!"#$%&' &(&) &"*%+&),+-,+%( .

/)$&+#&0

123&%4%&(/ 5%2+/"%&
607&+-%),"*/&
8&%+,*%&'
90 :;<=>?@0 A!A0 :1BC1 <;>1@' <!71D@<!E:?@ 1=@ !BC;E=D!@<!>@>!?@
90 8@!@' !D@;<=>@ <!71D@<@ 1=@ @B=>!B@F? 1DD18!:1B@D1B 7;F@1D@

!"! #$%&'()%*+ ,$%-.'(%$/& +)0%$'(-&% /'% .)1/$%.)23+%$/& +)&%$$)%*"

!"4 #$%&'()%*+ )$%-.'(%$/& 0/5%6/&%7 8%6+./+&/& 0/5%6/&% /'% 0+$$/& %-$$/%&
926%)&)%& )(%&5%*+ /$%&'(-&%*7 :/$$%; 1%'(+$5/%* /'% <%5)(/*+ =+$'/%*"
!"> #/$&%&5+ ?,,"%$/& /$$/:/%.5)%7 %12+.-')23+%$/& 1/$$/(%$*-&'(% /'% :%'%(*%
6+.)')*+%*"

60 8@!@' 1E=@=; <!71D@<@D1B 1D@!F;B=>@ 8@=@>F@=E;@

4"! @/0/& =/$$% A%$.)2'%7 (/$:%')%* /'% +&5+$)+%* 8%B%$$+%&"

4"4 @)1/$%.)23+ 3+5/$%'-%$/& /$/5-% C!DEF/*+ A+&2')'-()+%G7 (/&'$%.)23+%;
3).)'%$)23+% /'% 2-1)$%&+'%2-& 6%$'/*%'-%"
4"> H%1/'(% 6$)1%'-%$/& :%$%)6/&%7 I%-&J/$$/:)3/&%$/& )&5%$:%1/'(/%; .-$$%$/&
5/2%3+$')(%()+% /'% (/$:%J2)2'/3%"
4"E K/3+*$%')(%()+ 2%)%*/$%7 !DLD*+ )$%-.'(% /'% ," 9$$/6-1.)*%"
4"F M/$$/(%$*-&'(%$/& 2)2'/3%7 *%()*)23+% /'% 1+'/$/J'N%&5%*/'%"

G0 8@!@' @<C@F1=@ E?>!?H1F?B?:!F?@F A!A0:1BC1@B

>"! ,&5