSQDMSG@AHKDRNTAHDMBG@MBDTW
EHBHDMS @HMRH C±TM @ODQkT CD BD f PTNH QDRRDLAKD KD OK@M C±TM 
CNMINM $DTW PTH BNMkNHUDMS ClIf KDTQR OQNOQDR CNMINMR ONTQ ÿ -D CNMINM OQNONRD TM K@QFD lUDMS@HK CDR lKlLDMSR SXOHPTDR
QNMSPT@MSfDTWMNSDQKDRCHEElQDMSR@RODBSRCDBDKTHBH BDPTH @TWPTDKR KDR INTDTQR @OOQDMCQNMS f CDUNHQ R
@SSDMCQD  @HMRH PTD
KDTQ ENTQMHQ@ CDR HMCHB@SHNMR OQlBHDTRDR CTQ@MS KD OQNBDRRTR CD PTDKPTDRSNTQRDSOHmFDRHMSlQDRR@MSR
BQl@SHNM LDM@MS f K±lK@ANQ@SHNM CDR KDTQR &S ONTQ BDTW PTH 
RNTG@HSDQ@HDMS RD K@MBDQ C@MR K@ BQl@SHNM CD KDTQR OQNOQDR @ÿ 1KTRHDTQRONQSDRRDBQmSDRfRDMRTMHPTD
CNMINMRDSB@LO@FMDR HKDRSfMNSDQPT±HKDWHRSDCDMNLAQDTRDR Aÿ %DRHKKTRHNMRDSCDRANTBGDRL@FHPTDR
@HCDR CD IDT CHRONMHAKDR @TOQmR CD 543 DS QDBNMMTDR BNLLD Bÿ 6MBNTKNHQUDMSDTWPTHODTSlSDHMCQDKDRSNQBGDRDS@TSQDR
@BBDRRNHQDR NEEHBHDKR CD %0/+0/4  %3"(0/4 ¬ DM O@QSHBTKHDQ EK@LLDRMNMOQNSlFlDR
KDR CHEElQDMSR RDSR CD FlNLNQOGDR PTH ODQLDSSDMS K±lK@ANQ@SHNM Cÿ 6MDR@KKDBNMSDM@MSCDRA@RRHMRLXRSlQHDTW
CDFQ@MCROK@MRDMTMLHMHLTLCDSDLORDSC±DEENQSþONTQOKTR Dÿ 6MDR@KKD@UDBCDMNLAQDTRDRONQSDR
CDClS@HKRRTQBDRRTOOKlLDMSRDSBNMM@rSQDKDTQROQHW UNHQK@KHRSD Eÿ 6MD SQ@OOD PTH E@HS RNTC@HMDLDMS BGTSDQ KDR @UDMSTQHDQR
PTHRDSQNTUDC@MRKDL@MTDKCDR3mFKDRCD#@RDCD% %ÿ @TMHUD@THMElQHDTQCTCNMINM
 Fÿ 6MD GDQRD PTH R
@A@S CDQQHmQD KD FQNTOD @OQmR PT±HK @HS
%DTWHmLDLDMS  BD LNCTKD ENTQMHS TMD @UDMSTQD PT@RHLDMS OlMlSQlC@MRTMBNTKNHQDMBTKCDR@B
OQnSD f K±DLOKNH PTH ONTQQ@ nSQD INTlD TMD NT OKTRHDTQR ENHR Gÿ %DTWR@KKDRCDSlKlONQS@SHNM@EHMC±lF@QDQKDRDWOKNQ@SDTQR
$DODMC@MS  @U@MS CD ONTUNHQ K±TSHKHRDQ DM IDT  TM LHMHLTL CD Hÿ 1KTRHDTQR SQlRNQR L@FHPTDR ¬ K@ OKTO@QS AlMlEHPTDR  L@HR
OQlO@Q@SHNM RDQ@ MlBDRR@HQD  DM OKTR CD K±@UNHQ KT OKTRHDTQR ENHR BDQS@HMRL@TCHSR
$DSSD OQlO@Q@SHNM DRS Ml@MLNHMR SNTS @TRRH HMSlQDRR@MSD DS Iÿ %DLXRSlQHDTWQlBHOHDMSR@UDBCHUDQRBNMSDMTRfDW@LHMDQ
@LTR@MSDPT±HMRSQTBSHUDB@QDKKDLNMSQDBNLLDMSTM.@rSQDCD
%NMINM þNT .%ÿ QDLOKHS RNM CNMINM @UDB CHEElQDMSR SQlRNQR DS ÿ*KX@TMDKlFDMCDNTAHDMTMDGHRSNHQDPTHDWOKHPTDBDQS@HMR
LNMRSQDR@U@MSPTDK±@UDMSTQDMDClATSD-@OQlRDMBDCDKHRSDR ClS@HKR DS ENTQMHS TMD SNHKD CD ENMC þO@Q DWDLOKD K±NQHFHMD CT
RlO@QlDRCDLNMRSQDRDSCDSQlRNQRfOK@BDQ@TBGNHWC@MRKDR CNMINM KDBNMSDWSDPTHK±DMSNTQD BNLLDMSKDRODQRNMM@FDRRD
CHEElQDMSRDLOK@BDLDMSRCTCNMINMODQLDSMNMRDTKDLDMSCD QDSQNTUDMS Kf  DSBÿ #HDM R|Q  KDR INTDTQR@UDMSTQHDQR MD BNMM@r
CNMMDQK±@RRTQ@MBDPTDCDTWLnLDRLNCTKDRMDRDQNMSI@L@HR SQNMSOQNA@AKDLDMSPT±TMDO@QSHDCDBDRHMENQL@SHNMR¬NTITRSD
HCDMSHPTDRRDKNMPT±HKRRNMSOQlO@QlRO@QCDR.%CHEElQDMSR L@HR CDRQTLDTQRfK@EH@AHKHSlCNTSDTRD-@OKTO@QSCDRANMRCNMINMR
@TRRH CD F@Q@MSHQ PTD KDR INTDTQR MD R@TQNMS I@L@HR f PTNH þDSDME@HSSNTSDRKDRB@LO@FMDRÿQDONRDMSRTQTMDA@RDRNKHCD
R±@SSDMCQD PTDKPTD RNHS K@ R@KKD NT KD KHDT DWOKNQl $NMBDQM@MS BNMRSHSTlD C±TMD GHRSNHQD DS C±TM B@CQD HMSlQDRR@MS LHR DM
KDR ODQRNMM@FDR INTDTQR  KDR O@QSHBHO@MSR ODTUDMS RNHS TSHKHRDQ OK@BDONTQKDRINTDTQRO@QKD.@rSQDCD%NMINM
2
ÿ -D B@CQD CD BDSSD @UDMSTQD M±DRS MH SQNO E@BHKD  MH SQNO @QLTQDR  HKR RDQNMS @KNQR OQnSR f BNLLDMBDQ K@ O@QSHD $G@PTD
CHEEHBHKD-DR@UDMSTQHDQRODTUDMSRNQSHQCTCNMINMRNHSO@QK±DMSQlD INTDTQ BNMRDQUDQ@ TMD EDTHKKD RTQ K@PTDKKD RDQNMS HMRBQHSDR RDR
OQHMBHO@KD  RNHS O@Q KD O@RR@FD RDBQDS R±HKR K±NMS SQNTUl %DTW B@Q@BSlQHRSHPTDR RDRQHBGDRRDR @HMRHPTDSNTSK±lPTHODLDMS PT±HK
@BBmRODQLDSSDMSC±@SSDHMCQDKDMHUD@THMElQHDTQ DSTMDSQ@OOD ONRRmCDDSSQ@MRONQSDRTQKTH
OHlFlDODTS@TRRHKDRXE@HQDBGTSDQHMNOHMlLDMS 
4H UNTR MD RNTG@HSDY O@R ODQCQD SQNO CD SDLOR DM BQl@MS CD
AC¯A2C2E:@?A@FC=|FE:=:D2E:@?5F>@5F=6 MNTUD@TWODQRNMM@FDR CDRKHRSDRC±@UDMSTQHDQRCDSNTSDRRNQSDR
 RNMSENTQMHDR@TCNRCDK@'DTHKKDCD$NMSDWSDONTQKDR+NTDTQR
-±TSHKHR@SHNM CD BD LNCTKD O@Q KD .@rSQD CD %NMINM QDPTHDQS @T 4HKD.@rSQDCD%NMINMClBHCDCDR±DMRDQUHQ KDRINTDTQRONTQQNMS
OQl@K@AKDPTDBDCDQMHDQRDE@LHKH@QHRD@UDB RNM@FDMBDLDMS BGNHRHQK±TMCDBDR@UDMSTQHDQRONTQK±TSHKHRDQDMS@MSPTD ODQRNM
DSKDRCHEElQDMSRlKlLDMSRPTHKDBNLONRDMS1NTQBNLLDMBDQ HK M@FD INTDTQ %@MR BD B@R  KD .% ENTQMHQ@ @KNQR SNTSDR KDR
CNHSKDKHQDDMSHmQDLDMS@UDBRNHMSNTSDMRDQDONQS@MS@TWCDTW HMENQL@SHNMRDSB@Q@BSlQHRSHPTDRTSHKDRCTODQRNMM@FD@TINTDTQ
B@QSDR ENTQMHDR @EHM CD BNMM@rSQD R@ RSQTBSTQD FlMlQ@KD DS CD PTHKDRMNSDQ@RTQTMDEDTHKKD-DRKHRSDROQHMBHO@KDRONTQKD.%RTQ
QDOlQDQK±DLOK@BDLDMSCDRCHEElQDMSRKHDTWClBQHSRC@MRKDKHUQDS KDRPTDKKDR EHFTQDMS KDR B@Q@BSlQHRSHPTDR CD BDR ODQRNMM@FDR RD
6MD RDBNMCD DS SQNHRHmLD KDBSTQD ONTQQNMS lF@KDLDMS R±@UlQDQ SQNTUDMSC@MRBDKHUQDS
TSHKDR KNQR CD K@ OQlO@Q@SHNM C±TMD RDRRHNM CD IDT C@MR K@PTDKKD 
RDQ@TSHKHRlBDLNCTKD 4HKDRINTDTQRMDRNMSPTDCDTWNTSQNHR NTRHTMFQNTODRNTG@HSD
 AlMlEHBHDQ CD QDMENQS  KD .@rSQD CD %NMINM ODTS  R±HK K±DRSHLD
6MDENHRPTDKD.%@NASDMTTMDBNMM@HRR@MBDFlMlQ@KDCDK@ MlBDRR@HQD  KDTQ @CINHMCQD TM NT OKTRHDTQR RDQU@MSR NT BNLO@
RHST@SHNM DS CDR CHEElQDMSR lKlLDMSR PTH BNLONRDMS K@ YNMD f FMNMR C±@QLDR þCDR ODQRNMM@FDR MNM INTDTQR PTH EDQNMS O@QSHD
DWOKNQDQ HKCNHS@KNQRFRPSO¾WHUKDRCDTWB@QSDRDMOK@k@MSCHUDQR CTFQNTODL@HRMDRDQNMSO@RRNTRKDBNMSQwKDSNS@KCDRINTDTQRÿ
LNMRSQDRDSSQlRNQRfK±HMSlQHDTQCTCNMINM1NTQBDE@HQD HKTSHKHRD $DR ODQRNMM@FDR ONTQQNMS lF@KDLDMS nSQD OQHR C@MR KDR KHRSDR 
Q@ KDR CDTW KHRSDR PTH RD SQNTUDMS f K@ EHM CD BD KHUQDS  OQNEHS@MS KDTQRO@QSHBTK@QHSlRDSB@Q@BSlQHRSHPTDRRDSQNTU@MS @TRRHC@MRKDR
@HMRH CT RXRSmLD ROlBH@K PTH ODQLDS TM BGNHW DS TMD LHRD DM KHRSDROQHMBHO@KDRCT.@rSQDCD%NMINM
OK@BDE@BHKD 
 -NQRPTD KDR INTDTQR NMS CDR RDQU@MSR þCDR ODQRNMM@FDR PTH KDR
&MDW@LHM@MSBDRCDTWB@QSDR UNTRQDL@QPTDQDYPTDBG@PTD RDQUDMSBNMSQDQlLTMlQ@SHNMÿNTCDRBNLO@FMNMRC±@QLDRþCDR
BG@LAQDNTOHmBDHLONQS@MSDDRSQDOlQlDO@QTMBGHEEQDQNL@HM ODQRNMM@FDR PTH KDR RDQUDMS O@Q @CLHQ@SHNM NT KNX@TSlÿ  KD
$G@BTMC±DTWBNQQDRONMCfTMDCDRBQHOSHNMlBQHSDPTHRDSQNTUD .@rSQD CD %NMINM CNHS E@HQD OQDTUD CD ANM RDMR ONTQ BD PTH
C@MRK@O@QSHDCDBDKHUQDS@KKNTlD@TBNLLDMS@HQDCDRB@QSDR BNMBDQMDKDTQTSHKHR@SHNMDMBNTQRCDO@QSHD%DSNTSDlUHCDMBD 
"HMRH KDRCDRBQHOSHNMRCDBG@BTMDCDBDRYNMDRCTCNMINMRNMS @TSNQHRDQKDRINTDTQRfQ@RRDLAKDQCDK@QFDRA@MCDRC±GNLLDR
@HRlLDMS BNMRTKS@AKDR B@Q SNTSD QDFQNTOlDR @T LnLD DMCQNHS @QLlR RDQ@HS f BD MHUD@T CD IDT L@KUDMT DS CHROQNONQSHNMMl 
DS BK@RRlDR O@Q NQCQD MTLlQHPTD -DR CDRBQHOSHNMR OQHMBHO@KDR @TRRH DRSHK SQmR HMG@AHSTDK CD UNHQ @OO@Q@rSQD OKTR C±TM NT CDTW
RNMS RS@MC@QCR  L@HR C@MR K@ OKTO@QS CDR B@R HK M±DRS @TBTMD ODQRNMM@FDRMNMINTDTQRCTQ@MSKDROQDLHmQDRO@QSHDR$DM±DRS
LDMS E@HS LDMSHNM CDR LNMRSQDR NT SQlRNQR ONTU@MS RD SQNTUDQ PT±@OQmR@UNHQF@FMlDMQlOTS@SHNM@HMRHPT±DMQHBGDRRDPTDKDR
C@MR BDR YNMDR þGNQLHR ONTQ BDQS@HMR NAIDSR PTH ENMS O@QSHD CT INTDTQRRDQNMSOKTRfLnLDCDSQNTUDQCDSDKR@UDMSTQHDQRPTHKDR
LNAHKHDQ DS PTH ODTUDMS @UNHQ TMD BDQS@HMD U@KDTQÿ "OQmR @RRHRSDQNMSC@MRKDTQDWOKNQ@SHNM
BG@PTDCDRBQHOSHNMRDSQNTUDTMDRO@BDDMAK@MBC@MRKDPTDK 
NM HMRBQHQ@ TM LNMRSQD NT TM SQlRNQ þNT KDR CDTWÿ ONTU@MS RD -@QDBGDQBGDCDRDQU@MSRDSCDBNLO@FMNMRC±@QLDRCNHSnSQD
SQNTUDQ C@MR BDSSD OHmBD 2TNHPT±HK DM RNHS  BD PTH RD SQNTUDQ@ FlQlD O@Q KD .@rSQD CD %NMINM -@ QlTRRHSD C±TM INTDTQ f @SSHQDQ
DW@BSDLDMS C@MR BG@PTD OHmBD QDRSD CT QDRRNQS CT .@rSQD CD K±TMNTK±@TSQDClODMCQ@CDK@QlLTMlQ@SHNMEHM@MBHmQDPT±HKOQN
%NMINMPTHQDLOKHQ@KTHLnLDBDRDRO@BDR$DK@RDE@HSE@BHKD ONRD þC@MR KD B@R C±TM RDQU@MSÿ NT CD RNM BG@QHRLD þC@MR KD
LDMS FQgBD f K±TSHKHR@SHNM CDR CDTW KHRSDR ENTQMHDR ONTQ KDR B@R C±TM BNLO@FMNM C±@QLDRÿ %mR KNQR PT±TM BNLO@FMNM
LNMRSQDRDSSQlRNQR*KDRSSNTSDENHRHLONQS@MSCDMNSDQPTDSNTSDR C±@QLDRNTTMRDQU@MSClBHCDCDRDINHMCQDfTMFQNTODþBDBH
KDROHmBDRMDBNMSHDMMDMSO@RTMLNMRSQD TMSQlRNQNTLnLD DRSG@AHSTDKKDLDMSClSDQLHMlDMRDBQDSO@QKD.@rSQDCD%NMINM
KDRCDTW¬DME@HS RDTKTMODSHSMNLAQDC±DMSQDDKKDRDMBNMSHDM f K±@HCD C±TM IDS CD Clÿ  BD ODQRNMM@FD MNMINTDTQ RD BNMENQ
CQNMS  DS C@MR BDQS@HMR B@R KD SQlRNQ RDQ@ B@BGl NT CHRRHLTKl LDQ@@KNQRFlMlQ@KDLDMS@TWHMRSQTBSHNMRCNMMlDRO@QKDINTDTQ
C±TMDE@kNMNTC±TMD@TSQD%DOKTR@LOKDRClS@HKRRTQK@E@kNM PT±HKRDQS5NTSDENHR C@MRBDQS@HMDRRHST@SHNMR¬DSOKTRO@QSHBTKHm
C±TSHKHRDQBDRCDTWKHRSDRRNMSCNMMlRKNQRCDK@CDRBQHOSHNMPTHKDR QDLDMS BDKKDR PTH BNLONQSDMS TM FQ@MC QHRPTD NT C@MFDQ ¬ KD
OQlBmCDC@MRK@RDBSHNM$0.1-a5&3-&%0/+0/ .@rSQD CD %NMINM CDUHDMS K@ BNMRBHDMBD CT BNLO@FMNM
 C±@QLDR NT CT RDQU@MS  ONTU@MS @HMRH K±@LDMDQ f GlRHSDQ f @B
6MDENHRPTDKDCNMINMDRSONTQUTDMLNMRSQDRDSSQlRNQRDSPTD BNLOKHQBDPT±NMKTHCDL@MCD UNHQDLnLDfClRDQSDQE@BD@T
KD.@rSQDCD%NMINM@SDQLHMlRDROQlO@Q@SHER HKCNHS@KNQR@HCDQ C@MFDQ NT RTHSD f TMD @BSHNM BNTQ@FDTRD MNM QlBNLODMRlD
KDR INTDTQR f R±NQF@MHRDQ ONTQ K±@UDMSTQD -@ OQDLHmQD lS@OD 1@Q DWDLOKD  RH TM FQNTOD RD SQNTUD C@MR TMD RHST@SHNM
BNMRHRSD f KDTQ CNMMDQ KD CNBTLDMS CD BNMSDWSD PTH LDS DM OlQHKKDTRD DS PT±TM INTDTQ CHS f RNM BNLO@FMNM C±@QLDR CD
OK@BD KD IDT $DSSD 'DTHKKD CD $NMSDWSD ONTQ KDR +NTDTQRþPTH E@HQD PTDKPTD BGNRD PTH RDLAKDQ@HS OKTR C@MFDQDTW PTD KDR
CHEEmQD f BDQS@HMR lF@QCR CD BDKKD OKTR ClS@HKKl CNMS CHRONRD KD @BSHNMRDMSQDOQHRDRO@QKDR@TSQDRINTDTQR BDKTHBHONTQQ@HSGlRHSDQ
.%ÿRDSQNTUDRTQTMDEDTHKKDOQlClBNTOlDfK@EHMCDBDKHUQDS f NAlHQ ¬ NT C@MR BDQS@HMR B@R ONTQQ@HS B@QQlLDMS R±DMETHQ RH KD
7NTR nSDR BDMRl K@ ClS@BGDQ DS K@ QDLDSSQD @TW INTDTQR @U@MS QHRPTD CD LNTQHQ DRS SQNO lKDUl þKDR CHEElQDMSDR NOSHNMR RNMS
CD BNLLDMBDQ K±@UDMSTQD þNT AHDM K@ KDTQ KHQD f UNHW G@TSD RH ClSDQLHMlDRRDBQmSDLDMSO@QTMIDSCDClCT.%DMENMBSHNM
UNTRMDRNTG@HSDYO@RK@ClBNTODQCTKHUQDSÿ CD K@ RHST@SHNMÿ %D LnLD  RH TM BNLO@FMNM C±@QLDR QlTRRHS
 TMD @BSHNM C@MFDQDTRD þSTDQ TM CQ@FNM PT@RHLDMS RDTK O@Q
%mR KNQR PTD KDR INTDTQR BNMM@HRRDMS KD BNMSDWSD  HKR ODTUDMS DWDLOKDÿDSPT±HKMDODQkNHSO@RTMDQlBNLODMRDfK@G@TSDTQ
OQlO@QDQ KDTQR ODQRNMM@FDR ONTQ K±@UDMSTQD 4±HK DRS MlBDRR@HQD CDK±DWOKNHS @KNQRHKDMUHR@FDQ@SNTSM@STQDKKDLDMSC±@A@MCNMMDQ
CD BQlDQ CD MNTUD@TW ODQRNMM@FDR þBD PTH RDQ@ KD B@R RH KDR KD ODQRNMM@FD INTDTQ PTH KD SQ@HSD RH L@K %@MR CD SDKR B@R  KD
INTDTQR RNMS ClATS@MSR DS M±NMS DMBNQD I@L@HR INTl K@ LNHMCQD .% ClSDQLHMDQ@ KDR BNMRlPTDMBDR  DS  BNLLD SNTINTQR  RDR
O@QSHDÿ  HKR ONTQQNMS K±nSQD f K±@HCD CDR ClR SNTS DM RTHU@MS K@ ClBHRHNMRþRNTUDMSKDQlRTKS@SCDIDSRCDClRDEEDBSTlRRDKNMCDR
OQNBlCTQD ClBQHSD C@MR KD L@MTDK CDR 3mFKDR CD #@RD CD BQHSmQDRPT±HKClSDQLHMDÿRNMSR@MR@OODK
%0/+0/4  %3"(0/4 $G@PTD INTDTQ ClSDQLHMD lF@KDLDMS 
KDLNMS@MS@TPTDKR±lKmUDRNM@QFDMSCDClO@QSþKDMNLAQDCD 6MD @KSDQM@SHUD f K@ OQlRDMBD CD RDQU@MSR NT CD BNLO@FMNMR
OHmBDR C±NQ @UDB KDPTDK HK ClATSDÿ  LNMS@MS CNMS HK ONTQQ@ C±@QLDRRNTRBNMSQwKDCDRINTDTQRDRSSNTSRHLOKDLDMSC±@UNHQCDR
CHRONRDQ @EHM C±@BGDSDQ CDR @QLDR DS CD K±lPTHODLDMS ONTQ @UDMSTQHDQR MNMINTDTQR CHRONMHAKDR ONTQ O@QSHBHODQ f TMD TMHPTD
K±@UDMSTQD 6MD ENHR PTD KDR INTDTQR @TQNMS BGNHRH K±lPTHODLDMS RDRRHNM CD IDT %@MR BD B@R  TM ODQRNMM@FD RTOOKlLDMS@HQD
PT±HKR UNMS DLONQSDQ @UDB DTW @HMRH PTD KDTQR OQNOQDR @QLDR DS @BBNLO@FMDKDFQNTODDSOQDMCO@QS fK±@UDMSTQD L@HRHK M±DRS
3
O@RRNTRKDBNMSQwKDCDRINTDTQRL@KFQlPT±HKQDMCDRDQUHBDDSRNHS NT C@MR KDR DMCQNHSR BNLONRlR CD RTQE@BDR CD QNBGDR HQQlFT
C@MRK±DMRDLAKDBNNOlQ@SHE#HDMPTDBDRNHSDRRDMSHDKKDLDMSKD KHmQDRÿ .@HR O@QCDRRTR SNTS  lUHSDY K@ SDMS@SHNM CD UNTKNHQ
.@rSQD CD %NMINM PTH CHQHFD KD ODQRNMM@FD  BD CDQMHDQ @FHQ@ BNQQHFDQ KDTQ B@QSD TMD ENHR PT±HKR K±NMS SQ@Bl *K MD RDQ@ O@R Q@QD
FlMlQ@KDLDMS RDKNM KDR CDRHCDQ@S@ DS RTFFDRSHNMR CDR INTDTQR PTDCDRINTDTQRUNTRLNMSQDMSKDTQOK@MþRTQSNTSR±HKRRDRDMSDMS
þfLNHMRPT±NMMDKTHCDL@MCDCDE@HQDPTDKPTDBGNRDCDSQNO ODQCTRÿ DS UNTR CDL@MCDMS&RSBD PTD B±DRS ITRSD  %@MR CD
C@MFDQDTWÿ&MQDSNTQ HKO@QSHBHOD@TO@QS@FDCDRSQlRNQR@BPTHR SDKRB@R UNTRCDUQHDYlUHSDQC±@OONQSDQK@LNHMCQDBNQQDBSHNM f
DS R@ O@QS þPTH RDQ@ @T LNHMR lPTHU@KDMSD f BDKKD CDR @TSQDR LNHMRPTDK±DQQDTQMDRNHSEK@FQ@MSD@TWXDTWLnLDCDR@UDMST
INTDTQR UNHQDLnLDOKTRHLONQS@MSDR±HKDRSLDHKKDTQPT±DTWÿCNHS QHDQR.HDTWU@TSDMBNTQ@FDQCDANMMDR@OSHSTCDRDMB@QSNFQ@
nSQD ClEHMHD DS BNMRDMSHD @U@MS PTD K±@UDMSTQD MD BNLLDMBD OGHDDSTMD@SSDMSHNM@TWClS@HKROKTSwSPTDCDSNLADQC@MRKD
4H UNR INTDTQR SDMSDMS C±@SSHQDQ TM SDK ODQRNMM@FD  DEEDBSTDY TM SQ@UDQRN{KDRINTDTQRONRDMS BNMSHMTDKKDLDMSCDRPTDRSHNMR@T
IDSCDClONTQClSDQLHMDQfPTDKONHMSK@MlFNBH@SHNMODTSnSQD RTIDSCDKDTQOK@M
CHEEHBHKD @EHM CD KD ODQRT@CDQ CD K±HMSlQnS PT±HK ODTS QDSHQDQ CD R@ 
O@QSHBHO@SHNM¥ § K@ EHM CD K±@UDMSTQD  BD ODQRNMM@FD ONTQQ@ -±DWOKNQ@SHNMCTLNCTKDC@MRR@SNS@KHSlODTS@HRlLDMSOQDMCQD
SNTS RHLOKDLDMS OQDMCQD R@ O@QS CD SQlRNQ DS CHRO@Q@rSQD f SNTS OKTRC±TMDRDRRHNMCDIDT"TRRHDRSHKENQSONRRHAKDPTDKDRINTDTQR
I@L@HR  NT  RH KD .% KD ClRHQD  QDRSDQ CHRONMHAKD ONTQ NEEQHQ RDR þRTQSNTSR±HKX@CDRAKDRRlRNTRHKDTQMNLAQDR±DRSQlCTHSÿOTHRRDMS
RDQUHBDR KNQR CD PTnSDR f UDMHQ -@ RDBSHNM HMSHSTKlD -*45&4 %& UNTKNHQPTHSSDQK@ENQSDQDRRD@EHMC±XQDUDMHQOKTRS@QCTMDENHRPT±HKR
1&340//"(&4 ENTQMHS CDR HMCHB@SHNMR RTOOKlLDMS@HQDR BNMBDQ RD RDQNMS QDONRlR DS @TQNMS QDBNMRSHSTl KDTQR ENQBDR 4H BDK@ RD
M@MSK±DLOKNHCDRDQU@MSRDSBNLO@FMNMRC±@QLDRMNMINTDTQR OQNCTHS HKRCNHUDMS@KNQRQDSNTQMDQITRPT±fTMDRNQSHDOTHRR±DMSDM
 CQD@UDBUNTRRTQKDRONHMSR PTHKDTQRRDLAKDMSHLONQS@MSR@HMRH
6MDENHRPTDKDRINTDTQRNMSSDQLHMlKDTQROQlO@Q@SHERONTQKDIDT  PTDK@CTQlDCTSDLORPTHR±lBNTKDITRPT±fKDTQQDSNTQ%@MRTM
KD.%@BGmUDR@LHRDDMRBmMDPTH@ClATSlO@QK@M@QQ@SHNM SDK B@R  K±lS@S DW@BS C@MR KDPTDK RD SQNTUDMS KDR YNMDR ClIf
CT BNMSDWSD DM @LDM@MS KDR ODQRNMM@FDR INTDTQR f K±DMCQNHS DWOKNQlDRDRSRNTLHRfUNSQDITFDLDMS¬BDQS@HMDRYNMDRClA@Q
LnLDN{KDTQ@UDMSTQDU@BNLLDMBDQ$DBHOQDMCFlMlQ@KD Q@RRlDRCDKDTQRLNMRSQDRODTUDMSlUDMSTDKKDLDMSnSQDQlNBBT
LDMS K@ ENQLD C±TM AQDE QlBHS þCT FDMQD 7NSQD FQNTOD  @OQmR OlDR O@Q CD MNTUDKKDR BQl@STQDR  CDR ONQSDR K@HRRlDR NTUDQSDR
@UNHQ@BGDSlCDK±lPTHODLDMSDSR±nSQDNQF@MHRl @PTHSSlK@UHKKD ODTUDMS nSQD CD MNTUD@T EDQLlDR DS UDQQNTHKKlDR  DS @HMRH CD
DSR±DMDRS@KKlfSQ@UDQRK@B@LO@FMDITRPT±fBDPT±HKClBNTUQD RTHSD
TM RDMSHDQ ClRDQS PTH R±DMENMBD C@MR KDR BNKKHMDR DS LmMD 
EHM@KDLDMS f TM @EEKDTQDLDMS CD QNBGDR DRB@QOlDRÿ $±DRS 4HKDRINTDTQRRNTG@HSDMSRTRODMCQDK@O@QSHDSDLONQ@HQDLDMSKNQR
lF@KDLDMS f BD LNLDMS PT±HK DRS E@HS TR@FD CD K@ 5"#-& %&4 C±TMDOG@RDCDQDONRDMIDTþKNQRPTDKDRODQRNMM@FDRR±@QQnSDMS
-a(&/%&4þPTHDRSClBQHSD@HKKDTQRC@MRBDKHUQDSÿ ONTQ CNQLHQ  BD PT±HKR CNHUDMS E@HQD @T LNHMR TMD ENHR O@Q
 OlQHNCD CD  GDTQDRÿ  HK RDQ@HS ITCHBHDTW CD OQDMCQD CDR MNSDR
1NTQ BNLLDMBDQ K±@UDMSTQD  KDR INTDTQR CNHUDMS ClBHCDQ C±TM @OOQNOQHlDR BNMBDQM@MS K±lS@S CD BG@PTD @UDMSTQHDQ  BDBH CD
NQCQD CD L@QBGD ONTQ SNTR KDR ODQRNMM@FDR CD KDTQ FQNTOD ¬ L@MHmQDfBDPTDK@O@QSHDOTHRRDQDOQDMCQDDW@BSDLDMSKfN{
PTHRDQ@CDU@MS PTHRDQ@@TLHKHDT PTHRDQ@fK@EHM DS@HMRHCD DKKD DM lS@HS KNQRPTD KDR INTDTQR RD QlTMHQNMS CD MNTUD@T -DTQ
RTHSD $DS NQCQD CD L@QBGD CDUQ@HS nSQD RBGlL@SHRl RTQ TMD BGNHWBNMBDQM@MSK±DLOK@BDLDMSCDKDTQB@LODRSTMlKlLDMS
EDTHKKDCDO@OHDQPTHRDQ@CNMMlD@T.@rSQDCD%NMINM DSSNTS fOQDMCQDDMBNMRHClQ@SHNMlS@MSCNMMlPT±HKX@KHDTCDUlQHEHDQ
BG@MFDLDMS PTH KTH RTQUHDMCQ@HS O@Q K@ RTHSD CTQ@MS K±@UDMSTQD K@OQlRDMBDCDLNMRSQDRDQQ@MSRITRPT±fSQNHRENHRO@QOlQHNCDCD
CDUQ@nSQD@MMNSl%@MRTMBNTKNHQRS@MC@QCCDLCDK@QFD   GDTQDR O@RRlD C@MR TM LnLD DMCQNHS þBDR SDRSR RNMS DEEDB
K@ENQL@SHNMG@AHSTDKKDRDBNLONRDCDCDTW@UDMSTQHDQRBwSDf STlR@TQ@SHNG@AHSTDKCDBG@MBDRTQÿ*KDRSC±TR@FDC±@UNHQ
BwSD RTQ BG@PTD KHFMD  AHDM PTD SQNHR ODQRNMM@FDR OTHRRDMS RD TMNTOKTRHDTQR@UDMSTQHDQRPTHLNMSDMSK@F@QCDfSNTQCDQwKD
SDMHQDMRDLAKDRTQTMDLnLDQ@MFlDRHSNTSDRKDTQR@QLDRRNMS S@MCHR PTD KDR @TSQDR LDLAQDR CT FQNTOD CNQLDMS  BDBH @EHM
ODSHSDRDSL@MH@AKDRþBNLLDO@QDWDLOKDCDRC@FTDRNTCDR C±nSQD BNMRS@LLDMS OQNSlFl þDMBNQD PT±TM .% QDSNQR ONTQQ@HS
G@BGDSSDRÿ ClBHCDQPT±HKDWHRSDTMKlFDQQHRPTDPTDKDF@QCDMDRNHSDMCNQLH
 KNQRPT±@QQHUD TM LNMRSQD¥ÿ 5NTS BNLLD ONTQ K±NQCQD CD
6M CDR INTDTQR CT FQNTOD CDUQ@HS nSQD ClRHFMl BNLLD BGDE  L@QBGD  HK DRS HLONQS@MS PTD KDR INTDTQR HMCHPTDMS @T .% N{
@OODKl @TRRH ONQSDO@QNKD  S@MCHR PT±TM NT CDTW @TSQDR RDQNMS CNQS BG@PTD LDLAQD CT FQNTOD DS N{ RD SQNTUDMS KD NT KDR
BGNHRHR ONTQ nSQD B@QSNFQ@OGDR þ@T LNHMR TM CD SNTSD E@kNMÿ F@QCDR BDBHONTU@MSR±@UlQDQBQTBH@KRHTMLNMRSQDR±@OOQNBGD
#HDM PTD BG@PTD INTDTQ @HS KD CQNHS CD ClBHCDQ CD RDR OQNOQDR 
@BSHNMRDSCDKDRCHQD@T.@rSQDCD%NMINMODMC@MSK@O@QSHD KD -DR ONHMSR C±DWOlQHDMBDR F@FMlR @HMRH PTD SNTR KDR AlMlEHBDR
ONQSDO@QNKD RDQ@ KD RDTK PTH CNMMDQ@ @T .% KDR ClS@HKR RTQ KDR @BPTHR MD RDQNMS @OOKHB@AKDR PTD RH DS KNQRPTD KDR @UDMSTQHDQR
@BSHNMRBNKKDBSHUDRLDMlDRO@QKDFQNTODKNQRPT±HKRDClOK@BDDS RDQNMSQDRRNQSHRCTCNMINMK±DWOlQHDMBDNASDMTDC@MRTMD@UDM
DWOKNQD þCDR HMRSQTBSHNMR CT RSXKD 0M RD ClOK@BD KDMSDLDMS KD STQD M±DRS BQlCHSlD PTD KNQRPTD K@CHSD @UDMSTQD DRS SDQLHMlD
KNMF CT BNTKNHQ PTH O@QS UDQR K±DRS¥ NT DMBNQD 0M ENQBD K@ $DODMC@MS  QDRRNQSHQ @UDB RTBBmR CT CNMINM OTHR X QDSNTQMDQ
ONQSD ODMC@MS PT±TMSDK DS TMSDK RTQUDHKKDMS MNR @QQHmQDR¥ RNMS OKTR S@QC CDUQ@HS ODQLDSSQD @TW ODQRNMM@FDR CD AlMlEHBHDQ CD
CDRDWDLOKDRSXOHPTDRCDBDPTDKDONQSDO@QNKDODTSCHQD@T K±DWOlQHDMBDlUDMSTDKKDLDMSClIf@BPTHRD
.%ÿ %TQ@MS K±@UDMSTQD  KD ONQSDO@QNKD ClA@SSQ@ lUHCDLLDMS 
@UDB KDR @TSQDR @UDMSTQHDQR CDR CHEElQDMSDR NOSHNMR PTH R±NEEQDMS =6E6>AD
@T FQNTOD  L@HR B±DRS KTH PTH @T EHM@K @MMNMBDQ@ KDR ClBHRHNMR 
NEEHBHDKKDR@T.%þDMBNQDPTDBG@PTDINTDTQONTQQ@ R±HKXSHDMS %TQ@MSKDClQNTKDLDMSCDK±@UDMSTQD B±DRS@T.@rSQDCD%NMINM
UQ@HLDMS  E@HQD O@QS @T .% CD RDR OQNOQDR @BSHNMR f CDR LN CDFlQDQKDSDLORPTHR±lBNTKD
LDMSR CNMMlRÿ 6MD ENHR PTD KD ONQSDO@QNKD þNT SNTS @TSQD 
INTDTQÿ@@MMNMBlK±@BSHNMDMSQDOQHRD BDKKDBHOQDMCDEEDSC@MR -NQRC±TMClOK@BDLDMSMNQL@K@HMRHPT±DMDWOKNQ@SHNM BG@PTD
K±HMRS@MS ¬ LnLD R±HK BG@MFD RTAHSDLDMS C±@UHR þBNLLD O@Q SNTQ DRS BNMRHClQl BNLLD CTQ@MS CHW LHMTSDR þUNHQ O@FD  CT
DWDLOKD R±HK RD QDMC BNLOSD PT±HK BNLLDS TMD DQQDTQÿ 2T@MC L@MTDKCDR3mFKDR CD#@RD CD% % ONTQOKTRCDClS@HKRÿ4H
TMSDKB@RRDOQNCTHS fUNTRCDITFDQRHUNTR@BBDOSDYNTMNM TMD QDMBNMSQD NT TM BNLA@S @ KHDT  KD .@rSQD CD %NMINM CNHS
 HLLlCH@SDLDMSþL@HRSDLONQ@HQDLDMS ITRSDODMC@MSK@CTQlD
-DNTKDRINTDTQRPTHB@QSNFQ@OGHDMSK@YNMDDWOKNQlDCDUQ@HDMS CD K@ QDMBNMSQDÿ SQ@MRONRDQ KD SDLOR DM SNTQR CD LnKlD
TSHKHRDQCTO@OHDQPT@CQHKKl0QHDMSDYKDRC@MRK@LnLDCHQDBSHNM BNMRHRS@MS DM CHW QNTMCR CD LnKlD CD  RDBNMCDR BG@BTM
PTD K@ B@QSD CT .% þKD G@TS lS@MS KD MNQC C@MR K@ OKTO@QS CDR þUNHQO@FDCTL@MTDKCDR3mFKDRCD#@RDCD% %ÿ
B@Rÿ &MRTHSD  K@HRRDYKDR CDRRHMDY KDTQ OK@M C±@OQmR KDR CDRBQHO 
SHNMR PTD UNTR KDTQ CNMMDY ¬ L@HR @RRTQDYUNTR @KNQR PTD UNR 5NTSKDRSQNHRSNTQR KD.%CDUQ@HSK@MBDQTMCl@EHMCDClSDQLHMDQ
CDRBQHOSHNMRCDRYNMDRPT±HKRDWOKNQDMSRNHDMSOQlBHRDRþAHDMPTD K±@OO@QHSHNM NT MNM CD LNMRSQDR DQQ@MSR þ@T Q@SHN G@AHSTDK CD 
UNTROTHRRHDYCHQDCDRBGNRDRSDKKDRPTD@OOQNWHL@SHUDLDMSCHW RTQ Q@SHNPTHODTSMl@MLNHMRU@QHDQRDKNMK±DLOK@BDLDMSDSKD
GTHSLmSQDR DMO@QSHBTKHDQC@MRKDRDRO@BDRFQ@MCRNTNTUDQSR  MHUD@T CT CNMINMÿ $DQS@HMR lUmMDLDMSR þBNLLD KNQRPTD KDR
4
@UDMSTQHDQR ENMS AD@TBNTO CD AQTHSÿ ODTUDMS @LDMDQ f DEEDB 6MDENHRPT±TMODQRNMM@FD@@BBTLTKlRTEEHR@LLDMSCDONHMSR 
STDQCDRK@MBDQRRTOOKlLDMS@HQDR HKODTS@BBlCDQ@TMHUD@TC±DWOlQHDMBDRTHU@MS NASDM@MS@HMRH
 KDR @U@MS@FDR CD BD MNTUD@T MHUD@T -DR QHBGDRRDR NASDMTDR 
0MODTSTSHKHRDQCTO@OHDQDSTMBQ@XNMONTQMNSDQKDSDLOR DS DMOKTRCDQ@OONQSDQCDK±DWOlQHDMBD ODTUDMSnSQDTSHKHRlDRONTQ
KD.%DMRTQUDHKKDQ@K±lBNTKDLDMSCDK@L@MHmQDPTHKTHRDLAKD @BGDSDQCDK±lPTHODLDMSNTCDROQNUHRHNMR RTAUDMHQ@TWClODM
KD LHDTW BNMUDMHQ  L@HR SNTS DM F@QC@MS f K±DROQHS PT±DWOKNQDQ  RDRINTQM@KHmQDR @SSHQDQCDRRDQU@MSR EHM@MBDQBDQS@HMROQNIDSR NT
B@QSNFQ@OGHDQ DS DW@LHMDQ CHEElQDMSR DMCQNHSR OQDMC TM SDLOR nSQDClODMRlDRCDAHDMC±@TSQDRL@MHmQDRþBNLLDKDO@HDLDMS
BNMRHClQ@AKD ¬ OKTR K@ YNMD DRS FQ@MCD DS OKTR K±DW@LDM DRS C±TMDCrLDfK±lFKHRD DMO@QSHBTKHDQKNQRPT±NMDRSBKDQBÿ
@SSDMSHE  OKTR UNTR TSHKHRDY CD SDLOR -D SDLOR @HMRH F@ROHKKl DRS 
TMlKlLDMSPTHCDUQ@HSnSQDMNSl CDLnLDKNQRPTDKDRINTDTQR 4@>>6?E°EC6F?3@?>2´EC6565@?;@?
ODQCDMSCTSDLORDMBG@L@HKKDQHDRNTAHDMDMOHM@HKK@MSRTQCDR 
ClS@HKR R@MR HLONQS@MBD NT SNTS RHLOKDLDMS DM @U@Mk@MS f -D.@rSQDCD%NMINM DMS@MSPT±@QAHSQD DRSK@EHFTQDBDMSQ@KDCD
K±@UDTFKDSSDDSR@MRATS%±TM@TSQDBwSl KDSDLORODTSO@RRDQ SNTSD O@QSHD CD %0/+0/4  %3"(0/4 "TRRH  RNM S@KDMS DS R@
SQmRUHSDRHKDR@UDMSTQHDQRRDClOK@BDMSQ@OHCDLDMSC@MRKDRKHDTW BNLOlSDMBD¬@HMRHPTDRNMHLO@QSH@KHSl¬RDQNMSCDRlKlLDMSR
PTHNMSClIflSlDWOKNQlRDSB@QSNFQ@OGHlR%@MRSNTRKDRB@R KD HLONQS@MSRPTHEDQNMSPTDKDIDTRDQ@NTMNM@FQl@AKDONTQSNTR
.%CDUQ@HSRDEHDQfRNMITFDLDMSDSfRNMANMRDMR KDRO@QSHBHO@MSR KTHBNLOQHR
 
)@AHSTDKKDLDMS HKE@TSGTHSGDTQDRCDQDONRDSCDRNLLDHKSNTSDR % %DRSTMIDTCDQwKD DSCDBDE@HSDRSCHEElQDMSCDRIDTWSQ@CH
KDRUHMFSPT@SQDGDTQDR @TRRHCDR@UDMSTQHDQROQTCDMSRCNQLHQNMS SHNMMDKRPTHQDONRDMSRTQTMDA@RDClEHMHDC±NOlQ@SHNMRQlFHDRO@Q
O@QQNTKDLDMSDM@X@MSSNTINTQRPTDKPT±TMPTHLNMSDK@F@QCD CDRQmFKDRDSC±@BSHNMRQlOlSHSHUDR% %M±@O@RCDKHLHSDRDSO@QS
&M QmFKD FlMlQ@KD  SQNHR SDRSR RDQNMS DEEDBSTlR O@Q MTHS ONTQ RNTUDMSC@MRCDRCHQDBSHNMRHMBNMMTDRDSHLOQlUHRHAKDR¬DSB±DRS
UlQHEHDQK±@OO@QHSHNMC±lUDMSTDKRLNMRSQDRDQQ@MSR ITRSDLDMS ONTQ BDR Q@HRNMR PT±HK DRS RH CHEElQDMS DS RSHLTK@MS -D

.@rSQDCD%NMINMODTSnSQDClBQHSBNLLDlS@MSKDLNClQ@SDTQ
4DQDONRDQTMINTQBNLOKDS¬NTGDTQDR¬ODQLDSfBG@PTD
CD K±@BSHNM  B@Q HK RTQUDHKKD SNTS KD OQNBDRRTR  F@QCD KD IDT DM
ODQRNMM@FDCDFTlQHQONHMSCDClFgSR
 LNTUDLDMS QlRNTSKDR@BSHNMRA@RlDRRTQKDRlUmMDLDMSRQlRTK
S@MSCDRBGNHWNOlQlRO@QKDRINTDTQR DSBNMSQwKDKDR@BSHNMRDS
42=4F=6C=|6IA¯C:6?46
 KDR lUmMDLDMSR PTH NMS KHDT DM CDGNQR CT FQNTOD CDR INTDTQR
§K@EHMC±TMD@UDMSTQDþCmRPTDKDFQNTODRNQSCTCNMINMÿ KDR þO@QDWDLOKD B±DRSKTHPTHFmQDKDRLNMRSQDR@EEQNMSlR ClSDQLH
ODQRNMM@FDRRTQUHU@MSRRDO@QS@FDMSKDATSHMþFlMlQ@KDLDMSDM MD KDR @BSHNMR CDR ODQRNMM@FDR MNMINTDTQR QDMBNMSQlR  DSBÿ
O@QSR lF@KDR ONTQ K±@QFDMS S@MCHR PTD KDR NAIDSR L@FHPTDR DS #HDM PTD RDR QDRONMR@AHKHSlR RNHDMS BNMRHClQ@AKDR  R@ OQHNQHSl
ROlBH@TWRDQNMSINTlR@TWClRO@QKDRODQRNMM@FDRPTHODTUDMS CDUQ@HSSNTINTQRnSQDC±NEEQHQfRDRINTDTQRTMDO@QSHD@FQl@AKDDS
KDRTSHKHRDQÿDSK±DWOlQHDMBDDRSB@KBTKlD-DRRDQU@MSRDSBNLO@ OKDHMDCDClEHR$DBHRHFMHEHDPTDSNTSQHRPTDCDUQ@HSnSQDBNMSQD
FMNMR C±@QLDR ODQkNHUDMS @TRRH DM FlMlQ@K TMD O@QS lF@KD CT A@K@MBlO@QTMDQlBNLODMRD DSPTDKDRRHST@SHNMRMDRNHDMSMH
SQlRNQ  @KNQR PTD KDTQR F@HMR DM ONHMSR C±DWOlQHDMBD ODTUDMS  f SQNO E@BHKDR  MH SQNO LNQSDKKDR &S O@QCDRRTR SNTS  HK CNHS nSQD
K@CHRBQlSHNMCT.@rSQDCD%NMINM U@QHDQCDK@LNHSHlITRPT±fK@ ITRSD RDMRlþDMMDRDOKH@MSO@R@TWCDL@MCDRClQ@HRNMM@AKDR
SNS@KHSlCDBDPTDQDkNHUDMSKDRODQRNMM@FDRINTDTQR BDBHCl CDRINTDTQRÿ DSCHFMDCTQDRODBSCDSNTRKDRO@QSHBHO@MSR
ODMC@MSCDRDWOKNHSRPT±HKRNMSOT@BBNLOKHQ 
 -DR.@rSQDRCD%NMINMClATS@MSRPTHMDRNMSO@RE@LHKHDQR@UDB
1QDMNMR ONTQ DWDLOKD CDTW ODQRNMM@FDR INTDTQR CT OQDLHDQ KDIDTONRDMSRNTUDMSK@LnLDPTDRSHNM%DPTDKKDE@kNMOQl
MHUD@TþTML@FHBHDMDSTMFTDQQHDQÿ@BBNLO@FMlRC±TMRDQU@MS kHRD@QAHSQDYUNTRTMDO@QSHD -@QlONMRDDRSPT±HKM±X@O@RCD
CTOQDLHDQMHUD@TþTMFTDQQHDQÿPTHNMSRTQUlBTfTMD@UDMSTQD LDHKKDTQD L@MHmQD ¬ CDR .% CHEElQDMSR NMS CDR RSXKDR CHEElQDMSR 
DSQDRRNQSDMSC±TMCNMINMPTH@BN|SlK@UHDfOKTRHDTQRCDKDTQR CDLnLDPTDBG@PTDINTDTQDRSCHEElQDMS*KX@SNTSDENHRBDQ
B@L@Q@CDR-DATSHMPT±HKRQ@LmMDMSRDBNLONRDCDON  S@HMDRQmFKDRPT±HKDRSHLONQS@MSCDRTHUQD¥
FDLLDRCDON TMO@QBGDLHM@UDBRNQSRCDL@FHBHDM  
TMD ¾S¾H   DS TM DQQHDX GH SURWHFWLRQ  %TQ@MS KDTQ &MOQDLHDQKHDT HKDRSBQTBH@KCDF@QCDQfK±DROQHSPTD% %DRS
@UDMSTQD  KD FQNTOD @ STl KDR LNMRSQDR RTHU@MSR  JNANKCR   TM IDT A@Rl RTQ K±HMSDQ@BSHNM @UDB KDR INTDTQR DS RTQ KDTQR BGNHW
NQPTDR DSTMDSHPTDFl@MSD -DIDTRTHSFlMlQ@KDLDMSKDBNTQRDMFDMCQlO@QKDR@BSHNMRCDR
 INTDTQR ¬ f ClE@TS CD RTHUQD SNTINTQR KDTQR OK@MR &M S@MS PTD
%@MRBDB@R KDSQlRNQDRSE@BHKDLDMSCHRSQHATlBG@PTDODQRNM LNClQ@SDTQ  UNTR KDTQ ClBQHUDY TMD RHST@SHNM BNLLD DKKD RD
M@FD QDkNHS  OHmBDR C±NQ DS  FDLLDR  KD L@FHBHDM OQDMC OQlRDMSDþTMODTBNLLDTMDGHRSNHQDPTHRDClQNTKDDMCHQDBS 
KDO@QBGDLHMþlS@MSCNMMlPT±HKDRSKDRDTKfONTUNHQK±TSHKHRDQÿDS NT LnLD TM EHKL RH UNTR @HLDY ODMRDQ DM BDR SDQLDRÿ DS KDR
KDR CDTW FTDQQHDQR INTDMS K±lOlD DS K±@MMD@T @TW ClR  BG@BTM INTDTQRXQlONMCDMSCDK@E@kNMPT±HKRKDRNTG@HSDMS"TETQDSf
CDU@MS@UNHQTMCDRNAIDSRþHKODTS@HMRH@QQHUDQPT±TMODQRNMM@FD LDRTQD PTD K@ O@QSHD RD ClQNTKD  UNTR KDTQ OQlRDMSDY CDR BDM
MNMINTDTQRDQDSQNTUDO@QENHR@UDBKDLDHKKDTQNAIDS KDG@R@QC S@HMDR C±NOONQSTMHSlR DS CD BGNHW CHEElQDMSR ¬ K@ E@kNM CNMS KD
@UDB KDR ClR lS@MS BD PT±HK DRS¥ÿ $DBH CNMMD @TW INTDTQR TM IDTlUNKTDQ@ClODMCQ@CDKDTQRQlONMRDRfBDRNOONQSTMHSlRDS
SNS@K CD  ON DM LNMM@HD   ON DM FDLLDR þRH DKKDR BGNHWPTHR±NEEQDMSfDTW1@QDWDLOKD RHKDRINTDTQRClBHCDMSCD
RNMSlBG@MFlDRBNMSQDCDRONÿ DSTMNAIDSPTHODTSnSQDBNM QDLNMSDQTMBNTKNHQDSPTDBDKTHBHRDSDQLHMDDMTMBTKCDR@B
RDQUlDSTSHKHRl @UDBSQNHRONQSDR HKRNMS@KNQROKTRHDTQRBGNHW¬QDSNTQMDQRTQKDTQR
 O@RR@MRR±NBBTODQCDRONQSDR lBNTSDQfTMDNTOKTRHDTQRCDR
-DR LNMRSQDR STlR Q@OONQSDMS CDR ONHMSR C±DWOlQHDMBD BNLLD ONQSDR @U@MS CD O@QSHQ @HKKDTQR  DRR@XDQ C±DM NTUQHQ TMD NT OKT
RTHSþUNHQO@FDCTL@MTDKCDR3mFKDRCD#@RDCD% %ÿKDR RHDTQR þRNHS MNQL@KDLDMS  RNHS DM KDR ENQk@MS  RNHS LnLD DM KDR
JNANKCR  DM S@MS PTD BQl@STQDR f LNHMR CD  %7   ONHMSR ClENMk@MSÿ  DS @HMRH CD RTHSD 7NTR ClBQHUDY K@ RHST@SHNM  OTHR
BG@BTM  KDR NQPTDR  BQl@STQDR f  %7   ONHMSR BG@BTM  DS K@ @SSDMCDYPT±HKRClBHCDMSPTDKKDKHFMDCDBNMCTHSD@CNOSDQ#HDM
SHPTD Fl@MSD  ONHMSR þBQl@STQD f  %7   ONHMSR ONTQ R@ R|Q BDQS@HMDRClBHRHNMRRDQNMSOKTRCHEEHBHKDR NTOQDRR@MSDR UNHQD
E@BTKSlROlBH@KDfOQNUNPTDQCDRL@K@CHDRÿ-@U@KDTQSNS@KDCD LnLD BQTBH@KDR ONTQ KDTQ RTQUHD ¬ DS BNLLD SNTINTQR  K±HL@FH
SNTRKDRLNMRSQDRSTlRDRSCNMBCDONHMSR¬ONTQKDRJN M@SHNMDSK±HMFlMHNRHSl CDLnLDPTDK@Ql@BSHUHSl RDQNMSFlMl
ANKCR ONTQKDRNQPTDRDSONTQK@SHPTDFl@MSD$DPTHE@HS Q@KDLDMSQlBNLODMRlDR
ONHMSRC±DWOlQHDMBDONTQBG@PTD@UDMSTQHDQRTQUHU@MS 
 &M RDBNMC KHDT  TM ANM .% QDRSD @TCDRRTR CD K@ LnKlD DS
-DSNS@KCDRONHMSRC±DWOlQHDMBDONTQBG@PTD@UDMSTQHDQ DMRTO M±DRR@HD O@R C±HMEKTDMBDQ KDR ClBHRHNMR CDR INTDTQR MH C±NQHDMSDQ
ONR@MSPT±HKRRNMSOQDLHDQMHUD@TþTMMHUD@TOKTRlKDUlHLONRD K±@BSHNM C@MR TMD CHQDBSHNM O@QSHBTKHmQD -D .@rSQD CD %NMINM
Q@HSTM@ITRSDLDMSfK@A@HRRDÿ RDQ@CDþK±lPTHU@KDMSDMON CDUQ@HS E@HQD SNTS RNM ONRRHAKD ONTQ @HCDQ KDR INTDTQR C@MR KDTQ
DSFDLLDRÿOKTRþKDRLNMRSQDRSTlRÿ RNHS-DRNAIDSRL@FH PTnSDR@MRSNTSDENHRCNMMDQC±HMENQL@SHNMRHLONQS@MSDRfLNHMR
PTDRNTROlBH@TWMDQ@OONQSDMS@TBTMONHMSRTOOKlLDMS@HQD PTDBDRCDQMHDQRMDKDRClBNTUQDMSO@QDTWLnLDRNT@KNQRMD
5
O@QUHDMMDMSfQlRNTCQDTMOQNAKmLDO@QClCTBSHNMNTAHDMDM FTDQQHDQCDQDMNLÿDS;DKKHF@QK±aMHFL@SHPTDþTML@FHBHDMLXRSl
ONR@MSCDRPTDRSHNMR UNHQDDME@HR@MSKDRCDTW6MDFQ@MCDO@QS QHDTWDSOTHRR@MSÿ QlTMHQDMSKDTQRLNXDMRDSKDTQRBNLOlSDMBDR
CTIDTBNMRHRSDDMPTDRSHNMRONRlDRO@QKDRINTDTQR CNMSK@OKTR @EHMCDBNMRSQTHQDTMDOK@BDENQSDC@MRK@PTDKKDHKRG@AHSDQ@HDMS
EQlPTDMSD DRS PTD UNXNMRMNTR  7NSQD ENMBSHNM DM S@MS PTD DS CNMS HKR RD RDQUHQ@HDMS BNLLD A@RD C±NOlQ@SHNMR -±DLOK@
L@rSQDCTIDTDRSCDQlONMCQDfBDRPTDRSHNMRR@MRDMCHQDSQNO BDLDMS CD BD BNLOKDWD RDBQDS ETS BGNHRH @UDB RNHM  KDR CDTW
7NTRM±@UDYO@RADRNHMCDCNMMDQ@TWINTDTQRCDRHMENQL@SHNMR GNLLDRM±@HL@MSMHKDRUHRHSDTQR MHKDRHMSQTR1DQBGlD@TRNL
PT±HKR M±NMS O@R CDL@MCl  R@TE BHQBNMRS@MBDR DWBDOSHNMMDKKDR LDSC±TMDBNKKHMDQNB@HKKDTRD KNHMCDSNTSDG@AHS@SHNMDSfK±lB@QS
-@HRRDYKDRONRDQKDTQRPTDRSHNMR DSK@HRRDYKDRE@HQDKDTQRBGNHW CDRQNTSDREQlPTDMSlDR K@MNTUDKKDBNMRSQTBSHNMOQHSENQLD5@HKKl
 C@MRK±lLHMDMBDQNBGDTRDPTHCNLHM@HSKDRODMSDRQDBNTUDQSDR
%DLnLD DMS@MSPTD.@rSQDCD%NMINM UNTROQDMCQDYOK@HRHQ C±TMDlO@HRRDENQnS BDQDETFDLXRSHPTDlS@HSHMClBDK@AKD DSK@
fNARDQUDQKDRINTDTQRRDClA@SSQD@UDBKDROQNAKmLDRPTDUNTR QTLDTQCDRNMDWHRSDMBDMDETSI@L@HRSQmRQlO@MCTD&SDMBNQD
KDTQ RNTLDSSDY .@HR AHDM PTD UNTR OTHRRHDY LDSSQD DM OK@BD LNHMRBNMMTK±lS@HSRNMMNL KDR$@UDQMDRCD2T@RPTDSNM
CDRClEHRPT±HKRCDUQNMSQDKDUDQ UNTRCDUDYF@QCDQfK±DROQHSPTD 
UNTR M±nSDR O@R KDTQ @CUDQR@HQD  MH PTD UNTR CDUDY MlBDRR@HQD *KDRSCHSPTDK@BNMRSQTBSHNMCTBNLOKDWDOQHSOKTRC±TMDClBDM
LDMSKDRU@HMBQD7NTR@OOQlBHDQDYOKTRCDL@rSQHRDQTMDO@QSHD MHD DSBDBHL@KFQlK±@HCDCDK@L@FHDDSK±DLOKNHCDBDMS@HMDR
C@MR K@PTDKKD KDR INTDTQR QDKmUDMS UHBSNQHDTRDLDMS KDR ClEHR C±DRBK@UDRDSCDSQ@U@HKKDTQR%±lMNQLDRPT@MSHSlRCDQNBGDETQDMS
QDMBNMSQlR PT±TMD O@QSHD N{ HKR ODQCDMS AnSDLDMS K@ UHD DM TM QDSHQlDR CDR O@QNHR QNB@HKKDTRDR DS @LNMBDKlDR DM CD K@QFD S@R
QHDM CD SDLOR $DODMC@MS  RH UNR INTDTQR ODQCDMS SNTSD OQT L@HMSDM@MS QDBNTUDQSR O@Q K@ UlFlS@SHNM 6MD TMHPTD SNTQ ETS
CDMBDDSBNLLDSSDMSCDRDQQDTQRRSTOHCDR K@HRRDYKDRDMO@XDQ lQHFlD @T CDRRTR CT RNK C@MR KD ATS CD RTQUDHKKDQ KDR DMUHQNMR 
KDOQHW¬L@HRSNTSDMQDRS@MSlPTHS@AKD%@MRCDMNLAQDTWB@R  AHDMPT±HKM±XDTQHDMC±@TSQDfUNHQPTDCDRlSDMCTDRR@TU@FDR
TM C@MFDQ B@TRl O@Q TM L@MPTD CD OQTCDMBD ODTS nSQD RTQ CDBNKKHMDRANHRlDRRTQCDRJHKNLmSQDRfK@QNMCD
LNMSl  NT TMD DQQDTQ CD ITFDLDMS QlO@QlD O@Q TMD Q@OHCHSl 
C±DROQHS DS TMD CNRD C±HMFlMHNRHSl  L@HR K@HRRDY f UNR INTDTQR KD 3NF@GMDS;DKKHF@QUlBTQDMSC@MRKDTQQDETFDBNLLTMODMC@MS
RNHMC±XQlEKlBGHQO@QDTWLnLDRDSCDKDE@HQD PTDKPTDR SDLOR  X LDM@MS KDTQR @EE@HQDR DS M
DM RNQS@MS PTD
 ONTQ CDR @UDMSTQDR NBB@RHNMMDKKDR CTQ@MS KDRPTDKKDR KDR CDTW
&MS@MSPTD.@rSQDCD%NMINM B±DRSUNTRPTHCHQHFDYKDIDT$DK@ GNLLDR DM OQNEHS@HDMS ONTQ @BBQNrSQD KDTQ QlOTS@SHNM C±nSQD KDR
RHFMHEHDPTDUNTRKTHCNMMDYKDSDLONDSnSDRQDRONMR@AKDCDKD LDHKKDTQRC@MRKDTQ@QSQDRODBSHE
L@HMSDMHQBNMSHMTDKKDLDMSDM@BSHNM1@QCDRRTRSNTS  UNTRCDUDY 
QDRSDQL@rSQDCDK@RHST@SHNM AHDMPT±@UDBCDRINTDTQRQ@HRNMM@ -DR @BSDR DS KDR @UDMSTQDR CD BDR CDTW ODQRNMM@FDR MD ETQDMS
AKDRK@RHST@SHNMCDUQ@HSSNTINTQRnSQDRNTRBNMSQwKD4HKDRINTDTQR I@L@HRUQ@HLDMSBNMMTR CTE@HSPT
HKROQlElQ@HDMSRDSDMHQKNHMCD
RNMS HMBQNX@AKDLDMS KDMSR NT SDQFHUDQRDMS HMTSHKDLDMS  Q@OODKDY K@BHUHKHR@SHNM$DQS@HMRCHRDMS DSODTSnSQDfITRSDSHSQD PTDKDTQR
KDTQPT±HKRODQCDMSCTSDLOR4±HKRODQRHRSDMSC@MRBDRDMR E@HSDR LNSHERlS@HDMSA@RlRRTQK@BTOHCHSlDSTMDRNQSDCDU@FTDþUNHQD
CDRK@MBDQRCDClRRTOOKlLDMS@HQDRONTQUlQHEHDQK±@OO@QHSHNMCD BG@NSHPTDÿODMBG@MSONTQKDL@K1DQRNMMDMDKDR@HSUQ@HLDMS
LNMRSQDRDQQ@MSR¬NTSNTSCTLNHMRE@HSDRQNTKDQKDRClR@EHMCD 
KDE@HQDBQNHQD@TWINTDTQR4±HKRONKlLHPTDMSDMSQDDTW Q@OODKDY $DPTHDRSOKTRBNMMTDMQDU@MBGD B
DRSK@QlOTS@SHNMCDBG@
KDTQ@KNQRPTDKDAQTHSODTS@TRRH@SSHQDQCDRLNMRSQDRDQQ@MSRRHKf BTM .@KFQl KDTQ @KHFMDLDMS CNTSDTW RTRODBSl CD SDMCQD UDQR
DMBNQDHKRODQRHRSDMS LNMSQDYKDTQPTDB±DRSUQ@H KDL@K SNTRCDTW@RRHQDMSKDTQQlOTS@SHNMCDOTHRR@MBDKNQRPT
HKR
 INHFMHQDMSKDTQRENQBDRONTQRSNOODQTMDHMU@RHNMA@QA@QDLDM@
&MEHM HKDRSHLONQS@MSCDMDO@RODQCQDCDUTDPTDKD.@rSQDCD k@MSK@FQ@MCDU@KKlD-NQRC
TMDA@S@HKKDBQTBH@KDC@MRTMClEHKl
%NMINMDRSSNTINTQRK±@QAHSQDEHM@KCTIDT4HKDRINTDTQRMDRNMSO@R lSQNHS DMSQD KDR BNKKHMDR  HKR TMHQDMS KDTQR OTHRR@MBDR DS QDONTRRm
C±@BBNQC@UDBUNTR lBNTSDYKDRDSDW@LHMDYQ@HRNMM@AKDLDMS QDMSK
HMU@RHNMCDL@MHmQDClBHRHUD3NFG@ML@RR@BQ@TMDGNQCD
KDTQRQlBQHLHM@SHNMR2TNHPT±HKDMRNHS B±DRSYRXVPTHnSDRKDITFD CDA@QA@QDfKTHSNTSRDTKS@MCHRPTDK@L@FHDCD;DKKHF@QLDSS@HS
TKSHLD ¬ DS HKR CDUQNMS BNLOQDMCQD k@  CD LnLD KD E@HS PTD DM ETHSD KD QDRSD CD KDTQ @QLlD -DR CDTW GNLLDR DS KDTQR
SNTSMDU@O@RSNTINTQRC@MRKDTQRDMR NTCTLNHMRBNLLDHKR BNLO@FMNMRC±@QLDRQDkTQDMS@KNQRDMFTHRDCDQlBNLODMRD
KD RNTG@HSDQ@HDMS 4NXDY ITRSD  L@HR EDQLD -@ M@STQD GTL@HMD TMDENQSTMDBNMRHClQ@AKDCDK@O@QSCDK@ONOTK@SHNMQDBNMM@HR
lS@MS BD PT±DKKD DRS  KDR INTDTQR SDMSDQNMSR@MR@TBTMCNTSDCD R@MSD OTHRDMRTHSDRDQDSHQmQDMSC@MRKDTQQDETFDRDBQDS#HDMPTD
UNTRODQRT@CDQþNTAHDMCDUNTRCHRRT@CDQÿRTQSNTSDRRNQSDRCD K@ L@INQHSl CDR QHBGDRRDR NASDMTDR @HS @OO@QDLLDMS RDQUHD f
BGNRDRBDRHMSDQ@BSHNMRUDQA@KDRENMSITRSDLDMSO@QSHDCTOK@HRHQ ONTQRTHUQDKDRSQ@U@TWCD2T@RPTDSNM HKDRSENQSONRRHAKDPT±TMD
C±nSQD TM .% .@HR @T EHM@K  B±DRS BD PTD UNTR CHQDY PTH RDQ@ O@QSHD RNHS DMBNQD B@BGlD PTDKPTD O@QS 2TNHPT±HK DM RNHS  K@
@OOKHPTl ENQSDQDRRDM±lS@HSSNTINTQRO@R@BGDUlDKNQRPTD CDR@MMlDROKTR
 S@QC KDCTNHMSQlOHCDR±DLA@QPT@C@MRR@CDQMHmQD@UDMSTQD

FE:=:D6C46>@5F=62G64=6DC®8=6D2G2?4¯6D565@?
*K X @ OKTRHDTQR @MMlDR CD BDK@  3NF@GM DS ;DKKHF@Q ClBHCmQDMS
;@?D5C28@?D @OO@QDLLDMS CD LDMDQ TMD HMBTQRHNM DM BNLLTM C@MR KDR
 SDQQDR CDR A@QA@QDR S@MS ClSDRSlR &LLDM@MS @UDB DTW K@ OKT
#HDMPTDBDLNCTKDRNHSROlBHEHPTDLDMSBNMkTONTQKDR3mFKDR O@QS CD KDTQR BNLO@FMNMR C±@QLDR DS @RRNBHlR @T RDHM C±TMD
CD #@RD CD %  %  CDR INTDTQR DWOlQHLDMSlR M±@TQNMS @TBTMD SQNTOD ENQSDLDMS @QLlD  KDR CDTW ODQRNMM@FDR CHRO@QTQDMS
CHEEHBTKSlfK±TSHKHRDQ@UDBKDR3mFKDR"7"/$a&4CD% % C@MRKDRSDQQDRlSQ@MFmQDRDSHMSDQCHSDRCTMNQC KNHMCDRBNKKHMDR
 DSENQnSRDMSNTQ@MS2T@RPTDSNM
-DR.@rSQDRCD%NMINMPTHRNTG@HSDMSINTDQBDLNCTKD@UDB"% 
 % M±@TQNMS @TBTM OQNAKmLD DM BD PTH BNMBDQMD K±TSHKHR@SHNM -@ RDTKD MNTUDKKD PTH O@QUHMS ITRPT±f K@ BHUHKHR@SHNM O@QKD C±TMD
CDRCDTWB@QSDRDSCTKHUQDSCDRBQHOSHE%DK@LnLDL@MHmQD K@ FQ@MCD A@S@HKKD C@MR KDR SDQQDR CDR A@QA@QDR CTQ@MS K@PTDKKD
5@AKDCDR-lFDMCDRONTQQ@nSQDTSHKHRlDSDKKDPTDKKD-D.%ODTS 3NF@GMDS;DKKHF@QRDQ@HDMSLNQSR$DRTOONRl@EEQNMSDLDMSRD
SNTSDENHR HFMNQDQ KDR KHRSDR CD LNMRSQDR  SQlRNQR DS ODQRNMM@FDR RDQ@HSClQNTKlHKX@OKTRHDTQR@MMlDR L@HRNMDM@PTDODTCD
MNMINTDTQRONTQKDRQDLOK@BDQO@QRDROQNOQDRKHRSDROKTR@C@O ClS@HKR¬DS@TBTMDOQDTUDCDR@UlQ@BHSl-@ RDTKD BGNRDPTH
SlDR f CDR INTDTQR DWOlQHLDMSlR C±" %  % %D LnLD  CDR RNHS BDQS@HMD  B±DRS PTD 3NF@GM DS ;DKKHF@Q RNMS O@QSHR CDOTHR
@RSTBDRDSOHmFDROKTRlK@ANQlRDSLNQSDKRONTQQNMSnSQDLHRDM AHDMSQNOKNMFSDLOR4HRDTKDLDMSPTDKPT±TM@U@HSKDRBNMM@HR
OK@BD@EHMPTDBDRINTDTQROKTR@UDQSHROTHRRDMSCNMMDQKDLDHK R@MBDRDSKDRLNXDMRONTQKNB@KHRDQKDTQQDETFDRDBQDS HKX@TQ@HS
KDTQC±DTWLnLDR KfCDPTNHDWOKNQDQ&SPTHR@HSPTDKKDRQHBGDRRDRDSPTDKKDL@FHD
 ODTUDMSDMBNQDR±XSQNTUDQ OQnSDRfnSQDDLONQSlDR 
4@?E6IE6 
 /NSD %@MR KD .0/%& %& (3&:)"8, þCHRONMHAKD BGDY 543ÿ  K@
6MD QTLDTQ Q@BNMSD PT±HK X @ CD MNLAQDTRDR @MMlDR CD BDK@  ENQSDQDRRDODTSnSQDRHSTlD C@MRKDRO@XRRTHU@MSR ¬K@#@QNMMHD
CDTWODQRNMM@FDRBlKmAQDRC@MRK@QlFHNM 3NF@GMKD)@QCHþTM CD3@SHJ KD%TBGlCD5@HMD NTK@5GlNBQ@SHDC±"QANMMD
6
 =2E23=656D=¯86?56D ÿ  %DR SQNFKNCXSDR RD RNMS HMRS@KKlR C@MR KD BNLOKDWD DM
 K±@ARDMBDCDRDRG@AHS@MSR
"U@MSK@OQDLHmQD@UDMSTQDC@MRK@ENQSDQDRRD KD.@rSQDCD%NM 
INM TSHKHRDQ@ BDSSD S@AKD ONTQ CNMMDQ @TW @UDMSTQHDQR TMD BNM ÿ' -D KHDT DRS OQNSlFl O@Q KDR CHDTW DTWLnLDR  DS BG@PTD
M@HRR@MBD CT BNMSDWSD þf O@QSHQ CD QTLDTQR NT KlFDMCDR MN FQNTOD PTH NRDQ@ R±X HMSQNCTHQD UDQQ@ K±TM CD RDR LDLAQDR
SNHQDRÿ-@S@AKDBNLONQSDCDRAQHADRDSEQ@FLDMSRC±HMENQL@SHNM nSQDL@TCHSDSBNMC@LMlfTMDLNQSBDQS@HMD
BNMBDQM@MSK±DMCQNHSfDWOKNQDQ¬K@OKTO@QSlS@MSDW@BSDRSNTSD 
ENHR KDRKlFDMCDRDSKDRQTLDTQRlS@MSBDPT±DKKDRRNMS BDQS@HMDR ÿ'-DSQlRNQCD;DKKHF@QDS3NF@GMDRSB@BGlAHDMDMRlBTQHSl
CDBDRHMENQL@SHNMRRNMSE@TRRDRDSSQNLODTRDR*K@OO@QSHDMCQ@ @TENMCC±TMA@RRHMQDLOKHC±D@T
@TW INTDTQR C±@FHQ RDKNM KDR HMENQL@SHNMR PT±HKR BNMM@HRRDMS KD 
.@rSQD CD %NMINM KDTQR CHQ@ PT±HK R±@FHS CD KlFDMCDR NT CD ÿ' 5NTS K±DMCQNHS FQNTHKKD CD F@QCDR K@HRRlR Kf O@Q ;DKKHF@Q DS
QTLDTQRPT±HKRNMSDMSDMCT DSB±DRSSNTSþBDRDQ@@TWINTDTQRCD 3NF@GM
ClBHCDQCDK@U@KDTQNTCDK@UlQ@BHSlCDSDKKDRHMENQL@SHNMRÿ 
ÿ-@R@KKDCDRSQNOGlDRCD3NF@GMBNMSHDMSCDRUDRSHFDRCDA@
 S@HKKDRDSCDRClONTHKKDRCDLNMRSQDRSTlRKNQRCDRDR@UDMSTQDR
1NTQClSDQLHMDQKDRKlFDMCDRQTLDTQRBNMMTDR  BG@PTDODQRNM 
M@FDINTDTQK@MBDQ@TMClfE@BDRDMRDBQDSDSDMOQlRDMBD ÿ*KX@C@MRKDBNLOKDWDTMDR@KKDBNMSDM@MSOKTRHDTQRA@R
CT.@rSQDCD%NMINMþKDRODQRNMM@FDRMNMINTDTQ@HMRHPTDKDR RHMRQDLOKHRC±D@T
RDQU@MSRBNLO@FMNMR C±@QLDR M±DM BNMM@HRRDMS @TBTMDÿ -D 
QlRTKS@S NASDMT HMCHPTDQ@ KD MNLAQD CD QTLDTQRKlFDMCDR PTD ÿ-DRLTQRO@QKDMS@TWUHRHSDTQR
BNMM@HSBDKTHPTH@K@MBlKDCl 
 ÿ'6MDOHDQQDDMBG@MSlDRHSTlDC@MRK@ENQSDQDRRD@BBNQCDQ@
6MDKlFDMCDBNMMTD TMRNTG@HSfPTHBNMPTDDMwSDTMlBK@SDSKDOK@BDC@MR
%DTWKlFDMCDRBNMMTDR R@ANTBGD
5QNHRKlFDMCDRBNMMTDR 
"TBTMDKlFDMCDBNMMTD ÿ'5NTRKDRSQlRNQRCD ;DKKHF@QDS3NF@GMRNMSL@TCHSRDSONQ
 SDQNMSL@KGDTQfBDTWPTHKDRONRRmCDMS
%DRQlRTKS@SRCD NTHMCHPTDMSKDMNLAQDCDK@MBDQCDC 
RTQK@5@AKDCDR-lFDMCDR6MQlRTKS@SCDRHFMHEHDPTDK±@UDMST ÿ';DKKHF@QDS3NF@GMRNMSDME@HSQDMSQlRC@MRKDTQENQSDQDRRD 
QHDQM±@BNMM@HRR@MBDC±@TBTMDQTLDTQNTKlFDMCDBNMBDQM@MS @KNQRL@KGDTQfBDTWPTHNRDQNMSR±XHMSQNCTHQD
K@ ENQSDQDRRD R±HK UDTS CDR HMENQL@SHNMR  HK CDUQ@ DRR@XDQ CD KDR 
NASDMHQ@TOQmRCDR@TSQDRINTDTQR ÿ*KX@CDRONQSDR R@KKDRDSO@RR@FDRRDBQDSRC@MRBDQS@HMDR
 O@QSHDRCTBNLOKDWD

-D INTDTQ ClSDQLHMD KDR KlFDMCDRQTLDTQR PT±HK BNMM@rS DM K@M
ÿ-DBNLOKDWDONRRmCDOKTRC±TMMHUD@T
k@MSTMClf E@BDR  DSKD.%KTHKHSRTQK@S@AKDK±HMENQL@SHNM

PTH BNQQDRONMC f BG@PTD QlRTKS@S þBDBH DRS E@HS RDBQmSDLDMS
/NSD RH TM INTDTQ PTH K@MBD KDR ClR NASHDMS TM MNLAQD PT±HK @
C@MRTMDMCQNHSN{KDR@TSQDRINTDTQRMDODTUDMSO@RDMSDMCQDÿ
ClIfDT E@HSDRKTH@KNQRQDK@MBDQKDCl
-D.%CHS@KNQR@TINTDTQPTDB±DRSKfSNTSDKDRHMENQL@SHNMRCD

BNMSDWSD PTD BNMM@rS RNM ODQRNMM@FD PTD KD INTDTQ BGNHRHRRD

NTMNMCDO@QS@FDQBDRHMENQL@SHNMRþNTRDTKDLDMSTMDO@QSHD
=65@?;@?
C±DMSQDDKKDRÿ@UDBKDR@TSQDRINTDTQRQDKmUDCDR@ClBHRHNM"HMRH

BG@PTD INTDTQ @ TMD BG@MBD PTD RNM ODQRNMM@FD BNMM@HRRD
$DSSDYNMDfDWOKNQDQDRSBNMkTDONTQTMFQNTODCD@UDM
PTDKPTDR AQHADR C±HMENQL@SHNMR RTOOKlLDMS@HQDR @U@MS PTD MD
STQHDQR þODQRNMM@FDR INTDTQR DS BNLO@FMNMR C±@QLDR NT AHDM
BNLLDMBDK±@UDMSTQD
RDQU@MSRÿC±TMMHUD@TC±DWOlQHDMBDMDClO@RR@MSO@RKDSQNHRHm

LD DS TSHKHR@MS KDR 3mFKDR CD #@RD CD %0/+0/4  %3"(0/4
 -DRINTDTQR SQNTUDQNMSR|QDLDMS@U@MS@FDTWC±@UNHQ@TRDHMCD
E23=656D=¯86?56DU#! KDTQ FQNTOD OKTRHDTQR ODQRNMM@FDR U@QHlR PTH RD BNLOKmSDQNMS
 KDRTMRKDR@TSQDRDSONRRmCDQNMSTMDCHUDQRHSlCDBNLOlSDMBDR
'RHFMHEHDPTDK@KlFDMCDNTQTLDTQDRSE@TRRD L@HRKDINTDTQ CTE@HSCDKDTQRCHEElQDMSDRBK@RRDRþFTDQQHDQR L@FHBHDMR BKDQBR 
MDKDR@TQ@O@R UNKDTQR  DSBÿ %D OKTR  @UNHQ @UDB RNH TM NT CDTW NAIDSR L@FH
 PTDRONTQQ@R±@UlQDQnSQDTMD@HCDOQlBHDTRDþ2TNHPTD CDSDKR
ÿ-@ENQSDQDRRDR±@OODKKD2T@RPTDSNM NAIDSRDMSQNOFQ@MCMNLAQDNTAHDMSQNOOTHRR@MSRQHRPTDQ@HDMS
 CDClRlPTHKHAQDQKDIDTÿ
ÿ'  ;DKKHF@Q @U@HS TM K@ANQ@SNHQD CD RNQBDKKDQHD @T RDHM CD K@ 
ENQSDQDRRD C@MR KDPTDK HK DEEDBST@HS CDR SQ@U@TW RTQ TMD 4HTM.@rSQDCD%NMINMClRHQDTSHKHRDQBDLNCTKD@UDBKDR3mFKDR
L@FHDOKTROTHRR@MSDPTDSNTSBDPT±NMBNMM@rS "7"/$a&4CD%0/+0/4 %3"(0/4 HKSQNTUDQ@fK@EHMCDBD
 KHUQDSTMO@Q@FQ@OGDCNMM@MSCDRCHQDBSHUDRONTQDEEDBSTDQBDSSD
ÿ'  3NF@GM ONRRlC@HS TMD FDLLD L@FMHEHPTD @TRRH FQNRRD BNMUDQRHNM
PTDKDONHMFC±TMGNLLDDSU@K@MSOKTRCDOHm 
BDRC±NQDKKDRDQ@HSB@BGlDC@MRRDRPT@QSHDQRODQRNMMDKR -DR $@UDQMDR CD 2T@RPTDSNM  SDK PT±HK DRS LDMSHNMMl C@MR KDR
 HMENQL@SHNMR CD BNMSDWSD  RNMS BQDTRlDR C@MR TMD lLHMDMBD
ÿ   ;DKKHF@Q DS 3NF@GM TSHKHR@HDMS CDR DRBK@UDR NQPTDR ONTQ KDR QNBGDTRD RHSTlD @T RNLLDS C±TMD FQ@MCD BNKKHMD ANHRlD -DR
SgBGDRCNLDRSHPTDR DSBDQS@HMRUHU@HDMSC@MRK@ENQSDQDRRD UDMSRA@K@XDMSBNMSHMTDKKDLDMSBDSSDBNKKHMD RNTEEK@MSDSRHEEK@MS
 @T SQ@UDQR CDR @QAQDR  CDR KHDQQDR DS CD SNTSD @TSQD UlFlS@SHNM
ÿ-DBNLOKDWDDRSRTQCDTWMHUD@TW PTHK@QDBNTUQDCDSNTRBwSlR-@QNBGDDKKDLnLDRDBNMRSHSTD
 C±TM RBGHRSD MNHQgSQD DS CDMRD  UHRHAKD C@MR SNTSDR KDR B@UDQMDR
ÿ6MDO@QSHDCTBNLOKDWDM±DRSO@RSDQLHMlD RTQKDRCDTWMHUD@TW
 
ÿ   -D BNLOKDWD @ TMD ONQSD CD RNQSHD f K±@QQHmQD  RDBQmSD DS -±@HQfK±HMSlQHDTQCDRB@UDQMDRDRSKNTQC GTLHCDDSRDMSKDQDMEDQ
AHDMCHRRHLTKlD Ll%@MRBDQS@HMDRO@QSHDRCTBNLOKDWD TMDBNTBGDCDONTR
 RHmQDQDBNTUQDSNTS R±@BBTLTK@MS@UDBKDR@MMlDR#Q|KDQPTNHPTD
ÿ+@L@HRODQRNMMDM±@OlMlSQlC@MRKDBNLOKDWDDSM±DMDRS BD RNHS f K±HMSlQHDTQ RDQ@ KDMS DS CHEEHBHKD CT E@HS CD K±@SLNROGmQD
QDUDMTONTQDMO@QKDQ -DRSNQBGDRDSK@MSDQMDRClF@FDQNMSTMDlO@HRRDETLlD
7
*KX@AD@TBNTOCDONQSDRC@MRKDCNMINMþC@MRKDIDT%0/+0/4 DWOKNQ@SDTQR CD S@HKKD GTL@HMD C±@BBlCDQ E@BHKDLDMS f BDSSD
 %3"(0/4  KD SDQLD CNMINM DRS FlMlQ@KDLDMS TSHKHRl ONTQ NTUDQSTQD
ClRHFMDQ SNTSD K@ O@QSHD RNTSDQQ@HMDÿ  DS BDQS@HMDR C±DMSQD DKKDR 
RNMS CDRONQSDR RDBQmSDRPTH MDODTUDMS nSQDClBDKlDRPT±fK@ &KKDCNMMDRTQTMBNTKNHQCDLCDK@QFDPTHR±DMENMBDDMCQNHSD
RTHSD C±TM DW@LDM @SSDMSHE NT lUDMSTDKKDLDMS FQgBD f TM DKED KHFMDC@MRK@QNBGDDSBNMCTHSfTMDFQ@MCDONQSDDMANHR&KKD
DSR@B@O@BHSlHMMlDfKDRClSDBSDQ%@MRSNTRKDRB@R fLNHMR M±DRS O@R UDQQNTHKKlD  DS TM DW@LDM @SSDMSHE QlUmKDQ@ CDR lBK@SR
PTDBDMDRNHSROlBHEHl KDRONQSDRRDQNMSUDQQNTHKKlDRTMSHDQRCT CD ANHR RTQ TM CDR ANQCR  HMCHPT@MS PT±DKKD @ lSl OQlBlCDL
SDLOR¬SNTSQlRTKS@SCDNTRTQTMClfRHWE@BDRþCÿRHFMH LDMS ENQBlD þBD E@HS RDQ@ @TSNL@SHPTDLDMS LDMSHNMMl RH KDR
EHDQ@PT±DKKDRAKNPTDQNMSK±DMSQlDITRPT±fBDPTDKDTQRDQQTQDRNHS @UDMSTQHDQRClBK@QDMSPT±HKRDW@LHMDMSK@ONQSDRHMNM HKM±X@TQ@
BQNBGDSlDNTAQHRlD#QHRDQK@RDQQTQDNTClENMBDQK@ONQSDRDQ@ PTDCDBG@MBDRO@Q@UDMSTQHDQ DSBDBHCDE@kNMBTLTK@
f BNTO R|Q TMD @BSHNM AQTX@MSD  BD PTH ONTQQ@HS B@TRDQ K@ SHUD PT±HKRR±DMQDMCDMSBNLOSD¬R±HKX@PT@SQD@UDMSTQHDQR 
UDMTDCDLNMRSQDRHMClRHQ@AKDR¥ DSBÿ
 
-DRCDTWMHUD@TWCTCNMINMENMS@OOQNWHL@SHUDLDMSK@LnLD 
S@HKKD DS RNMS RHSTlR K±TM @TCDRRTR CD K±@TSQD 4H KDR CDTW B@QSDR *"-$Ë7&41@RRlK±DMSQlDRDSQNTUDMSSQNHRO@HQDRC±@KBwUDR OK@
lS@HDMS OK@BlDR K±TMD RTQ K±@TSQD  KDR SQNHR ONHMSR C±@BBmR QDKH@MS BlDR Kf C@MR KD ATS CD RDQUHQ DM ClEDMRD BNMSQD CDR HMSQTR NT
KDRMHUD@TWBNQQDRONMCQ@HDMSDW@BSDLDMSDMSQDDTW PTDBDRNHS CDR DMU@GHRRDTQR $DR ONRSDR CD F@QCD RNMS SNTR UHCDR DS MD
UDQRKDG@TSBNLLDUDQRKDA@R BNLONQSDMS@TBTMDHMRBQHOSHNM
 
=6D42G6C?6D56BF2DBF6E@? -@RDBNMCDO@HQDC±@KBwUDRQDBmKDDME@HSCDRONQSDRRDBQmSDRf
 RDMR TMHPTD  L@HR BNLOKmSDLDMS HMClBDK@AKDR O@Q PTHBNMPTD
56D4C:AE:@?5F?:G62FDFA¯C:6FC CDOTHRBDBwSlþLnLDDMB@RC±DW@LDMONTRRlÿ$DRONQSDRf
 RDMRTMHPTDENMSlF@KDLDMSO@QSHDRCTRXRSmLDCDClEDMRDPTH
§K±HMSlQHDTQCTBNLOKDWD KDMHUD@TRTOlQHDTQDRSBNMRSHSTlONTQ ODQLDSS@HS@TWF@QCDRCDOQDMCQDfQDUDQRSNTSFQNTODC±DMU@
K@ OKTO@QS CD AQHPTDR C
@RRDY ADKKD PT@KHSl @UDB FlMlQ@KDLDMS GHRRDTQRPTHClO@RR@HSBDONHMS
TMANMSQ@U@HKCDS@HKKDCDK@OHDQQDDSCDL@kNMMDQHD*KX@AHDM 
PTDKPTDRDMCQNHSROKTRFQNRRHDQR @HMRHPTDCDRO@QSHDRN{K@EHMH -@ SQNHRHmLD O@HQD C±@KBwUDR BNMSHDMS CDTW RNQSR CD ERXFKH
SHNMM±DRSO@R@TRRH@ANTSHDPT±@HKKDTQR L@HRC@MRK±DMRDLAKDK@ PDJLTXH RNQSRPTHRDClBKDMBGDQNMSCmRPT±TM@UDMSTQHDQO@R
BNMRSQTBSHNM DS KDR SQ@U@TW C±DWB@U@SHNM NMS lSl AHDM Ql@KHRlR RDQ@ DMSQD BDR CDTW @KBwUDR %mR PTD BDBH RD OQNCTHS  CDTW
-DR LTQR RNMS QDK@SHUDLDMS KHRRDR DS AHDM EHMHR DS RNMS CD E@kNM ERXFKHV@OO@Q@HRRDMS TMDRTQKDLTQCTENMCCDK±@KBwUDDRS
FlMlQ@KD DM ANM lS@S -DR RNKR  AHDM PTD O@QENHR HMlF@TW  RNMS DSTMD@TSQDRTQKDLTQCTENMCCDK±@KBwUDNTDRS-@ERXFKHf
lF@KDLDMSDMANMlS@S-DRBNTKNHQRENMSFlMlQ@KDLDMSLCD K±DRSO@QKDDMOQDLHDQ ClBK@Q@MSC±TMDUNHWSNMHSQT@MSD26*04&
K@QFD S@MCHRPTDKDROK@ENMCRRNMSONTQK@OKTO@QSfTMDG@TSDTQ 1a/a53&3 &/ $&5 &/%30*5 &5 7*0-&3 -& 4"/$56"*3& %& 4&4
RDRHST@MS@OOQNWHL@SHUDLDMSDMSQD DSL@TCDRRTRCTRNK )"#*5"/54 "OQmRTMLNLDMS DSBNTUQ@MS SNTSDSDMS@SHUDCD
-@ OHDQQD MNHQgSQD C@MR K@PTDKKD NMS lSl BQDTRlDR KDR R@KKDR DS QlONMRDR O@Q KD FQNTOD  K@ ERXFKH f K±NTDRS ClBK@QD 4&6-&
B@UDQMDR DRS UHRHAKD O@QSNTS -DR ONQSDR RNMS SNTSDR Ql@KHRlDR DM .&/5 6/ (3061& %±"7&/563*&34 *.136%&/54 706a4 § 6/&
ANHRRNKHCD C±TMDlO@HRRDTQC±fODTOQmRfBL .035$&35"*/&1THRKDRCDTWERXFKHVClBK@QDMSfK±TMHRRNM
 ."-)&63§$&6926*'3"/$)*44&/5$&5&/%30*5¬-"$0-Å3&
>@?DEC6D6CC2?ED %& ;&--*("3 &5 30(")/ 4&3" 463 &69 -DR CDTW ERXFKHV
 O@QSDMS @KNQR C±TM QHQD OTHRR@MS DS Q@TPTD  PTH R±lU@MNTHS OQN
5DRSDYSNTRKDRSQNHRSNTQRQHRPTDRTQþK@MBDYTMClfE@BDRÿ FQDRRHUDLDMS @OQmR PT±DKKDRLnLDR @HDMS CHRO@QT $D RNQS DRS
4HUNTRE@HSDR QDK@MBDYKDClfRHWE@BDRDSBNMRTKSDYK@KHRSDBH TMCHRONRHSHEODQL@MDMSCDK@ENQSDQDRRDDSDKKDRQl@OO@Q@rSQNMSf
CDRRNTRONTQClSDQLHMDQPTDKSXODCDLNMRSQD@OO@Q@rS5DRSDY BG@PTDUHRHSD
@KNQRONTQK@RTQOQHRD-DR@AQlUH@SHNMRPTHRTHUDMSRNMSHCDMSHPTDR 
fBDKKDRTSHKHRlDR DSDWOKHPTlDRC@MRK@RDBSHNMHMSHSTKlD-*45&%& "OQmRK@SQNHRHmLDO@HQDC±@KBwUDR KDBNTKNHQCDK±DMSQlDRDSDQLH
.0/453&4 MD O@Q CDTW L@QBGDR PTH LNMSDMS "T RNLLDS CD BDR L@Q
 BGDR KDBNTKNHQBNMSHMTDCQNHSCDU@MS L@HRCDTW@TSQDRBNTKNHQR
0QPTDRþÿ¬17   "SS%FSR$""SS KD QDINHFMDMS CD K±DRS DS CD K±NTDRS § BDSSD HMSDQRDBSHNM R±NEEQD
4Ol4@MR TMDUTDL@B@AQD¬KDRUDRSHFDRC±TMDKTSSD@TBNQORfBNQORN{
 O@RLNHMRCDBHMPBNLA@SS@MSRRNMSLNQSR
 .HKKDO@SSDR(l@MSRþÿ¬17BG@BTM"SS%FSR4@MR 
$"  "SS 4Ol -DTQ LNQRTQD M±HMEKHFD @TBTM ClFgS L@HR -NQR CD K±DW@LDM CD BDR BNQOR þRH KDR INTDTQR ClBHCDMS CD KD
MlBDRRHSDTMDR@TUDF@QCDBNMSQDKDONHRNMþ@TClÿ E@HQDÿ  HK R±@UmQDQ@ PTD SQNHR C±DMSQD DTW lS@HDMS DTWLnLDR CDR
 @UDMSTQHDQR  UDMTR DWOKNQDQ K±DMCQNHS $D SQHN L@KBG@MBDTW @
 ,NANKCR þÿ ¬ 17            "SS  %FSR  $" R@MR @TBTM CNTSD KHUQl HBH RNM OQDLHDQ DS TKSHLD BNLA@S 4DR
"SS4Ol4@MR NOONR@MSR LNQSR@TLnLDDMCQNHS RNMSCDTWF@QCDR-DRB@
 C@UQDR PTH FHRDMS Kf  BG@BTM C@MR TM lS@S CD ClBNLONRHSHNM
  5QNFKNCXSDR þÿ ¬ 17    "SS  %FSR  $"  "SS OKTRNTLNHMR@U@MBl RNMSKDRRTHU@MSRþK@OT@MSDTQCDRBNQOR
4Ol4lBQmSDMSTMDNCDTQQlOTFM@MSDKNQRPT±HKRRNMSETQHDTW ONTQQHRR@MSRDRSENQSDDSQlOTFM@MSD DSKDTQ@RODBSK±DRSCDTWENHR
 OKTRÿ
  3@SR (l@MSR þÿ ¬ 17          "SS  %FSR  $" 
"SS4Ol-DTQLNQRTQD@CDBG@MBDRC±HMEKHFDQTMD $@C@UQD¬6MFTDQQHDQGTL@HM @EE@HRRlKDKNMFC±TMLTQ
L@K@CHDþR@TUDF@QCDBNMSQDKDONHRNMÿ 4NM lOlD AQHRlD f DMUHQNM  BL CT ONLLD@T SlLNHFMD
 CD K@ E@kNM CNMS HK DRS LNQS -D BNQOR @ lSl ClONTHKKl CD
 #DQRDQJDQRþÿ¬17 "SS%FSR$""SS4Ol SNTSDR OHmBDR C±@QLTQD  DS HK M±X @ @TBTM NAIDS CD U@KDTQ
DM@SS@PTDBNMSQDCDRGNLLDRMNQL@TW O@QLH KDR QDRSDR  GNQLHR TMD ANTQRD f R@ BDHMSTQD PTH
 BNMSHDMSOHmBDRC±NQþONÿ
K@?6D56C6?4@?EC6 
 $@C@UQD¬6ML@FHBHDMGTL@HM DLO@KlBNMSQDTMLTQ
&/53a& 6MD NTUDQSTQD QDRRDLAK@MS f TMD FQNSSD  O@QSHDKKDLDMS -±lOlDPTHK±@STlSQ@UDQRDSNTINTQRRNMBNQORCDO@QSDMO@QS
CHRRHLTKlDO@QK@UlFlS@SHNM DRSCHRBDQM@AKD@TANTSCTRDMSHDQ DS DRS EHBGlD C@MR KD LTQ  BNMRSHSTl DM FQ@MCD O@QSHD CD
FKHRR@MSPTHLNMSDITRPT±@TWE@K@HRDRCDQNBGDMNHQD*KRTEEHSITRSD ANHRfBDSDMCQNHS4HK±lOlDDRSQDSHQlD KDBNQORR±@EE@KDQ@RTQ
C±lB@QSDQPTDKPTDRKHDQQDR DS AQ@MBGDR @EHMCDODQLDSSQD fCDR KD RNK  QlUlK@MS TMD FQ@UTQD S@BGlD CD R@MF $DKKDBH DRS
8
 QlCHFlDDMK@MF@FDBNLLTMDSRDRKDSSQDRENQLDMSKDLNS -@R@KKDDRSODTClBNQlD DSPTHOKTRDRSRNAQDLDMS B@Q@TBTM
26"426&50/ NAIDS CD FQ@MCD U@KDTQ MD RDLAKD @UNHQ lSl TSHKHRl -DR O@QNHR
 RNMS QDBNTUDQSDR ITRPT
f TMD G@TSDTQ CD  LmSQDR CD ANHRDQHDR
-±lOlD  TMD ENHR QDSHQlD  R±@UmQDQ@ nSQD HMTSHKHR@AKD  R@ ONH EHMDLDMS RBTKOSlDR  DS KDR LTQR DM OHDQQDR RNMS lF@KDLDMS
FMlD lS@MS CHRINHMSD DS K@ PT@KHSl FlMlQ@KD CD K±@QLD OKTSwS FQ@UlRCDLNSHERRHLOKDRL@HRlKlF@MSR
L@TU@HRD 
 *KX@CDMNLAQDTRDRS@AKDR DSBG@HRDRC@MRK@R@KKD SNTSDRDM
-DB@C@UQDDRSClMTlCDSNTSNAIDSCDFQ@MCDU@KDTQ-@ ANHR DS C
TMD BNMBDOSHNM RHLOKD L@HR OQ@SHPTD 4DTKDR CDTW
QNADCTL@FHBHDM L@HMSDM@MSS@BGlDCDR@MFDSSQmR@AH BG@HRDRRDClS@BGDMSCTKNS KDRRHmFDR@SSHSQlRCDRHKKTRSQDRG@AH
LlD  @ TMD ONBGD C@MR K@PTDKKD RD SQNTUDMS TMD ANTQRD S@MSRCDK@ENQSDQDRRD ;DKKHF@QDS3NF@GM$DRCDTWBG@HRDRRNMS
BNMSDM@MSONDSTMR@BGDSQDLOKHCDFNTRRDRC±@HK E@HSDRCDMNXDQQHBGDLDMSRBTKOSl S@HKKlDRfLnLDTMlMNQLD
 AKNB CD BD ANHR PTH QDBNTUQD TMD O@QSHD CT LTQ C@MR K
@MFKD
$@C@UQD¬6MFTDQQHDQM@HM @KKNMFlE@BDBNMSQDSDQQDf MNQCDRS CD K@ R@KKD 4H NM KDRDW@LHMD CD OKTR OQmR  NM R
@ODQ
K±DMSQlDCTBNTKNHQRHSTlfK±DRSCDK±HMSDQRDBSHNM%@MRR@L@HM BDUQ@ PT
HK R
@FHS DM E@HS CD RHmFDR EHWDR QDKHlR f K@ RSQTBSTQD DM
CQNHSD  HK RDQQD DMBNQD RNM L@QSD@T CD FTDQQD  DS HK RDLAKD ANHR KDRQDMC@MSCDBDE@HSHLONRRHAKDfClOK@BDQ-DTQFQ@MCD
PT±HK @HS Q@LOl  AKDRRl  ITRPT±f BDS DMCQNHS  B@Q TMD SQ@HMlD AD@TSl  AHDM PT
lUHCDMSD  DRS L@KGDTQDTRDLDMS FgBGlD O@Q
CDR@MFRlBGlDRSUHRHAKDRTQKDRNKCDOTHRRNMBNQORITRPT±@T TMDLNHRHRRTQDUDQSDPTHKDRQDBNTUQDO@Q DMCQNHSR*KDRS BDQS@HM
KHDTCTBNLA@S6MR@BQDSNTQMlFrSOQmRCDKTH UHCD PTDBDRBG@HRDRM
NMSOKTRlSlTSHKHRlDRCDOTHRSQmRKNMFSDLOR
 
#HDMPTDKDB@C@UQD@HSlSlClONTHKKlCDRNM@QLTQD HK@ -DR@TSQDRS@AKDRDSBG@HRDRRNMSCHRRlLHMlDRTMODTO@QSNTS DS
DMBNQD RNM B@RPTD RTQ RNM BQgMD $DKTHBH @ SNTSDENHR RTAHS OKTRHDTQRRNMSQDMUDQRlDR5NTRBDRLDTAKDRRNMSDMlQ@AKDCTQ
TMDMENMBDLDMSBNMRlPTDMSPTHKDQDMCHMTSHKHR@AKDDSCNMB *KRLNMSQDMSCDRRHFMDR C
TRTQD AHDM PTD CD SNTSD lUHCDMBDHKR
R@MRHMSlQnS*KM±X@@TBTMNAIDSCDU@KDTQO@QLHKDRQDRSDR M
NMSO@RlSlTSHKHRlRQlBDLLDMS
 
$@C@UQD  ¬ 6M ADQRDQJDQFTDQQHDQ GTL@HM  CD SNTSD lUH -@OHmBDDMSHmQDDRSHLOQlFMlDC
TMDNCDTQCDLNHRHDSCDQDM
CDMBD TM F@QCD PTH @ BNLA@SST ITRPT±f K@ LNQS -D BNQOR EDQLl
DRSlSDMCTRTQKDRNK TMANTBKHDQCDANHRAQHRlMNMKNHMCDKTH 
*KM±DRSQDUnSTC±@TBTMD@QLTQD*KM±X@@TBTMD@QLDRTQKTH .NMRSQD
MHfRDRBwSlR CDLnLDPT±HKM±X@@TBTMNAIDSCDU@KDTQ 
 5QlRNQDS&LOK@BDLDMS
$@C@UQD¬6MADQRDQJDQFTDQQHDQGTL@HM KTH@TRRHTMF@Q 
CD $D BNQOR  CNMS K@ SnSD @ lSl ClENMBlD C±TM BNTO CD *74"-0/$DSSD@MSHBG@LAQD @BBDRRHAKDCDOTHRTMDONQSDC@MR
L@QSD@TCDFTDQQD FrSRTQKDRNKE@BDBNMSQDSDQQD*KMDONQSD KD LTQ RTC CD K@ R@KKD f L@MFDQ  lS@HS @OO@QDLLDMS TSHKHRlD
MH @QLTQD MH @QLD  f K±DWBDOSHNM C±TMD ODSHSD C@FTD C@MR @U@MSDS@OQmRKDRQDO@R#NHQDlS@HSUHRHAKDLDMSKDO@RRDSDLOR
TMENTQQD@TfRNMBDHMSTQNM$DBDHMSTQNMDRSDMBTHQQHBGD KDOKTRONOTK@HQDHBH B@QCDMNLAQDTRDRBGNODRDMSDQQDBTHSD
LDMS ClBNQl DS RDLAKD @UNHQ PTDKPTD U@KDTQ  L@HR KDR RNMSRTRODMCTDRfTMDQ@MFlDCDBQNBGDSRRTQKDG@TSC
TMCDR
S@BGDRCDR@MFPTHKDQDBNTUQDMSFgBGDMSRNM@OO@QDMBD LTQRþDSHKRDLAKDPTDAD@TBNTORNHDMSL@MPT@MSDRÿ%@MRTM
 BNHM RD SQNTUD TM SNMMDKDS CD AHmQD  CNMS K
NCDTQ RTARHRSD
.NMRSQD DMBNQDKlFmQDLDMSAHDMPT
HKRNHSCDOTHRKNMFSDLORUHCD
 
5QlRNQDS&LOK@BDLDMS -DRLTQRCDOHDQQDRNMSlSQ@MFDLDMSQTFTDTWDSOQlRDMSDMSTMD
 @OO@QDMBDHMG@AHSTDKKD L@HRRNMSDWDLOSRCDSNTSDHMRBQHOSHNM
**$6*4*/&-DKHDTN{RNMSOQlO@QlRKDRQDO@RONTQKDRG@AHS@MSR NTClBNQ@SHNM%DBG@PTDBwSlCDK@OHmBDRDSQNTUDTMKNMF
CT BNLOKDWD DRS TMD SQmR KNMFTD R@KKD BNMSDM@MS SNTSDR RNQSDR A@MBCDANHR EHWlBNMSQDKDLTQ"HMRH BDTWPTHR
@RRDX@HDMSRTQ
C±lKlLDMSR CHUDQR %@MR KD BNHM RTCNTDRS CD K@ OHmBD RD BDR A@MBR E@HR@HDMS SNTR E@BD @T BDMSQD CD K@ OHmBD DS f K@
SQNTUDMS CDTW ENXDQR CD BTHRRNM  BG@BTM C±DTW lS@MS @RRDY RS@STDPTHR
XSQNTUD
FQ@MC ONTQ X E@HQD BTHQD TM @MHL@K CD K@ S@HKKD C±TM C@HL -±TM 
CDR ENXDQR DRS KlFmQDLDMS OKTR FQ@MC PTD K±@TSQD  L@HR SNTR "TBDMSQDCDK@R@KKDRDSQNTUDK@RBTKOSTQDfS@HKKDQlDKKDC
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CDTW ENMS DMUHQNM  BL CD OQNENMCDTQ *KR RNMS QDLOKHR CD EDLLD MTD  SDMC@MS KDR AQ@R C@MR TMD ONRD SQmR RlCTHR@MSD
BDMCQDRDSCDQlRHCTRCDBG@QANMAQ|Kl6MBNMCTHSCDBGDLH $DSSDRS@STD UHRHAKDLDMSDML@QAQDAK@MB @CDSNTSDlUHCDMBD
MlD R±lKmUD C@MR KD OK@ENMC  L@HR RNM lSQNHSDRRD DLOnBGD AD@TBNTOCDU@KDTQþONÿ$DODMC@MS CDO@QRNMONHCR
SNTSDHMRODBSHNM@OOQNENMCHD lMNQLDDSKDE@HSPT
DKKDRDLAKDEHWlDC@MRKDRNK HKRDQ@HLONR
 RHAKD CD K@ ClOK@BDQ R@MR TM @OO@QDHKK@FD BNMRlPTDMS .nLD
%DKNMFTDRS@AKDRRNMS@KHFMlDRBNMSQDBG@PTDLTQ DSCDRRTR KDRODQRNMM@FDR@UDBDMENQBDRDQNMSHMB@O@AKDRCDK@E@HQD
RNMS CHRRlLHMlR CHUDQR QlBHOHDMSR  CNMS BDQS@HMR RNMS QDMUDQRlR  ANTFDQ
KDTQ BNMSDMT ONTQQHRR@MS QlO@MCT RTQ KDRCHSDR S@AKDR *K X @ CDR 
QDRSDRCDMNTQQHSTQD@U@QHlDTMODTO@QSNTS DSK
NCDTQPTHQmFMD .NMRSQD
C@MR K@ OHmBD M
DRS UQ@HLDMS O@R DMF@FD@MSD 6M FQNR LNQ 
BD@TCDEQNL@FDLNHRHDMSHmQDLDMSQDBNTUDQSC
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 7$)".#3&%6."(*$*&/-@BG@LAQDODQRNMMDKKDCD;DKKHF@Q
%HUDQR TRSDMRHKDR RNMS RTRODMCTR @TW LTQR  S@MCHR PTD C
@TSQDR DRSDME@HSTMKHDTOKTSwS@TRSmQD-@BGNRDK@OKTRQDL@QPT@AKD
RNMSlO@QOHKKlRTMODTO@QSNTSRTQKDRNKCDK@OHmBD.@HRGNQLHR PTDK
NMUNHSDMDMSQ@MSDRSK@SQmRFQ@MCDFQ@UTQDLTQ@KDOKTSwS
TMDFQ@MCDANTHKKNHQDDMENMSD@BBQNBGlDfTMDFQNRRDBG@rMD AHDM ClS@HKKlD PTH QDBNTUQD KD LTQ MNQC RTQ K@ PT@RHSNS@KHSl CD
PTHODMCCTOK@ENMC HKMDR
@FHSKfPTDCDL@QLHSDRDSB@RRD R@KNMFTDTQ-NMFTDC
DMUHQNMLmSQDR BDSSDFQ@UTQDLTQ@KD
QNKDRCDCHEElQDMSDRS@HKKDR-@ANTHKKNHQDDRSUHCD QDOQlRDMSD TM OTHRR@MS L@FHBHDM þR|QDLDMS ;DKKHF@Qÿ RD SDM@MS
 @T RNLLDS C
TMD BNKKHMD DS IDS@MS TM RNQS UDQR K@ U@KKlD DM
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 M
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DRS HBH PTD RD SDM@HDMS KDR 
A@MPTDSRDMK
GNMMDTQCDRHMUHSlR *KX@SQmRODTCDLDTAKDRC@MRK@OHmBD-DKHSCD;DKKHF@Q RHSTl
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QNRDEHMDLDMSRBTKOSl-@SnSDCDKHS DMOKTRCDLDSSQDDMU@KDTQ QDRRDLAK@MSOKTRfTMB@QMDSCDMNSDRCNMSKDRO@Q@FQ@OGDR
KDRLNSHERFQ@UlR ONQSDCDL@MHmQDUNX@MSDKDMNLCD;DKKHF@Q L@MTRBQHSRRDBNLONRDMSCDQTMDRDS@TSQDRHMRBQHOSHNMRHMCl
QDG@TRRl CD EDTHKKDR C
NQ $D KHS  CNMS K@ U@KDTQ DRS lUHCDMSD  BGHEEQ@AKDR *K R
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TM SQ@U@HK DS C
TMD E@AQHB@SHNM CD FQ@MCD PT@KHSl %T QlCHFl CD R@ OQNOQD L@HM  DS C@MR KDPTDK HK M@QQD O@Q KD
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TMDCDRDR@MBHDMMDR@UDMSTQDR-DSDWSDDRSHMBNL
R@MRnSQDClLNMSl BD PTHR
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TM RNQS CD OHFWXUH GHVODQJXHV MD
fBNTOR|QKDRCHEElQDMSRlKlLDMSR4HBDK@DRSE@HS KDRNLLHDQDS RNHSTSHKHRl#HDMPTDBDKHUQDMDRNHSC
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KDR BwSlR U@TCQNMS BG@BTM  ON  DS K@ SnSD CD KHS  ON PTHKDSQNTUD TMUDMCDTQCDKHUQDRRBQHADKHAQ@HQDONTQQ@HSO@XDQ
5NTSDENHR  PTHBNMPTD DRR@XDQ@ CD UDMCQD BDSSD SnSD CD KHS ITRPT
fONONTQK
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DMBNTQQ@CDQHRPTDPTDK
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UlQHS@AKD OQNOQHlS@HQD þUT PTD K@ QDMNLLlD CD ;DKKHF@Q DRS K@ QTLDTQ CD BDSSD UDMSD RD OQNO@FD  @UDB KDR OQNAKmLDR
BNMMTD CD SNTR NT OQDRPTDÿ ¬ DS RH K
HMENQL@SHNM RD QlO@MC  KD PTHR
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BNMSHDMSOTHRRDMSCNMMDQTMDHClDCDRNMSGmLD HKDRSlBQHS
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ENTQLHR QHQD  SHSTA@MS f SQ@UDQR K@ OHmBD DM ADTFK@MS DS FKNTRR@MS SNTS f
 1NTCQDC
NR )TL@HM @MHL@K KDTQ@KKlFQDRRD-DAQTHSNBB@RHNMMlMlBDRRHSDQ@TMK@MBDQCDCl
 aOHBDR 1NHUQD  B@MMDKKD  FHQNEKD  O@OQH ONTQUlQHEHDQRHCDRLNMRSQDRDQQ@MSRRNMS@SSHQlRO@QBDU@B@QLD 
J@ NQHF@M LTRB@CD DSRHB±DRSKDB@R KDRODQRNMM@FDR@EEDBSlRRDQNMS@KNQRHMB@O@
 7HCD  AKDRCDKDRBNLA@SSQDS@MSPTDKDRDEEDSRCTF@YMDRDQNMSO@R
 CHRRHOlR þRH TM LNMRSQD DRS @SSHQl  K@MBDQ TM Cl f  E@BDR ONTQ
4HTMK@MBDQCDClCNMMDTMBGHEEQDClIfNASDMT TSHKHRDY@KNQRK@ ClSDQLHMDQ C@MR BNLAHDM CD QNTMCR HK @QQHUDQ@ @OQmR PTD KDR
BNKNMMDCDCQNHSDONTQClSDQLHMDQKDSXODCDRTARS@MBDO@QLH QHQDR @HDMS BNLLDMBlÿ -DR ODQRNMM@FDR RNTR K±HMEKTDMBD CT
KDRCHUDQRDRDWHRS@MSDRC
TMDLnLDB@SlFNQHD4HKDR@UDMSTQHDQR F@YMDRDQNMSQlBDOSHERf@TBTMCDRDEENQSRPTDKDR@TSQDRONTQ
DRR@XDMSC
HMFlQDQM
HLONQSDK@PTDKKDCDBDRRTARS@MBDR KD.@r Q@HDMS ClOKNXDQ ONTQ SDMSDQ CD KDR ClA@QQ@RRDQ CD RDR DEEDSR
SQD CD %NMINM CDUQ@ SQ@HSDQ K@ RHST@SHNM DM BNMRlPTDMBD %@MR þLnLDKDRFHEKDQMDKDREDQ@PTDQHQDDMBNQDOKTRÿfLNHMRPT±TM
BDQS@HMRB@R K@RTARS@MBDMDRDQ@O@RHCDMSHEH@AKDHLLlCH@SD RNQS CD GLVVLSDWLRQ GH OD PDJLH MD RNHS K@MBl  BD PTH EDQ@
LDMS ¬ C@MR KD B@R N{ ITRSDLDMS K
TMD CD BDR RTARS@MBD M
DRS HLLlCH@SDLDMS BDRRDQ KDR QHQDR "TSQDLDMS  KD RDTK LNXDM DRS
O@RHCDMSHEH@AKDfBNTOR|Q LTKSHOKHDYK@R@FDRRDC
TMODQRNMM@ C±@SSDMCQDPTDKDRDEEDSRRDCHRRHODMSC±DTWLnLDR
11
1KTRHDTQRA|BGDRCDOHMRNMSDLOHKlDRRNTRTMDCDRS@AKDR DSRH ONTQQHRRDLDMS  BDR CDQMHDQR MD RNMS DM @TBTM B@R EQ@HR "TRRH 
NMKDRClOK@BD NMSQNTUDQ@CDRRNTRTM@MMD@TAQHKK@MSDMNQ LnLDR±HKRRNMSDMBNQDTSHKHR@AKDRNTBNLDRSHAKDR HKRM±DM@TQNMS
#HDM PT±HK @HS K±@HQ DWBDOSHNMMDK DS O@Q@HRRD U@KNHQ  ON  HK DRS O@RLNHMRTM@QQHmQDFN|SClR@FQl@AKD
DME@HSR@MRU@KDTQ*KM±@@TBTMDOQNOQHlSlL@FHPTDMNMOKTR 
 *K X @ Kf @OOQNWHL@SHUDLDMS  A@QHKR DS SNMMD@TW  CHRONRlR DM
$NMSQDKDLTQNTDRSRDCQDRRDTMFQ@MCBGDU@KDSDMANHR OQN CDTWQ@MFlDR¬TMDBNMSQDKDLTQMNQCNTDRS DSK±@TSQDKDKNMF
UDM@MS@OO@QDLLDMSC±TMDR@KKDCDSNQSTQDUTPTDRDRCHLDM CT LTQ DRS C@MR K@ O@QSHD RTC CD K@ OHmBD $G@BTM C±DTW DRS
RHNMRKTHODQLDSSDMSC±XOK@BDQTMBNQORGTL@HM6MDSQ@rMlDCD QDOlQlO@QTMDNTOKTRHDTQRKDSSQDRPTHODQLDSSDMSC±DMBNMM@r
R@MFRlBGlRNTHKKDKDCDU@MSCDBDSSDRSQTBSTQDDMBGnMD SQDKDBNMSDMT4HTMA@QHKNTTMSNMMD@TDRS DW@LHMlCD OQmR 
 K@MBDYTMClþCÿOTHRBNMRTKSDYK@S@AKDBHCDRRNTR@EHMC±DM
4TQKDLTQRTCDRSSDMCTDTMDOD@TRTQK@PTDKKDRNMSHMRBQHSRCDR ClSDQLHMDQ KDR KDSSQDR PTH RNMS HMRBQHSDR CDRRTR  DS R±HK DRS DMRTHSD
lBQHSR L@FHPTDR PTH QDRSDQNMS HMClBGHEEQ@AKDR S@MS PT±TM RNQS CD NTUDQS @KNQRRNMBNMSDMTRDQ@BDKTHBNQQDRONMC@MSfBDRKDSSQDR
OHFWXUHGHODPDJLHMDRDQ@O@RK@MBl$DTWBHCHRDMS2TDKR 
LXRSlQHDTWlUmMDLDMSRNMSUTKDINTQDMBDKHDT 3HDMPTDKDR /HWWUHV  &RQWHQX
  
OKTRFQ@MCDROQNTDRRDRCDK@RNQBDKKDQHD ONTQK@PTDKKDBG@PTD
 5- 0QFD
lKlLDMSCDK@SDQQD CDK±D@TDSCTBHDKM±DRSQHDMC±@TSQDPT±TM
 # '@QHMDCDAKl
NTSHK-@OD@TDRSUHDHKKDDSDWSQnLDLDMSEQ@FHKD DSSNTSDSDMS@
 '5 '@QHMDCDRDHFKD
SHUD ONTQ K@ ClBQNBGDQ CT LTQ K@ EDQ@ SNLADQ DM K@LAD@T  KTH
 ., 1NQBR@Kl
B@TR@MSCDRCNLL@FDRHQQlO@Q@AKDRDSK@QDMC@MSHMTSHKHR@AKD
 (( $NQMHBGNMR@TUHM@HFQD

 )6 3@HRHMR
6MD ENRRD f EDT  MNHQBHD DS EQNHCD  DRS UHRHAKD @T BDMSQD CD K@
 &+ 1NHRRNMDMR@TLTQD
OHmBD&KKDM±DRSOQNENMCDPTDCDBL L@HRDMO@Q@rSAD@T
 : 1NLLDRRlBGlDR
BNTOLNHMRCTE@HSCDK@BNTBGDCDBDMCQDPTHDMQDBNTUQDKD
 1' 1NHR
ENMC RTQ OKTRHDTQR BDMSHLmSQDR C±lO@HRRDTQ 4NM NTUDQSTQD C±TM
 4% #HmQD
CH@LmSQD CD   L DRS RTQOKNLAlD C±TMD RSQTBSTQD DM EDQ f
 ; .HDK
K@PTDKKDDRSRTRODMCTTMBG@TCQNMBDKTHBHDRSUHCDfK±DWBDO
 "8 7HM
SHNMC±TMHMNEEDMRHEQlRHCTL@QQNMPTHDMQDBNTUQDKDRO@QNHRDSKD
 0( &@T
ENMC6M@TSQDBG@TCQNMRHLHK@HQDPTNHPTDOKTRODSHSQDONRDRTQ
 93 4@UNMMNHQ
KD RNK OQmR CD K@ ENRRD KTH @TRRH DRS UHCD -DR CDTW BG@TCQNMR
 -$ 4DK
RNMS DWSQnLDLDMS KNTQCR DS HK E@TCQ@ KDR DEENQSR BNLAHMlR C±@T
 78 -@QC
LNHMRCDTW ODQRNMMDR@X@MS TMDENQBDCDNT OKTRONTQMD
 24 aOHBDR
RDQ@HSBDPTDKDRClOK@BDQ
 3) (Q@HMDRCDSNTQMDRNK

 65 4TBQDB@MCH
%@MRKDBNHMRTCNTDRSRDSQNTUDMSCDTWBTUDRC±TMDBNMSDM@M
 +4 $G@LOHFMNMRRlBGlR
BDC±DMUHQNMKHSQDRBG@BTMD5NTSDRCDTWRNMSE@HSDRDMANHR

DSRNMSUHCDR1@RSQmRKNHMRDSQNTUDTMDSQNHRHmLDBTUDCNMSK@
/NSDYPTDSNTSA@QHKNTSNMMD@TNTUDQSDSMNMQDEDQLl NTCNMS
BNMSDM@MBD DRS CDTW ENHR LNHMCQD DS PTH DRS QDLOKHD f LNHSHl
KD BNMSDMT @ lSl QlO@MCT RTQ KD RNK  @SSHQDQ@ þ@OQmR TM BDQS@HM
C±TMDD@TANTDTRDDSSQNTAKD
K@ORCDSDLORÿCDK@UDQLHMDDSNTCDRLNMRSQDR%DOKTR KDR

BNMSDMTR@HMRHQlO@MCTRNTK@HRRlRfK±@HQKHAQDRDQNMSRTIDSRfK@
1QmR CD BDR BTUDR  BNMSQD KD LTQ NTDRS  RD CQDRRD TM AKNB CD
LNHRHRRTQDDS@TONTQQHRRDLDMS$DBHODTS@UNHQRNMHLONQS@MBD
OHDQQDPTHCDU@HSnSQDTSHKHRlBNLLDS@AKD%DRRTRRNMSONRlRRHW
RHOKTRHDTQRDWOlCHSHNMRRNMSDEEDBSTlDRC@MRK@ENQSDQDRRDDSPTD
QlBHOHDMSRDMSDQQDHCDMSHPTDRfBDTWSQNTUlRC@MRK±@SDKHDQþR@KKD
CTSDLORR±DRSlBNTKlDMSQDBG@BTMDC±DKKD
7***ÿ DS CNMS KD BNMSDMT RDQ@ ClSDQLHMl CD K@ LnLD L@MHmQD

PTD ONTQ BDR CDQMHDQR *K X @ lF@KDLDMS  RTQ K@ S@AKD @HMRH PTD
.NMRSQD
RTQ KD RNK f BwSl  CDR QlBHOHDMSR DM UDQQD CD CHEElQDMSDR RNQSDR

$DQS@HMRRNMSOQNOQDR C±@TSQDROQlRDMSDMSCDRSQ@BDRCDQlRHCTR 
5QlRNQDS&LOK@BDLDMS
L@HRSNTRRNMSUHCDRDSONTRRHlQDTW
 
6MBDQBTDHKDMANHR C±@RODBSOQ@SHPTDDSR@MREHNQHSTQDR DRSONRl 9*&/53&1Ë5-±DMSQDOwSCDK@ ENQSDQDRRD DRSKTH@TRRHOKTSwSUHCD 
f K@ UDQSHB@KD BNMSQD KD LTQ C@MR KD BNHM MNQCNTDRS *K R±NTUQD MDBNMSDM@MSOQHMBHO@KDLDMSPTDCTL@SlQHDKCDBNMRSQTBSHNM
E@BHKDLDMSDSDRSUHCD-DANHRRDLAKDnSQDONTQQHO@QDMCQNHSR 
 -±DWOKNQ@SHNMCDK@OHmBDQlUmKDQ@KDRL@SlQH@TWRTHU@MSR
%DTWSNMMDKDSRRNMS@BBNKlRBNMSQDKDLTQMNQC DSTMDW@LDM 
@SSDMSHE LNMSQDQ@ PT±HKR RNMS HCDMSHPTDR f BDTW CD K@ QlRDQUD 6MQNTKD@TCDBNQCDSQmRlO@HRRD C±TMDKNMFTDTQCDL
þR@KKD9ÿ$G@BTMC±DTWDRSQDOlQlO@QCDRKDSSQDRPTHHMCHPTDMS 6MDANHSDCDONHMSDRDMEDQþÿ
RNMBNMSDMT BDKTHBHlS@MSClSDQLHMlO@QTMIDSCDClBNLLD 6MDANHSDCDBKNTRDMLlS@K
ONTQBDTWCDK@QlRDQUD 6M DLOHKDLDMS CD ONTSQDR DM ANHR  BG@BTMD LDRTQ@MS  L
 CDKNMFRTQBLCDK@QFDDSBLC±lO@HRRDTQþÿ
6MD lS@FmQD DM ANHR RTQ KD LTQ MNQC RTOONQSD OKTRHDTQR @TSQDR 6MR@BCDLNQSHDQCDBNMRSQTBSHNM OQDRPTDUHCD
QlBHOHDMSRDMUDQQD@HMRHPTDSQNHRQlBHOHDMSRDMSDQQDþHCDMSHPTDR 6M S@R CD AKNBR CD OHDQQD  BG@BTM LDRTQ@MS WW BL
fBDTWCDK@R@KKD7***DSCNMSKDBNMSDMTRDQ@ClSDQLHMlCDK@ þÿ
LnLD E@kNMÿ %DTW ODSHSR B@RHDQR BNMSHDMMDMS CDR DMBDMR DM 4HWONQSDRDMANHR @KHFMlDRBNMSQDTMCDRLTQR
ONTCQDCDCHEElQDMSDRBNTKDTQR BG@BTMlS@MSE@BHKDLDMSHCDMSH 6MD FQ@MCD ANHSD BNMSDM@MS TM @RRNQSHLDMS CD OHmBDR ClS@
EH@AKDO@QRNMNCDTQ BGlDR þUDQQNTR CD CHEElQDMSDR RNQSDR  FNMCR DS ONHFMlDR CD
 ONQSDR FNTOHKKDRDMLlS@K DSBÿ
.NMRSQD 6MDI@QQDCDBNKKDRlBGlD
 
5QlRNQDS&LOK@BDLDMS .NMRSQD
 
93a4&37&$DSSDR@KKDCDENQLDHQQlFTKHmQD CHRRHLTKlDCDQQHmQD 5QlRNQDS&LOK@BDLDMS
TMDONQSDRDBQmSD BNMSHDMSTMDFQ@MCDPT@MSHSlCDOQNUHRHNMR 
PTNHPTD ENQS MNLAQDTRDR  BDKKDRBH MD QDOQlRDMSDMS Ml@MLNHMR 9**#*#-*05)Å26&0M@BBmCDfK@AHAKHNSGmPTDCD2T@RPTDSNM
PT±TMD HMEHLD O@QSHD CD RDR B@O@BHSlR CD RSNBJ@FD &M NTSQD  O@QTMDCNTAKDONQSDDM BGnMDEHMDLDMSBHRDKlD-DRNKCDK@
AHDMPTDKDRA@QHKRDSSNMMD@TW@HDMSOQlRDQUlKDTQRBNMSDMTRCT OHmBDDRSQDBNTUDQSC±TMDBNTBGDCDONTRRHmQDRNTRK@PTDKKDRD
12
SQNTUD TMD ADKKD RTQE@BD AQHKK@MSD CD FQ@MHS QNTFD ONKH $DKKDBH FMNMRC±@QLDRRDQU@MSRHMBKTRÿM±@CQNHSPT±fTMDRR@H L@HROKT
DRS BNLONRlD CD K@QFDR AKNBR CD OHDQQD PTH R±lSDMCDMS TMHENQ RHDTQR DRR@HR ODTUDMS nSQD SDMSlR DM OQNBlC@MS f CHEElQDMSDR
LlLDMS ITRPT±f  BL CDR LTQR "T BDMSQD CD K@ OHmBD  CDR BNLAHM@HRNMRCDCDTWODQRNMMDR
AKNBR CD FQ@MHS AK@MB RNMS HMRlQlR C@MR BD RNK DS ENQLDMS KDR 
KDSSQDR3DS;RlO@QlDRO@QTMDDRODQKTDSSD -DOHmFDRDRHSTDC@MRKDBNTKNHQfK±DWSlQHDTQCDK@OHmBD ITRSD
 @OQmRK@ONQSDDMCHQDBSHNMCDK±DRS*KRDClBKDMBGDQ@CmRPT±@T
*K X @ Kf SQNHR FQ@MCDR S@AKDR DM BGnMD  BG@BTMD OK@BlD C@MR LNHMRTM@UDMSTQHDQ@TQ@@SSDHMSKDONHMSRHSTlLCDU@MSKDBTK
TMDCDR@HKDRCDK@OHmBDþNTDRS MNQCDSDRSÿ1KTRHDTQRBG@HRDR CDR@B K@GDQRDR±@A@HRR@MS@KNQR@UDBEQ@B@RLDM@LNMSCD
DM ANHR RNMS CHRRlLHMlDR @TSNTQ %DTW KTWTDTW CHU@MR  CNMS KD BD ONHMS -DR UNKDTQR PTH RD SQNTUDMS DM SnSD CT FQNTOD @TQNMS
QDLANTQQ@FD lO@HR DS LNDKKDTW HMUHSD f K@ ClSDMSD  NBBTODMS CQNHSfTMIDSRNTRKDTQBNLOlSDMBDClR@QLDQKDROHmFDRPTH 
BG@BTMTMCDR@MFKDRCDK@OHmBD.@KGDTQDTRDLDMS KDSDLOR R±HKDRSQlTRRH KDTQODQLDSSQ@CDClSDBSDQKDOHmFDDSC±@KDQSDQKD
DSKDL@MPTDC±DMSQDSHDMKDRNMSQDMCTClEQ@rBGHRDSONTRRHlQDTW FQNTODR@MRKDClBKDMBGDQ¬BDBHfBNMCHSHNMlUHCDLLDMSPTD
 KDUNKDTQRNHSKDOQDLHDQf@SSDHMCQDKDONHMSCDClBKDMBGDLDMS

%DR @OOKHPTDMS LTQ@KDR CDRSHMlDR f QDBDUNHQ CDR SNQBGDR RNMS
EHWlDRSNTSKDKNMFCDRLTQR %DODSHSDRB@FDRRBDKKlDR C@MRKD
LTQ MNQC QDMEDQLDMS OKTRHDTQR RB@Q@AlDR CD EDT  CDR HMRDBSDR
lSQ@MFDR CNMS KD BNQOR ClF@FD TMD KTDTQ QNTFDNX@MSD ¬ RTEEH
R@MSDONTQ lBK@HQDQ BDSSDO@QSHDCDK@OHmBD7TCDK±DMSQlDCD
K@ AHAKHNSGmPTD  BDSSD KTDTQ O@Q@rSQ@ RHMHRSQD DS LXRSlQHDTRD  KDR
U@QH@SHNMRCDR@KTLHMNRHSlMDQDRRDLAK@MSfQHDMCDBDPTDKDR
@UDMSTQHDQRM±@HDMSI@L@HRUT@TO@Q@U@MS-DRHMRDBSDRRDLAKDMS
PT@MC f DTW SQmR AHDM RTOONQSDQ KDTQ B@OSHUHSl  L@HR K@ RNTQBD
CDKDTQKNMFlUHSl@HMRHPTDKDTQRLNXDMRCDRTARHRS@MBDQDRSDMS
TM LXRSmQD¥ *K M±X @ @TBTM LNXDM C±NTUQHQ BDR B@FDR  @TRRH
DRSHKHLONRRHAKDCDQDKgBGDQMHLnLDC±@SSDHMCQDBDRHMRDBSDR

-@AHAKHNSGmPTDDRSOKTSwSODTENTQMHDDMKHUQDR SNLDRDSFQHLNH
QDRCDCHEElQDMSDRS@HKKDR*KM±X@CDLnLDPTDODTCDO@QBGD
LHMR BDRCDQMHDQRlS@MSQ@MFlRRTQTMDlS@FmQDKDKNMFCTLTQ
DRS 2TDKPTD RNHS KD MNLAQD CD KHUQDR DS O@QBGDLHMR PTD KDR
@UDMSTQHDQR DW@LHMDQNMS  @TBTM C±DMSQD DTW MD OQlRDMSDQ@ KD
LNHMCQDHMSlQnSMHMDKDTQRDQ@C±TMDPTDKBNMPTDTSHKHSl

.NMRSQD

5QlRNQDS&LOK@BDLDMS

 
9***3&44&33&$DSSDR@KKDSNTSDDMKNMFTDTQDRSOQHMBHO@KDLDMS -DR A@QQD@TW CD K@ GDQRD RNMS RNKHCDR DS lO@HR *K X @  A@QQDR
TSHKHRlDONTQRSNBJDQCHUDQRNTSHKR lPTHODLDMSRDSENTQMHSTQDR UDQSHB@KDR DS OKTRHDTQR SQ@MRUDQR@KDR -DR ODQRNMMDR SQmR ENQSDR
0MSQNTUDKDRNAIDSRRTHU@MSR ODTUDMSSDMSDQCDR±lBG@OODQRNHSDMWRUGDQWOHVEDUUHV RNHSDM
 VRXOHYDQW OD KHUVH DKKDLnLD $DODMC@MS  BG@PTD ODQRNM
6MDANHSDCDBGDUHKKDRDMANHR M@FD M±@ CQNHS PT±f TM DRR@H  DS R±HK KD Q@SD  HK MD ONTQQ@ OKTR
6MQNTKD@TCDBNQCDEHMD C±TMDKNMFTDTQCDL I@L@HRQlDRR@XDQ@UDBBDSSDGDQRD-DR@UDMSTQHDQR@X@MS 
6MQNTKD@TCDFQNRRDBG@rMD C±TMDKNMFTDTQCDL NTDMENQBDNMSCDBG@MBDRCDSNQCQDKDRA@QQDRNTCD
6MQNTKD@TCDLHMBDEHKCDBTHUQD C±TMDKNMFTDTQCDL RNTKDUDQ K@ GDQRD  BDTW @X@MS TMD ENQBD CD  NMS  CD
%DROHBRCDLHMDTQþÿ SNTRDML@TU@HRlS@SDSHMTSHKHR@AKDR BG@MBDRC±XO@QUDMHQ DSBDTW@X@MSNTNMSPT@MCfDTW
%DRBHRD@TWfANHRþÿ  CD BG@MBDR CD QlTRRHQ 2TDKPTD RNHS K@ LlSGNCD TSHKHRlD
%DRODKKDRþÿ þSNQCQDNTRNTKDUDQÿ TMDQlTRRHSDClINTDQ@KDOHmFDDSODQLDSSQ@
%DRSNMMD@TWUHCDRþÿ @TWUHBSHLDRCDR±DMlBG@OODQ
%DRL@HKKDSRþÿ 
%DRA@QQDRCDEDQþ BG@BTMD@X@MSTMCH@LmSQDCD BL 4±HKRDMNMSK@ONRRHAHKHSl HKRODTUDMSRDRDQUHQCDRRBHDRfLlS@TW
DSTMDKNMFTDTQCD Lÿ ONTQ RBHDQ KDR A@QQD@TW  L@HR BDK@ OQDMCQ@  GDTQDR @UDB
6MlS@TDMEDQþLgBGNHQDRCDBLÿ RDTKDLDMS TMD RBHD   GDTQDR @UDB CDTW RBHDR   GDTQDR
%DRUlQHMRþÿ B@RRlR @UDB SQNHR RBHDR  DS  GDTQDR RH KDR PT@SQD RBHDR RNMS TSHKHRlDR DM
%DRRBHDRO@RRDO@QSNTSþ ONTQGNLLDRBG@BTMDÿ LnLD SDLOR þTMD ODQRNMMD MD ODTS TSHKHRDQ PT±TMD RBHD f K@
%DRRBHDRfLlS@TWþÿ ENHRÿ4BHDQKDRA@QQD@TWOQNCTHQ@TMBDQS@HMAQTHS BDPTHONTQQ@HS
6MDB@HRRDfNTSHKCDL@kNMþBNMSHDMSTMDSQTDKKD TMBHRD@T @TFLDMSDQ KDR QHRPTDR C
@OO@QHSHNM CD LNMRSQDR DQQ@MSR  BDBH f
fOHDQQD TMEHKCDOKNLA DSBÿ K@CHRBQlSHNMCT.@rSQDCD%NMINM%DOKTR ONTQBG@PTDOlQHN
6MD SQNTRRDfNTSHKCD BNQCNMMHDQþBNMSHDMSTMODSHSL@QSD@T  CD CD  GDTQDR O@RRlD f RBHDQ  HK X @  CD QHRPTDR PTD K@
TMBNTSD@T CDRFQNRRDR@HFTHKKDR DSBÿ K@LDCDK@RBHDRDB@RRD¬DSHKM
XDM@O@RCDQDBG@MFD
6MODSHSA@QHKQDLOKHCDEKmBGDRR@MRONHMSDþ MNQL@KDRÿ 
6MlS@AKHDMANHR UHCD KNMFCDL 4HSNTSDRKDRSDMS@SHUDRONTQR
lBG@OODQlBGNTDMS KDRODQRNMM@
 FDROHlFlRRDQNMS@KNQRBNMC@LMlRfKDTQRNQS
%@MRKDLTQMNQC OKTSwSAHDMCHRRHLTKlRHK±NMBNMRHCmQDR@S@HKKD  
RDSQNTUDTMRXRSmLDCDBNMSQDONHCRONTQKDOHmFDfGDQRDCT .NMRSQD
BNTKNHQRHSTlITRSDfK±DWSlQHDTQCDK@OHmBD @HMRHPT±TMKDUHDQONTQ 
QDKDUDQBDSSDGDQRD@OQmRPT±DKKD@HSlSl@BSHNMMlD1@ROKTRCD 5QlRNQDS&LOK@BDLDMS
CDTW GNLLDRM@HMRDKEDR f K@ ENHR ODTUDMS SDMSDQ CD L@M«T 
UQDQ BD KDUHDQ @EHM CD QDKDUDQ K@ GDQRD  DS KDTQ ENQBD BNLAHMlD 9*7 3a4&37& "69*-*"*3& $DSSD OHmBD RTOOKlLDMS@HQD DRS DMSHm
CNHSnSQDC±@TLNHMR$DK@KDTQCNMMDCDBG@MBDRC±X QDLDMSUHCD%@MRTMBNHMRDSQNTUDTMS@RCDFQ@U@SR
O@QUDMHQ  @UDB  CD BG@MBDR RTOOKlLDMS@HQD ONTQ BG@PTD 
ONHMS@TCDRRTRCDþO@QDWDLOKD CDTWGNLLDR@UDBCDR .NMRSQD
ENQBDRCDDSDRR@X@MSDMRDLAKD@TQNMSCDBG@MBDR 
CDK@QDKDUDQÿ$G@PTDBNLAHM@HRNMCDODQRNMM@FDRþBNLO@ 5QlRNQDS&LOK@BDLDMS
13
97  97* 4"--&4 %& 5a-a1035"5*0/ 6M OTHRR@MS RNQSHKmFD .NMRSQD
OQNUNPT@MSK@W¾O¾SRUWDWLRQ@lSlOK@BlCDE@kNMODQL@MDMSD 
RTQBDRCDTWOHmBDRCDENQLDDSCDS@HKKDHCDMSHPTDR$DRSQ@S@ 5QlRNQDS&LOK@BDLDMS
FmLD DRS BNMkT ONTQ ADQMDQ DS DLAQNTHKKDQ KDR @UDMSTQHDQR PTH 
MDRDLlEHDMSO@RDME@TRR@MSKDTQRDMRCDK±NQHDMS@SHNM
97*** '03(& -@ ENQFD DRS TMD OHmBD CD ENQLD HQQlFTKHmQD PTH

RDLAKD CD E@HS nSQD DM CDTW O@QSHDR RlO@QlDR 6M UDMS KTFTAQD
-DR CDTW OHmBDR ENMBSHNMMDMS CD K@ LnLD L@MHmQD TMD ENHR
RHEEKD C@MR K@ O@QSHD G@TSD CD K@ R@KKD OQmR CT OK@ENMC  DS BD
PTDKDTQONQSDDRSNTUDQSD%@MRBG@BTMDC±DKKD @TMHUD@TCT
OGlMNLmMD M@STQDK ODQLDSS@HS K@ UDMSHK@SHNM KNQRPTD KDR EDTW 
BNHMKDOKTRlKNHFMlCDK@ ONQSD RDSQNTUDTMDR@HKKHDCDQNBGD
CDOTHRKNMFSDLORlSDHMSRL@HMSDM@MS lS@HDMSDM@BSHUHSl
BQHRS@KKHMD KTHR@MSD DS lSHMBDK@MSD PTH AQHKKDQ@ HMSDMRlLDMS RH TMD

KTLHmQDRDQDEKmSD CDRRTRBDRR@HKKHDRQNBGDTRDRRNMSHCDMSHPTDR
%@MRK@O@QSHDCDK@OHmBDRHSTlD@TMNQCDRSDSLDRTQ@MS L
C@MR KDR CDTW R@KKDR %mR PTD KDR @UDMSTQHDQR DMSQDMS C@MR K@
RTQLRDSQNTUDMSSQNHRENXDQR TMBNMSQDKDLTQMNQC TM@TSQD
OHmBDONTQK±DWOKNQDQ KDFQNTOD@TBNLOKDSDRSHMRS@MS@MlLDMS
C@MRK±@MFKDMNQCDRS DSKDCDQMHDQBNMSQDKDLTQDRS"TBDMSQD
W¾O¾SRUW¾ @T LnLD ONHMS C@MR K±@TSQD R@KKD ¬ PT±HKR RNHDMS SNTR
CD K@ R@KKD RD CQDRRD TMD FHF@MSDRPTD DMBKTLD 6M RNTEEKDS f
DMSQlRNTPT±TMDO@QSHDC±DMSQDDTWRNHSDMBNQDC@MRKDBNTKNHQ
L@HMDRS@BBQNBGlRTQKDLTQNTDRS
$DSSD SlKlONQS@SHNM R±DEEDBSTD R@MR PTD KDR @UDMSTQHDQR MD R±DM

QDMCDMSBNLOSD@HMRH HKRM±NMS@TBTMLNXDMCDQDRRDMSHQPTD
.HRfO@QSTM@RRNQSHLDMSC±NTSHKRCDENQFDQNMDSPTDKPTDRA@QQDR
PTDKPTD BGNRD C±lSQ@MFD UHDMS CD RD OQNCTHQD $DK@ RHFMHEHD
CD EDQ @BBQNBGlDR f TM LTQ  K@ O@QSHD RTCNTDRS CD K@ OHmBD 
CNMB PTD AHDM PT±HKR RNHDMS C@MR TM @TSQD KHDT  E@HR@MS E@BD f
OKTRFQ@MCD DRSOQDRPTDBNLOKmSDLDMSUHCD
TMD @TSQD CHQDBSHNM  HKR RDQNMS SNTINTQR ODQRT@ClR C±nSQD DMSQlR

C@MR K@ OHmBD O@Q TMD ONQSD RHSTlD C@MR KD LTQ DRS þR±HKR RNMS
.NMRSQD
DMSQlR@TClO@QSC@MRK@R@KKD97ÿNTAHDMC@MRKDLTQRTCþR±HKR

RNMSDMSQlR@TClO@QSC@MRK@R@KKD97*ÿ"EHMCDQDEKlSDQBDSlS@S
5QlRNQDS&LOK@BDLDMS
CD E@HS R@MR lUDHKKDQ KDR RNTOkNMR CDR INTDTQR  KD .@rSQD CD
%NMINMCNHSSNTQMDQRNMOK@MCDL@MHmQDfKDE@HQDBNQQDRONMCQD 
f K@ CHQDBSHNM f K@PTDKKD BDR CDQMHDQR FURLHQW E@HQD E@BD "HMRH  9*9 4"--& %±"$$Å4 $DSSD R@KKD BNLLTMHPTD @UDB K@ ENQFD DS
KNQRPT±HKRQDRRNQSHQNMSCDK@R@KKDDSSDMSDQNMSCDRTHUQDKDTQOK@M HKR NEEQDTM@BBmRUDQSHB@KUDQRKDMHUD@THMElQHDTQCDK@ENQSDQDRRD
RDQNMSSQNTAKlRO@QKDE@HSPTDCDRClS@HKRfK±DWSlQHDTQCDK@OHmBD 
MDRNMSO@RBNLLDHKRCDUQ@HDMSnSQD*KRODTUDMSPTDRSHNMMDQKD %@MR KD BNHM MNQCDRS CD K@ OHmBD DS KD KNMF CT LTQ MNQC RNMS
.@rSQD CD %NMINM  DS LnLD RNTOkNMMDQ PT±HK @ E@HS TMD DQQDTQ DLOHKlDR CDR A|BGDR CD ANHR CD CHEElQDMSDR S@HKKDR þ BL
þ@UDBCDRBNLLDMS@HQDRSDKRPTD@SSDMCRTMODT k@MDSHXW CD CH@LmSQD   BL CD KNMFÿ  RDQU@MS @OO@QDLLDMS CD
SDVnSQDBNLLDk@ NMUHDMSITRSDG±DUULYHUO@QKfÿ4HBDK@RD BNLATRSHAKD RTOOKlLDMS@HQD ONTQ KDR EDTW CD K@ ENQFD § O@QS
OQNCTHS KD.%CDUQ@HSlUHSDQC±@QFTLDMSDQDSRHLOKDLDMSBNMSH k@ K@OHmBDDRSUHCD
MTDQ f ClBQHQD KDR BGNRDR SDKKDR PT±DKKDR RNMS C@MR KD MNTUD@T 
KHDT K@HRR@MSKDRINTDTQRQlRNTCQDKDOQNAKmLDDSO@QUDMHQfKDTQR 6MFQ@MCSQNTC±DMUHQNMBLCDCH@LmSQDR±NTUQDC@MRKDRNKCD
OQNOQDRBNMBKTRHNMRDSNTRNKTSHNMR K@O@QSHDRTCDRSCDK@R@KKD4HTMDKTLHmQDDRSSDMTD@TCDRRTR
 @EHMC±DMDW@LHMDQK±HMSlQHDTQ HKRDQ@HLONRRHAKDC±DMClSDQLHMDQ
6MDENHRPTDK@SlKlONQS@SHNM@DTKHDTC@MRTMDOHmBD DKKDMD K@ OQNENMCDTQ MH CD UNHQ BD PT±HK X @ DMCDRRNTR 4H TMD RNTQBD
RD QDOQNCTHQ@ O@R S@MS PTD BDSSD OHmBD MD RDQ@ O@R UHCD CD CDKTLHmQDþSDKKDTMDSNQBGDÿDRSIDSlDC@MRKDSQNT DKKD@SSDQQHQ@
SNTSDODQRNMMDDSK@ONQSDQDEDQLlDCDOTHRK±DWSlQHDTQ&KKDRDQ@ RTQKDRNKCTMHUD@THMElQHDTQ ODQLDSS@MSC±DRSHLDQK@CHRS@MBDf
@KNQRCDMNTUD@TDEEDBSHUDCmRPTDPTDKPT±TMQNTUQHQ@K@ONQSD DMUHQNML
DS DMSQDQ@ C@MR K@ OHmBD -@ ONQSD CD K@ OHmBD C±@QQHUlD þBDKKD 
C@MRK@PTDKKDKDR@UDMSTQHDQRRNMSSlKlONQSlRÿRDQ@SNTINTQRC@MR 6MFQ@MC@MMD@TCDEDQDRSRBDKKlC@MRKDLTQRTCOQmRCTSQNT 
TMDONRHSHNMHCDMSHPTDfBDKKDCDK@OHmBDCDClO@QS-DRONQSDR DS RH TMD BNQCD X DRS @SS@BGlD  NM ODTS @KNQR K±TSHKHRDQ @EHM CD
CDRCDTWR@KKDRRDQDEDQLDQNMS@TSNL@SHPTDLDMS DSKDROHmBDR CDRBDMCQD@TMHUD@THMElQHDTQ-DRBDKKDLDMSM±DRSSNTSDENHROKTR
RDQNMS CD MNTUD@T OQnSDR CmR PTD SNTR KDR @UDMSTQHDQR @TQNMS SQmRRNKHCD DSSNTSDODQRNMMDTSHKHR@MSK@BNQCD@TQ@TMQHRPTDCD
O@RRlTMONHMSRHSTlf@TLNHMRLCDRCDTWONQSDR PTDKPTD RTQþMNMBTLTK@SHEÿPTDK±@MMD@TRDClBQNBGDCTLTQ B@T
RNHSK@CHQDBSHNM DLOQTMSlD*KDRSSNTSDENHRONRRHAKDPT±TM FQNT R@MS@KNQRK@BGTSDCDK@CHSDODQRNMMDITRPT±@TMHUD@THMElQHDTQ
ODClBKDMBGDKDRNQSHKmFD RNHSSlKlONQSlC@MRK±@TSQDOHmBD OTHR $DQHRPTDDRSCDRTQRHK@ODQRNMMDDRS@RRDYBG@QFlDþC±TM
DMQDRRNQSD DSL@QBGDITRPT±fK@OQDLHmQDR@KKD RDQDMCD @KNQR ONHCR lPTHU@KDMS f  OHmBDR C±NQ NT OKTRÿ 4H TM ODQRNMM@FD
BNLOSDPTDKDRCDTWOHmBDRRNMSHCDMSHPTDRL@HRRHSTlDRC@MR BGTSD HKKDEDQ@KNQRPT±HKM±DRSOKTRSQmRKNHMCTRNKDSOQDMCQ@@KNQR
CDRDMCQNHSRCHEElQDMSR DSCNMBBNLOQDMMDBDPTHR±DRSO@RRl  ONHMSR CD ClFgSR þClSDQLHMlR O@Q KD IDS C±TM Cl f PT@SQD
%±TM@TSQDBwSl KDR@UDMSTQHDQRODTUDMSRDQDSQNTUDQSNS@KDLDMS E@BDRÿ 6MDENHRPTDK±@MMD@TDRSCDRBDKKl HKDRSHLONRRHAKDCD
ClRNQHDMSlR ODQCQDKDTQBGDLHMCTE@HSC±TMDB@QSDHMDW@BSD DS KDQDLDSSQDDMOK@BDDSCDKDQlTSHKHRDQ
QDMBNMSQDQSNTSDRRNQSDRCDCHEEHBTKSlR¬BDPTH@QQHUDQ@ClODMCQ@ 
CDR@BSHNMRCDRINTDTQR@HMRHPTDCDKDTQB@O@BHSlfRDQDMCQD 1KTSwS PTD CD RD RDQUHQ CD K±@MMD@T  CDR @UDMSTQHDQR @RSTBHDTW
BNLOSDCDK@RHST@SHNMDSfXE@HQDE@BD ONTQQ@HDMSOQDMCQDTMDCDRA|BGDRLDRTQ@MS L CDKNMF 
 @SS@BGDQ@TSNTQTMDBNQCD K@OK@BDQDMSQ@UDQRCTSQNTK@QFDCD
/NSDHKDRSQDBNLL@MClCDMDOK@BDQMHLNMRSQDMHSQlRNQC@MR BL OTHRCDRBDMCQDKDKNMFCDK@BNQCD@HMRHRTRODMCTD
BDRCDTWR@KKDR 
 5NTSDBNQCDTSHKHRlDONTQCDRBDMCQDCNHSE@HQD@TLNHMRLCD
.NMRSQD KNMF%@MRKDB@RN{TMQDSNTQO@QKDLnLDBGDLHMRDQ@HSDMUH
 R@Fl  DKKD CDUQ@HS @KNQR @UNHQ TMD KNMFTDTQ C±@T LNHMR   L
5QlRNQDS&LOK@BDLDMS @EHMCDONTUNHQnSQD@SSDHMSDCDOTHRKDRNK
 
97**$"7&§$)"3#0/$DSSDOHmBDCDLRTQLRDQSfRSN -@CDQMHmQDLlSGNCDONRRHAKDONTQCDRBDMCQDDRSC±TSHKHRDQTMD
BJDQKDBG@QANMONTQK@ENQFDRHSTlDCDK±@TSQDBwSlCTBNTKNHQ BNQCD@UDBTMFQ@OOHM RNHSDM@BBQNBG@MSBDKTHBHfK±@MMD@T 
-@R@KKDDRSBNTUDQSDCDRTHDDSCDONTRRHmQDMNHQgSQD L@HRHKMD RNHSDMKDEHW@MSRTQTMDCDRCDTWONQSDR4±HKDRSEHWlRTQK@ONQSD
QDRSDPT±TMODSHSS@RCDBG@QANMBNMSQDKDLTQMNQC RTC K@BNQCDCDUQ@LDRTQDQLCDOKTRPTDOQlUT @KNQRPTDRH
 B±DRSRTQK@ONQSDMNQC DKKDMlBDRRHSDQ@LCDOKTR
*KX@TMDE@TRRDONQSDC@MRKDLTQNTDRS&KKDMDODTSO@RnSQD 
NTUDQSD  AHDM PT±DKKD O@Q@HRRD MNQL@KD C@MR RNM DMB@CQDLDMS .NMRSQD
DMANHRDSPT±DKKDANTFDSQmRKlFmQDLDMSKNQRPTDPTDKPT±TMCD 
SQmRENQSSDMSDCDK±NTUQHQ 5QlRNQDS&LOK@BDLDMS
14
99 4"--& &/ $6-%&4"$ 6M BNTKNHQ PTH SNTQMD DM R±DMQNTK@MS DMFDMCQDQNMS K@ ENQL@SHNM CD ODSHSR MT@FDR CD RONQDR SQmR
RTQKTHLnLDLmMDfTMDR@KKDDMBTKCDR@B"OO@QDLLDMS  ClR@FQl@AKDRfHMG@KDQDSPTHNARBTQBHQNMSK@UHRHNM
@TUTCDRO@QNHR PTHMDRNMS O@RSDQLHMlDR BDSSDO@QSHD CDK@ 
ENQSDQDRRDlS@HSCDRSHMlDfnSQDClUDKNOOlDOKTRS@QC¬AHDMPTD 4HTM@UDMSTQHDQRDQHRPTDfHMFlQDQTMBDQS@HMSXODCDBG@LOH
ODQRNMMDMDOTHRRDK±@EEHQLDQ@UDBBDQSHSTCD FMNM HKX@TQ@CDQHRPTDRPTDBDKTHBHRNHSUlMlMDTWþTMD
 R@TUDF@QCDBNMSQDKDONHRNMRDQ@@KNQRMlBDRR@HQDÿ
.NMRSQD 
 .NMRSQD
5QlRNQDS&LOK@BDLDMS 
 5QlRNQDS&LOK@BDLDMS
99* 4"--& %& 3a6/*0/ *K RDLAKDQ@HS PTD BDSSD R@KKD KNMFTD DS 
lSQNHSDlS@HSTSHKHRlDBNLLD@TCHSNQHTLNTR@KKDCDQlTMHNM*KX 99*** 4"--& %& 450$,"(& $DSSD OHmBD RDQU@HS @TSQDENHR ONTQ KD
@CHWA@MBRDMANHRCHRRlLHMlR@TSQ@UDQRCDK@OHmBD BG@BTM RSNBJ@FDCDLNAHKHDQ L@HRDKKDDRSOKTSwSUHCDL@HMSDM@MS*KX@
LDRTQ@MS LCDKNMF6MDFQ@MCDC@KKDCDOHDQQDOK@BlDf KfSQNHRFQ@MCDRS@AKDRDMBGnMD TMBDQS@HMMNLAQDCDBG@HRDR
K±DWSQlLHSlMNQCCDK@OHmBDRDQU@HSC±DRSQ@CD ODQLDSS@MS@HMRHf DS DLOHKlRKDKNMFCDRLTQR PT@SNQYDS@ANTQDSRDMANHR%@MR
SNTSNQ@SDTQC±nSQDRTQlKDUlC±DMUHQNMBL@TCDRRTRCTRNKCD KDBNHMNOONRlfK@ONQSDRDSQNTUDTMlS@AKHDMANHRRTQKDPTDK
K@R@KKDDSC±@UNHQTMDUTDClF@FlDRTQSNTSRNM@TCHSNHQD DRS EHWl TM lS@T QTCHLDMS@HQD CD ODSHSDR RBHDR @HMRH PTD CHUDQR
 NTSHKRCDBG@QODMSHDQRNMSONRlRCDRRTR%DRBNOD@TWCDANHRDS
4TQKDLTQMNQCRNMS@BBQNBGlDRPT@SQD A@MMHmQDRClBNQ@SHUDR CDK@RBHTQDRNMSCHRRlLHMlRRTQKDRNK
DM SHRRT QNTFD  UDQS  AKDT DS I@TMD #HDM PT±@TSQDENHR SQmR ADKKDR  
DKKDRRNMSL@HMSDM@MS@AHLlDRDSLNHRHDR BDPTHKDRQDMCR@MR .NMRSQD
U@KDTQ 
 5QlRNQDS&LOK@BDLDMS
.NMRSQD 
 99*7$)".#3&%&-"'"703*5&$DSSDOHmBDDRSClBNQlD@UDB
5QlRNQDS&LOK@BDLDMS OKTR CD FN|S PTD KDR @TSQDR R@KKDR @T RSXKD OKTSwS RO@QSH@SD PTH
 BNLONRDMS K@ ENQSDQDRRD $±DRS K@ BG@LAQD ODQRNMMDKKD CD K@
99**4"--&%6+"3%*/"UDBKDO@RR@FDCTSDLOR  BDPTHlS@HS L@rSQDRRD DS @L@MSD CD 3NF@GM  PTH @OO@QDLLDMS UlBT HBH
@TSQDENHRTMDCDR@SSQ@BSHNMRCDK@ENQSDQDRRDR±DRSSQ@MRENQLlDM ODMC@MS TM SDLOR .@HR HK RDLAKD lUHCDMS PT±DKKD DRS CDOTHR
TMB@TBGDL@QANS@MHPTD4@MROKTRODQRNMMDONTQK±DMSQDSDMHQ  KNMFSDLORO@QSHD fK±HMRS@QCDR@TSQDRG@AHS@MSRPTHUHU@HDMSKf
KDRLNHRHRRTQDRDSBG@LOHFMNMRK±NMSL@HMSDM@MSDMU@GH 
 $NMSQDKDLTQNTDRSRDSQNTUDTMFQ@MCKHSDMMNXDQ SQmRINKHLDMS
-@R@KKDDRSBNMRSHSTlDCDCDTWO@QSHDR TMD@HKDMNQCDSTMD@HKD RBTKOSlþHKQDRRDLAKD@RRDYfBDKTHCDK@R@KKD7¬UNHQK@CDRBQHO
NTDRS§K±DWSQlLHSlCDBG@BTMDCDBDR@HKDRRDSQNTUDTMDFQ@M SHNMCNMMlDKf¬L@HRR@MR@TBTMMNLFQ@UlRTQK@SnSDCDKHSÿ
CD ENQL@SHNM QNBGDTRD RDLHBHQBTK@HQD QDBNTUDQSD CD L@SHmQDR -DKHSDRSRTQLNMSlC±TMFQ@MCA@KC@PTHMDMSHRRTUDQSAQNClC±TM
ENMFHPTDR6MD@TSQDENQL@SHNMCDBDSXOD DKKD@TRRHQDBNTUDQ AD@T EHK QNTFD UHE  L@HR HK DRS SQmR ONTRRHlQDTW  BNLLD SNTS BD
SD CD BG@LOHFMNMR  DRS UHRHAKD C@MR K±@MFKD RTCDRS "T BDMSQD PTHRDSQNTUDC@MRK@OHmBD
CDK±@HKDMNQCRDSQNTUDMSCDTWFQ@MCDRENRRDR BG@BTMDLDRT 
Q@MSLWL 1QmRCTKHSRDSQNTUDTMDODSHSDS@AKDCDMTHS@UDBTMRDTKSHQNHQ§
 BwSl  BNMSQD KD LTQ  HK X @ TMD BNLLNCD f OKTRHDTQR SHQNHQR DM
&M@OOQNBG@MSCDK@OHmBDCDOTHRKDBNTKNHQRTC NMRDSQNTUD ANHRCDBmCQDQNTFDPTH L@KFQlKDSDLOR ClF@FDSNTINTQRRNM
BNMEQNMSl f K@ UHRHNM RHMHRSQD DS LDM@k@MSD C±TMD UlFlS@SHNM NCDTQB@Q@BSlQHRSHPTD-DRSHQNHQRBNMSHDMMDMSSNTSTM@RRNQSHLDMS
lSQ@MFD R±lSDMC@MS CD K@ R@KKD ITRPTD C@MR KD BNTKNHQ  DMU@GHR C±NAIDSR DMBTHQ CDUHDTWUnSDLDMSR DSC±NAIDSRODQRNMMDKRSDKR
R@MSHMDWNQ@AKDLDMSBDCDQMHDQCDOTHRKDI@QCHM6MDENHRO@RRlD PTD ODHFMDR  AQNRRDR DS lOHMFKDR f BGDUDTW 6M CDR ODHFMDR
K±DMSQlD CD K@ R@KKD  NM RD QDSQNTUD E@BD f PTDKPTD BGNRD MD DRSOK@PTlDM@QFDMSDSU@TSCDBDE@HSON4TQKDCDRRTRCD
QDRRDLAK@MS f QHDM CD BD PTD K±NM ODTS UNHQ C@MR KD LNMCD K@BNLLNCD ONRlDRTQTMM@OODQNM DMCDMSDKKD DSEK@MPTlD
DWSlQHDTQ¥ CD CDTW ODSHSDR ANTSDHKKDR CD O@QETL f LNHSHl UHCD  RD SQNTUD
 TMDBTUDSSDBNMEDBSHNMMlDC@MRTMDB@Q@O@BDCDSNQSTDDKKD
-DRNKDRSBNTUDQSC±TMS@OHRSNTEETCDLNHRHRRTQDRPTHR±lSDMCDMS DRSUHCDfK±DWBDOSHNMC±TMDOHmBDC±NQPTHQDONRDRTQRNMENMC
@TRRHRTQKDRO@QNHRDSLnLDRTQTMDO@QSHDCTOK@ENMC CHRRHLT 
K@MS K@ RTQE@BD QNBGDTRD $DR LNHRHRRTQDR OQlRDMSDMS TM @RRNQ $NMSQDKDLTQMNQC ITRSDfK±NTDRSCTO@RR@FDRDBQDS RDSQNTUD
SHLDMS U@QHl CD BNKNQHR @HMRH PTD CD LNSHER  BNLONRlR CD TM FQ@MC LHQNHQ DM OHDC C@MR TM B@CQD DM ANHR -D G@TS CT
SgBGDR  CD SNTEEDR  CD SNTQAHKKNMR DS CD OK@PTDR ENQL@MS TMD B@CQD DRS BHRDKl CD L@FMHEHPTDR LNSHER HMBTQUlR DS BNLONQSD
BNLAHM@HRNMB@TBGDL@QCDRPTDCDBNTKDTQRBNMSQ@RSlDR$
DRS TMD HMRBQHOSHNM DM K@MFTD BNLLTMD PTH CHS 1NTQ K@ OKTR ADKKD
UQ@HLDMSTMO@XR@FDHQQlDKDSClLDMSCDK@OHQDRNQSDPT±HKRNHS  C±DMSQDSNTSDR
DSONTQS@MSL@FMHEHPTDC@MRRNMFDMQD¥ 
 6M INKH K@U@AN  E@HR@MS O@QSHD HMSlFQ@MSD CT LTQ B@Q RBTKOSl f
%@MRK@R@KKDRDSQNTUDMS@TRRHCDRBG@LOHFMNMRC±TMDBDMS@H LnLD K@ QNBGD PTH BNLONRD BD CDQMHDQ  DRS UHRHAKD C@MR
MD CD U@QHlSlR CHEElQDMSDR $DTWBH RNMS CHRRlLHMlR TM ODT K±@MFKDMNQCNTDRSCDK@OHmBD-DENMCCDBDA@RRHMDRSODQBl
O@QSNTS DM OK@PTDR DS DM SNTEEDR *K X DM @ CD SNTSDR RNQSDR þX C±TM SQNT  KTHLnLD EDQLl O@Q TM ANTBGNM CD KHmFD L@HMSD
BNLOQHR TM HMBQNX@AKD ANRPTDS BNLONRl C±TMD U@QHlSl M@MSONTQQHBDSQNTODQLDSC±lU@BTDQK±D@TKDKNMFC±TMDOHDQQD
Fl@MSD CNMSKDROHDCRQDRRDLAKDMSfCDRSQNMBRC±@QAQDRDSKDR HMBKHMlD PTH K@ CQ@HMD ITRPT±f TMD EHRRTQD C@MR K@ O@QNH *K M±X @
BG@OD@TW NMS TM CH@LmSQD CD   Lÿ  CD LnLD PTD CDR BDODMC@MSO@RK±D@TBNTQ@MSDC@MRK@OHmBD
U@QHlSlR BNLLTMDR SDKKDR PTD CDR BG@LOHFMNMR f K@LDKKDR  
C
@TSQDRDMENQLDCDBNQ@HK CDRUDRRDRCDKNTOFl@MSDR DSCDR 6MD ODSHSD S@OHRRDQHD  LDRTQ@MS   L W   L  DRS @BBQNBGlD
LNQHKKDR 5NTR BDR CHEElQDMSR UlFlS@TW RDLAKDMS RD OK@HQD DS RTQ KD LTQ DRS &KKD QDOQlRDMSD TM AD@T DS QNATRSD FTDQQHDQ ONQ
OQNROlQDQ HBH  L@HR KDTQ OQNKHElQ@SHNM DRS SDKKD PTD KD RNK DM DRS S@MSTMDIDTMDEHKKDC@MRRDRAQ@R K@R@TU@MSC±TMUHKK@FDDMEDT
DMSHmQDLDMSQDBNTUDQSDSPT±HKDRSHLONRRHAKDCDUNHQCD PTNHHKR S@MCHR PT±TMD GNQCD C±DMMDLHR @TW QDF@QCR HMPTHlS@MSR K±NARDQ
ODTUDMS SHQDQ KDTQ MNTQQHSTQD 1DTSnSQD PT±TMD OTHRR@MSD L@FHD UDMSCDKNHM#QNClDDMEHKC±NQRTQKDG@TSCDK@S@OHRRDQHDRDKHSK@
NTAHDMTMOQNBlClDWSQ@NQCHM@HQDL@HMSHDMSBDI@QCHMDMK±lS@S OGQ@RDRTHU@MSD .DKHRR@ KDOKTROQlBHDTWDSBGmQDLDMS@BPTHR
 CDSNTRLDRSQlRNQR-@S@OHRRDQHDDRSC@MRTMB@CQDDMANHRPTH
#HDMPT±HKRNHSONRRHAKDCDRDEQ@XDQTMO@RR@FDC@MRK@OHmBD K@ DRS EDQLDLDMS EHWl @T LTQ *K DRS HLONRRHAKD CD KD ClBQNBGDQ
CDMRHSl CD UlFlS@TW DMSQ@UDQ@ K@ OQNFQDRRHNM %D OKTR  SNTS R@MR K±DMCNLL@FDQ  DS C@MR BD B@R K@ S@OHRRDQHD MD U@TCQ@
LNTUDLDMS CD L@RRD NT ODQSTQA@SHNMR þBNLLD TM BNLA@Sÿ @KNQROKTRPTDON
15
.NMRSQD .NMRSQD
 
5QlRNQDS&LOK@BDLDMS 5QlRNQDS&LOK@BDLDMS
 
997 $)".#3& %& 30(")/ -DR PT@QSHDQR ODQRNMMDKR CD 997** 4"--& %6 53Ë/& 6SHKHRlD OQHMBHO@KDLDMS ONTQ KDR QlBDO
3NF@GM RNMS RHLOKDR DS RO@QSH@SDR  ClLNMSQ@MS RNM FN|S ONTQ SHNMR NEEHBHDKKDR  BDSSD R@KKD QDBS@MFTK@HQD EK@MPTlD CD CDTW
K±TSHKDOKTSwSPTDK±@FQl@AKD Q@MFlDR CD PT@SQD BNKNMMDR BNLONQSD TMD DRSQ@CD DM OHDQQD
 RTQK@PTDKKDRNMSOK@BlRCDTWSQwMDR CNLHM@MS@HMRHK@OHmBD
0M QDL@QPTD HLLlCH@SDLDMS PTD KDR LTQR BNTQADR CD BDSSD 
OHmBDRNMSCHEElQDMSRCDSNTRKDR@TSQDR@TRDHMCDK@ENQSDQDRRD  -@ OHmBD ONTQQ@HS E@HQD ODMRDQ f TMD ODSHSD R@KKD CD A@K  AHDM
MNMRDTKDLDMSCTE@HSCDKDTQENQLDL@HR@TRRHfB@TRDCDKDTQ PT±HK RNHS HLONRRHAKD CD R@UNHQ PTDKKD lS@HS UQ@HLDMS R@ ENMBSHNM
QDUnSDLDMS *KR RNMS DM DEEDS QDBNTUDQSR O@Q CDR K@SSDR CD ANHR -D RNK DRS E@HS C±@QCNHRD ONKHD  S@MCHR PTD K±DRSQ@CD DS KDR OHKHDQR
UDQSHB@KDR DM R@OHM FQNRRHmQDLDMS SQ@U@HKKlDR  BG@BTMD CD BDR RDLAKDMS BNMRSHSTlR CD FQNR AKNBR CD FQ@MHS QNTFD -DR CDTW
lSQNHSDR OK@MBGDR lS@MS C±TM RDTK SDM@MS CT RNK @T OK@ENMC -D SQwMDR NMS lSl S@HKKlR C@MR CD FHF@MSDRPTDR AKNBR CD L@QAQD
QlRTKS@S M±DRS MH QDL@QPT@AKD MH KTWTDTW  L@HR HK QDRSD OK@HR@MS f AK@MB DSCTE@HSCDKDTQONHCRDSDMBNLAQDLDMS HKDRS@ARNKT
K±«HK&MKDUDQM±HLONQSDK@PTDKKDCDBDROK@MBGDRCTLTQR±@Um LDMSHLONRRHAKDCDKDRClOK@BDQ
QDQ@@HRlL@HRMDQlUmKDQ@QHDMC±@TSQDPTDK@O@QNHQNBGDTRD 
 "BBQNBGlDR RTQ K@ O@QNH CDQQHmQD K±DRSQ@CD ODMCDMS CD FQ@MCDR
%@MRBG@BTMCDRPT@SQDBNHMRHMBTQUlRCDK@OHmBDODMCTMD SDMSTQDR I@TMDRONTQKDRTMDRDSONTQOQDRONTQKDR@TSQDR CHRON
S@OHRRDQHD CHEElQDMSD $G@BTMD C±DKKD LDRTQD DMUHQNM   L CD RlDR@KSDQM@SHUDLDMSSNTSKDKNMFCDBDLTQ&KKDRM±NMS@TBTMD
K@QFD RTQ   L CD G@TS -DR PT@SQD RTIDSR ClODHMSR RNMS TM U@KDTQ O@QSHBTKHmQD AHDM PT±DKKDR QDG@TRRDMS BNMRHClQ@AKDLDMS
CQ@FNM@A@SSTO@QTMFQNTODCDFTDQQHDQR K±TMC±DTWRDSDM@MS K±@OO@QDMBDCDK@OHmBDþDSBDBHDMClOHSCDKDTQRBNTKDTQRPTH
AHDMDMlUHCDMBDfK±@U@MSDSDMENMk@MSRNMlOlDC@MRKDBNT ITQDMS@UDBKDRSDHMSDRCDRCHEElQDMSDROHDQQDRÿ
CDK@AnSDTMDFQ@MCDA@S@HKKDC@MRTMClEHKlLNMS@FMDTWN{ 
TMODSHSFQNTODCDBNLA@SS@MSRLDMlRO@QTMOTHRR@MSRNQBHDQ .NMRSQD
DS TM FTDQQHDQ GlQNsPTD LDSSDMS DM ClQNTSD SNTSD TMD @QLlD 
TMFTDQQHDQDSTMDIDTMDEHKKD SNTRKDRCDTWfBGDU@K RDSDM@MS 5QlRNQDS&LOK@BDLDMS
O@Q KDR L@HMR @UDB TMD DWOQDRRHNM CD INHD  TMD BG@HMD CD 
LNMS@FMDRDM@QQHmQDOK@MTMFTDQQHDQDSTMRNQBHDQRDRDQQ@MSK@ 997*** 4"--& %6 $6-5& "OO@QDLLDMS  KD KHDT CD BTKSD CD K@
L@HM@TRNLLDSC±TMDBNKKHMDClRDQSD@UDBONTQSNHKDCDENMC ENQSDQDRRDM
DRSQHDMCDOKTRPT
TMFDRSDCDOTQDENQLDfK
lF@QC
TM RNKDHK BNTBG@MS -DR ODQRNMM@FDR OQHMBHO@TW  BNLLD ONTQ CDRCHDTW
K@S@OHRRDQHDCDK@R@KKD99*7 RNMSAHDMR|QSNTINTQRKDRLnLDR¬ 
KDFTDQQHDQDRS3NF@GM KDRNQBHDQ;DKKHF@Q DSK@L@FMHEHPTDIDTMD 6MDFQ@MCDHCNKDDRSRBTKOSlDfLnLDK@QNBGDCDK@O@QNHRTQ
EHKKDDRSK@ADKKD.DKHRR@ K@L@HSQDRRDCD3NF@GM-DRS@OHRRDQHDR  KDLTQCTENMC DME@BDCDK@ONQSD$DSSDQDOQlRDMS@SHNMþTMD
RH DKKDR RNMS ClBQNBGlDR  RD QlUmKDQNMS KNTQCDR þBG@BTMD OmRD SnSD@TUHR@FDL@KlEHPTDÿE@HSDMUHQNM LCDK@QFDRTQ L
ONÿDSDMBNLAQ@MSDRBG@PTDS@OHRRDQHDU@TSON CDG@TSDSDRSBDQMlDCDRXLANKDRQDKHFHDTWDSCDQTMDR
 
&ME@BDCDK@ONQSDRDBQmSDCTLTQNTDRSRDSQNTUDTMKHSDMANHR -D RNK DRS DM @QCNHRD MNHQD DS ONKHD "T BDMSQD CD K@ OHmBD RD
C±lQ@AKD@UDBTML@SDK@RCDOKTLDR)NQLHRK@KDSSQD3FQ@UlD SQNTUDTMDClOQDRRHNM NTENRRD BHQBTK@HQDCNMSKDCH@LmSQDDRS
RTQKDCDU@MSCTB@CQD KDKHSM±@@TBTMDEHNQHSTQDMHClBNQ@SHNM CD LDSK@OQNENMCDTQL@WHL@KDDMRNMBDMSQDCDBL
 $DSSDENRRDR@BQHEHBHDKKDDRSDMFQ@MCDO@QSHDUHCDRHBDM±DRSTMD
6MDODSHSDBNLLNCDE@HSDCTLnLDANHRPTDKDKHSDRSOK@BlD ODSHSDPT@MSHSlCDBDMCQDRQlRHCTDKKDRPTHDMBNTUQDMSKDENMC
fBwSlCDBDKTHBH&KKDMDBNMSHDMSPTDCDRUnSDLDMSRNQCHM@H 
QDR CDR B@ODR  TMD UDRSD DM BTHQ  TMD BGDLHRD DM C@HL  TM .NMRSQD
BNQRDKDS DM LlS@K  DSB  @HMRH PT±TMD O@HQD CD ANSSDR "TBTM 
C±DTWM±@K@LNHMCQDU@KDTQ 5QlRNQDS&LOK@BDLDMS
 
*KM±X@O@RC±@TSQDRLDTAKDRC@MRK@OHmBDLHRfO@QSTMS@ANT 99*9 $)".#3& %6 $"1*5"*/& -@ BG@LAQD C±&QHF  KD BNLO@
QDSDMANHRPTHRDSQNTUDOQmRCDK@BNLLNCD FMNM C±@QLDR DS @LH CD 3NF@GM  DRS TMD OHmBD OKTSwS RHLOKD
 @UDBODTCDLNAHKHDQ
.NMRSQD 
 -@ONQSDCDK@BG@LAQD BNLLDSNTSDRBDKKDRCDK@ENQSDQDRRD 
5QlRNQDS&LOK@BDLDMS DRSL@RRHUDDSDMANHR L@HR RNMBwSlDWSlQHDTQDRSDLADKKHO@Q
 K±@INTS C±TMD OD@T DM BTHQ CD ENQLD HQQlFTKHmQD PTH K@ QDBNTUQD
997*4"--&%&45301)a&4-@R@KKDCDRSQNOGlDRCDK@ENQSDQDRRD DM FQ@MCD O@QSHD DS RTQ K@PTDKKD RNMS BKNTlDR CDR QNMCDKKDR CD
BNMSHDMS SNTS TM @RRNQSHLDMS CD BTQHNRHSlR CHUDQRDR @BBTLTKlDR BTHUQDENQL@MSKDLNS&3*(
@TEHKCDR@MMlDR 
 -@ONQSDR±NTUQDRTQTMDOHmBDOKTSwSUHCD%@MRKDBNHMRTCDRS
-DLTQMNQCDRSOQDRPTDDMSHmQDLDMSQDBNTUDQSO@QTMDHLLDM RDSQNTUDTMKHSQTRSHPTD@UDBTMDS@AKDITRSDfBwSl4TQK@S@AKD
RD OD@T CD CQ@FNM  RDR lB@HKKDR BTHUQlDR QlEKlBGHRR@MS HMSDMRl RNMS ONRlR TMD ODSHSD BQTBGD DM FQmR @UDB TM BNTUDQBKD DS
LDMSSNTSDKTLHmQD§K±DWSQlLHSlNTDRSCDK@OHmBDRDSQNTUDTM BNMSDM@MSON TMDFQ@MCDBGNODfAHmQDDME@sDMBD DSTM
A@RHKHB OlSQHEHl  RNM QDF@QC LDM@k@MS SNTINTQR HMPTHlS@MS AHDM ODSHS LHQNHQ f L@HM $NMSQD KD LTQ RTC DRS @BBNKl TM BNEEQD DM
PTDONTQS@MSHMNEEDMRHECDOTHRL@HMSDM@MSSQmRKNMFSDLOR4TQKD ANHR PTH DRS EDQLl 4±HK DRS NTUDQS  NM SQNTUDQ@ f K±HMSlQHDTQ KDR
LTQDRS OQmRCTOK@ENMC TMRPTDKDSSDCDM@HMDRSRTRODMCTf BGNRDR RTHU@MSDR PTDKPTDR UnSDLDMSR CNMS TMD O@HQD CD
CDTWBQNBGDSRDMEDQ CNMM@MSfSNTSDK@OHmBDTM@HQL@B@AQD O@MS@KNMR  OKTRHDTQR B@ODR  TM L@MSD@T lO@HR  @HMRH PTD CDTW
"HKKDTQR RTQ KDR LTQR RNMS CHRRlLHMlR SNTS TM lUDMS@HK CD RNTUD O@HQDR CD ANSSDR "T ENMC CT BNEEQD  RNTR KDR UnSDLDMSR  HK X @
MHQR CDTW FQ@MCDR SnSDR C±lK@M ONQS@MS CD FHF@MSDRPTDR ANHR  TMD C@FTD B@RRlD *K X @ lF@KDLDMS TMD ANTQRD DM BTHQ PTH
PT@SQD O@SSDR CD CQ@FNMR @UDB KDTQR FQHEEDR  TMD BNPT@SQHBD BNMSHDMS TM RNTUDMHQ NQHFHM@K  TMD OK@PTD DM MNXDQ HMBQTRSlD
DLO@HKKlD TMHLLDMRDANTBKHDQMNHQMDONTU@MSnSQDTSHKHRlPTD C±TMDOK@PTDOKTR ODSHSD DM @QFDMSRTQK@PTDKKD RNMSFQ@UlRKDR
O@QTMFl@MS TMDO@HQDCDBNQMDRCDAlKHDQ CDTWlOlDRDMSQD LNSR  1NTQ &QHF  U@HKK@MS DS EHCmKD BNLA@SS@MS SNTINTQR f LDR
BQNHRlDR  TMD OD@T C±NTQR  TMD ONQSD QDBNTUDQSD CD RXLANKDR BwSlR  B@OHS@HMD CD K@ F@QCD CD 2T@RPTDSNM ¬ E@BD @TW
QDKHFHDTW DSTMDMRDLAKDCDSQNHRNQHEK@LLDRBNKNQlRPTHRDQNMS DMMDLHR  SNTINTQR MNTR U@HMBQNMR &KKD DRS RHFMlD C±TM 3
HLLlCH@SDLDMS QDBNMM@HRR@AKDR BNLLD @OO@QSDM@MS f CDR DMINKHUl $DSSD OK@PTD ONRRmCD TMD BDQS@HMD U@KDTQ DS ONTQQ@HS
SQHATRA@QA@QDRBlKmAQDR AHDMQ@OONQSDQITRPT±fONRHDKKDlS@HSQDUDMCTD
16
%@MRKDBNHMMNQCDRSRDSQNTUDTMRTOONQSDMANHRRTQKDPTDKDRS FNQFlDCDBDKHPTHCD HKQlBTOmQDHLLlCH@SDLDMSCDf
BNTBGl TM SNMMD@TONQS@MS K±HMRBQHOSHNM 4% BD SNMMD@T DRS ONHMSRCDUHD L@HRBDBHMDENMBSHNMMDQ@PT±TMDENHRO@QINTQ
OKDHMDSM±@I@L@HRlSlNTUDQS4±HKDRSLHRDMODQBD CDK@AHmQD ONTQ BG@PTD ODQRNMMD þDM @U@KDQ OKTRHDTQR @TSQDR FNQFlDR
R±DMlBNTKDQ@ M±@TQ@ @TBTM DEEDS RTOOKlLDMS@HQDÿ #HDM PTD KD KHPTHCD
 OTHRRDnSQDOK@BlC@MRCDRBNMSDM@MSRDSDLLDMlGNQRCD
%DMNLAQDTWBQNBGDSRDSO@SmQDR @OO@QDLLDMSOQlUTRONTQX K@ R@KKD  BDKTHBH ODQCQ@ RDR UDQSTR BTQ@SHUDR CmR PTD KD RDTHK
RTRODMCQDCDR@QLDRDS@QLTQDR RNMSUHRHAKDRRTQKDLTQRHSTlf CD BDKKDBH DM RDQ@ EQ@MBGH /NSD BD A@RRHM CHRO@Q@rS OTHR
K±DWSQlLHSl NTDRS CD K@ BG@LAQD .@HR HK M±X @ L@HMSDM@MS OKTR Ql@OO@Q@rS L@FHPTDLDMS CD SDLOR DM SDLOR @HMRH  RH KDR
QHDMGNQLHRCDTWANTBKHDQRDSTMDKNTQCDL@RRD @UDMSTQHDQR QDUHDMMDMS C@MR BDSSD R@KKD  HK M±X @TQ@ PTD 
 CDBG@MBDRPTDKDKHPTHCDRNHSOQlRDMSþHKKDRDQ@BDODMC@MS
.NMRSQD SNTINTQRKNQRCDKDTQOQDLHmQDUHRHSDÿ
 
5QlRNQDS&LOK@BDLDMS Aÿ #@RRHM C±@BHCD ¬ $D A@RRHM DRS QDLOKH ITRPT±@T ANQC C±TM
 KHPTHCD BK@HQ DS KlFmQDLDMS OlSHKK@MS ClF@FD@MS TMD NCDTQ
9994"--&%±"$$Å4$DSSDOHmBDR@MRClBNQ@SHNMDSClONTQUTD lSQ@MFD DS ClOK@HR@MSD PTH HMBNLLNCDQ@ SNTR BDTW PTH RD
CT LNHMCQD NAIDS ODQLDS C±@BBlCDQ @T MHUD@T HMElQHDTQ CD K@ SHDMMDMSfBwSl*KR±@FHSDME@HSC±@BHCD K±TMCDROKTRLNQSDKR
ENQSDQDRRDO@QTMDRB@KHDQ$DKTHBHLmMDCHQDBSDLDMSfK@ OHm PTH RNHS 4H TM @UDMSTQHDQ SNLAD NT R@TSD CDC@MR  HK DM
BD9997*** QlRTKSDQ@TMDLNQSBDQS@HMDDSHMRS@MS@MlD1KNMFDQR@L@HM
 NT SNTS @TSQD LDLAQD C@MR K±@BHCD B@TRDQ@ HLLlCH@
.NMRSQD SDLDMS  f  ONHMSR CD ClFgSR þK@MBDQ TM Cl f  E@BDR DS
 Q@INTSDQ@TQlRTKS@Sÿ¬UNHQDLnLDC@U@MS@FDRHTMDO@QSHD
5QlRNQDS&LOK@BDLDMS OKTR FQ@MCD CT BNQOR DRS DWONRlD @T KHPTHCD &M @ARNQADQ
 þLnLD QHDM PT
TMD ODSHSD FNQFlDÿ OQNUNPTDQ@ TM G@TSKD
999* 4"--& %&4 #"44*/4 $DSSD R@KKD  K@ OKTR FQ@MCD CD SNTS KD B«TQ  HMEKHFDQ@  ONHMSR CD ClFgSR DS MlBDRRHSDQ@ TM IDS CD
MHUD@TRTOlQHDTQ DRSSQmRCHEElQDMSDCDSNTSDRKDR@TSQDR OQNSDBSHNMQlTRRHBNMSQDKDONHRNMONTQMDO@RLNTQHQ%lON
 RDQ TMD FNTSSD NT CDTW RTQ K@ K@MFTD HMEKHFDQ@  ONHMS CD
#HDM PTD KDR LTQR RNHDMS KDR LnLDR PTD O@QSNTS @HKKDTQR þTMD ClFgS DS DMSQ@rMDQ@ CDR M@TRlDR DS TMD RTEENB@SHNM CTQ@MS
QNBGD MNHQD DS QTFTDTRDÿ  KD RNK DRS PT@MC f KTH QDBNTUDQS CD CDTW QNTMCR þUHMFS RDBNMCDRÿ SNTSDENHR  @TBTM IDS CD OQN
B@QQD@TW CD BlQ@LHPTD ENQL@MS TMD LNR@sPTD -@ L@INQHSl SDBSHNM BNMSQD KD ONHRNM MD RDQ@ MlBDRR@HQD -DR @QLDR NT
CDRLHKKHDQRCDB@QQD@TWOQlRDMSRRNMSC±TMBNKNQHRAQTMLNQCNQl  NAIDSR OKNMFlR C@MR K±@BHCD RDQNMS ClSlQHNQlR þKDR lOlDR
L@HR DM CHEElQDMSR DMCQNHSR RNMS UHRHAKDR CDR CDRRHMR ENQLlR CD RDQNMSNWXClDRDSEQ@FHKHRlDR KDRNAIDSRDMANHRBQ@PTDKlRDS
B@QQD@TWAK@MBRDSMNHQR BDPTHQDG@TRRDKDTQAD@TSlR@HRHRR@M EDMCTR DSBÿUNHQDLnLDBNLOKmSDLDMSClSQTHSR BDBHfK@
SD $DR LNSHER þKHFMDR NMCTKlDR  DSBÿ RNMS OTQDLDMS ClBNQ@SHER CHRBQlSHNMCT.@rSQDCD%NMINMþPTHODTSDEEDBSTDQTMIDSCD
DSMDBNMSHDMMDMS@TBTMDRHFMHEHB@SHNMMHLDRR@FDLXRSlQHDTW Cl ONTQ BG@PTD NAIDS @EHM CD ClSDQLHMDQ RNM CDFQl CD
 ClSlQHNQ@SHNMÿ -±@BHCD DRS RH OTHRR@MS PT±HK QNMFDQ@ M±HLONQSD
3lO@QSHRfSQ@UDQRK@R@KKDRDSQNTUDMSPT@SNQYDA@RRHMRCHEElQDMSR  PTDKSXODCDBNMSDM@MSDMCDTWQNTMCR
BG@BTMC
DTW@X@MSTMCH@LmSQDC±DMUHQNMLDSTMDOQNENM 
CDTQM±DWBlC@MSO@R LDMRNMBDMSQD$DS@LlM@FDLDMS 6MD FQ@MCD BKl DM AQNMYD þC±DMUHQNM  BL CD KNMFÿ DRS
LXRSlQHDTWDRSCNTAKDLDMSlSNMM@MSCTE@HSPTDKDBNMSDMTCD UHRHAKD @T ENMC CT A@RRHM  K±@BHCD RDLAK@MS @OO@QDLLDMS
BG@PTDA@RRHMDRSCHEElQDMSCDR@TSQDR¥ M±@UNHQ @TBTM DEEDS RTQ DKKD $DODMC@MS  LnLD RH O@Q TM
 LNXDM PTDKBNMPTD NM O@QUHDMS f R±DM DLO@QDQ  DKKD RD
$G@PTDA@RRHMDRSQDOlQlC±TMDKDSSQD@KK@MSCD"f/ DSK±DW@ QlUmKDQ@ SNS@KDLDMS HMTSHKD  MD BNQQDRONMC@MS f @TBTMD
LDMCDKDTQBNMSDMTQlUmKDQ@BDPTHRTHS RDQQTQDCDK@ENQSDQDRRD
 
@ÿ #@RRHM CD FTlQHRNM ¬ $D A@RRHM BNMSHDMS TM lSQ@MFD KHPTHCD Bÿ #@RRHM CD L@K@CHD ¬ $D A@RRHM DRS QDLOKH C±TM KHPTHCD RHQT
QNRgSQD PTH OQNUNPTD TMD FTlQHRNM HMRS@MS@MlD KNQRPT±HK DRS ODTWFQHRRNLAQD-DE@HSC±DM@ARNQADQþLnLDQHDMPT±TMD
AT *K FTlQHS @TRRH KDR L@K@CHDR  L@HR C@MR BD B@R Kf HK MD ODSHSDFNQFlDÿEDQ@PTDKDATUDTQSNLADQ@L@K@CDRHWSNTQR
QDRS@TQDO@RCDONHMSRCDUHD-NQRPTDPTDKPT±TM@U@KDTMD þTMDGDTQDÿ@OQmR4HBDK@RDOQNCTHS K@UHBSHLDMDODQCQ@O@R

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
17
 CDONHMSRCDUHDL@HRRNTEEQHQ@CDCNTKDTQR@SQNBDRDSK@MBH BDSSD @TQ@ ClODMCQ@ SNTS RHLOKDLDMS CD K±@KHFMDLDMS CT
M@MSDRfK±DRSNL@BODMC@MSfGDTQDRþK@MBDQTMClf ODQRNMM@FD&KKDRDQ@AKDTDRHRNM@KHFMDLDMSDRSKNX@KANM 
E@BDRÿCTQ@MSSNTSDBDSSDOlQHNCD DKKDMDONTQQ@O@RBNL UDQSDR±HKDRSBG@NSHPTDANM I@TMDR±HKDRSBG@NSHPTDL@TU@HR
A@SSQDMHLnLDRDClOK@BDQþL@HRDKKDONTQQ@SNTSDENHRnSQD DS QNTFD R±HK DRS KNX@K L@TU@HR SNTS ODQRNMM@FD C
@KHFMD
ONQSlDO@QC±@TSQDRODQRNMMDRÿ&MRTHSD SNTRKDRRXLOSwLDR LDMS MDTSQD HQQ@CHDQ@ PT@MC f KTH TMD @TQ@ AK@MBGD #HDM
CHRO@Q@rSQNMSDSK@UHBSHLDQDSQNTUDQ@RNMlS@SMNQL@K%lON R|Q  KDR INTDTQR M±@TQNMS @TBTMD HClD CD BD PTD RHFMHEHDMS
RDQTMDFNTSSDCDBDKHPTHCDRTQK@K@MFTDOQNBTQDQ@TMFN|S BDRlSQ@MFDRBNTKDTQRK@OQDLHmQDENHRPT±HKRBNMRNLLDQNMS
@FQl@AKDL@HRMDClBKDMBGDQ@@TBTMRXLOSwLD-DR@QLDR BDKHPTHCD @TRRHONTQQ@HDMSHKRAHDMnSQDClBNMBDQSlRO@QRDR
NT@TSQDRNAIDSROKNMFlRC@MRKDKHPTHCDMDRDQNMSMTKKDLDMS DEEDSR¬RTQSNTSPT±HKM±X@@TBTMHMCHBD@TSNTQCTA@RRHMPTH
@EEDBSlR CD PTDKPTD L@MHmQD PT
HK RNHS 5NTSD PT@MSHSl CD ONTQQ@HSDWOKHPTDQfPTNHBNQQDRONMCDMSBDRBNTKDTQR-±D@T
KHPTHCD QDSHQlD CT A@RRHM ODQCQ@ RDR OQNOQHlSlR ROlBH@KDR @T BNMRDQUDQ@ RDR OQNOQHlSlR L@FHPTDR LnLD RH DKKD DRS
ANTSCDSQNHRQNTMCRþRDBNMCDRÿ DLLDMlD GNQR CD K@ R@KKD  L@HR HK MD RDQ@ ONRRHAKD C±DM
 OQDMCQDPTDK±lPTHU@KDMSCDCNRDRCTE@HSCDK@SQmRE@HAKD
Cÿ#@RRHMCTKHLNMUDQS¬-±lUHCDMBDLnLDCDK
GNQQDTQPTDBNM PT@MSHSl CD KHPTHCD OQlRDMSD $D A@RRHM  SNTS BNLLD KD
SHDMS BD A@RRHM R@TSDQ@ HLLlCH@SDLDMS @TW XDTW CD SNTR A@RRHM CD FTlQHRNM ClBQHS OQlBlCDLLDMS  CHRO@Q@rS DS
BDTW PTH QDF@QCDMS CDC@MR -D KHLNM þ17 ÿ QDBNTUQD Ql@OO@Q@rS CD SDLOR DM SDLOR þUNHQ @ BHCDRRTR ONTQ OKTR
OQDRPTDSNTSDRKDRO@QNHRCTA@RRHMCDOTHRKDENMCITRPTDRTQ CD ClS@HKR DS BNMM@rSQD KD ONTQBDMS@FD CD BG@MBD CD
KDRANQCR Ql@OO@QHSHNMKNQRCDOQNBG@HMDRUHRHSDRÿ
 
Dÿ #@RRHM C±D@T ONS@AKD ¬ $D A@RRHM DRS QDLOKH C±TMD D@T CD Iÿ#@RRHMCDRNLLDHK¬$DA@RRHMDRSQDLOKHC±TMKHPTHCDUDQCg
RNTQBD FK@BlD PTH Q@EQ@rBGHQ@ SNTSD ODQRNMMD PTH DM ANHS SQD@TWSDHMSDRU@QHlDRDSCNMSK@RTQE@BDRS@FM@MSDDRSNQMlD
-±D@T DRS OTQD DS ANMMD  L@HR GNQLHR BDBH DKKD M±@ @TBTMD C
TMLNSHESNTQAHKKNMM@MS%lONRDQTMDFNTSSDCDBDKHPTHCD
B@Q@BSlQHRSHPTDO@QSHBTKHmQD RTQK@K@MFTDQlUmKDQ@TMFN|SEQTHSl L@HR@TBTMDEEDSO@QSH
 BTKHDQ MD RDQ@ QDRRDMSH &M ANHQD TMD FNQFlD OQNBTQDQ@ TMD
Eÿ#@RRHMCDUHM¬6MUHMB@OHSDTWfK@QNADC±TMQNTFDOQNENMC RDMR@SHNM CD Q@EQ@rBGHRRDLDMS  L@HR C@MR KDR CHW RDBNMCDR
QDLOKH SNTS BD A@RRHM /NM RDTKDLDMS BD UHM DRS DWBDKKDMS  PTHRTHUDMS@OO@Q@rSQ@TMDENQSDRNLMNKDMBDBDSSDCDQMHmQD
L@HRDMOKTRHKOQNUNPTDQ@BGDYSNTSDODQRNMMDPTHKDFN|SD ONTQQ@HS @KNQR B@TRDQ þ CD QHRPTDRÿ TM DMCNQLHRRDLDMS
TMD DMUHD HQQlRHRSHAKD C±DM ANHQD DMBNQD DS DMBNQD  ITRPT±f HLLlCH@SPTHCTQDQ@ODMC@MSf LHMTSDR"ARNQADQOKTR
K±HUQDRRD4HTMDODQRNMMDDMANHSTMDFNQFlD HKX@TQ@ PT±TMDFNQFlDCDBDKHPTHCDOQNUNPTDQ@@TSNL@SHPTDLDMS
CD QHRPTD PT±DKKD RD LDSSD f DM ANHQD C@U@MS@FD þDS BDBH TMRNLLDHKBNL@SDTWC±TMDCTQlDCDfGDTQDR DSBDBH
R@MR PTD KD INTDTQ M±X OTHRRD PTNH PTD BD RNHSÿ 4H BDK@ RD R@MRIDSCDOQNSDBSHNMONRRHAKD-DKHPTHCDODQCQ@SNS@KDLDMS
OQNCTHS HKE@TS@KNQRK@MBDQSQNHRClRfE@BDROTHRBNLO@QDQ RDR DEEDSR R±HK DRS DLLDMl GNQR CD K@ OHmBD L@HR L@KFQl
KD QlRTKS@S @T RBNQD CD BNMRSHSTSHNM CT ODQRNMM@FD 4±HK DRS BDK@ E@HQDRNQSHQTMDODQRNMMDClIfDMCNQLHDMD ODQLDSSQ@
RTOlQHDTQ  @KNQR KD ODQRNMM@FD RDQ@ HUQD CTQ@MS TM MNLAQD O@RONTQ@TS@MSCDK@QlUDHKKDQ
C±KHXUHVlPTHU@KDMSfK@CHEElQDMBDDMSQDBDQlRTKS@SDSRNM 
RBNQDCDBNMRSHSTSHNMþL@HRR±HKDRSlF@KNTHMElQHDTQ @KNQRKDCHS Jÿ  #@RRHM @TW ONHRRNMR ¬ $D A@RRHM QDLOKH C±TMD D@T MNQL@KD
ODQRNMM@FDSHDMSK@ANHRRNMDSM±DRSO@R@EEDBSlÿ5NTSODQ BNMSHDMSTMFQ@MCMNLAQDCDODSHSRONHRRNMR*KM±@@TBTMD
RNMM@FD HUQD RTAHS KDR OlM@KHSlR RTHU@MSDR  f SNTR RDR IDSR OQNOQHlSlROlBH@KDDSKDRONHRRNMRRNMSSNTSfE@HSNQCHM@HQDR
ONTQ SNTBGDQ   f RNM RBNQD CD CDWSlQHSl  @HMRH PTD SNTS 
@TSQD HMBNMUlMHDMS C| f K±HUQDRRD DS PTD KD .% ITFDQ@ ANM Kÿ#@RRHMFK@Bl¬$DA@RRHMDRSQDLOKHCDFK@BDB@QANMHPTDPTH
C±@OOKHPTDQ þO@QKDQ G@TS DS ENQS  SQlATBGDQ  nSQD OKTR E@BHKD ClF@FDCDK@U@ODTQDSPTH ONTQTMDQ@HRNMHMBNMMTD MD
LDMSRTQOQHR DSBÿ6MDENHRPTDKDMNLAQDC±GDTQDROQlUTDR RDLAKD I@L@HR ENMCQD %T E@HS CD R@ SDLOlQ@STQD DWSQnLD
DRS lBNTKl  KD ODQRNMM@FD QDSQNTUD RNM lS@S MNQL@K 5NTS LDMSA@RRD K@FK@BDDRSAQ|K@MSD@TSNTBGDQ$NLLDHKX
ODQRNMM@FD @X@MS lSl HUQD @TQ@  CD QHRPTDR CD ANHQD @ENQSfO@QHDQPT±@TBTMCDRODQRNMM@FDRM±@HSClIfUTCDK@
DMBNQD TMD ENHR ITRPT±f K±HUQDRRD R±HK QDO@RRD CDU@MS BD FK@BD B@QANMHPTD  BD RODBS@BKD KDTQ RDLAKDQ@ LXRSlQHDTW 
A@RRHM KDSDRSCDBNMRSHSTSHNMCDU@MS@KNQRCDMNTUD@TnSQD KD BNMSDMT CT A@RRHM KDTQ @OO@Q@HRR@MS BNLLD TMD RNQSD
DEEDBSTl 4H CT UHM DRS LHR C@MR TM BNMSDM@MS DS DLLDMl CDQNBGDAK@MBGgSQDAQ|K@MSD@TSNTBGDQDSClF@FD@MSCDR
GNQRCDK@R@KKD HKODQCQ@HLLlCH@SDLDMSRNMONTUNHQ QDCD U@ODTQRHMPTHlS@MSDR4HNMDMB@RRDCDRLNQBD@TWDSPT±NM
UDM@MSTMUHMMNQL@K@UDBTMCDFQlC±@KBNNKOKTSwSE@HAKD KDR QDSHQD CT A@RRHM  BDTWBH RD RTAKHLDQNMS DM RD SQ@MRENQ
 L@MSDMCHNWXCDCDB@QANMD @HMRHPTDKDEDQ@HSCDK@FK@BD
Fÿ#@RRHM@RRlBGl¬$DA@RRHMDRSBNLOKmSDLDMSRDBDSHKM±X@ B@QANMHPTD NQCHM@HQD $DR LNQBD@TW ONTQQNMS nSQD L@MHlR
@TBTMDSQ@BDCDKHPTHCDMHLnLD@TBTMHMCHBDPTHHMCHPTD @UDB CDR F@MSR  L@HR K@ M@STQD LnLD CD KDTQ RTARS@MBD
Q@HSBDPT±HK@AHDMOTBNMSDMHQ-DA@RRHMKTHLnLDRDLAKD QDRSDQ@HMClEHMHRR@AKD
nSQDE@HSC±TMDBlQ@LHPTDI@TMgSQD L@HRHKQlRHRSDQ@@TWBGNBR 
@HMRHPT±fSNTSDSDMS@SHUDUHR@MSfKDB@RRDQNTKDEHRRTQDQ Lÿ #@RRHM @T SQlRNQ ¬ $D A@RRHM DMSHmQDLDMS QDLOKH C±D@T MNQ
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Gÿ#@RRHMBG@TC¬5NTSDODQRNMMDNARDQU@MSBDA@RRHMETL@MS AKDDMDEEDSPT±TMS@RCDOHmBDRC±NQO@QRDLlCDMNLAQDTW
DS ANTHKKNMM@MS BNLOQDMCQ@ CD RTHSD PT±HK DRS QDLOKH C±D@T INX@TWAQHKK@MSRQDONRDRTQRNMENMC)lK@R BDSQlRNQM±DRSQHDM
ANTHKK@MSD.HRfO@QSBDBH BDSSDD@TDRSSNTSfE@HSMNQL@KD  C±@TSQD PT±TMD LOOXVLRQ L@FHPTD PTH CHRO@Q@rSQ@ CmR PTD K@
PTNHPTD SQmR LHMlQ@KD BNLLD KD OQNTUDMS KDR ClOwSR CD RTQE@BDCDK±D@TRDQ@SQNTAKlDNTEDMCTD6MDENHRPTDBDSSD
B@KB@HQDUHRHAKDRRTQSNTSDK@ANQCTQDCTA@RRHM CDQMHmQDRDQ@QDCDUDMTDB@KLD K±HL@FDQl@OO@Q@rSQ@
 
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@TQ@¬$DA@RRHMC±D@TLHQNHS@MSDþTMDD@TPTH LHR Mÿ #@RRHM CD LTSHRLD ¬ $D A@RRHM DRS PT@RHLDMS UHCD  RDTKD
fO@QSBDLHQNHSDLDMS RDLAKDC±@HKKDTQRSNTSfE@HSMNQL@KDÿ RTARHRSDTMDODSHSDPT@MSHSlCDKHPTHCD#HDMPTDBDCDQMHDQ
DRSAD@TBNTOLNHMRQDLOKHPTDKDR@TSQDR-±D@TDKKDLnLD RDLAKDnSQDCDK±D@TMNQL@KDþHKM±@@TBTMDNCDTQMH@TBTM
RDLAKD KTHQD DS RBHMSHKKDQ  DS DKKD HQQ@CHDQ@ K@ L@FHD RH TMD FN|S O@QSHBTKHDQ PTH ONTQQ@HS ClUNHKDQ R@ UlQHS@AKD M@STQDÿ  HK
SDMS@SHUD CD ClSDBSHNM DRS DEEDBSTlD CDRRTR &KKD @ TM FN|S R±@FHS DM E@HS C±TMD RTARS@MBD L@FHPTD 6MD ENHR @ARNQAl 
SNTSfE@HSMNQL@K L@HRSNTRBDTWPTHDMANHQNMSMDRDQ@HSBD BDKHPTHCDB@TRDTMDODQSDSNS@KDCDK@UNHWDSCDSNTSDRKDR
LnLDPT±TMDODSHSDFNQFlDQDRRDMSHQNMSTMDRDMR@SHNMlSQ@M B@O@BHSlRUNB@KDRODMC@MSTMDCTQlDCDfGDTQDR$D
FD"TLNLDMSN{HK@U@KDKDKHPTHCD KDATUDTQRDMSHQ@SNTS LTSHRLDMDRDClBKDMBGDQ@PTDRHNM@U@KD@TLNHMRTMD
RNM BNQOR OHBNSDQ DS  C@MR KD LnLD SDLOR  KTHLnLD DS FNQFlDCDKHPTHCDKDE@HSCDM±DMClONRDQPT±TMDFNTSSDRTQ
SNTR BDTW PTH K±DMSNTQDMS UDQQNMS TM OGlMNLmMD UHRTDK RD K@K@MFTDMDODQLDSSQ@O@RCDClBDKDQKDLNHMCQDDEEDSDSHK
OQNCTHQD TMD @TQ@ BNKNQlD DMUDKNOODQ@ DMSHmQDLDMS RNM RDLAKDQ@M±nSQDPTDCDK±D@TMNQL@KD5NTSODQRNMM@FDPTH
BNQORCTQ@MS@OOQNWHL@SHUDLDMSTMDLHMTSD-@BNTKDTQCD ANHS BDKHPTHCD DMQDRRDMSHQ@KDRDEEDSR  BDPTHUDTSCHQDPTD
18
 KDR MRXHXUV DTWLnLDR RDQNMS @EEDBSlR "HMRH  KD .@rSQD CD IDS CD R@TUDF@QCD ONRRHAKD þL@HR BDBH MD RD OQNCTHQ@ PT±TMD
%NMINM CNHS HMENQLDQ KD NT KDR INTDTQR BNMBDQMlR CD KDTQR ENHRÿ -@ RDQQTQD ODTS nSQD BQNBGDSlD O@Q TM UNKDTQ L@HR HK MD
KHLHS@SHNMR DS HKR RDQNMS @KNQR HMSDQCHSR CD SNTSDR BNLLTMHB@ ONTQQ@ DEEDBSTDQ PT±TMD RDTKD SDMS@SHUD ¬ DS R±HK lBGNTD  HK MD
SHNMRUDQA@KDR @UDBKDR @TSQDRINTDTQRCTQ@MSSNTSDK@CTQlD ONTQQ@O@RQlDRR@XDQ-DRDTK@TSQDLNXDMC±@BBlCDQ@TBNMSD
CT LTSHRLD þ GDTQDR CD IDT  ClSDQLHMlD DM K@Mk@MS TM MT CT SHQNHQ DRS CD B@RRDQ KD ATQD@T  L@HR BDBH MlBDRRHSDQ@ CD
Cl f RHW E@BDRÿ 1DMC@MS SNTSD BDSSD OlQHNCD  HKR CNHUDMS ONQSDQ CDR BNTOR OTHRR@MSR @UDB TMD @QLD þDS CT E@HS CT AQTHS
CDLDTQDQBNLOKmSDLDMSRHKDMBHDTWþKDRFQNFMDLDMSRDSKDR NBB@RHNMMl  TM K@MBDQ CD ClR CDUQ@ @KNQR nSQD DEEDBSTl ONTQ
FlLHRRDLDMSR lS@MS lF@KDLDMS HMSDQCHSÿ  MD ONTU@MS OKTR UlQHEHDQK@UDMTDlUDMSTDKKDCDLNMRSQDRDQQ@MSRÿ-DBNMSDMTCT
BNLLTMHPTDQ @UDB KDR @TSQDR INTDTQR PTD O@Q CDR FDRSDR  SHQNHQRDQ@ClSDQLHMlO@QKDIDSC±TMClfCNTYDE@BDRþTMRDTKIDS
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KD INTDTQ LTDS @  NT OKTR DM HMSDKKHFDMBD  L@HR TM SDK LHM @UDB RNQS OHFWXUH GHV ODQJXHV  1@QBGDLHM @UDB RNQS
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lF@KDLDMSTMRBNQDC±HMSDKKHFDMBDCDNTOKTR ClEHMHSHUDLDMSONHMSCDBG@QHRLD¬K@MBDQTMRNQSCDG¾VHQ
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PTDO@QTMDONQSDRDBQmSDPTHRDSQNTUDC@MRRNMLTQNTDRSDS 5QlRNQDS&LOK@BDLDMS
PTHCNMMDRTQK@4@KKDCDR#@RRHMRþ999*ÿ$DSSDBG@LAQDDRSK@ 
QlRHCDMBDCD.@QDU@J KDBNMRDHKKDQCD;DKKHF@QDS3NF@GM 999*** #"3"26&.&/54 $DSSD FQ@MCD OHmBD DRS KD PT@QSHDQ CDR
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KDOKTRQDL@QPT@AKDCDBDSSDOHmBDDRSKDRNKB@QB±DRSK@BNMSH X @ DMUHQNM  KHSR RHLOKDR CHRRlLHMlR @T SQ@UDQR CD K@ R@KKD  DS
MTHSlCDK@LNR@sPTDENQLlDCDB@QQD@TWCDBlQ@LHPTDAQTMR LNHSHl LNHMR CD BG@HRDR DS S@ANTQDSR 1KTRHDTQR FQ@MCDR S@AKDR
LNQCNQlR  AK@MBR DS MNHQR QDMBNMSQlD C@MR K@ R@KKD @CI@BDMSD DM ANHR RNMS CHRONRlDR KD KNMF CDR LTQR  S@MCHR PTD BNMSQD KD
CDR#@RRHMR-DLNAHKHDQOQlRDMSC@MRK@OHmBDRDBNLONRDCT LTQ RTC DRS @BBNKlD TMD FQ@MCD BNLLNCD DM ANHR CNMS KDR
RSQHBS LHMHLTL ¬ TM KHS NQCHM@HQD  SQNHR BG@HRDR  TM ATQD@T CD SHQNHQRMDBNMSHDMMDMSPTDCDRUHDHKKDRBG@TRRDSSDR CDRBG@TRRT
ENQSTMD @UDB TM RDTK SHQNHQ þUDQQNTHKKlÿ  DS TMD UHDHKKD S@AKD ClK@ QDRFQNRRHmQDR @HMRHPTDPTDKPTDRUnSDLDMSRDMSNHKDDSC
@TSQDR
AQlD -DR LTQR CD QNBGD RNMS MTR f K±DWBDOSHNM C±TM S@AKD@T NAIDSRRHLHK@HQDRR@MRU@KDTQ
@BBQNBGl@TCDRRTRCTATQD@TDSQDOQlRDMS@MSCDTWODQRNMM@ 
FDR RD SDM@MS BwSD f BwSD TM FTDQQHDQ f K@ RS@STQD HLOQDRRHNM %@MR KD BNHM RTCNTDRS CD K@ OHmBD  KD RNK CDRBDMC DM ODMSD
M@MSD DS TM L@FHBHDM QHCl UnST C
TMD QNAD ONTQOQD $±DRS TMD Q@HCDUDQRKDLTQDSTMDNTUDQSTQDþSQNOODSHSDONTQODQLDSSQDKD
ODHMSTQDONKXBGQNLD@TQDMCT@CLHQ@AKD DSC@MRTM@MFKDDRS LNHMCQDO@RR@FDÿDRSUHRHAKDC@MRBDCDQMHDQ%DK@E@HAKDNCDTQ
HMRBQHSD DMK@MF@FDDKEHPTD K@OGQ@RDRTHU@MSD"TR@FD.@QD PTH R±DM ClF@FD DMBNQD  NM ODTS DM ClCTHQD PT±HK R±@FHS C±TMD
U@J BNMRDHKKDQ@UHRlDSLlQHS@MS @UDBSNTSDK@QDBNMM@HRR@MBD RNQSDCDSNHKDSSDRQTCHLDMS@HQDR
CD ;DKKHF@Q DS 3NF@GM $DSSD OGQ@RD MD ODTS nSQD KTD PTD O@Q 
CDRODQRNMMDRL@rSQHR@MSKDK@MF@FDDKEHPTDþNTTSHKHR@MSTMRNQS -DR LTQR CD K@ R@KKD RNMS DM OHDQQDR FQNRRHmQDLDMS SQ@U@HKKlDR 
CD OHFWXUH GHV ODQJXHVÿ  L@HR KDR RHFM@STQDR CD ;DKKHF@Q DS L@HRHKX@PT@MCLnLDCDR@OOKHPTDROQlUTDRONTQONQSDQCDR
3NF@GMRDQNMSQDBNMM@HRR@AKDRO@Q SNTR BDTWPTHKDR DW@LHMD SNQBGDR @HMRH PTD CHEElQDMSR BQNBGDSR 4TQ OKTRHDTQR C±DMSQD DTW
QNMS@SSDMSHUDLDMS%@MRTM@TSQDBNHMCDK@ODHMSTQDRDSQNTUD ODMCDMS DMBNQD CDR NAIDSR CHUDQR TM UHDTW ANTBKHDQ ANRRDKl 
TMD@TSQDRHFM@STQD 5TEKNQ¬HKR±@FHSDME@HSCDK±@QSHRSDPTH@ODHMS TMD FNTQCD UHCD  TMD BG@HMD KlFmQD KNMFTD CD  LmSQDR  TMD
KD S@AKD@T  L@HR QHDM MD K±HMCHPTD DS KDR ODQRNMM@FDR MD ONTQ lOlDþUHDHKKDDSQNTHKKlDÿC@MRRNMENTQQD@T DSTMANMMDSfONHKR
QNMS KD ClBNTUQHQ PTD O@Q ClCTBSHNM NT AHDM DM ONR@MS K@ 
PTDRSHNM@TSNTQC±DTWTMDENHRQDUDMTRC@MRKDLNMCDBHUHKHRl .NMRSQD
 
4±HKDRSQDSHQlCTLTQ KDS@AKD@TR±@UmQDQ@OKTSwSKNTQC FQ@MCDS 5QlRNQDS&LOK@BDLDMS
DMBNLAQ@MS4±HKDRSDLONQSlR@MRCNLL@FDRGNQRCDK@ENQSD 
QDRRDDSQ@LDMlfK@BHUHKHR@SHNM HKONTQQ@HSAHDMQ@OONQSDQITRPT±f 999*7"3.63&3*&$DSSDR@KKDCDENQLDHQQlFTKHmQDRDQSfDMSQD
ONTMDENHRQDUDMCT$DODMC@MS PTHBNMPTDDRR@XDQ@CD ONRDQKDR@QLDRCDK@ENQSDQDRRD&KKDDRSDMFQ@MCDO@QSHDUHCD
QDUDMCQDBDSSDSNHKDfR@ITRSDU@KDTQ@TQ@CDQHRPTDRPTD L@HMSDM@MS K@OKTO@QSCDR@QLDR@X@MSlSlDLLDMlDRO@QKDR
K±@BGDSDTQ QDBNMM@HRRD R@ OQNUDM@MBD ¬ DS RH K@ MNTUDKKD RD G@AHS@MSRCTBNLOKDWDKNQRCDKDTQCDQMHmQDDWOlCHSHNM
QlO@MC KDUDMCDTQODTSR±@SSDMCQDfQDMBNMSQDQCDROQNAKmLDR  
KDKHDTN{HK@SQNTUlBDSSDODHMSTQDlS@MS@KNQRlUHCDMS 6MD ENHR DMSQlR C@MR K@ OHmBD  DS f BNMCHSHNM PT±HKR RD SHDMMDMS
 HLLNAHKDR DS RHKDMBHDTW  KDR @UDMSTQHDQR ONTQQNMS DMSDMCQD TM
-DATQD@TDRSDMFQ@MCDO@QSHDUHCD fK±DWBDOSHNMCDOKTRHDTQR KlFDQRHEEKDLDMS4HK@ONQSDDRSQDEDQLlDþfLNHMRPT±DKKDMDRNHS
EDTHKKDR @SS@BGlDR DMRDLAKDR DS BNLONQS@MS CHEElQDMSDR MNSDR AKNPTlDfK±@HCDCDONHMSDRCDEDQ DKKDRDQDEDQLDQ@@TSNL@SH
QlCHFlDRDMDKEHPTD-@OQDLHmQDEDTHKKDDRSHMSHSTKlD4TFFDRSHNMR PTDLDMSTMQNTMC@OQmRPTDPTHBNMPTDRNHSDMSQlDSLnLDRH
ONTQK±"FQ@MCHRRDLDMSCD2T@RPTDSNM DSKDRMNSDRRNMSQDK@SH DKKD DRS AKNPTlD  HK X @ L@KFQl SNTS  CD QHRPTDR PT±DKKD RD
UDRfBDQS@HMRClS@HKRCDBNMRSQTBSHNMCDK@ENQSDQDRRDþL@HRHKM±X QDEDQLD PT@MC LnLDÿ @KNQR PTD K@ RDBNMCD ONQSD DRS DKKD
@ @TBTMD HMENQL@SHNM PTH ONTQQ@HS nSQD TSHKD @TW @UDMSTQHDQR  MH @TRRH EDQLlD  TM UDMS LTFHRR@MS RD ClBKDMBGD HLLlCH@SD
LnLDCDB@QSDÿ-DCNBTLDMSþKHRHAKDRDTKDLDMSO@QBDTWPTH LDMS HK @  CD BG@MBDR C±lSDHMCQD SNTSD SNQBGD SDMTD O@Q
BNMM@HRRDMSKDK@MF@FDDKEHPTDNTAHDMFQgBDfK±TSHKHR@SHNMC±TM KDR@UDMSTQHDQRDSCDBG@MBDRC±DME@HQD@TS@MSONTQBG@
RNQSCDOHFWXUHGHVODQJXHVÿDRSRHFMlO@Q.@QDU@J@TA@RCD PTDK@MSDQMD-DUDMSBDRRDQ@CmRPT±TMDONQSD UNHQDKDRCDTW 
BG@PTDO@FD RDQ@NTUDQSD 6MDW@LDMCT OK@ENMCCDK@ OHmBDþRHSTl f L
 CD G@TSDTQÿ QlUmKDQ@ K@ OQlRDMBD CD CDTW NQHEHBDR þSQNO ODSHSR
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ONTQ KD ENQBDQ þf K±DWBDOSHNM C±TM ClR@LNQk@FD CDR OHmFDR R±@FHSC±TMOGlMNLmMDM@STQDKOKTSwSPTDL@FHPTD
QlTRRHO@QTMUNKDTQÿOQNUNPTDQ@K@KHAlQ@SHNMC±TMF@YCNMSKDR 
lL@M@SHNMR RNMS RH OHPT@MSDR PT±DKKDR NAKHFDQNMS KDR @UDMSTQHDQR -DR LTQR CD BDSSD OHmBD RNMS DM FQ@MCD O@QSHD KHRRDR  OKTRHDTQR
fRNQSHQCDK@OHmBDONTQTMDCTQlDCDGDTQDR DSBDK@R@MR C±DMSQDDTW@X@MSCDRlS@FmQDRRBTKOSlDRfLnLDKDTQO@QNH*K
19
X @ lF@KDLDMS TMD LTKSHSTCD CD O@SmQDR DM ANHR  BDQS@HMDR C±DTWMDONTQQ@DEEDBSTDQPT±TMRDTKSDRS K@BG@MBDCDRTOONQ
ONQS@MS DMBNQD CDR NAIDSR TM FQ@MC MNLAQD CD ANTBKHDQR SQmR SDQK±D@TEQNHCDlS@MSCD O@QONHMSCDBNMRSHSTSHNMþ@HMRH TM
E@SHFTlRþOKTRHDTQRRNMSB@RRlR KDR@TSQDRRNMSDML@TU@HRlS@Sÿ  ODQRNMM@FD@X@MSDMBNMRSHSTSHNM@TQ@CDBG@MBDRC±X
CDR OHmBDR C±@QLTQDR þSNTSDR DM L@TU@HR lS@Sÿ  OKTRHDTQR @QBR O@QUDMHQDSCDONTUNHQOKNMFDQÿ-DR ODQRNMM@FDRPTHOKNMFDMS
QTCHLDMS@HQDR þL@KTR CD  ONTQ SNTBGDQ R±HKR RNMS TSHKHRlRÿ  TM MDONTQQNMSQlBTOlQDQPT±TMNAIDSfK@ENHR KDROKNMFlDR@X@MS
B@QPTNHR QDLOKH CD EKmBGDR MNQL@KDR  CDTW lOlDR þCNMS TMD @ TMD CTQlD C±TM QNTMCþ RDBNMCDRÿ DS CDU@MS nSQD DRO@BlDR
K@ONHFMlDEDMCTDÿ TMEKl@T TMDlOlDfCDTWL@HMRCNMSK@ DMSQD DKKDR CD CDTW QNTMCR &M @TBTM B@R TM ODQRNMM@FD MD
K@LD DRS AQHRlD  DS TMD C@FTD "TBTM CD BDR NAIDSR M±@ PTNH ONTQQ@ O@RRDQ OKTR CD  QNTMCR C@MR K±D@T ¬ TM SNTQ BNLOKDS
PTD BD RNHS CD QDL@QPT@AKD  L@HR KD EKl@T  K@ C@FTD DS TMD þTMD GDTQDÿ DRS DMRTHSD MlBDRR@HQD @U@MS CD ONTUNHQ QDBNL
CDR CDTW lOlDR RDLAKDMS TSHKHR@AKDR DS ONRRlCDQ TMD U@KDTQ LDMBDQfOKNMFDQ BDBH@EHMCDRDQDONRDQDSCDQlBTOlQDQDM
MNQL@KDONTQCDSDKRNAIDSR RDRlBG@MS RDQlBG@TEE@MS DSB
 
%@MRKDBNHMRHSTlfK±DWSQlLHSlRTCNTDRSCDK@R@KKDRDSQNTUDMS -DOHmFD @OQmR@UNHQlSl@BSHNMMlDS@UNHQOQlBHOHSlKDRODQRNM
CDTWBNEEQDRUDQQNTHKKlR L@HRHKRRNMSUHCDR5NTRCDTWRNMSFQ@MCR  M@FDRUDQRKDA@R RDQDEDQLDQ@CDKTHLnLD CDMNTUD@TOQnS
DMBNLAQ@MSRDSKNTQCR fnSQDClBKDMBGl3DONQSDYUNTRfK@ CDRBQHOSHNMCDK@R@KKD-
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BNTKNHQ &KKDR RNMS SNTSDR @FDMBlDR CD K@ LnLD E@kNM  @UDB 
CDRLTQRCDOHDQQDFQNRRHmQDLDMSEHMHRDSODTCDLDTAKDRTMKHS 
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TMD E@TRRD ONQSD RTQ RNM LTQ DRS #HDM PT±DKKD RDLAKD ONTUNHQ 
ANTFDQBNLLDTMDONQSDMNQL@KD DKKDQlRHRSDQ@fSNTSDSDMS@ 
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DRS BNMkTD ONTQ DLAQNTHKKDQ KDR DWOKNQ@SDTQR -D BNTKNHQ PTH 9997*4"--&%
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O@RRD CDU@MS KDR BG@LAQDR C±@LHR DS BNMCTHS f BDS DRB@KHDQ LDMS @ lSl BNMkTD ROlBH@KDLDMS ONTQ 3NF@GM -@ KNTQCD DS
R±lKmUD DM ODMSD CNTBD RTQ SNTSD R@ KNMFTDTQ  L@HR BDBH CD lO@HRRD ONQSD BHRDKlD DRS ClBNQlD C±TM 3 E@MS@HRHRSD RTQ RNM
L@MHmQD HLODQBDOSHAKD ONTQ KDR @UDMSTQHDQR þf K±DWBDOSHNM CDR BwSlDWSlQHDTQ

M@HMR PTH @TQNMS  BG@MBDR RTQ  CD R±DM QDMCQD BNLOSDÿ %T -@ OHmBD ODQLDS CD OQ@SHPTDQ CHEElQDMSDR @BSHUHSlR  BNLLD NM
BNTO KDRL@QBGDRþ@TMNLAQDCDÿLmMDMSCNMBUDQRKDA@R  ODTSKDUNHQC±@OQmRRNMBNMSDMTDSK±@LDTAKDLDMSPTHK@BNL
BNLLD RH DKKDR CNMM@HDMS RTQ TM @TSQD MHUD@T ¬ B±DRS DM SNTR ONRD4TQKDRLTQRDRSDSNTDRS QDBNTUDQSRCD ANHR BQHAKlC±TMD
B@RK±HLOQDRRHNMPTHDMQlRTKSDQ@ LTKSHSTCD C±DMS@HKKDR  RNMS @BBQNBGlDR CDTW FQ@MCDR BHAKDR CD
 SHQ f K±@QB  RHW EKmBGDR lS@MS DMBNQD OK@MSlDR C@MR BDKKD CT LTQ
53"11& 1*a(a& § K±DRS CD BDSSD OHmBD  KD BNTKNHQ RD SDQLHMD DM DRS#HDMPT±HKX@HSDMBNQDOKTRHDTQRB@QPTNHRCDEKmBGDRTMODT
TMBTKCDR@BCNMSKDLTQCTENMCDRSLTMHC±TMDE@TRRDONQSD O@QSNTS @TBTM@QBM±DRSOQlRDMSC@MRK@R@KKD
%mRPT±TM@UDMSTQHDQR±@OOQNBGDQ@fLNHMRCD  LCDBDSSD 
ONQSD RNMONHCRClBKDMBGDQ@KDOHmFD  BDPTH@TQ@ @KNQR ONTQ %@MRTMBNHMCDK@OHmBDRDSQNTUDMSOKTRHDTQRA@QQDRCDEDQCD
BNMRlPTDMBDPTDSNTSDK@O@QSHDCDRNKþKNMFTDCDLÿRHSTlD KNMFTDTQDSCDONHCRU@QHlR&KKDRNMSCHEElQDMSDRBHQBNMElQDMBDRDS
DMSQDK@E@TRRDONQSDDSKDLTQNOONRlR±NTUQHQ@-DRNKRDRlO@ RDQU@HDMS @OO@QDLLDMS ONTQ CDR DWDQBHBDR CD KDUDQ CD ONHCR 
QDQ@DMCDTWDMRNMLHKHDTDSC@MRKDRDMRCDR@KNMFTDTQ BG@ L@HRBDRDQ@@TWINTDTQRCDCDUHMDQBDE@HSO@QDTWLnLDR
PTD BwSl A@RBTK@MS UDQR KD A@R DS OQlBHOHS@MS SNTR KDR ODQRNM 
M@FDROQlRDMSRDSKDTQlPTHODLDMS@TSQ@UDQRCDK±NTUDQSTQDCD %@MRTM@TSQD@MFKD HKX@TMDA@QQDLlS@KKHPTDEHWlD@TWCDTW
 LCDK@QFD@HMRHBQllD$DTWBH@SSDQQHQNMSDMUHQNMLOKTR LTQR  f TMD G@TSDTQ C±DMUHQNM   L @TCDRRTR CT RNK § BwSl
A@R C@MRKDA@RRHMC±D@TFK@BlDCDK@R@KKD-þMHUD@THMElQHDTQ ODMCTMDBNQCDCDOTHRKDOK@ENMC BDCDQMHDQRDSQNTU@MSL
CTCNMINMÿ$G@BTMC±DTWRTAHQ@ONHMSRCDClFgSR%DOKTR  OKTRG@TS)NQLHRCDTWFQNRA@MBRDSTMS@ANTQDS HKM±X@@TBTM
KDA@RRHM@X@MSTMDOQNENMCDTQC±DMUHQNM L SNTSODQRNMM@ @TSQD LDTAKD BHMP M@SSDR lO@HRRDR RNMS CHRONRlDR KDR TMDR f
FDKNTQCDLDMSBG@QFlþPTHONQSDK±lPTHU@KDMS DMONHCR CD  BwSl CDR @TSQDR O@Q SDQQD CD L@MHmQD f ENQLDQ TMD RNQSD CD
ON NT OKTRÿ QHRPTD CD BNTKDQ DS RD MNXDQ  f LNHMR PT±HK MD RD S@OHR CD RNK CD  L RTQ  L "BBQNBGlDR @TW LTQR RD SQNTUDMS
RlO@QDCDBDSDWBlCDMSCDONHCRTMDENHRC@MRK±D@T4±HKMDKD OKTRHDTQR@QLDRSQmRKNTQCDRfK±@OO@QDMBDNQCHM@HQDL@HRCNMSKD
E@HS O@R  HK @  CD QHRPTDR CD RD MNXDQ    O@Q ONHMS CD ONHCRDRSKDCNTAKDCDK@MNQL@KD¬TMDlOlDlAQlBGlD  TMD
CDWSlQHSl þO@Q DWDLOKD  TM ODQRNMM@FD @UDB  DM CDWSlQHSl G@BGDCDFTDQQD TMEKl@TDSTMDL@RRDC±@QLDR*KX@lF@KD
@TQ@RDTKDLDMSCDQHRPTDRCDRDMNXDQ¬þWÿ LDMSCDTWFQ@MCRANTBKHDQRANRRDKlR@OOTXlRBNMSQDTMLTQ
 ÿ -DR NAIDSR KgBGlR C@MR K±D@T ONTQQNMS nSQD QlBTOlQlR  
L@HRCTE@HSCDK@SDLOlQ@STQDDWSQnLDLDMSEQNHCDCDBDKKDBH  .NMRSQD
K@B@O@BHSlC±TMODQRNMM@FDfK@RTOONQSDQDSfONTUNHQOKNM 
FDQITRPT±@TENMCRDQ@ClSDQLHMlDO@QR@BNMRSHSTSHNM$G@BTM 5QlRNQDS&LOK@BDLDMS
20
56D4C:AE:@?5F?:G62F:?7¯C:6FC O@MMD@TWCDEQDRPTDOQlRDMSRLNMSQDMSKDRCDTWFQ@MCRGNL
 LDR DMRDLAKDR RD RDQQ@MS K@ L@HM ONTQ K@ OQDLHmQD ENHR C@MR
-D MHUD@T HMElQHDTQ DRS ITRSD ClFQNRRH DS M
@ I@L@HR lSl SDQLHMl KDTQIDTMDRRD QDLONQS@MSTMDFQ@MCDA@S@HKKDBNMSQDKDRA@QA@
-DR LTQR RNMS HQQlFTKHDQR DS R@MR EHMHSHNMR  O@R CT SNTS BNLLD QDRC@MRTMDO@RRDLNMS@FMDTRD QDF@QC@MSDMRDLAKDUDQRKD
BDTW CT MHUD@T @TCDRRTR þf K±DWBDOSHNM SNTSDENHR CDR CDTW G@TS DM CHQDBSHNM C±TMD lLHMDMBD QNBGDTRD þPTD KDR @UDMST
OQDLHmQDR OHmBDR CD BD MHUD@T PTH RNMS f TM RS@CD CD EHMHSHNM QHDQRQDBNMM@rSQNMS@HRlLDMSBNLLDlS@MSKDKHDTN{ETSAgSHDK@
@U@MBl  OQNBGD CD BDKKDR CT G@TSÿ -DR BNTKNHQR ENMS OKTR NT ENQSDQDRRDÿKDPT@SQHmLD O@MMD@TDRSPT@MCfKTHDMBNQDUHDQ
LNHMR  L CD K@QFD DS RNMS HQQlFTKHDQR DS L@K S@HKKlR  QDMC@MS KD FD 1QmR CDR EQDRPTDR RD SQNTUDMS C±@TSQDR RNTUDMHQR CT O@RRl
SQ@BlCDOK@MRCHEEHBHKD-DRRNKRRNMSHMlF@TW DSHKM±DRSO@RQ@QD TM O@QBGDLHM RTQ KDPTDK TM RDHFMDTQ HLONQS@MS @ QlCHFl TMD
PTDCDRClAQHRDSCDRLNQBD@TWCDQNBGDINMBGDMSKDO@RR@FD KDSSQD CD QDLDQBHDLDMS ONTQ KDTQ @HCD CTQ@MS K@ FTDQQD BNMSQD
DMSQD KDR CHEElQDMSDR R@KKDR -DR ONQSDR RNMS HCDMSHPTDR f BDKKDR KDR A@QA@QDR  K±lOlD BNTQAD C±TM A@QA@QD  DS KD RPTDKDSSD C±TM
C±DMG@TS L@HRKDRONQSDRRDBQmSDRRNMSRNHSE@HSDRC@MRK@QNBGD  BGDEA@QA@QDþB±DRSBDPTDOQlBHRDTMDOK@PTDLTQ@KDQlCHFlD
RNHSB@LNTEKlDRO@QCDRQNBGDQR@EHMCDMDO@RnSQDQDL@QPTlDR DM K@MF@FD BNLLTMÿ *K QDRSD CD MNLAQDTW DLOK@BDLDMSR
 KHAQDRRTQKDLTQ R|QDLDMSDM@SSDMSDCDETSTQR@INTSRC±NAIDSRf
K@BNKKDBSHNM
>@?DEC6D6CC2?ED 
 -DR EQDRPTDR RNMS ODHMSDR CHQDBSDLDMS RTQ KDR LTQR DS MD ODT
5DRSDYSNTRKDRSQNHRSNTQRQHRPTDRTQþK@MBDYTMClfE@BDRÿ UDMS CNMB nSQD DLLDMlDR "TBTM CDR RNTUDMHQR OQlRDMSR M±@
4HUNTRE@HSDR QDK@MBDYKDClfRHWE@BDRDSBNMRTKSDYK@KHRSDBH CDPTDKBNMPTDU@KDTQ
CDRRNTR ONTQ ClSDQLHMDQ PTDK SXOD CD LNMRSQD DRS QDMBNMSQl 
5DRSDY @KNQR ONTQ K@ RTQOQHRD -DR @AQlUH@SHNMR PTH RTHUDMS RNMS .NMRSQD
HCDMSHPTDRfBDKKDRTSHKHRlDRDSDWOKHPTlDRC@MRK@RDBSHNMHMSHST 
KlD-*45&%&.0/453&4 5QlRNQDS&LOK@BDLDMS
 
5QNFKNCXSDRþÿ¬17   "SS%FSR$" 9--7*$"7&3/&4%&26"426&50/-@L@IDTQDO@QSHDCTMHUD@T
"SS4Ol4lBQmSDMSTMDNCDTQQlOTFM@MSDKNQRPT±HKRRNMSETQHDTW HMElQHDTQCTBNLOKDWDRDBNLONRDC±TMDRlQHDCDB@UDQMDRDS
 FQNSSDRHM@BGDUlDR K@OKTO@QSlS@MSClONTQUTDRCDK@LNHMCQD
 "Q@HFMlD$NKNRR@KDþÿ¬17"SS%FSR$" O@QSHBTK@QHSl ¬ SNTSDR RNMS B@Q@BSlQHRlDR O@Q CDR LTQR HQQlFTKHDQR
"SS 4Ol 4@ LNQRTQD MlBDRRHSD TMD R@TUDF@QCD BNMSQD KD S@HKKlR FQNRRHmQDLDMS f LnLD K@ QNBGD  CDR RNKR HMlF@TW INM
ONHRNMþ@TClÿ BGlRCDLNQBD@TWCDQNBGDDSCDFQ@U@SR DSQDKHlDRDMSQDDKKDR
 O@QCDRBNTKNHQRRHMTDTW-@L@INQHSlCDBDRR@KKDRRNMSUHCDRCD
,NANKCRþÿ¬17      "SS%FSR$" SNTS@LDTAKDLDMS
"SS4Ol4@MR 
 9-$"7&3/&4&$3Å5&
0QPTDRþÿ¬17       "SS%FSR$" 
"SS4Ol4@MR .NMRSQD
 
;NLAHDRþÿ¬17 "SS%FSR$""SS4Ol 5QlRNQDS&LOK@BDLDMS
4@MR 
 9-*$"7&3/&
(NADKHMRþÿ¬17      "SS%FSR$" 
"SS4Ol4@MR .NMRSQD
 
K@?6D56C6?4@?EC6 5QlRNQDS&LOK@BDLDMS
 
9997***4"--&%±"$$Å4$DSSDOHmBDDRSQDLOKHDCDS@RCDQNBGDR 9-**$"7&3/&"6950*-&4-±DMSQlDCDBDSSDR@KKDDRSNARSQTlDO@Q
DS CD FQ@U@SR @HMRH PTD CD L@SlQHDK CD LHMDTQ SNLADQD@TW  CDRSNHKDRC±@Q@HFMlDRRNXDTRDRL@HRBNKK@MSDRPTHCDUQNMSnSQD
UlQHMR  lS@HR  OHBR  DSB *K @OO@Q@rS SNTSDENHR lUHCDMS PT±@TBTM BNTOlDRNTAQ|KlDR@EHMCDONTUNHQ@BBlCDQfK@OHmBD7NHQKD
SQ@U@HKM±@lSlDEEDBSTlHBHCDOTHRAHDMKNMFSDLOR RNQSWRLOHC@MRKDL@MTDKCD#@RDCD% %ONTQOKTRCDClS@HKR
 
.NMRSQD .NMRSQD
 
5QlRNQDS&LOK@BDLDMS 5QlRNQDS&LOK@BDLDMS
 
999*9 .64a& $DSSD OHmBD DRS TM LTRlD HM@BGDUl  TM LNMT 9-***$"7&3/&
LDMSO@QSHBTKHDQClCHlfK@FKNHQDCDROKTRHKKTRSQDRG@AHS@MSRCD 
K@ENQSDQDRRD .NMRSQD
 
-D LTQ NTDRS @QANQD TMD EQDRPTD BNMRSHSTlD CD OKTRHDTQR O@M 5QlRNQDS&LOK@BDLDMS
MD@TW LNMSQ@MS CHEElQDMSR lUmMDLDMSR DS @BSDR CD K@ UHD CD 
3NF@GMKDRRBlMDSSDR@HMRHQDOQlRDMSlDRRNMSTMIDTMDF@QkNM 9-*7$"7&3/&
AQ@MCHRR@MSTMDlOlD TMIDTMDGNLLDST@MSTMR@MFKHDQR@T 
U@FD TMFTDQQHDQONQS@MSTMA@QA@QDLNQS DSTMGlQNRS@HKK@MSDM .NMRSQD
OHmBDRRDRDMMDLHRA@QA@QDR@TBNDTQC±TMDFQ@MCDA@S@HKKD 
 5QlRNQDS&LOK@BDLDMS
-DLTQDRSRDBNLONRDKTH@TRRHC±TMDFQ@MCDEQDRPTDRHLHK@HQD 
L@HRQDOQlRDMS@MSBDSSDENHRCDRlUmMDLDMSRCDK@UHDCD;DKKH 9-7$"7&3/&%&-"1*&33&.:45*26&%@MRBDSSDODSHSDR@KKDRD
F@QTMF@QkNMKDU@MSKDQDF@QCUDQRTMBHDKMNBSTQMDlSNHKl TM CQDRRDTMFQ@MCAKNBCDOHDQQDAQHKK@MSQDRRDLAK@MSfCTLHB@
IDTMDGNLLDKHR@MSRSTCHDTRDLDMSTMFQ@MCKHUQD TML@FHBHDM -@OHDQQDHQQ@CHDENQSDLDMSK@L@FHD
fK
@HQRlQHDTWBG@MFD@MSCDK±D@TDMUHMCDU@MSTMOTAKHBQ@UH  
DSTMOTHRR@MSRNQBHDQDMUNX@MSCDOTHRKDRNLLDSC±TMDBNKKHMD $DAKNBCDOHDQQDCDLDTQDHBHDMODQL@MDMBDDSMDODTSnSQD
TMDRNQSDCDAQNTHKK@QCLNQSDKRTQTMD@QLlDDMMDLHD ClOK@Bl#HDMPT±HKRNHSE@BHKDC±DMClS@BGDQCDODSHSRLNQBD@TW
 QHDM PT±@UDB K@ L@HM  NM MD ODTS DM OQlKDUDQ PT±TM RDTK f K@
-DLTQMNQCM±DRSO@RBNLOKmSDLDMSSDQLHMl L@HRKDRPTDKPTDR ENHR @HMRH  S@MS PTD BD LNQBD@T @HMRH OQlKDUl M±@TQ@ O@R lSl
21
TSHKHRl SNTSDMNTUDKKDSDMS@SHUDONTQDMClS@BGDQTM@TSQDQDRSD .NMRSQD
Q@U@HMD 
 5QlRNQDS&LOK@BDLDMS
6MD ENHR PT±TM LNQBD@T DRS ClS@BGl  RNM lBK@S BNLLDMBD f 
E@HAKHQ  DS @OQmR SQNHR QNTMCR þSQDMSD RDBNMCDRÿ HK QDCDUHDMCQ@ TM 9-7**$"7&3/&
RHLOKD LNQBD@T CD LHB@ R@MR @TBTM ONTUNHQ L@FHPTD þHK RD 
O@RRDQ@K@LnLDBGNRDRHNMKDRNQSCDK@OHmBDÿ-DROQNOQHlSlR .NMRSQD
L@FHPTDRCTLNQBD@TCDOHDQQDMDRDClBKDMBGDMSPTDR±HKDRS 
@U@KlþNTOK@BlC@MRK@ANTBGDÿO@QTMODQRNMM@FD C@MRKDR 5QlRNQDS&LOK@BDLDMS
SQNHRQNTMCRPTHRTHUDMSKDLNLDMSN{HK@lSlOQlKDUl-DRDEEDSR 
L@FHPTDR RNMS SQmR U@QH@AKDR  DS BG@PTD HMCHUHCT MD ODTS nSQD 9-7*** "3Å/& $DSSD B@UDQMD  BNMkTD BNLLD TM ODSHS SGlgSQD
@EEDBSlPT±TMDENHRO@QTMLnLDDEEDS¬LnLDRHTMFQ@MCK@OR NTTMD@QmMD DRSHM@BGDUlD-@O@QSHDBDMSQ@KDCDBDSSDR@KKD
CD SDLOR R±DRS lBNTKl DMSQD KDR CDTW OQHRDR 4H TM ODQRNMM@FD RD SQNTUD f DMUHQNM   L DMCDRRNTR CT MHUD@T CT RNK  DS KDR
OK@BD TM LNQBD@T C@MR R@ ANTBGD  K@MBDQ TM Cl f  E@BDR O@QNHR PTH K±DMSNTQDMS CDRBDMCDMS DM ODMSD CNTBD ITRPT±DM
DSBNMRTKSDQK@S@AKDPTHRTHSONTQDMClSDQLHMDQK±DEEDS A@R ENQL@MS@HMRHTMDRNQSDCDODSHS@LOGHSGlgSQD
 
 5lKlONQSD HLLlCH@SDLDMS KD ODQRNMM@FD DS SNTS RNM lPTH .NMRSQD

ODLDMSC@MRK@B@UDQMD@TWSNHKDRþR@KKD9-**ÿ
 5QlRNQDS&LOK@BDLDMS
 3DMC HLLlCH@SDLDMS KD ODQRNMM@FD @UDTFKD ONTQ TMD 
CTQlD CD  GDTQDR þMD ODTS O@R BNLA@SSQD  CNHS nSQD 9-*9 $"7&3/& 1)041)03&4$&/5& $DSSD B@UDQMD CD S@HKKD
FTHClO@QKDR@TSQDR@UDMSTQHDQRÿ LNXDMMD @HMRH PTD RNM DWSDMRHNM CD ENQLD HQQlFTKHmQD RHSTlD f
 K±DRSNEEQDMS@TW@UDMSTQHDQRTMRODBS@BKDlSQ@MFD-@YNMDSNTSD
 "TFLDMSDCDE@kNMODQL@MDMSDK@ENQBDCDONHMS DMSHmQD DRS A@HFMlD C±TMD CNTBD KTDTQ OGNROGNQDRBDMSD @KNQR
 PT±HK M±X @ @TBTMD RNTQBD CD KTLHmQD BDSSD KTDTQ LXRSlQHDTRD
 "TFLDMSDCDE@kNMODQL@MDMSDKDBG@QHRLDCDONHMS OQNUHDMSC±TMDLNHRHRRTQDUHNKDSSDPTHBQNrSDM@ANMC@MBDC@MR
 KDKHDTþRTQKDRLTQR KDOK@ENMCDSLnLD O@QDMCQNHSR RTQKDRNKÿ
 "TFLDMSDCDE@kNMODQL@MDMSDK@R@FDRRDCDONHMS $DSSDLNHRHRRTQDDRSHMNEEDMRHUD
 
 "TFLDMSDCDE@kNMODQL@MDMSDK±HMSDKKHFDMBDCDONHMS .NMRSQD


 "TFLDMSDCDE@kNMODQL@MDMSDK@CDWSlQHSlCDONHMS
 5QlRNQDS&LOK@BDLDMS
 "A@HRRDCDE@kNMODQL@MDMSDK@ENQBDCDONHMS 
 - #"44*/ %±&"6 $DSSD OHmBD BNMSHDMS KD A@RRHM C±D@T OQNENMC
 "A@HRRDCDE@kNMODQL@MDMSDKDBG@QHRLDCDONHMS CD LC@MRKDPTDKKDR@UDMSTQHDQRHLOQTCDMSRRNMSOQlBHOHSlR
 CDOTHR K@ SQ@OOD OHlFlD CT MHUD@T RTOlQHDTQ þUNHQ K±DWOKHB@SHNM
 "A@HRRDCDE@kNMODQL@MDMSDK±HMSDKKHFDMBDCDONHMS CDBDOHmFDC@MRK@CDRBQHOSHNMCDK@R@KKD9997*ÿ$NLLDHK@
 ClIf lSl CHS Kf  K±D@T DRS DWSQnLDLDMS EQNHCD 5NTSD ODQRNMMD
 0BSQNHDTMVRXKDLWPLQHXU PTHQDMSQDC@MRBDSSDD@TþUNKNMS@HQDLDMSNTMNMÿDM@TQ@ONTQ

TMDGDTQDDMSHmQDfRDQDLDSSQDCDRNMDEEDSFK@BH@K
 3DMC LQYLVLEOH ODMC@MS  GDTQDR þKDR QDRSQHBSHNMR MNQL@ 
KDRR±@OOKHPTDMSMl@MLNHMRÿ -DA@RRHMLDRTQDLCDKNMFDSDRS@KHLDMSlO@QTMDRNTQBD
 
 1NHRNMþANMTRCDfK@R@TUDF@QCDÿ .NMRSQD
 
 '@HS @OO@Q@rSQD TMD FDLLD CD  ON þTMD ODQKDÿ C@MR 5QlRNQDS&LOK@BDLDMS
K@L@HMCTODQRNMM@FD 

 %NMMD CD E@kNM ODQL@MDMSD TM ANMTR CD  f K±@QLD -*$"7&3/&-"5a3"-&$DSSDB@UDQMDM±@QHDMCDROlBH@KGNQLHR
ONQSlDO@QKDODQRNMM@FDþR±HKDM@OKTRHDTQR ClSDQLHMDY@T KDE@HSPTDCDRYlAQTQDRC
TMLHMDQ@HAKDTgSQDþC
@TBTMDU@KDTQ
G@R@QCO@QTMIDSCDClK@PTDKKDDRSBNMBDQMlDÿ MHTSHKHSlONTQKDR@UDMSTQHDQRÿRSQHDMSDMCH@FNM@KDR@O@QNHDRS
 
 3DRS@TQDSNTRKDRONHMSRCDUHDODQCTRCTODQRNMM@FD .NMRSQD
 
 3DMC RSTOHCD ONTQ TMD CTQlD CD  GDTQDR þHLONRRHAHKHSl 5QlRNQDS&LOK@BDLDMS
C±@FHQHMSDKKHFDLLDMS MH CD BNLA@SSQD  CNHS nSQD FTHCl O@Q 
KDR@TSQDR@UDMSTQHDQRÿ -**$"7&3/&463a-&7a&$±DRS@OQmR@UNHQFQ@UHPT@SQDL@QBGDR
 PTDK±NM@BBmCDfBDSSDR@KKD CNMSK±DMSQlDDRSRHSTlDfK±@MFKD
 0BSQNHDTMANMTRROlBH@KL@HRU@K@AKDTMDRDTKDENHRCD RTCDRS CD K@ FQ@MCD B@UDQMD 4@ O@QNH RHSTlD f K±DRS OQlRDMSD
 ONHMSR CD UHD RTOOKlLDMS@HQDR þBD RDQNMS KDR OQDLHDQR f @TRRH CDR YlAQTQDR CH@FNM@KDR CT LnLD LHMDQ@H AKDTgSQD PTD
nSQDOQHRDMClBNLOSDKNQRC±TMDOQNBG@HMDAKDRRTQDÿ BDKTH CD K@ R@KKD -* -D OK@ENMC CD BDSSD OHmBD DRS SQmR A@R þf
 DMUHQNM   L CT RNKÿ  @TRRH K@ OKTO@QS CDR GTL@HMR @TQNMS CT
 *MEKHFD TMD PDO¾GLFWLRQ TMD ENHR O@Q LNHR  KD ODQRNMM@FD L@KfRDSDMHQOKDHMDLDMSCDANTS
CNQLHQ@ ODMC@MS  GDTQDR C±@EEHKlDR  R±DMCNQL@MS TM INTQ 
@U@MS K@ OKDHMD KTMD DS RD QlUDHKK@MS TM INTQ @OQmR þMD ODTS .NMRSQD
nSQD@MMTKlPT±@UDBTMRNQSCDG¾VHQYRáWHPHQWÿ 
 5QlRNQDS&LOK@BDLDMS
 "TBTMDEEDS 
 -*** (3"/%& $"7&3/& %&4 $)"67&44063*4 $DSSD B@UDQMD
.NMRSQD L@IDRSTDTRD K@OKTRFQ@MCD CDSNTSDK@ENQSDQDRRD  DRSHLOQDR
 RHNMM@MSDCDO@QR@S@HKKDDSRNMUNKTLD KDOK@ENMCRDRHST@MSf
5QlRNQDS&LOK@BDLDMS LCDG@TSDTQ-±@BBmROQHMBHO@KfBDSSD R@KKDRDE@HSO@QTM
 BNTKNHQCDRBDMC@MSþLnLDCDRODQRNMM@FDRMNMM@HMRQDL@Q
9-7* $"7&3/& &/ $0/53&#"4 $DSSD ODSHSD B@UDQMD RD SQNTUD PTDQNMS PT±HK DRS DM ODMSDÿ PTH ClANTBGD C@MR KD LTQ RTC 6M
@TANTSC±TMBNTKNHQBNTQSDSDMODMSD-DRLTQRRNMSGTLHCDR RDBNMC@BBmRfBDSSDOHmBDDRSONRRHAKDUH@TMDONQSDRDBQmSD
DS BNTUDQSR CD LNHRHRRTQDR  DS SNTSD KTLHmQD RD QlEKlBGHRR@MS C@MRKDLTQNTDRSKDRDRB@KHDQRC@MRKDBNHMRTCDRSLmMDMSf
CDRRTRKDREDQ@KTHQD K@R@KKD-**
22
%@MRK±@MFKDRTCNTDRS K@B@UDQMDRDOQNKNMFDONTQCNMMDQRTQ -D RNK DRS QDBNTUDQS C
TM FDMQD CD FT@MN KlFDQ DS BDMCQDTW 
TMD @KBwUD QDLOKHD CD OHKHDQR QNBGDTW @TW ENQLDR HMG@AHSTDKKDR @RRDY CHEElQDMS CDR ClIDBSHNMR G@AHSTDKKDR CD K@ OKTO@QS CDR
DSHQQlFTKHmQDRR±lKDU@MSCTRNK@TOK@ENMC KDSNTSENQL@MSU@FTD @TSQDRDROmBDRCDBG@TUDRRNTQHR
LDMSTMDRNQSDCDODSHSK@AXQHMSGD 
 -DRBG@TUDRRNTQHRR±DMUNKDQNMSDML@RRDDSPTHSSDQNMSK@B@UDQ
%TQ@MS K@ INTQMlD  TMD ODSHSD NTUDQSTQD RHSTlD C@MR KD OK@ENMC  MDCmRKDBQlOTRBTKDONTQM±XQDUDMHQPT±fK±@TAD
ITRSD@TLHKHDTCTLTQMNQC K@HRRDQ@O@RRDQK@KTLHmQDCTINTQþ4H 
KD.%M±@O@R SDMTTMBNLOSD RNHFMDTWCTSDLORlBNTKlPTH .NMRSQD
ODQLDSSQ@HSCDR@UNHQRHB±DRSKDINTQNTK@MTHS HKX@TQ@@KNQR 
CD BG@MBDR PTD K@ KTLHmQD CT INTQ RNHS UHRHAKD @T LNLDMS N{ 5QlRNQDS&LOK@BDLDMS
KDR@UDMSTQHDQRDMSQDMSC@MRK@R@KKDRHBDM±DRSO@RKDB@R HKRDQ@ 
SQmRCHEEHBHKDCDQDL@QPTDQBDSSDNTUDQSTQD¬RDTKDLDMSCD -*74"--&"653a403$DSSDOHmBDRDBQmSD @BBDRRHAKDCDOTHRTM
BG@MBDR O@Q @UDMSTQHDQ NARDQU@MS KD OK@ENMCÿ $DSSD CDQMHmQD BNTKNHQKTHLnLDEDQLlfBG@PTDDWSQlLHSlO@QTMDONQSDRDBQm
þPTHQDRSDQ@SNS@KDLDMSHM@BBDRRHAKD@TW@UDMSTQHDQR DSBDPTDKKDR SD ETSBNMkTDONTQXB@BGDQKDRQHBGDRRDRCDK@ENQSDQDRRD*KX@
PTD RNHDMS KDR SDMS@SHUDR DEEDBSTlDR ONTQ K±@SSDHMCQDÿ DRS TSHKHRlD TMS@RCDOHmBDRC±NQþK@MBDQTMCDS@INTSDQÿRTQKD
O@Q KDR LHKKHDQR CD BG@TUDRNTQHR PTH UHUDMS HBH @BBQNBGlDR @T RNKDSSQNHRBNEEQDREDQLlRþUHCDRR@TERHKD.%XOK@BDTMSQlRNQÿ
OK@ENMCCTQ@MSK@INTQMlD DKKDRR±@UDMSTQDMSfK±DWSlQHDTQCmRK@ 
MTHSSNLAlDONTQ@KKDQRDMNTQQHQþ&MBNQDTMDENHR RHKDO@RR@FD *K X @ @TRRH CDTW RS@STDR QDOQlRDMS@MS CDR GTL@HMR CD ODSHSD
CT SDLOR M±@ O@R lSl SDMT BNQQDBSDLDMS  TM IDS CD Cl RDQ@ S@HKKDþBQH@MSDRCDUlQHSl BNLLDE@HSDRDMBHQDÿ%mRPT±TMNAIDS
CNMBMlBDRR@HQDONTQClSDQLHMDQfPTDKLNLDMSCDK@INTQMlD CD U@KDTQ DRS SNTBGl NT ClOK@Bl  DKKDR R±@MHLDMS HLLlCH@SD
KDR @UDMSTQHDQR OlMmSQDMS C@MR K@ B@UDQMD DS RH KDR BG@TUDR LDMS  SHQDMS KDTQR lOlDR DS @SS@PTDMS KD FQNTOD *K R±@FHS DM E@HS
RNTQHRRNMSOQlRDMSDRNTMNMÿ CD ADQRDQJDQR L@FHPTDR þ 17 BG@BTM  $" ÿ PTH BNLA@SSQNMS
 ITRPT±fK@LNQS"TBTMC±DTWM±@KDLNHMCQDSQlRNQRTQKTH
-DRBG@TUDRRNTQHRRNMSCDR@MHL@TWMNQL@KDLDMS@BSHERK@MTHS  
L@HRK±DROmBDPTHUHSHBH@SDMC@MBDfR
@FHSDQONTQTMQHDMDSf .NMRSQD
SNTSLNLDMS5NTSFQNTODC±@UDMSTQHDQRPTHDMSQDC@MRK@B@UDQ 
MD@UDBCDRSNQBGDRNTC
@TSQDRRNTQBDRCDKTLHmQDUHUDþBDPTH 5QlRNQDS&LOK@BDLDMS
HMBKTSKDRK@MSDQMDRMNMBNTUDQSDRÿ@TMDOQNA@AHKHSlCDA@RDCD 
O@QRNTQBDKTLHMDTRDDSO@QSNTQþLHMTSDRÿCDClQ@MFDQ -7 $"7&3/& %& 4035*& )NQLHR KD E@HS PT±TM O@RR@FD RDBQDS f
KDR BG@TUDRRNTQHR DS CD KDR E@HQD R±DMUNKDQ DM L@RRD %D OKTR  RDMRTMHPTDODQLDSS@MSCDRNQSHQCDK@ENQSDQDRRDRDSQNTUDC@MR
SNTS AQTHS OKTR ENQS PT±TMD BNMUDQR@SHNM f UNHW A@RRD Q@INTSDQ@ KDBNHMMNQCDRS BDSSDFQ@MCDB@UDQMDM±@QHDMC±DWBDOSHNMMDK
 f BD QHRPTD lUHCDLLDMS  BDBH MD R±@OOKHPTD PTD RH KDR $DSSDRNQSHDRDBQmSDR±@BSHNMMDDMONTRR@MSRTQTMDOHDQQDAQ@M
BG@TUDRRNTQHRRNMSOQlRDMSDRC@MRK@B@UDQMDPT@MCKDR@UDM K@MSDC@MRK@O@QNH BDPTH@ONTQDEEDSC±NTUQHQTMO@MCDLTQ
STQHDQR X OlMmSQDMS þ1@Q DWDLOKD  TM FQNTOD @UDB  SNQBGDR CNMM@MS RTQ K±DWSlQHDTQ $D O@RR@FD MD QDRSD NTUDQS PTD ODM
@TQ@CDQHRPTDRO@QSNTQCDKDRClQ@MFDQDSKDRE@HQDR±DMUN C@MSRDBNMCDROTHRHKRDQDEDQLDDSMDONTQQ@nSQD@BSHNMMl
KDQ DSITRPT±fRHDMOKTRHKRCHRBTSDMSfUNHWG@TSDÿ CDMNTUD@TPT±@OQmRTMClK@HCDGDTQDR
 
4H DKKDR RNMS ClQ@MFlDR  @KNQR PTDKPTDRTMDR BNLLDMBDQNMS f 4HKDRODQRNMM@FDRDLOQTMSDMSBDSSDRNQSHD HKRRDQDSQNTUDQNMSRTQ
UNKDSDQTMODTO@QSNTSDMONTRR@MSCDRBQHR@HFTRþB±DRS@TRRHBD TMDR@HKKHDQNBGDTRDC±DMUHQNM LCDK@QFDRTQLCDKNMF
PTH@QQHUDQ@RHITRSDK±TMDC±DKKDRRDE@HSQlUDHKKDQNTDRS SNTBGlDÿ  4±HKR TSHKHRDMS CDR BNQCDR ONTQ CDRBDMCQD DM Q@OODK  HKR O@QUHDM
OTHRDKKDRRDQNMSCDOKTRDMOKTRITRPT±fENQLDQTMDlMNQLDMTlD CQNMSR@MR SQNO CDCHEEHBTKSlRITRPT±fTMDMCQNHSRHSTl L OKTR
SNTQAHKKNMM@MSD þBDBH RD OQNCTHQ@ DM RDTKDLDMS CDTW QNTMCR  A@R DS f O@QSHQ CTPTDK K@ ODMSD DRS LNHMR Q@HCD DS ODQLDS CD
RNHSUHMFSRDBNMCDRÿ$DSSDMTlDCDBG@TUDRRNTQHRUNKDQ@ENKKD QDINHMCQD K@ U@KKlD DM BNMSQDA@R DM RD ClOK@k@MS f SQ@UDQR KDR
LDMSDMSNTRRDMRDMONTRR@MSENQBDROH@HKKDLDMSRDSODSHSRBQHR @QAQDR DS K@ UlFlS@SHNM 4H KDR ODQRNMM@FDR RD SHDMMDMS RTQ K@
Q@TPTDR&KKDRDLOKHQNMSDMSHmQDLDMSK@FQ@MCDB@UDQMD BDQS@H BNQMHBGDDSNARDQUDMSK@UTD PTHR
NEEQDfDTW HKRQDL@QPTDQNMS
MDRClANQC@MSLnLDRTQKDRYNMDRDSBNTKNHQR@CI@BDMSR@U@MS PT±HKRRDSQNTUDMSRTQK@E@BDMNQCCTL@RRHEQNBGDTWPTH@AQHSDK@
CDQDUDMHQSNTSDENHRSQmRUHSDfK@B@UDQMD$DE@HR@MS DKKDREQwKD ENQSDQDRRD @KNQRPTDK±@TSQDDMSQlDRDRHSTDRTQK@E@BDRTCaS@MS
QNMS DS G@QBmKDQNMS SNTSDR KDR ODQRNMMDR RD SQNTU@MS C@MR K@ CNMMl PTD SNTSD K@ YNMD DRS DMSNTQlD CD BNMSQlDR R@TU@FDR 
B@UDQMD DS KDR BNTKNHQR @SSDM@MSR  BDQS@HMDR O@RR@MS DM SQNLAD QDINHMCQDK@BHUHKHR@SHNMONTQQ@HSAHDMR±@UlQDQCHEEHBHKD
OQmR C
DTW ODMC@MS PTD C±@TSQDR UNKmSDMS SNTS @TSNTQ 1@QENHR  
K±TMD C±DKKDR DRR@HDQ@ CD RD ONRDQ RTQ TM ODQRNMM@FD þ CD -D O@RR@FD RDBQDS DRS f RDMR TMHPTD DS ODQLDS RDTKDLDMS CD
QHRPTD f BG@PTD QNTMCÿ ONTQ KTH HMEKHFDQ TMD LNQRTQD PTH  AHDM RNQSHQCDK@ENQSDQDRRD*KDRSHLONRRHAKDCDK±@BSHNMMDQCDOTHRK±DWSl
PT±HMNEEDMRHUD R±@UmQDQ@SQmRClR@FQl@AKD QHDTQ L@HRLnLDRHk@K±lS@HS TMRNQSHKmFDODQL@MDMSOK@BlRTQ
 BDSSDRNQSHDDLOnBGDPTHBNMPTDCDONTUNHQDMSQDQ
4HKDR@UDMSTQHDQRPTHSSDMSK@FQ@MCDB@UDQMDDMDLONQS@MS@UDB 
DTWKDTQRRNTQBDRCDKTLHmQD @KNQRKDRBG@TUDRRNTQHREHMHQNMSO@Q .NMRSQD
RDB@KLDQDSQDSNTQMDQNMSRDODQBGDQ@TOK@ENMCþBDBHOQDMCQ@ 
DMUHQNMLHMTSDRÿ4±HKRQDRSDMSC@MRK@R@KKD HKRCDUQNMSlSDHMCQD 5QlRNQDS&LOK@BDLDMS
KDTQRKTLHmQDR R±@KKNMFDQRTQKDRNKDSCDLDTQDQRHKDMBHDTWCTQ@MS 
TMK@ORCDSDLORlPTHU@KDMSONTQNASDMHQKDLnLDQlRTKS@S -7* $"7&3/& %& -"45"56& § K±DWSQlLHSl RTC CD BDSSD B@UDQMD
 RDCQDRRDTMDRS@STDCDOHDQQDRNKHS@HQD FQNRRHmQDLDMSRBTKOSlD
-DRODQRNMM@FDRUNTK@MSBNLA@SSQDK@MTlDCDBG@TUDRRNTQHR C@MR K@ LnLD QNBGD MNHQgSQD PTH BNLONRD KDR LTQR CD K@
RDGDTQSDQNMSfTMDSgBGDClRDROlQlDCTE@HSCDKDTQLTKSHSTCD  B@UDQMD DS RNKHCDLDMS EHWlD @T RNK -@ RS@STD  L@MHEDRSDLDMS
L@HR HKR ONTQQNMS PT@MC LnLD DRR@XDQ DM TSHKHR@MS M±HLONQSD TMLgKDGTL@HMþAHDMPTDClMTlCDSNTSClS@HKDSEHMHSHNMÿ LD
PTDKKD@QLDCDONHMFOKTRFQ@MCDPT±TMDC@FTD TM NT RTQDDMUHQNM LCDG@TS&KKD@KDRAQ@RKlFmQDLDMSlB@QSlR
RTQTMClfE@BDRHMCHPT@MSTMSNTBGDQQlTRRH$DKKDRPTH CT BNQOR DS ONHMS@MS DM CHQDBSHNM CD K±@U@MBlD CD QNBGD PTH
RD ONRDMS ONTQ LNQCQD ODTUDMS nSQD SNTBGlDR @UDB TM RBNQD RlO@QD KDR CDTW BNTKNHQR @T MNQCMNQCDRS -@ RS@STD DRS SQNO
CDNTOKTR*KRTEEHSC±TMBNTOQlTRRHONTQDMSTDQTMD KNTQCD ONTQ ONTUNHQ nSQD ClOK@BlD DS QlRHRSDQ@ SNS@KDLDMS f
 SNTSDRSDMS@SHUDRUHR@MSfK@E@HQDANTFDQNTK@QDMUDQRDQ
-DRODQRNMM@FDROQHRC@MRK@MTlD PT±HKRK@BNLA@SSDMSNTMNM  
RDQNMS@TSNL@SHPTDLDMSRTQOQHRRHTMLNMRSQDDQQ@MS@QQHUD$NL '044& 1*a(a& § K±DWSlQHDTQ CD BDSSD B@UDQMD  C@MR KD O@RR@FD
A@SSQD KDR BG@TUDRRNTQHR OQNUNPTDQ@ AD@TBNTO CD AQTHS DS PTHLmMDUDQRK±DRS RDSQNTUDTMDENRRDBNTUDQSD OK@BlDITRSDf
MlBDRRHSDQ@ TM K@MBDQ CD Cl RTOOKlLDMS@HQD @EHM CD UlQHEHDQ K@ K±HMSDQRDBSHNMCDR SQNHRBNTKNHQR-@ENRRDLDRTQD LCDK@QFD
UDMTDlUDMSTDKKDCDLNMRSQDRDQQ@MSR DS DRS OQNENMCD CD  L 5NLADQ C@MR BDSSD ENRRD HMEKHFDQ@ 
23
ONHMSRCD ClFgSR5NTSODQRNMM@FDPTH@SSDHMSBDSDMCQNHS@TQ@ SNTS RHLOKDLDMS O@QBD PT±HK DRS HLONRRHAKD CD R±@SSDMCQD f BD
TMDOQNA@AHKHSlCDA@RDCDCDQHRPTDRCDBGTSDQCDC@MR  PT±HKRKDRSQNTUDMSSNTR
DSCNMBRDTKDLDMSCDBG@MBDRCDQDL@QPTDQKDOHmFDþKD 
QHRPTDRDQ@OKTRlKDUlRH O@QDWDLOKD KDRODQRNMM@FDRRNMSDM 6MDENHRPTDKD.%@ClBHClN{OK@BDQKDRCHEElQDMSRLNMRSQDRDS
SQ@HMCDBNTQHQOKTSwSPTDC±DWOKNQDQÿ4HKDRLDLAQDRCTFQNTOD SQlRNQR  HK @MMNSD KDR OK@MR @HMRH PTD KDR CDRBQHOSHNMR CDR R@KKDR
RHSTlR @T OQDLHDQ Q@MF SNLADMS CDC@MR  HK M±X @TQ@ @KNQR PTD BNMSDMTDRC@MRBDKHUQDSDMHMRBQHU@MSQDRODBSHUDLDMSKDRKDSSQDR
 CD QHRPTDR PTD BDTW CT RDBNMC Q@MF BGTSDMS lF@KDLDMS DSKDRMNLAQDRBNQQDRONMC@MSfBDRSQlRNQRDSLNMRSQDR4TQKDR
þSDRSDQHMCHUHCTDKKDLDMSONTQBG@BTMBNLLDOQlBlCDLLDMSÿ CDTW OK@MR  HK lBQHS þCD OQlElQDMBD @UDB TM BQ@XNM CD BNTKDTQ
6MDENHRPTDKDOHmFD@TQ@lSlClBKDMBGl K@ENRRDMDRDQ@OKTR @EHM CD LHDTW KDR UNHQ DS CD ONTUNHQ @T B@R N{ KDR DEE@BDQÿ KDR
BNTUDQSDDSQDRSDQ@CNMBClEHMHSHUDLDMSUHRHAKD KDSSQDR þONTQ KDR SQlRNQRÿ C@MR BG@BTMD CDR OHmBDR PTH BNMSHDMS
 TMSQlRNQBGNHRHC@MRK@KHRSD*KHMRBQHSDMRTHSDTMMNLAQDþONTQKDR
.NMRSQD LNMRSQDRÿ C@MR BG@PTD OHmBD PTH BNMSHDMS TM LNMRSQD  ONT
 U@MSLnLDQ@INTSDQTMDMNSDfBwSl ONTQROlBHEHDQKDSXODCD
5QlRNQDS&LOK@BDLDMS LNMRSQD þNQPTDR NT SQNFR O@Q DWDLOKDÿ -NQRPTD KDR CDTW
 OK@MR @TQNMS EHMH C±nSQD @MMNSlR  @TBTM CDR MNLAQDR MH CDR
2:?D:D6E6C>:?6=6>@5F=6 KDSSQDR QDOQlRDMS@MS KDR LNMRSQDR DS SQlRNQR KHRSlR MD CDUQ@HDMS X
@OO@Q@rSQD OKTR C±TMD ENHR 1THR HK RD QDONQSD f K@ CDRBQHOSHNM
6?BF°E656=|:?4@??F CNMMlDC@MRBDKHUQDSCDBG@BTMDCDRR@KKDR@HMRH@MMNSlDRDS
 HMRBQHS SNTR KDR ClS@HKR ODQSHMDMSR C@MR KDR DRO@BDR BNQQDRONM
4@>A=¯E6C=65@?;@? C@MSK@HRRlRDMAK@MBPTDKLNMRSQDþR±HKXDM@TMÿDRSOQlRDMS 
 N{ RD CHRRHLTKDSHK þR±HK RD CHRRHLTKD ¬ SNTR MD KD ENMS O@Rÿ  PTDK
-NQRPTDKD.@rSQDCD%NMINM@TQ@KTKDLNCTKDDMDMSHDQTMDNT SQlRNQ þR±HK X DM @ TMÿ RD SQNTUD Kf  N{ DRSHK OK@Bl  DS BNLLDMS
OKTRHDTQRENHRDSRDRDQ@E@LHKH@QHRl@UDBBDKTHBH HKRDQ@@KNQROQnS DRSHKB@BGlNTOQNSlFlþR±HKK±DRSÿ4±HKQDRSDCDK@OK@BD  BDKKDBH
fKDBNLOKlSDQ1NTQBDE@HQD HKKTHRTEEHQ@CDRTHUQDK@SQ@LDCDR CDUQ@HSnSQDQlRDQUlDONTQCDETSTQDR@MMNS@SHNMR DMO@QSHBTKHDQ
BQHOSHUDCDA@RDDSC±XQ@INTSDQRDROQNOQDRHMCHB@SHNMRRTQKDRDM KDR DEEDSR QlRTKS@MSR CT O@RR@FD CDR @UDMSTQHDQR ¬ KDR LNMRSQDR
CQNHSRN{KDRCHEElQDMSRLNMRSQDRDSSQlRNQRRDQNMSOK@BlR@HMRHPTD BG@RRlR UDQR TM @TSQD DMCQNHS  KDR BQl@STQDR STlDR  KDR SQlRNQR
K@E@kNMCNMSHKRKDRDQNMS*K DMQlRTKSDQ@TMCNMINM PTHONQSDQ@ DLONQSlR K±lPTHODLDMS@A@MCNMMl DSB*KDRSAHDMR|QONRRHAKD
R@ L@QPTD ODQRNMMDKKD  TM ODT CHEElQDMS CD SNTR KDR @TSQDR ¬X C±@MMNSDQKDROK@MRCDK@LnLDE@kNMRHNMKDRNTG@HSD
BNLOQHRCDBDTWPTHTSHKHRDMSK@LnLDSQ@LDCDRBQHOSHUD 
 6MDENHRKDCNMINMBNLOKlSl HKDRS@KNQROQnSfnSQDDWOKNQlO@Q
"UDBOQmRCDRNHW@MSDR@KKDRDSOHmBDRQlO@QSHDRRTQCDTWMHUD@TW KDRINTDTQR#NMMDBG@MBD DS@LTRDYUNTR&SRTHUDYAHDMBDR
DS QDOlQlDR BG@BTMD O@Q TM BGHEEQD QNL@HM þ@HMRH PTD OKTRHDTQR BNMRDHKR KNQRPTD UNTR BQlDQDY UNSQD OQNOQD CNMINM CD " f ; 
@TSQDRYNMDROQlRDMSDRL@HRMNMMTLlQNSlDRÿ HKX@AD@TBNTO UNTRRDQDY@HMRH@RRTQlC
XO@QUDMHQR@MRCHEEHBTKSlR
C±DMCQNHSRfDWOKNQDQþDMBNQDPTDBDCNMINMDRSOKTSwSODSHSBNL 
O@QlfK@OKTO@QSCDR@TSQDRÿ"UDBK@ONRRHAHKHSlCDOK@BDQf =:DE656>@?DEC6D
SQlRNQRO@QLHBDTWKHRSlRþOKTRKDRPTDKPTDRNAIDSRCDU@KDTQR 
ClIfOQlRDMSRB@QE@HR@MSO@QSHDCTLNAHKHDQCDA@RDÿ@HMRHPTD -DR LNMRSQDR PTH NBBTODMS K@ YNMD f DWOKNQDQ QDOQlRDMSDMS TM
fLNMRSQDR KD.%RDUNHSNEEQHQTMK@QFDBGNHWC@MRK@LHRD @RRNQSHLDMS U@QHl CD BQl@STQDR  BDQS@HMDR lS@MS C±@MBHDMR G@AH
DMOK@BDCTCNMINM B@QB±DRSKTHPTHClBHCDQ@PTDKRKHDTWRDQNMS S@MSRCTCNMINMþKDRDRBK@UDRNQPTDRDSJNANKCRÿ C±@TSQDRlS@MS
C@MFDQDTWDSKDRPTDKRRDQNMSCNSlRCDQlBNLODMRDR UDMTRR±XHMRS@KKDQO@QK@RTHSDR@MRPTDK±NMR@BGDBNLLDMS
 
-DRLNMRSQDRþMTLlQNSlRCDfÿDSKDRSQlRNQRþQDOlQlRO@Q -DR LNMRSQDR þF@QCDY AHDM f K±DROQHS PTD BD SDQLD RD QlEmQD f
KDRKDSSQDR"f))ÿCDUQ@HDMSnSQDOK@BlR@UDBRNHMDSBNMRHClQ@ SNTSDBQl@STQDQDMBNMSQlD PTDKPTDRNHSRNMSXODÿODTUDMSnSQD
SHNM DSC@MRSNTRKDRB@RHKCDUQ@HSSNTINTQRX@UNHQTMDQ@HRNMNT QDMBNMSQlR CD CDTW L@MHmQDR RNHS C@MR KDTQ S@MHmQD þK@ OHmBD
TMDDWOKHB@SHNMQ@SHNMMDKKDDWOKHPT@MS ONTQPTNHHKRRDSQNTUDMSKf NTR@KKDC@MRK@PTDKKDHKRUHUDMS @HMRHPTDK±@ClBHClKD.@rSQDCD
N{HKRRNMS5NTSBNLLDHKX@TMDDWOKHB@SHNMKNFHPTD@TRBlM@ %NMINMÿ RNHSDMS@MSPTDLNMRSQDRDQQ@MSR$DCDQMHDQSXODCD
QHN DS @T BNMSDWSD PTH K±DMSNTQD  HK CDUQ@HS X DM @UNHQ TMD ONTQ QDMBNMSQDRDRSOKTRHQQlFTKHDQ HMBDQS@HMDSHLOQlUHRHAKDB@QBDKKDR
SNTSBDPTHODTSnSQDQDMBNMSQlfK±HMSlQHDTQCTCNMINM#HDMR|Q  BH RNMS ClSDQLHMlDR CD E@kNM SNS@KDLDMS @Kl@SNHQD CTQ@MS SNTS
C@MRBDQS@HMRB@R K±HM@SSDMCTNTK±HMDWOKHB@AKDRDQ@CDLHRD¬SNTS KDSDLORN{KDR@UDMSTQHDQRRNMSDMDWOKNQ@SHNM
MD CDUQ@HS O@R ENQBlLDMS RTHUQD K±NQCQD MNQL@K CDR BGNRDR MH 
nSQDSQNOOQlUHRHAKDO@QKDRINTDTQR -@ KHRSD CD LNMRSQDR PTH RTHS DRS QDOlQlD O@Q CDR MNLAQDR @EHM
 C±DME@BHKHSDQK@BNMRTKS@SHNMDSOQlRDMSDKDRLNMRSQDRPTHRDQNMS
$NLLDLDMSHNMMlOQlBlCDLLDMS SNTSDRKDROHmBDRNTR@KKDR @MMNSlRRTQKDROK@MRBNLLDlS@MSC@MRKDTQS@MHmQD-DRKHRSDR
M±@TQNMS O@R ENQBlLDMS TM LNMRSQD  TM SQlRNQ  NT KDR CDTW &M CD LNMRSQDR DQQ@MSR RNMS CNMMlDR C@MR K@ O@QSHD CD BD KHUQDS
E@HS  TM FQ@MC MNLAQD C±DMSQD DKKDR RDQNMS RHLOKDLDMS UHCDR  QDK@SHUD f K@ CDRBQHOSHNM CT LNCTKD  @T ClATS CD BG@BTM CDR
ODMC@MS PTD C±@TSQDR BNMSHDMCQNMS TM LNMRSQD R@MR SQlRNQ NT  CDTW MHUD@TW CT CNMINM ¬ TMD KHRSD ONTQ KD MHUD@T RTOlQHDTQ 
OKTR Q@QDLDMS  TM SQlRNQ R@MR LNMRSQD PTH KD F@QCD %@MR BD TMD@TSQDONTQKDMHUD@THMElQHDTQ
CDQMHDQB@R KDSQlRNQMNMF@QClCDUQ@HSnSQDAHDMB@BGlþBNL 
LD SNTS SQlRNQ CDUQ@HS C±@HKKDTQR K±nSQDÿ NT B@LNTEKl @EHM PTD K@ -DRLNMRSQDRCNMMlRC@MRK@KHRSDRNMSOQlRDMSlR@UDBSNTSDRKDR
OHmBD RDLAKD UHCD &MEHM  C@MR BDQS@HMR B@R  TMD R@KKD ODTS HMENQL@SHNMR MlBDRR@HQDR þONTQ CDR HMENQL@SHNMR OKTR ClS@HKKlDR
BNMSDMHQTMLNMRSQDþPTHDM@E@HSR@S@MHmQDÿ@HMRHPTDKDSQlRNQ RTQ BG@BTM CD BDR LNMRSQDR  BNMRTKSDY KD L@MTDK CDR 3mFKDR
PT±HKF@QCD RNHSUNKNMS@HQDLDMSþR±HKR±@FHSCDRNMATSHMÿ RNHSHMUN CD#@RDCD% %ÿ BDPTHODQLDS@T.%CDKDRTSHKHRDQSDKRPTDKR
KNMS@HQDLDMS þRH R@ OQlRDMBD HBH M±DRS PT±TMD BNsMBHCDMBDÿ *K KNQRPT±TMDQDMBNMSQDRDOQNCTHS R@MR@UNHQfDEEDBSTDQCDK@MBDQR
RDQ@ @KNQR MlBDRR@HQD CD U@HMBQD KD NT KDR LNMRSQDR þRNHS DM KDR CDClRRTOOKlLDMS@HQDRþGNQLHRONTQClSDQLHMDQKDTQMNLAQDÿ
ST@MS RNHSDMKDRE@HR@MSETHQÿ@U@MSSNTSDSDMS@SHUDONTQClBNTUQHQ ,PSRUWDQWELHQTXHODOLVWHFLGHVVRXVSURSRVHXQFKRL[GH
NTQlBTOlQDQKDSQlRNQ¥ PRQVWUHVOH0'QHGHYUDLWHQSODFHUTXHµGDQVOH
 GRQMRQ OHV U¾SDUWLVVDQW VXU OHV GHX[ SODQV SDUPL OHV VDOOHV
"KNQRPTDKDRLNMRSQDREDQNMSHMlUHS@AKDLDMSBNMM@rSQDKDTQOQl YRXOXHV/HUHOLTXDWQHVHUDWRXWVLPSOHPHQWSDVXWLOLV¾
RDMBD BDMDRDQ@O@RKDB@RONTQKDRSQlRNQR$±DRS@TWINTDTQR 
CDKDRSQNTUDQDMClBQHU@MS@T.%BNLLDMSKDTQRODQRNMM@FDR -DR @AQlUH@SHNMR BHCDRRNTR RNMS BDKKDR TSHKHRlDR C@MR K@ KHRSD PTH
LmMDMS KDTQR QDBGDQBGDR  DS HK DRS @KNQR SNTS f E@HS BNMBDU@AKD RTHS¬
PT±HKR OTHRRDMS SNS@KDLDMS O@RRDQ f BwSl C±TM SQlRNQ B@BGl NT 
B@LNTEKl&ME@HS SNTSANMCNMINMCDUQ@HS@UNHQCDRSQlRNQRMNM þ DSBÿ MNLAQD ONRRHAKD CD LNMRSQDR CD BD SXOD PTH
ClBNTUDQSR C@MR CDR YNMDR ONTQS@MS DWOKNQlDR O@Q KDR INTDTQR   RNMSQDMBNMSQlRK@MBDQKDCl@OOQNOQHl
24
17  MNLAQD CD ONHMSR CD UHD PTD BG@PTD LNMRSQD  )NAFNADKHMRþÿ¬17    "SS%FSR$"
ONRRmCD þRH KD MNLAQD CD LNMRSQDR QDMBNMSQlR "SS4Ol4@MR
DRS HMElQHDTQ @T L@WHLTL ONRRHAKD  ClSDQLHMDQ 
@TG@R@QCK±@SSQHATSHNMCDBDRONHMSRCDUHDÿ  (NADKHMRþÿ¬17       "SS%FSR
 $""SS4Ol4@MR
"SS  MNLAQD C±@SS@PTDRQNTMC CD BNLA@S PTD KD 
LNMRSQDONRRmCD  3@SR(l@MSRþÿ¬17      "SS%FSR
 $""SS4Ol-DTQLNQRTQD@CDBG@MBDRC±HMEKHFDQ
%FSR  ClFgSRHMEKHFlRfK@UHBSHLDRHKDLNMRSQDO@QUHDMS TMDL@K@CHDþR@TUDF@QCDQBNMSQDKDONHRNMRHBDK@@QQHUDÿ
fK@SNTBGDQ 
  ;NLAHDR þÿ ¬ 17    "SS  %FSR  $"  "SS
$"  BK@RRD C±@QLTQD CT LNMRSQD BD BGHEEQD DRS RTHUH 4Ol4@MR
C±TMRDBNMCPTHQDOQlRDMSDKDMNLAQDCDA@RD 
PT±TMFTDQQHDQCDMHUD@TCNHSDEEDBSTDQONTQ  ,NANKCRþÿ¬17    "SS%FSR$"
KDSNTBGDQ O@QDWDLOKD$" "SS4Ol4@MR
 
"SS4Ol  SNTSD@SS@PTDNTB@O@BHSlROlBH@KDPTDONRRm  #@MCHSRþÿ¬17   "SS%FSR$""SS
CDKDLNMRSQD 4Ol4@MR
 
/NSD 5NTR KDR IDSR CD R@TUDF@QCD CDR LNMRSQDR RNMS DEEDBSTlR  (DKlD 0BQD þÿ ¬ 17  "SS  %FSR  $"  "SS
BNLLDONTQTMFTDQQHDQCDMHUD@T 4Ol%HRRNTRKDANHR KDBTHQNTKDSHRRT/DODTSnSQDAKDRRlD
PTDO@QKDEDTNTKDEQNHC


>@?DEC6D  (MNLDRþÿ¬17    "SS%FSR$"
 "SS4Ol4@MRþR±HKRMDRNMSO@ROQNUNPTlR HKRM±X@PTD
 0QPTDRþÿ¬17   "SS%FSR$""SS CDQHRPTDRPT±HKR@SS@PTDMSRHMNM HKRHFMNQDQNMSKDR @UDMST
4Ol4@MR QHDQRDSM±NEEQHQNMSPT±TMD@HCDLHMHLTLÿ
 
 5QNFKNCXSDRþÿ¬17 "SS%FSR$""SS  0QPTDRþÿ¬17      "SS%FSR$"
4Ol4lBQmSDMSTMDNCDTQQlOTFM@MSDKNQRPT±HKRRNMSETQHDTW "SS4Ol4@MR
 
 ,NANKCRþÿ¬17        "SS%FSR  "Q@HFMlD$NKNRR@KDþÿ¬17"SS%FSR$"
$""SS4Ol4@MR "SS 4Ol 1DTS ANMCHQ RTQ R@ OQNHD ITRPT±f  L  R@ LNQRTQD
 MlBDRRHSDTMDR@TUDF@QCDBNMSQDKDONHRNMþ@TClÿ
 (NTKDRþÿ¬17 "SS%FSR$""SS4Ol 
-DTQSNTBGDQMlBDRRHSDTMDR@TUDF@QCDBNMSQDK@O@Q@KXRHD  (NADKHMRþÿ¬17     "SS%FSR$"
 "SS4Ol4@MR
 .HKKDO@SSDR(l@MSRþÿ¬17BG@BTM"SS%FSR4@MR

$""SS4Ol-DTQLNQRTQDM±HMEKHFD@TBTMClFgSL@HR
MlBDRRHSDTMDR@TUDF@QCDBNMSQDKDONHRNMþ@TClÿ =:DE656DEC¯D@CD
 
 7DQ$G@QNFM@QCþÿ¬17"SS%FSR4@MR$""SS $H@OQmR RNMS KHRSlR  SQlRNQR CHEElQDMSR  BG@BTM C±DTW QDOlQl
4Ol -DR SDMS@BTKDR M±HMEKHFDMS @TBTM ClFgS L@HR MlBDRRH O@QTMDKDSSQD@EHMC±DME@BHKHSDQK@BNMRTKS@SHNM
SDMSTMDR@TUDF@QCDBNMSQDK@O@Q@KXRHD 
 %D O@Q KDTQ M@STQD O@QSHBTKHmQD  KDR SQlRNQR  C@MR K@ OKTO@QS CDR
 0QPTDRþÿ¬17      "SS%FSR$" B@R RDQNMSB@LNTEKlRNTB@BGlR@UDBRNHM-D.@rSQDCD%NM
"SS4Ol4@MR INMCDUQ@TSHKHRDQRNMHL@FHM@SHNMONTQBNMBDUNHQCDRE@kNMRCD
 KDRRNTRSQ@HQDfK@UTD2TDKPTDRRTFFDRSHNMRRTQK@L@MHmQDCD
 "Q@HFMlDR(l@MSDRþÿ¬17  "SS%FSR$" B@BGDQTMSQlRNQfK±HMSlQHDTQC±TMNAIDSNQCHM@HQDOK@BlfK@UTD
"SS4Ol-DTQLNQRTQDMlBDRRHSDTMDR@TUDF@QCDBNMSQD CD SNTR  C@MR KD BNLO@QSHLDMS RDBQDS C±TM SHQNHQ  ClFTHRl @EHM
KDONHRNMþ@TClÿ CD QDRRDLAKDQ f PTDKPTD BGNRD C±@TSQD  RNTR NT CDQQHmQD TMD
 OHDQQD@LNUHAKDC@MRKDRNKNTKDLTQ RNTRTMS@RC±NQCTQDRNT
 5QNFKNCXSDRþÿ¬17 "SS%FSR$""SS C±DWBQlLDMSR DSB1@QENHR HK@QQHUDPT±TMSQlRNQOTHRRDnSQDE@BHKD
4Ol4lBQmSDMSTMDNCDTQQlOTFM@MSDKNQRPT±HKRRNMSETQHDTW LDMSClBNTUDQS L@HRBDBHCDUQ@HSQDRSDQTMDDWBDOSHNM
 
 5HPTD(l@MSDþÿ¬17"SS%FSR$""SS %@MRBDQS@HMRB@R KDRSQlRNQRCDFQ@MCDU@KDTQRDQNMSOQNSlFlR
4Ol 4@ LNQRTQD CQ@HMD KD R@MF f Q@HRNM CD  17 O@Q O@QTMCHRONRHSHEUDQQNTHKKl TMOHmFD NTTMDOQNSDBSHNML@FHPTD
QNTMC@OQmRKDOQDLHDQDSHMEKHFDTMDL@K@CHD -DROQNSDBSHNMROKTRLNQSDKKDRRNMSQlRDQUlDR@TW@UDMSTQHDQROKTR
 DWOlQHLDMSlR @TRRHCDSDKRCHRONRHSHERRDQNMSQ@QDRC@MRKDRCNM
 4SQHFDRþÿ¬17    "SS%FSR$""SS INMROQlUTRONTQCDRINTDTQRClATS@MSR SDKRPTDBDKTHBH-D.%
4Ol-DTQLNQRTQDCQ@HMDKDR@MF@TQXSGLDCD17O@Q @ BDODMC@MS SNTS f E@HS K@ ONRRHAHKHSl C
HMUDMSDQ TMD OQNSDBSHNM
QNTMC@OQmRKDOQDLHDQ#NMTRCDfKDTQIDSC±@SS@PTD CD BHQBNMRS@MBD PTH DLAQNTHKKDQ@HS NT QDS@QCDQ@HS KDR ODQRNMM@
 FDRBGDQBG@MSTMSQlRNQROlBHEHPTD
 (MNKKRþÿ¬17   "SS%FSR$""SS 
4Ol4@MR 3@OODKDYUNTR PTD KDR U@KDTQR CDR OHmBDR RNMS SNTSDR A@RlDR
 RTQK@OHmBDC±NQþONÿRS@MC@QC @UDBKDRlPTHU@KDMBDRRTHU@M
 $QH@QCRþÿ¬17   "SS%FSR4@MR$" SDROHmBDRCDBTHUQDþOBÿOHmBDRC±@QFDMSþO@ÿ
"SS4Ol5NTSDKTLHmQD@OOQNBG@MSfLNTLNHMRC±DTWDS OHmBDR C±lKDBSQTL þODÿ   OHmBD C±NQ þONÿ   OHmBD CD
SNTSLNTUDLDMSR±DEEDBST@MSfLNTLNHMRKDREDQ@BQHDQ OK@SHMDþOOÿ5NTSDRKDROHmBDRENMS@OOQNWHL@SHUDLDMSKDLn
ODMC@MSQNTMCR BDU@B@QLD@X@MSCDBG@MBDR LDONHCRDSK@LnLDS@HKKD
C±@SSHQDQTMLNMRSQDDQQ@MS 
 "ÿ #NTQRDDMBTHQBNMSDM@MSOD
 4PTDKDSSDRþÿ¬17     "SS%FSR$" 
"SS4Ol4@MR #ÿ ON

25
$ÿ ON HWGDQVOHGRQMRQ&HX[TXLUHVWHQWQHVHURQWWRXWVLPSOH
 PHQW SDV XWLOLV¾V /HV WU¾VRUV FKRLVLV HW SODF¾V GHYUDLHQW
%ÿ  1DSHSBNEEQDSDMANHRBNMSDM@MSON UHSU¾VHQWHUXQDVVRUWLPHQWYDUL¾G’REMHWVFHUWDLQVGHJUDQ
 GH YDOHXU G’DXWUHV VDQV DXFXQH YDOHXU HW OD SOXSDUW HQWUH
& ÿ %@FTD@UDBL@MBGDHMBQTRSlCDFDLLDRþONBG@ OHV GHX[ -DR SXODR CD SQlRNQR KHRSlR O@QLH KDR B@Q@BSlQHRSHPTDR
BTMD NMXWÿ CDRLNMRSQDRC@MRKDL@MTDKCDR3mFKDRCD#@RDCD% %MD
 RNMSO@ROQHRDMBNLOSDONTQBDLNCTKDDSRNMSQDLOK@BlRO@Q
'ÿ O@ BDTW CD K@ KHRSD BHCDRRTR @HMRH  KDR LNMRSQDR QDMBNMSQlR MD
 ONRRmCDQNMSNTMDF@QCDQNMSPTDCDRSQlRNQRBGNHRHRO@QKD.%
(ÿ  FDLLDRU@K@MSONBG@BTMDþ@F@SDRÿ @TRDHMCDBDSSDKHRSD
 
)ÿ 0DVVHG
DUPHV =:DE6D56A6CD@??286D
 
*ÿ '@TRRDB@QSDþOQlRDMSDKDRR@KKDRDSBNTKNHQR@CI@BDMSRDM -DR KHRSDR CD ODQRNMM@FDR NMS lSl BNMkTDR ONTQ TM CNTAKD
ClS@HKQHDMM
DRSDW@BSÿ TR@FD %±@ANQC  DKKDR ODTUDMS nSQD TSHKHRlDR O@Q KDR INTDTQR PTH
 MD RNTG@HSDMS O@R BQlDQ KDTQ ODQRNMM@FD ONTQ DM BGNHRHQ TM
+ ÿ /DQFH ClIf OQnS &MRTHSD  DKKDR ODTUDMS lF@KDLDMS RDQUHQ f BQlDQ CDR
 ODQRNMM@FDR MNMINTDTQR PTH SHDMCQNMS KHDT CD BNLO@FMNMR
,ÿ ON C±@QLDRNTCDRDQU@MSR.@HRC@MRKDRCDTWB@R HKRDQ@PT@MC
 LnLD MlBDRR@HQD C±DEEDBSTDQ PTDKPTDR K@MBDQR CD ClR ONTQ
-ÿ  $G@rMDDSLlC@HKKNMDM@QFDMS U@KDTQO@ ClSDQLHMDQ BDQS@HMDR B@Q@BSlQHRSHPTDR O@QSHBTKHmQDR f BG@PTD
 ODQRNMM@FD*KX@CDRKHRSDRRlO@QlDRCDODQRNMM@FDRBG@
.ÿ  (DLLDU@K@MSONþODQKDÿ BTMDONTQKDRPT@SQDBK@RRDRCDFTDQQHDQR BKDQBR L@FHBHDMR DS
 UNKDTQR -DR O@Q@FQ@OGDR BH@OQmR DWOKHPTDMS BNLLDMS TSHKHRDQ
/ÿ  OB BDRKHRSDRRDKNMK±TR@FDPTDK±NMRNTG@HSDDME@HQD
 
0ÿ  4S@STDDMNMXW U@KDTQON 4Y`ZdZcF_AVcd`__RXV;`fVfc5R_d=Vd=ZdeVd
 
1ÿ  O@ 4HTMINTDTQOQlEmQDBGNHRHQTMODQRNMM@FD C@MRKDRKHRSDR OKTSwS
 PTD CD KD BQlDQ KTHLnLD  HK CNHS C±@ANQC ClSDQLHMDQ PTDKKD
2ÿ  FDLLDRU@K@MSONBG@BTMDþFQDM@Sÿ BK@RRDHKUDTSINTDQ*KBNMRTKSD@KNQRK@KHRSDCDRMNLRDSQ@BDRCD
 K@CHSDBK@RRDCDODQRNMM@FDPTHRDSQNTUD@TCNRCDK@'DTHKKD
3 ÿ $NEEQDUDQQNTHKKlBNMSDM@MSON CD $NMSDWSD ONTQ KDR +NTDTQR  OTHR RNHS HK DM BGNHRHS TM PTH KTH
 OK@rS RNHSHKK@MBDTMClfE@BDRONTQClSDQLHMDQ@TG@R@QC
4ÿ  1@QBGDLHM@UDB4NQSRþ$KDQBÿVRLQVGHVEOHVVXUHVO¾ KDPTDKHKTSHKHRDQ@%@MRKDRCDTWB@R RNMBGNHWRDEDQ@R@MRPT±HK
J½UHVþNT@TSQDR fClSDQLHMDQ@TG@R@QCÿ MD BNMM@HRRD KDR RBNQDR CD B@Q@BSlQHRSHPTDR CTCHS ODQRNMM@FD 
 BDTWBH KTH lS@MS CNMMlR DMRTHSD O@Q KD L@rSQD CD %NMINM TMD
5ÿ '@TRRDEDJXHWWHPDJLTXHþClKHB@SDLDMSBHRDKlDHQQ@CHD ENHRR@ClBHRHNM@QQnSlD-DRRBNQDRCDB@Q@BSlQHRSHPTDRRNMSEHFlR
K@L@FHDL@HRMDONRRmCD@TBTMDOQNOQHlSlL@FHPTDÿ DSMDODTUDMSO@RnSQD@ITRSlR
 
6ÿ 6DFG¾YRUHXU 6MD ENHR PT±TM INTDTQ @ @HMRH NASDMT RNM ODQRNMM@FD  HK HMRBQHS
 RDR RBNQDR CD B@Q@BSlQHRSHPTDR DS BGNHRHS RNM @KHFMDLDMS þKNX@K
7 ÿ (DLLDU@K@MSONþOlQHCNSÿ L@TU@HR  BG@NSHPTD L@TU@HR  MDTSQD  BG@NSHPTD ANM  NT KNX@K
 ANM ¬ BDR SQNHR CDQMHDQR CDU@MS OQlU@KNHQ ONTQ BD LNCTKDÿ -D
8ÿ  %RXFOLHU INTDTQM
@DMRTHSDOKTRPT
fClSDQLHMDQBNLAHDMC±NQHKONRRmCD 
 @BGDSDQ CD K±lPTHODLDMS  SHQDQ RDR ONHMSR CD UHD  DS BGNHRHQ KDR
9 ÿ 4S@STDSSDDMAQNMYDHMBQTRSlDC
@QFDMSDSCDBTHUQD U@KDTQ RNQSR BNMMTR  SNTS BDBH BNLLD ClBQHS C@MR KDR QmFKDR 5NTR KDR
ON ODQRNMM@FDRBNLLDMBDQNMS@TOQDLHDQMHUD@TC±DWOlQHDMBD
 
:ÿ  .HQNHQDM@QFDMSCDE@BSTQDDWBDOSHNMMDKKD U@KDTQON FeZ]ZdVc=Vd=ZdeVdA`fc=Vd4`^aRX_`_dU|2c^Vd@f=Vd
 DVcgR_ed
;ÿ &RWWHGHPDLOOH 
 %DRINTDTQRPTHR±@OOQnSDMSfO@QSHQDM@UDMSTQDONTQQ@HDMSAHDM
""ÿ "MMD@TDMNQþMNML@FHPTDÿ U@KDTQON RNTG@HSDQR
@CINHMCQDKDQDMENQSC±@TSQDR@UDMSTQHDQRBDRCDQMHDQR
 RDQNMS@KNQRCDRODQRNMM@FDRMNMINTDTQRPTHNEEQHQNMSKDTQRRDQUH
##ÿ 1@QBGDLHM@UDB4NQSþ.@FHBHDMÿVRPPHLOþNT@TSQD f BDR RNHS BNMSQD QlLTMlQ@SHNM þDM S@MS PTD RDQU@MSRÿ  RNHS O@Q
ClSDQLHMDQ@TG@R@QCÿ @CLHQ@SHNMDSKNX@TSlþDMS@MSPTDBNLO@FMNMRC±@QLDRÿ
 
$$ÿ #Q@BDKDSDM@QFDMS U@KDTQO@ -DRRDQU@MSR LnLDR
HKRMDRNMSO@RSNTINTQRCHRONMHAKDRDMFQ@MC
 MNLAQD  RDQNMS SNTSDENHR OKTR E@BHKD f SQNTUDQ PTD KDR BNLO@
%%ÿ OB O@ OD ONC@MRBNEEQDUDQQNTHKKl FMNMR C±@QLDR *KR RDQUHQNMS DM lBG@MFD C±TM R@K@HQD @HMRH PTD
 C±TMD O@QS CT ATSHM Q@OONQSl ¬ KDTQ OQHW DW@BS lS@MS ClSDQLHMl
&&ÿ $QQHDXGHSURWHFWLRQ O@QKD.% PTHSHDMCQ@@KNQRKDQwKDCTODQRNMM@FDMNMINTDTQDS
 CH@KNFTDQ@@UDBKDRINTDTQRRHTMDMlFNBH@SHNMR±DMF@FD
''ÿ ODSHSDRA@QQDRDMNQ U@K@MSBG@BTMDON 
 -DRBNLO@FMNMRC±@QLDRRNMSDMFlMlQ@KCDRODQRNMM@FDRPTH
((ÿ (NADKDS DM BQHRS@K C
TMD U@KDTQ CD  ON þDS RTQ KDPTDK RDQUHQNMS TM @TSQD ODQRNMM@FD DM O@QSHBTKHDQ O@Q @CLHQ@SHNM NT
DRSFQ@UlKDLNS2T@RPTDSNMÿ QDRODBS R@MR RD RNTBHDQ ROlBH@KDLDMS C±NASDMHQ TMD BNLODM
 R@SHNMEHM@MBHmQD L@HRBDSDQLDODTS@TRRHClRHFMDQTMODQRNM
))ÿ 1NSHNM,QYLVLELOLW¾þCNRDR BG@BTMD@X@MSTMDCTQlDCD M@FD PTH ClRHQD RHLOKDLDMS RD INHMCQD f TMD @UDMSTQD R@MR
GDTQDRÿ CDL@MCDQ CD O@HDLDMS @TSQD PT±TMD O@QS RTQ SNTR KDR SQlRNQR
 Q@LDMlR -DR OQDLHDQR RDQNMS @SSHQlR DM ENMBSHNM CT RBNQD CD
1RWHVS¾FLDOHELHQTXHODOLVWHFLGHVVXVFRQWLHQQHWU¾ BG@QHRLD CT ODQRNMM@FD INTDTQ  S@MCHR PTD KDR RDBNMCR OQDM
VRUV OH 0DÃWUH GH 'RQMRQ QH GHYUDLW HQ SODFHU TX
HQWUH  CQNMSKDTQClBHRHNMCDKDTQOQNOQDBGDEC@MRSNTRKDRB@R lS@MS
26
RDTKDLDMS DQ MHUD@T  KDR INTDTQR MD ODTUDMS O@R R±@SSDMCQD f @TQNMS ClIf KDTQ OQNOQD @QLD DSNT @QLTQD -DR ODQRNMM@FDR
@SSHQDQCDRBNLO@FMNMRC±@QLDRS@MSPT±HKRM±@TQNMSO@R@BBNL INTDTQRONTQQ@HDMSUNTKNHQL@KFQlSNTSKDTQ@BGDSDQCDK±lPTHOD
OKH@RRDYC
DWOKNHSRONTQF@FMDQTMODTCDQlOTS@SHNM"HMRH HKM±X LDMS@HMRHPTDCDR@QLDRNT@QLTQDRRTOOKlLDMS@HQDR¬ PT±HKR
@TQ@PTDCDBG@MBDRPT±TMODQRNMM@FDMNMINTDTQDMQw KDTQOQnSDQNMSNTAHDMLnLDKDTQNEEQHQNMS¬ONTQKDRADRNHMRCD
Kl ONTQ TMD @UDMSTQD RNHS TM BNLO@FMNM C±@QLDR þBDK@ M±@ K±@UDMSTQD/DO@RNTAKHDQC@MRBDB@RKfCDE@HQD@SSDMSHNM@TW
AHDMR|QO@RC±HLO@BSRTQK±@UDMSTQDDMDKKDLnLD L@HRk@ONTQ lUDMSTDKKDRQDRSQHBSHNMRHLONRlDRO@QKDTQRBK@RRDR
Q@HSDM@UNHQKNQRPT±HKE@TCQ@O@QKDQQlLTMlQ@SHNMÿ/NSDY @TRRH 
PT
@TBTMBNLO@FMNMC
@QLDRMDRDQUHQ@TMODQRNMM@FDCNMS *LONQS@MS KDR ODQRNMM@FDR MNMINTDTQR ODTUDMS @UNHQ CDR
KDMHUD@TDRSHMElQHDTQ@TRHDM ODQRNMM@KHSlR SQmR U@QHlDR $±DRS KD .@rSQD CD %NMINM PTH INTDQ@
 DMFQ@MCDO@QSHDKDTQQwKD LnLDRHBDRNMSKDRINTDTQRPTHKDTQ
-D MNLAQD CD ODQRNMM@FDR MNMINTDTQR CHRONMHAKDR ONTQ TM CNMMDMS KDR HMRSQTBSHNMR DS NQCQDR PT±HKR CNHUDMS RTHUQD ODMC@MS
FQNTODCDODQRNMM@FDRINTDTQRRDClSDQLHMDDMBNMRTKS@MSKD K±@UDMSTQD-D.%ODTSRNHSBGNHRHQKTHLnLDK@ODQRNMM@KHSlPT±HK
S@AKD@TPTHRTHSOTHRDMK@Mk@MSKDRClR@OOQNOQHlR-DMNLAQD UDTS CNMMDQ @T ODQRNMM@FD MNMINTDTQ  RNHS K@ ClSDQLHMDQ @T
CD BNLO@FMNMR C
@QLDRRDQU@MSR CHRONMHAKDR ClODMC DM E@HS G@R@QCDMK@Mk@MSKDRClRONTQBG@BTMDCDRB@SlFNQHDRRTHU@M
CTMNLAQDCDODQRNMM@FDRINTDTQROQlRDMSRC@MRKDFQNTOD¬ SDR @SSHSTCD  BNTQ@FD  B@Q@BSmQD  KNX@TSl -DR INTDTQR MD RNMS
OKTRHKXDM@ LNHMRHKX@TQ@CDBNLO@FMNMRC±@QLDRRDQU@MSR I@L@HR HMENQLlR CD K@ ODQRNMM@KHSl DW@BSD C±TM ODQRNMM@FD
CHRONMHAKDR MNMINTDTQ HKR K@ ClBNTUQHQNMS @T BNTQR CD K±@UDMSTQD O@Q KDR
 HMSDQ@BSHNMRPT±HKR@TQNMS@UDBKTHþBDCDQMHDQlS@MSHMSDQOQlSlO@Q
4@>A28?@?D52C>6D D6CG2?ED5:DA@?:3=6D KD.%ÿDSDMK±NARDQU@MS
 
  &KDQFHGH7URXYHUGHV A6CD@??2=:E¯5|F?A6CD@??286?@?;@F6FC
 &RPSDJQRQVG’$UPHV6HUYDQWV 
3HUVRQQDJHV-RXHXUV
 1RPEUH'LVSRQLEOH   $WWLWXGH
  &RXUDJH

  CDBG@MBD  4DQUH@AKDBNNOlQ@SHE  5lLlQ@HQDHMSQlOHCD
  CDBG@MBD  4DQUH@AKDBNNOlQ@SHE  $NTQ@FDTW
  CDBG@MBD  4DQUH@AKDBNNOlQ@SHE  /NQL@K
  CDBG@MBD  "O@SGHPTDO@QDRRDTW  /NQL@K
DSOKTR  "TBTMD  1DTEH@AKD  )lRHS@MS
  0ARSHMlOHM@HKKDTQ@TSNQHS@HQD  -gBGD
6MD ENHR PT
TM FQNTOD CD INTDTQR @ NASDMT PT
TM NT OKTRHDTQR    
ODQRNMM@FDR MNMINTDTQR @BBDOSDMS CD KDR @BBNLO@FMDQ DM  &DUDFW½UH
  /R\DXW¾

@UDMSTQD þBDBH f BNMCHSHNM AHDM R|Q PT±TM @BBNQC @T RTIDS CD  $TOHCDlFNsRSD  -NX@K
KDTQ QlLTMlQ@SHNM @HS lSl SQNTUlÿ  HK E@TS @KNQR ClSDQLHMDQ K@  /NQL@K  -NX@K
BK@RRDCDBDRODQRNMM@FDRDMK@Mk@MSTMClfE@BDRONTQ  /NQL@K  /NQL@K
BG@BTMC
DMSQDDTWOTHRDMBNMRTKS@MSK@S@AKDBHCDRRNTR  /NQL@K  /NQL@K
  /NQL@K  7DQR@SHKD
4=2DD6D56D4@>A28?@?D52C>6D D6CG2?ED  "KSQTHRSD  7DQR@SHKD
 
(TDQQHDQ $KDQB .@FHBHDM 5NTSRDQU@MSPTHRTQUHSfTMD@UDMSTQDODTS R±HKDRSAHDMSQ@HSlDS
(TDQQHDQ 7NKDTQ "TBGNHW @LOKDLDMS QlBNLODMRl  ClBHCDQ CD CDUDMHQ KD RTHU@MS þNT KD
(TDQQHDQ 7NKDTQ "TBGNHW BNLO@FMNM C±@QLDR EHCmKDÿ CD K±TM CDR ODQRNMM@FDR INTDTQR
$KDQB .@FHBHDM "TBGNHW $DBHClODMCQ@CDOKTRHDTQRE@BSDTQRK@ODQRNMM@KHSlCTODQRNM
 M@FDMNMINTDTQ KDRQlBNLODMRDRNTQlLTMlQ@SHNMRNASDMTDR
&WDLOKD 5QNHR ODQRNMM@FDR INTDTQR ¬ TM L@FHBHDM  TM FTDQQHDQ O@QBDCDQMHDQKNQRCDOQlBlCDMSDR@UDMSTQDR K@E@kNMCNMSHK@
DSTMUNKDTQ¬RNTG@HSDMS@TFLDMSDQK@ENQBDCDKDTQFQNTODDM lSlSQ@HSlO@QKDRODQRNMM@FDRINTDTQR K@ BNLOlSDMBDCDBDR
DMQwK@MSC±@TSQDRODQRNMMDR*KRNMSCDBG@MBDRCDSQNTUDQ CDQMHDQR  DS ¬ R@MR CNTSD KD OKTR HLONQS@MS ¬ KD BG@QHRLD C±TM
ODQRNMM@FDRMNMINTDTQRHMSlQDRRlRPTHlBNTSDQNMSBDPT±HKR ODQRNMM@FDINTDTQDMO@QSHBTKHDQ5NTRBDRE@BSDTQRCNHUDMSnSQD
NMS f OQNONRDQ DS PTH  RH K±NEEQD DRS Q@HRNMM@AKD  @BBDOSDQNMS OQHRDMBNMRHClQ@SHNMO@QKD.@rSQDCD%NMINM PTHOQDMCQ@@TRRH
OQNA@AKDLDMSCDRDINHMCQDfDTWONTQ@TLNHMRTMD@UDMSTQD DM BNLOSD KD E@HS PTD KDR ODQRNMM@FDR INTDTQR M±NMS ODTSnSQD
4±HKRQ@SDMSKDTQIDSCDONTQBDMS@FDDSMDO@QUHDMMDMSCNMBO@R O@RDMBNQD@BBNLOKH@RRDYC±DWOKNHSRMHNASDMTTMDQlOTS@SHNM
fSQNTUDQCDODQRNMM@FDRMNMINTDTQR @KNQRHKRRDQNMSNAKHFlRCD RTEEHR@MSD ONTQ ONTUNHQ @SSHQDQC±@TSQDR ODQRNMMDR f KDTQ RDQUHBD
O@QSHQfK±@UDMSTQDRDTKR CTLNHMRONTQBDSSDENHRKf 4±HK DRSHLD PTD KDR BNMCHSHNMR QlTMHDR R
@UmQDMS E@UNQ@AKDR  HK
 @RRHFMD@KNQRfTMODQRNMM@FDINTDTQTMDBG@MBDQ@HRNMM@AKD
6MDENHRPTDK@BK@RRDCDBG@PTDODQRNMM@FDMNMINTDTQ@lSl C±@SSHQDQTMRTHU@MS OTHRK@MBD@KNQRKDRClR7NTRCDUDYSNTSDENHR
ClSDQLHMlD þBDBH ODTS nSQD DEEDBSTl @U@MS LnLD PTD SNTSD F@QCDQ f K±DROQHS PTD KDR INTDTQR ODTUDMS @UNHQ CDR CHEEHBTKSlR f
NEEQD MD RNHS E@HSD O@Q KDR ODQRNMM@FDR INTDTQRÿ  HK E@TS DMRTHSD  @SSHQDQCDRBNLO@FMNMRC±@QLDRS@MSPT±HKRM±NMSO@R@BBQTKDTQ
ONTQBG@BTMCDBDRODQRNMM@FDR K@MBDQTMClfE@BDRDS DWOlQHDMBDDSKDTQMNSNQHlSl
BNMRTKSDQK@S@AKDBNQQDRONMC@MSfR@BK@RRD@EHMCDClSDQLHMDQ 
BDSSDENHRRNMMNLDSR@Q@BDþRDRRBNQDRCDB@Q@BSlQHRSHPTDRMD -@ KNX@TSl CD SNTS RTHU@MS RDQ@ DKKD @TRRH SDRSlD QlFTKHmQDLDMS 
RDQNMS SNTSDENHR O@R BNMMTR CDR INTDTQR S@MS PT±HK M±@TQ@ O@R DMQDOQDM@MSBG@PTDENHRDMBNMRHClQ@SHNMKDRLnLDRE@BSDTQR
@BBDOSlCDRDINHMCQDfKDTQFQNTODÿ4HTM@BBNQCDRSSQNTUlDS BHSlROQlBlCDLLDMS
PTDKDODQRNMM@FDMNMINTDTQRDINHMS@TFQNTOD KD.%CNMMD 
@KNQR @TW INTDTQR RDR RBNQDR CD B@Q@BSlQHRSHPTDR @HMRH PTD SNTR 
KDR ClS@HKR ODQSHMDMSR KD BNMBDQM@MS þPTH RNMS CNMMlR f K@ RTHSD 
CDBG@BTMDCDRKHRSDRCDBK@RRDRÿ-±@KHFMDLDMSC
TMODQRNMM@ 
FD MNMINTDTQ RDQ@ FlMlQ@KDLDMS BNLO@SHAKD @UDB BDKTH CDR 
@TSQDR LDLAQDR CT FQNTOD  AHDM PT±HK X @HS SNTINTQR TM E@HAKD 
þÿQHRPTDPT±TMODQRNMM@FDMNMINTDTQRNHSBG@NSHPTDL@T 
U@HRL@HR@EEHQLDKDBNMSQ@HQD BGDQBG@MS@HMRHfSQNLODQKDFQNT 
ODDSODTSnSQDLnLDfDMSHQDQOQNEHSRHK±NBB@RHNMRDOQlRDMSD 


-DR ODQRNMM@FDR MNMINTDTQR M±@TQNMS RTQ DTW PTD  OHmBDR
C±NQONTQKDTQRClODMRDRHLOQlUTDR%@MRK@OKTO@QSCDRB@R HKR 
27
 4=6C4D   7DEOHDX&

  4NHMCDR#KDRRTQDR-lFmQDR
'@QMDCCDK@(Q@MCDaFKHRDþ)TL@HMÿ  4NHMCDR#KDRRTQDR-lFmQDR
'N *MS 4@ $NM %DW $G  4NHMCDR#KDRRTQDR-lFmQDR
  %lSDBSHNMCT.@K
%NQG@L 4DQUHSDTQCD4@HMS$@QLHBG@DKþ)TL@HMÿ  %lSDBSHNMCDK@.@FHD
'N *MS 4@ $NM %DW $G  %lSDBSHNMCDK@.@FHD
  -TLHmQD
-D.XRSHPTDþ)TL@HMÿ  -TLHmQD
'N *MS 4@ $NM %DW $G  1QNSDBSHNMBNMSQDKD.@K
  1TQHEHB@SHNMCDK@/NTQQHSTQDDSCDK±&@T
.TKF@QKD.HRlQHBNQCHDTWþ)TL@HMÿ  "O@HRDLDMSCDK@1DTQ
'N *MS 4@ $NM %DW $G  3lRHRS@MBD@T'QNHC
 
4DDETKK
*LOHSNX@AKDþGTL@HMÿ 
'N *MS 4@ $NM %DW $G 
 8F6CC:6CD
1GHKFNþ)TL@HMÿ 
'N *MS 4@ $NM %DW $G #Q@MCNMþ)TL@HMÿ
 'N *MS 4@ $NM %DW $G
5@RRHS 4DQUHSDTQCD4@HMS$TSGADQSþ)TL@HMÿ 
'N *MS 4@ $NM %DW $G &UQNþ&KEDÿ
 'N *MS 4@ $NM %DW $G
8HKADQCKD5@BHSTQMDþ)TL@HMÿ 
'N *MS 4@ $NM %DW $G (KDMCNQKD2T@SQHmLDþ)TL@HMÿ
 'N *MS 4@ $NM %DW $G
,Q@BJXK±&MB@OTBGNMMlþ)TL@HMÿ 
'N *MS 4@ $NM %DW $G ;DEE@Mþ/@HMÿ
 'N *MS 4@ $NM %DW $G
(Q@LO@KCDK±aFKHRD4DBQmSDþ)TL@HMÿ 
'N *MS 4@ $NM %DW $G "KGN3DMF@SDþGTL@HMÿ
 'N *MS 4@ $NM %DW $G
/TON 4DQUHSDTQCD$DKTHPTH"OONQSDþ)TL@HMÿ 
'N *MS 4@ $NM %DW $G ,Q@FNCDR.NMS@FMDRþ/@HMÿ
 'N *MS 4@ $NM %DW $G
&FFNCDK@4@HMSD$NMEQlQHDþ)TL@HMÿ 
'N *MS 4@ $NM %DW $G 1DMCNQþ1DSHSD(DMRÿ
 'N *MS 4@ $NM %DW $G
-DR BKDQBR MNMINTDTQR NMS FlMlQ@KDLDMS @UDB DTW CD K±D@T 
AlMHSD @HMRH PT±TMD @QLD MNM SQ@MBG@MSD -±@QLD DS K±@QLTQD .NG@FKD7@F@ANMCþ)TL@HMÿ
PT±TM BKDQB MNMINTDTQ ONRRmCD ODTUDMS nSQD ClSDQLHMlDR DM 'N *MS 4@ $NM %DW $G
K@Mk@MSTMClfE@BDRONTQBG@BTMCDRS@AKD@TWBHCDRRNTR 
 /NQQHMKD#@QA@QDþ)TL@HMÿ
  $UPHV
   $UPXUH
 'N *MS 4@ $NM %DW $G
 .@RRTD  "TBTMD 
 .@RRTD  "QLTQDCDBTHQ -DESNþ1DSHSD(DMRÿ
 #gSNM  "QLTQDCDBTHQ 'N *MS 4@ $NM %DW $G
 .@QSD@T  "QLTQDCDBTHQDSANTBKHDQ 
 'Kl@T  $NSSDCDL@HKKDR 8DAADQ@MCT(Q@MC/NQCþ)TL@HMÿ
 'Kl@T  $NSSDCDL@HKKDRDSANTBKHDQ 'N *MS 4@ $NM %DW $G
 
5NTR KDR BKDQBR MNMINTDTQR RNMS CT OQDLHDQ MHUD@T DS ClSDQLH 4GN3DLANþ&KEDÿ
MDMSKDMNLAQDCDKDTQRONHMSRCDUHD@UDBTMClfE@BDR f 'N *MS 4@ $NM %DW $G
K±DWBDOSHNM CTBNLO@FMNM C±@QLDRHMClODMC@MSþBDKTHPTHRD 
INHMSCDRNMOQNOQDBGDEfTMD@UDMSTQD DSMNMO@RO@QKNX@TSl 1NTQClSDQLHMDQKDR@QLDRDS K±@QLTQDPTDONRRmCDTMFTDQQHDQ
MHBNMSQDTMDQlSQHATSHNM@TSQDPT
TMDO@QSCTATSHMÿ6MBNLO@ MNMINTDTQ K@MBDQTMClfE@BDRONTQBG@BTMCDRS@AKD@TW
FMNM C±@QLDR HMClODMC@MS BKDQB RDQ@ CT OQDLHDQ  CT RDBNMC BHCDRRNTR
NT CT SQNHRHmLD MHUD@T  BDBH ClODMC@MS CT QlRTKS@S NASDMT 
RTHSDfTMK@MBDQCDClRTQKDS@AKD@TRTHU@MS  $UPHV
   $UPXUH

  %@FTDDSG@BGD  #NTBKHDQRDTKDLDMS
  1LYHDX
 '¾VGH9LH
 6RUWV&RQQXV
  %@FTDDSlOlD  "QLTQDCDBTHQ
 1QDLHDQþ"BNKXSDÿ C "TBTM  )@BGD  "QLTQDCDBTHQDSANTBKHDQ
 1QDLHDQþ"BNKXSDÿ C "TBTM  .@RRDC±@QLDR  "QLTQDCDBTHQDSANTBKHDQ
 4DBNMCþ"CDOSDÿ C 5@AKD@T$ TMK@MBDQ  aOlD  "QLTQDCDBTHQDSANTBKHDQ
 4DBNMCþ"CDOSDÿ C 5@AKD@T$ TMK@MBDQ  aOlD  "QLTQDCDBTHQDSANTBKHDQ
 5QNHRHmLDþ1QnSQDÿ C 5@AKD@T$ CDTWK@MBDQR  aOlD  $NSSDCDL@HKKDR
 5QNHRHmLDþ1QnSQDÿ C 5@AKD@T$ CDTWK@MBDQR  "QLDC±G@RS  $NSSDCDL@HKKDR
  "QLDC±G@RS  $NSSDCDL@HKKDRDSANTBKHDQ
-DS@AKD@T$PTHRTHSDRSTSHKHRlONTQClSDQLHMDQ@Kl@SNHQDLDMSKD  .NQFDMRSDQM  $NSSDCDL@HKKDRDSANTBKHDQ
NTKDRRNQSRPTDKDBKDQBMNMINTDTQBNMM@rS-DRBKDQBRCDOQDLHDQ  'Kl@T  "QLTQDCDOK@SDR
MHUD@TMDONRRmCDMS@TBTMRNQS-DRODQRNMM@FDRINTDTQRBKDQBR  "QBBNTQSDSEKmBGDR  "QLTQDCDOK@SDRDSANTBKHDQ
M±TSHKHRDMS O@R BD S@AKD@T HKR BGNHRHRRDMS DTWLnLDR KDTQR RNQSR 
BNLLDHMCHPTlC@MRKDL@MTDKCDR3mFKDRCD#@RDCD% % 5NTRKDRFTDQQHDQRMNMINTDTQRRNMSCTOQDLHDQMHUD@TDSClSDQLH

28
MDMSKDMNLAQDCDKDTQRONHMSRCDUHD@UDBTMClfE@BDR f -DRL@FHBHDMRMNMINTDTQRMDONQSDMSO@RC±@QLTQDDSM±NMSDM
K±DWBDOSHNM CTBNLO@FMNM C±@QLDRHMClODMC@MSþBDKTHPTHRD FlMlQ@K ONTQ RDTKD @QLD PT±TMD C@FTD 5NTR KDR L@FHBHDMR
INHMSCDRNMOQNOQDBGDEfTMD@UDMSTQD DSMNMO@RO@QKNX@TSl MNMINTDTQR RNMS CT OQDLHDQ MHUD@T DS ClSDQLHMDMS KD MNLAQD
MHBNMSQDTMDQlSQHATSHNM@TSQDPT
TMDO@QSCTATSHMÿ6MBNLO@ CD KDTQR ONHMSR CD UHD @UDB TM Cl f  E@BDR  f K±DWBDOSHNM CT
FMNMC±@QLDRHMClODMC@MSRDQ@CTOQDLHDQ CTRDBNMCNTCT BNLO@FMNM C±@QLDR HMClODMC@MS þBDKTH PTH RD INHMS CD RNM
SQNHRHmLDMHUD@T BDBHClODMC@MSCTQlRTKS@SNASDMTRTHSDfTM OQNOQD BGDE f TMD @UDMSTQD  DS MNM O@R O@Q KNX@TSl MH BNMSQD
K@MBDQCDClRTQKDS@AKD@TRTHU@MS TMD QlSQHATSHNM @TSQD PT
TMD O@QS CT ATSHMÿ 6M BNLO@FMNM
 C±@QLDRHMClODMC@MSL@FHBHDMRDQ@CTOQDLHDQ CTRDBNMCNT
  1LYHDX
 '¾VGH9LH 
 CTSQNHRHmLDMHUD@T BDBHClODMC@MSCTQlRTKS@SNASDMTRTHSDf
 1QDLHDQþ7lSlQ@Mÿ C TMK@MBDQCDClRTQKDS@AKD@TRTHU@MS
 1QDLHDQþ7lSlQ@Mÿ C 
 4DBNMCþ$NLA@SS@MSÿ C   1LYHDX
 '¾VGH9LH
 6RUWV&RQQXV

 4DBNMCþ$NLA@SS@MSÿ C  1QDLHDQþ.lCHTLÿ C 5@AKD@T" TMK@MBDQ
 5QNHRHmLDþaOlHRSDÿ C  1QDLHDQþ.lCHTLÿ C 5@AKD@T" TMK@MBDQ
 5QNHRHmLDþaOlHRSDÿ C  4DBNMCþ%DUHMÿ C 5@AKD@T" CDTWK@MBDQR
  4DBNMCþ%DUHMÿ C 5@AKD@T" CDTWK@MBDQR
-DRFTDQQHDQRODSHSDRFDMRDSDKEDRTSHKHRDMSTMClfE@BDR  5QNHRHmLDþ*MUNB@SDTQÿ C 5@AKD@T" CDTWK@MBDQR
 DSS@AKD@T# TMK@MBDQ
  5QNHRHmLDþHMUNB@SDTQÿ C 5@AKD@T" CDTWK@MBDQR
>28:4:6?D DSS@AKD@T# TMK@MBDQ
 
1QDRSNþ&KEDÿ -DRS@AKD@TW"DS#PTHRTHUDMSRNMSTSHKHRlRONTQClSDQLHMDQ@Kl@
'N *MS 4@ $NM %DW $G SNHQDLDMSKDNTKDRRNQSRPTDKDL@FHBHDMMNMINTDTQBNMM@rS-DR
 L@FHBHDMRCDOQDLHDQMHUD@TMDK@MBDMSPT±TMDRDTKDENHRRTQKD
.DYKNþ&KEDÿ S@AKD@T"-DRODQRNMM@FDRINTDTQRL@FHBHDMRM±TSHKHRDMSO@RBDR
'N *MS 4@ $NM %DW $G S@AKD@TW HKR BGNHRHRRDMS DTWLnLDR KDTQR RNQSR BNLLD HMCHPTl
 C@MRKDL@MTDKCDR3mFKDRCD#@RDCD% %
/HBJ@Qþ)TL@HMÿ 
'N *MS 4@ $NM %DW $G   7DEOHDX$
 7DEOHDX%

  $G@QLDODQRNMMD #QTHS@FD
4GNA@EETLþ)TL@HMÿ  $G@QLDODQRNMMD -TLHmQD$NMSHMTDKKD
'N *MS 4@ $NM %DW $G  -TLHmQDR%@MR@MSDR 0ARBTQHSl
  %lSDBSHNMCDK@.@FHD %lSDBSHNMCT.@K
:NQþGTL@HMÿ  %lSDBSHNMCDK@.@FHD %lSDBSHNMCDK±*MUHRHAHKHSl
'N *MS 4@ $NM %DW $G  "FQ@MCHRRDLDMS &41
  'DQLDSTQD *MUHRHAHKHSl
3@KS(@HSGDQþ)TL@HMÿ  -TLHmQD *MUHRHAHKHSl
'N *MS 4@ $NM %DW $G  -TLHmQD 0TUDQSTQD
  1QNIDBSHKD.@FHPTD -lUHS@SHNM
'DMBHFþ&KEDÿ  1QNIDBSHKD.@FHPTD -NB@KHR@SHNMC±0AIDS
'N *MS 4@ $NM %DW $G  1QNSDBSHNMBNMSQDKD.@K #NTBGD.@FHPTD
  -DBSTQDCDR-@MFTDR *L@FD.HQNHQ
(KNLKD1THRR@MSþ)TL@HMÿ  -DBSTQDCDK@.@FHD 'NQBD'@MS@RL@FNQHPTD
'N *MS 4@ $NM %DW $G  #NTBKHDQ 1XQNSDBGMHD
  4NLLDHK 3@XNM"EE@HAKHRR@MS
5QDAADKNRKD.@FHBHDMþ)TL@HMÿ  4NLLDHK 3@XNM"EE@HAKHRR@MS
'N *MS 4@ $NM %DW $G  4NLLDHK 'NQBD
  %HRPTD'KNSS@MSCD5DMRDQ 5NHKD
#DRJ@.HKS@Qþ)TL@HMÿ  7DMSQHKNPTHD 7DQQNT.@FHPTD
'N *MS 4@ $NM %DW $G 
 
-@OONXK±*M@SSDMCTþ&KEDÿ 
'N *MS 4@ $NM %DW $G 
 
4TQE@Kþ)TL@HMÿ 
'N *MS 4@ $NM %DW $G 
 
 
 
 
 
 
 
 



 
 
 
 
 
 
 

29
 G@=6FCD 1NTQClSDQLHMDQK±@QLDDSK±@QLTQDPTDONRRmCDTMUNKDTQMNM
 INTDTQ  K@MBDQ TM Cl f  E@BDR ONTQ BG@BTM CDR S@AKD@TW BH
-TUDM%NHFSKlFDQþ1DSHSD(DMRÿ CDRRNTR
'N *MS 4@ $NM %DW $G 
   $UPHV
  $UPXUH

5QDCCNþ1DSHSD(DMRÿ  "TBTMD  "TBTMD
'N *MS 4@ $NM %DW $G  "TBTMD  "TBTMD
  %@FTD  "QLTQDCDBTHQ
#NYNLTRþ)TL@HMÿ  %@FTD  "QLTQDCDBTHQ
'N *MS 4@ $NM %DW $G  %@FTD  "QLTQDCDBTHQ
  %@FTD  "QLTQDCDBTHQ
&RSQ@;Nþ&KEDÿ 
'N *MS 4@ $NM %DW $G 5NTRKDRUNKDTQRMNMINTDTQRRNMSCTOQDLHDQMHUD@TDSClSDQLH
 MDMSKDMNLAQDCDKDTQRONHMSRCDUHD@UDBTMClfE@BDR f
-@FF@LTMCNþGTL@HMÿ K±DWBDOSHNM CTBNLO@FMNM C±@QLDRHMClODMC@MSþBDKTHPTHRD
'N *MS 4@ $NM %DW $G INHMSCDRNMOQNOQDBGDEfTMD@UDMSTQD DSMNMO@RO@QKNX@TSl
 MHBNMSQDTMDQlSQHATSHNM@TSQDPT
TMDO@QSCTATSHMÿ6MBNLO@
'DFFDMDQKD7HEþ)TL@HMÿ FMNMC±@QLDRHMClODMC@MSUNKDTQRDQ@CTOQDLHDQ CTRDBNMC
'N *MS 4@ $NM %DW $G NT CT SQNHRHmLD MHUD@T  BDBH ClODMC@MS CT QlRTKS@S NASDMT
 RTHSDfTMK@MBDQCDClRTQKDS@AKD@TRTHU@MS
.DYQNMþ/@HMÿ 
'N *MS 4@ $NM %DW $G   1LYHDX '¾VGH9LH &DSDFLW¾VGH9ROHXU
  
  1QDLHDQþ"OOQDMSHÿ C "
%QDAAþ)TL@HMÿ  1QDLHDQþ"OOQDMSHÿ C "
'N *MS 4@ $NM %DW $G  4DBNMCþOHDCEDTSQlÿ C #
  4DBNMCþ1HDCEDTSQlÿ C #
1NRSTDþ&KEDÿ  5QNHRHmLDþ-@QQNMÿ C $
'N *MS 4@ $NM %DW $G  5QNHRHmLDþ-@QQNMÿ C $
 
)@QFCDK@$HSl-NHMS@HMDþ)TL@HMÿ 
'N *MS 4@ $NM %DW $G 
 
"ESNM#NQQþ)TL@HMÿ 
'N *MS 4@ $NM %DW $G 
 
4ONQQ@FG@þ/@HMÿ 
'N *MS 4@ $NM %DW $G 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

30
 76F:==6564@?E6IE6A@FC=6D;@F6FCD


7NHBHKDRHMENQL@SHNMR CD BNMSDWSDFlMlQ@KPTDSNTRKDRINTDTQR A@QA@QD C@MR TM ClEHKl lSQNHS DMSQD KDR BNKKHMDR DS QDONTRRmQDMS
CNHUDMSKHQD@U@MSC±DMS@LDQKDTQOQDLHmQD@UDMSTQD ClEHMHSHUDLDMS K±HMU@RHNM 3NF@GM L@RR@BQ@ TMD GNQCD CD A@Q
 A@QDRfKTHSNTSRDTKS@MCHRPTDK@L@FHDCD;DKKHF@QLDSS@HSDM
3NF@GMKD)@QCHDS;DKKHF@QK±aMHFL@SHPTDRNMSCDRMNLRKlFDM ETHSD KD QDRSD CD KDTQ @QLlD $D ETS TMD FQ@MCD UHBSNHQD  DS K@
C@HQDR.nLDUNTR IDTMD@UDMSTQHDQR@MRDWOlQHDMBDC@MRTMD ONOTK@SHNMQDBNMM@HRR@MSDQlBNLODMR@KDRCDTWGNLLDR@HMRH
UHKKDlKNHFMlDCDRFQ@MCDRBHSlRCDBDLNMCD BNMM@HRRDYKDTQ PTDKDTQR BNLO@FMNMRC±@QLDRDMKDTQNEEQ@MSTM SQlRNQ BNMRH
QlOTS@SHNM¬DSBDBH@KNQRPTDKDTQKlFDMCD@BNLLDMBlAHDM ClQ@AKD"OQmRk@ KDRCDTWGlQNRQDSNTQMmQDMSC@MRKDTQQDETFD
KNMFSDLOR @U@MS UNSQD M@HRR@MBD -DR @MBHDMR DS KDR R@FDR RDBQDS DSK@QTLDTQCHSPTDKDEQTHSCDKDTQUHBSNHQDETSTSHKHRlONTQ
OQNMNMBDMSKDTQRMNLR@UDBQDRODBS DSLnLDBQ@HMSD DSQDR ONTQRTHUQDKDRSQ@U@TWCDBNMRSQTBSHNM AHDMPT±HKRNHSENQSONRRHAKD
RDMSDMSDMBNQDTMDU@FTD@CLHQ@SHNM@TRNTUDMHQCDBDRCDTW PT±TMDO@QSHDCDBDRQHBGDRRDRRNHSDMBNQDB@BGlDKfA@R
BlKmAQDRODQRNMM@FDR¥ 
 
7NTR@UDYClIfDMSDMCTCDRAQHADRCDKDTQGHRSNHQD@TO@Q@U@MS  -DRO@QSHDRKDROKTRQlBDMSDRCDK@KlFDMCDRNMSlF@KDLDMSKDR
L@HRI@L@HR@RRDYONTQDMBNMM@rSQDK@SNS@KHSl MHLnLDR@UNHQ OKTR HMSlQDRR@MSDR *K X @ OKTRHDTQR @MMlDR CD BDK@  ODMC@MS K@
BDPTHDRSUQ@HDSBDPTHM±DRSPTDKlFDMCDNTROlBTK@SHNM`@ ClBDMMHD PTH @ OQlBlCl UNSQD M@HRR@MBD  3NF@GM DS ;DKKHF@Q
MDE@HSPTDQDMENQBDQUNSQDDMUHDC±DM@OOQDMCQDOKTR ClBHCmQDMS @OO@QDLLDMS CD LDMDQ DMRDLAKD TMD HMBTQRHNM
 C@MRKDRSDQQDRCDRA@QA@QDRS@MSClSDRSlR&LLDM@MS@UDBDTW
3NF@GM KD )@QCH CNHS RNM QDMNL f RDR S@KDMSR FTDQQHDQR DWBDO K@ OKTO@QS CD KDTQR BNLO@FMNMR C±@QLDR DS @RRNBHlR @T RDHM
SHNMMDKR DSR@QlOTS@SHNMR±DRSOQNO@FlDSQmRKNHMfSQ@UDQRSNTSKD C±TMD SQNTOD ENQSDLDMS @QLlD  KDR CDTW ODQRNMM@FDR @TQ@HDMS
O@XR ;DKKHF@Q K±aMHFL@SHPTD  SNTS @TRRH QDMNLLl  @ F@FMl RNM RDLAKDSHK CHRO@QT C@MR KDR SDQQDR lSQ@MFmQDR DS HMSDQCHSDR CT
ONTUNHQDSRNMRS@STSQDRODBSlFQgBDfR@OQ@SHPTDL@rSQHRlDCDR MNQCKNQRC±TMDFQ@MCD@UDMSTQDPTH RDKNMKDRCHQDRCDBDQS@HMR 
@QSRLXRSHPTDRCDK@L@FHDDSCDK@RNQBDKKDQHD @TQ@HSOTKDTQnSQDBNLL@MCHSlDO@QKDRCHDTWDTWLnLDR
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1DQRNMMD MD R@HS PTDKKD BHQBNMRS@MBD NT BNsMBHCDMBD @ QlTMH -@ RDTKD MNTUDKKD PTH O@QUHMS ITRPT±f K@ BHUHKHR@SHNM O@QKD C±TMD
BDR CDTW GNLLDR  L@HR KDR QlBHSR O@QKDMS CD KDTQ QDMBNMSQD DS FQ@MCD A@S@HKKD C@MR KDR SDQQDR CDR A@QA@QDR CTQ@MS K@PTDKKD
CDK@OQNENMCD@LHSHlPTHDMClBNTK@ TMDCDBDR@LHSHlRPTH 3NF@GMDS;DKKHF@QRDQ@HDMSLNQSR$DRTOONRl@EEQNMSDLDMSRD
RNMSlSDQMDKKDR"OQmRBDSSDQDMBNMSQD SNTINTQRRDKNMK@KlFDMCD  RDQ@HSClQNTKlHKX@OKTRHDTQR@MMlDR L@HRNMDM@PTDODTCD
KDRCDTWGNLLDRNMS@KNQRBNLOKmSDLDMSCHRO@QT%DSDLORf ClS@HKR¬DS@TBTMDOQDTUDCDR@UlQ@BHSl-@ RDTKD BGNRDPTH
@TSQDRQDRRTQFHRRDMSCDRQTLDTQRfOQNONRC±TMDMCQNHSRDBQDSAgSH RNHS BDQS@HMD  RH SNTS BDBH DRS UQ@H  B±DRS PTD 3NF@GM DS ;DKKHF@Q
RTQ TMD BNKKHMD QNBGDTRD @T OKTR OQNENMC CDR SDQQDR R@TU@FDR  RNMSO@QSHRCDOTHRAHDMSQNOKNMFSDLOR¥4HRDTKDLDMSPTDKPT±TM
KNHMCDSNTSKHDTC±G@AHS@SHNMDSCDSNTSDQNTSD¬L@HRHKRDLAKD @U@HSKDRBNMM@HRR@MBDRDSKDRLNXDMRONTQKNB@KHRDQKDTQQDETFD
PTDODQRNMMDM±DMR@BGDOKTRPTD k@ MHN{ONTQQ@HSUQ@HLDMS RDBQDS HKX@TQ@HSKfCDPTNHDWOKNQDQ
RDSQNTUDQBDSSDRTOONRlDB@BGDSSD RHS@MSDRSPT±DKKDDWHRSD%D 
LnLD AHDMPTDODQRNMMDM±DMRNHSR|Q BDQS@HMRCHRDMSPTDKDTQ .@HRSNTSQlBDLLDMSDRS@OO@QTDTMDHMENQL@SHNMSQmROQNLDS
LNSHU@SHNMlS@HSFTHClDO@QTMClRHQBNLLTMC±DMQHBGHRRDLDMS SDTRD¬TMDB@QSDFQNRRHmQDBDMRlDHMCHPTDQKDBGDLHMITRPT±@T
ODQRNMMDK @HMRH PT±TM U@FTD þNT BG@NSHPTDÿ ODMBG@MS ONTQ KD QDO@HQD RDBQDS CDR CDTW GNLLDR  TM DMCQNHS @OO@QDLLDMS
L@K$DPTHDRS@UlQl B±DRSPT±HKRBGNHRHQDMSCDUHUQDKNHMCDSNTS  MNLLl 2 7NTR NT K±TMD CD UNR BNMM@HRR@MBDR ONRRlCDY
MD RNQS@MS CD KDTQ QDSQ@HSD PTD ONTQ PTDKPTDR @UDMSTQDR NBB@ BDSSD B@QSD DSRHDKKDDRSDW@BSD DKKDONTQQ@HSAHDMUNTRLDMDQ
RHNMMDKKDR@EHMC±@BBQNrSQDKDTQQlOTS@SHNM ITRPT±f K±DMCQNHS E@ATKDTW PTH lS@HS KDTQ ENXDQ DS KDTQ R@MBST@HQD
 2TH R@HS PTDKR SQlRNQR RD SQNTUDMS Kf  @SSDMC@MS C±nSQD Q@L@RRlR
%DMNLAQDTRDR@MMlDRR±lBNTKmQDMS@HMRH ITRPT±@TINTQN{TMD 0TH KDRQHRPTDRRNMSSQmRlKDUlR L@HRTMSDKClEHCNHSnSQDQDKDUl
HMU@RHNML@RRHUDCDA@QA@QDRClEDQK@CDOTHRKDRBNMSQlDRMNQCH 3@RRDLAK@MSPTDKPTDRTMRCDUNRBNLO@FMNMR UNTRO@QS@FDY
PTDR  K@ UHNKDMBD DWSQnLD CD BDSSD GNQCD HMBNMSQwKlD LDM@ @UDBDTWUNSQDRDBQDSDSDLA@QPTDY@KNQRONTQTMD@UDMSTQDDM
k@MSC±DMFKNTSHQSNTSKDO@XR&SB±DRS@TLNLDMSN{K@RHST@SHNM PTnSDCDK±HMBNMMT¥
RDLAK@ K@ OKTR ClRDROlQlD PTD 3NF@GM KD )@QCH DS ;DKKHF@Q 
K±aMHFL@SHPTD EHQDMS TMD Ql@OO@QHSHNM HM@SSDMCTD L@HR FQ@MCD /NSD BDQS@HMR CDR INTDTQR ODTUDMS BNMM@rSQD CDR HMENQL@SHNMR
LDMS@OOQlBHlD6MHRR@MSKDTQRENQBDR KDRCDTWGNLLDRDSKDTQ RTOOKlLDMS@HQDR RNTR ENQLD CD QTLDTQR NT KlFDMCDR ENTQMHDR
SQNTOD CD EHCmKDR BNLO@FMNMR C±@QLDR @EEQNMSmQDMS K±@QLlD O@QKD.@rSQDCD%NMINM
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=:DE6D56A6CD@??286DAC¯E:C¯DA@FC=6D;@F6FCD ÿ $NNOlQDY @UDB KDR @TSQDR INTDTQR DS SQ@U@HKKDY DMRDLAKD
 KNQRPTD UNTR nSDR DM @UDMSTQD 3@OODKDYUNTR PTD ONTQ SNTSD
-DR KHRSDR BHCDRRNTR OQNONRDMS  ODQRNMM@FDR ONTQ BG@BTMD DWOlCHSHNM DM CNMINM NT C@MR CDR BNMSQlDR R@TU@FDR  @UNHQ
CDRPT@SQDBK@RRDR DMCNMM@MSKDTQMNLDSKDTQQ@BD-D.@rSQD TMDANMMDCHUDQRHSlCDBK@RRDRCDODQRNMM@FDRMDONTQQ@nSQD
CD %NMINM ONRRmCD CDR KHRSDR OKTR ClS@HKKlDR RTQ KDRPTDKKDR RD PTDAlMlEHPTD B@QKDRB@O@BHSlRROlBH@KDRCDBG@BTMCDBDR
SQNTUDMSKDTQRRBNQDRCDB@Q@BSlQHRSHPTDRDS@TSQDRHMENQL@SHNMR ODQRNMM@FDR CHEElQDMSR BNLOKmSDQNMS BDKKDR CDR @TSQDR DS BDBH
 MDEDQ@PT±@BBQNrSQDK±DEEHB@BHSlCTFQNTOD
  &OHUFV
   *XHUULHUV
 
 '@QMDCCDK@(Q@MCD  #Q@MCNMþ)TL@HMÿ ÿ -NQRPTD UNTR nSDR DM @UDMSTQD  MD RNXDY MH SQNO OQDRRl  MH
aFKHRDþ)TL@HMÿ  &UQNþ&KEDÿ SQNOK@LAHM4HUNTR@KKDYSQNOUHSDCTQ@MSUNSQDDWOKNQ@SHNM UNTR
 %NGQ@L 4DQUHSDTQCD4@HMS  (KDMCNQKD2T@SQHmLD QHRPTDQDYCDLDSSQDUNRBNLO@FMNMR@HMRHPTDUNTRLnLDDM
$@QLHBG@DKþ)TL@HMÿ þ)TL@HMÿ C@MFDQDSCDSNLADQC@MRSNTRKDROHmFDRDSSQ@PTDM@QCRPTD
 -D.XRSHPTDþ)TL@HMÿ  ;DEE@Mþ/@HMÿ UNTRQDMBNMSQDQDY4HUNTRnSDRSQNOKDMS UNTRODQCQDYTMSDLOR
 .TKF@QKD.HRlQHBNQCHDTW  "KGN3DMF@SDþ)TL@HMÿ OQlBHDTW DS ONTQQDY nSQD @SS@PTl O@Q OKTR CD LNMRSQDR DQQ@MSR
þ)TL@HMÿ  ,Q@FNCDRLNMS@FMDR PTD K@ MNQL@KD R@MR @UNHQ EHM@KDLDMS @BBNLOKH PTNHPTD BD
 4DDETKK±*LOHSNX@AKD  þ/@HMÿ RNHS$±DRSfENQBDCDINTDQPTDUNTRSQNTUDQDYKDANMQXSGLD DS
þ)TL@HMÿ  1DMCNQþ1DSHSD(DMRÿ OTHRUNTRONTUDYSNTINTQRBNLOSDQRTQKDRBNMRDHKRCDUNSQD.%
 1GHKFNþGTL@HMÿ  .NG@FKD7@F@ANMC 
 5@RRHS 4DQUHSDTQCD4@HMS  þ)TL@HMÿ ÿaUHSDYCDUNTRPTDQDKKDQ-NQRPTDCDRClR@FQlLDMSRUHDMMDMS
$TSGADQSþGTL@HMÿ  /NQQHMKD#@QA@QD BNMSQ@QHDQTMD@BSHNMDMBNTQR BDPTH@QQHUDQ@CDSDLORf@TSQD 
 8HKADQCKD5@BHSTQMD  þ)TL@HMÿ KDRINTDTQRCDUQ@HDMSCHRBTSDQSQmRUHSDCDRNOSHNMRPTHR±NEEQDMSf
þ)TL@HMÿ  -DESNþ1DSHSD(DMR DTW DS @QQHUDQ Q@OHCDLDMS f TM BNMRDMRTR @EHM CD QlFKDQ K@
 ,Q@BJXK±&MB@OTBGNMMl  8DAADQ@MCT(Q@MC RHST@SHNM4DCHROTSDQC@MRTMCNMINMMDEDQ@PTDBQlDQCTAQTHS
þGTL@HMÿ /NQCþ)TL@HMÿ PTH ONTQQ@HS @SSHQDQ CDR LNMRSQDR DQQ@MSR 4TQSNTS  Q@OODKDYUNTR
 (Q@LO@KCDK±aFKHRD  4GN3DLANþ&KEDÿ PTD% %M±DRSPT±TMIDTDSPTDSNTSDRKDRQ@MBTMDRCDUQ@HDMS
4DBQmSDþ)TL@HMÿ nSQD@TRRHSwSNTAKHlDR
 /TON 4DQUHSDTQCD$DKTH   
PTH"OONQSDþ)TL@HMÿ ÿ 4NXDY RTQ UNR F@QCDR /D RNXDY O@R DWBDRRHUDLDMS OQTCDMS 
 &FFNCDK@4@HMSD$NMEQl   L@HR R@BGDY PTD BDQS@HMR ODQRNMM@FDR MNMINTDTQR ONTQQ@HDMS
QHDþ)TL@HMÿ DRR@XDQ CD UNTR SQNLODQ  PTD C±@TSQDR INTDTQR ONTQQ@HDMS UNTR
 SQ@GHQ DSPTDKNQRPTDUNTRnSDRDM@UDMSTQD CDROHmFDRDSCDR
SQ@PTDM@QCR @SSDMCDMS BDKTH PTH M
DRS O@R RTQ RDR F@QCDR #HDM
  0DJLFLHQV
   9ROHXUV
 R|Q UNTRMDONTQQDYO@RBNMRS@LLDMSlUHSDQBG@BTMDCDBDR
 1QDRSNþ&KEDÿ  -TUDM%NHFSKlFDQþ1DSHSD
 .DYKNþ&KEDÿ (DMRÿ DLA|BGDRþnSQDBNMEQNMSl@TCNTSDE@HSO@QSHDCTOK@HRHQDSCDR
 /HBJ@QþGTL@HMÿ  5QDCCNþ1DSHSD(DMRÿ ClEHR PTD OQNBTQD KD IDTÿ  @TRRH MD RNXDY O@R RTQOQHRRH SNTS M±DRS
 4GNA@EETLþ)TL@HMÿ  #NYNLTRþGTL@HMÿ O@RSNTINTQRBNLLDHKRDLAKDK±nSQD
 :NQþ)TL@HMÿ  &RSQ@;Nþ&KEDÿ 
 3@KS(@HSGDQþGTL@HMÿ  -@FF@LTMCNþ)TL@HMÿ ÿ5Q@HSDYAHDMSNTSRDQU@MSNTBNLO@FMNMC±@QLDR4HUNTRKDR
 'DMBHFþ&KEDÿ  'DFFDMDQKD7HE QlBNLODMRDYFlMlQDTRDLDMSDSMDKDRDWONRDYO@RfCDSQNO
 (KNLKD1THRR@MSþ)TL@HMÿ þGTL@HMÿ FQ@MCROlQHKR@TWPTDKRUNSQDOQNOQDODQRNMM@FDMDUNTCQ@HSO@R
 5QDAADKNRKD.@FHBHDM  .DYQNMþ/@HMÿ E@HQD E@BD KTHLnLD  @KNQR UNTR ONTQQDY UNTR @SSDMCQD f TMD
þ)TL@HMÿ  %QDAAþGTL@HMÿ EHClKHSlfSNTSDlOQDTUDþAHDMPT±HKOTHRRDAHDMR|QSNTINTQRX@UNHQ
 #DRJ@.HKS@QþGTL@HMÿ  1NRSTDþ&KEDÿ CDRDWBDOSHNMRÿ
 -@OONXK±*M@SSDMCT  )@QFCDK@$HSlKNHMS@HMD 
þ&KEDÿ þ)TL@HMÿ ÿ $NMM@HRRDY UNR KHLHSDR 7NSQD FQNTOD ODTS MD O@R nSQD CD
 4TQE@Kþ)TL@HMÿ  "ESNM#NQQþ)TL@HMÿ S@HKKDE@BDfBG@PTDLNMRSQDQDMBNMSQl @TRRHR±@UmQDSHKO@QENHR
   4ONQQ@FG@þ/@HMÿ O@X@MSCDR@UNHQPT@MCDSBNLLDMSETHQCDU@MSKDC@MFDQ%D
 LnLD  TMD @UDMSTQD DM CNMINM ODTS CDUNHQ nSQD lBNTQSlD RH
7NSQD.@rSQDCD%NMINMONRRmCDSNTSDRKDRHMENQL@SHNMRMlBDR UNSQD FQNTOD RD SQNTUD DM L@TU@HRD ONRSTQD DSNT SQmR @EE@HAKH
R@HQDRBNMBDQM@MSK±TSHKHR@SHNMCDBDRKHRSDR 4NTUDMS HKE@TCQ@OKTRPT±TMD@UDMSTQDONTQ@BBNLOKHQBDQS@HMR
 NAIDBSHER  DS HK RDQ@ MlBDRR@HQD CD QDRRNQSHQ C±TM CNMINM ONTQ
 FTlQHQKDRAKDRRTQDR QDRS@TQDQKDRB@O@BHSlRL@FHPTDR @HMRHPTD
 KDRRNQSR DSQDMENQBDQKDFQNTOD
4@?D6:=DA@FC=6D;@F6FCD 
 ÿ6SHKHRDYUNSQDSnSD-@OKTO@QSCDR NAIDBSHERPTDKDRODQRNMM@
-DR INTDTQR ClATS@MSR CDUQ@HDMS OQNEHSDQ CD PTDKPTDR BNMRDHKR FDRRDRNMSEHWlRC@MRKDIDTODTUDMSnSQD@SSDHMSO@QK±TR@FDCD
A@RHPTDR@U@MSC±DMS@LDQKDTQB@QQHmQDf% % B±DRSONTQPTNH K@ENQBDDSCDK@L@FHD%±@TSQDR BDODMC@MS CDL@MCDQNMSCT
MNTRONQSNMRfKDTQ@SSDMSHNMKDRPTDKPTDRONHMSRRTHU@MSR ANMRDMRDSTMITFDLDMSODQROHB@BD @HMRHPTDCDK@ClCTBSHNM
 KNFHPTD -DR INTDTQR PTH QlTRRHRRDMS KD LHDTW RNMS BDTW PTH R@
ÿ 4NXDY TM INTDTQ NQF@MHRl 5DMDY AHDM f INTQ SNTR KDR ClS@HKR UDMSL@MHDQBDRCDTW@RODBSRCTIDT
BNMBDQM@MS UNSQD ODQRNMM@FD þDWOlQHDMBD  B@O@BHSlR  NAIDSR 
ONRRlClR  DSBÿ  @TRRH AHDM C@MR UNSQD OQNOQD HMSlQnS PTD ONTQ ÿ% %DRSTMIDTCDQwKD DSB±DRSCNMBDMHMSDQOQlS@MSUNSQD
@HCDQKD.@rSQDCD%NMINM ODQRNMM@FD PTD UNTR UNTR @LTRDQDY KD OKTR &MCNRRDY K@
 ODQRNMM@KHSl CD UNSQD ODQRNMM@FD DS HLLDQFDYUNTR SNS@KD
ÿ(@QCDYSNTINTQRfK±DROQHSPTDKD.@rSQDCD%NMINMDRSKDLN LDMSC@MRK±@LAH@MBDCTIDT OQDM@MSOK@HRHQfK±TMHUDQRE@MS@RSH
ClQ@SDTQCTIDT DSPT±DMS@MSPTDSDK HKLlQHSDK@BNNOlQ@SHNM  PTD C@MR KDPTDK UNTR lUNKTDY @HMRH PT±f K±HMSDQ@BSHNM @UDB KDR
K@BNMRHClQ@SHNMDSKDQDRODBSCDSNTRKDRINTDTQR4HUNTRM±nSDR @TSQDRINTDTQRDSKD.@rSQDCD%NMINM
O@RC±@BBNQC@UDBKTH E@HSDRU@KNHQUNSQDONHMSCDUTDCDE@kNM 
ONMClQlD L@HRSNTSDMR@BG@MSPTD DMS@MSPT±@QAHSQDCTIDT  "LTRDYUNTRAHDM DSANMMDBG@MBD
B±DRS R@ ClBHRHNM EHM@KD PTH OQHLDQ@ DS PTD UNTR CDUQDY CNMB 
K±@BBDOSDQ¬@OQmRSNTS Q@OODKDYUNTRPTDUNTRONTUDYMDO@R 5Q@CTBSHNMDSLDO'YHUJJXGHQ
BNMM@rSQD SNTR KDR SDM@MSR DS @ANTSHRR@MSR CD K@ RHST@SHNM DM 
Ce module est une traduction non officielle réalisée dans un but non lucratif, et ne peut en
BNTQRDSPTDCDSNTSDE@kNM SNTSM±HQ@O@RSNTINTQRC@MRUNSQD aucun cas être vendu. Les textes et les illustrations appartiennent à leurs auteurs respectifs et à
RDMR Wizard of the Coast / Hasbro

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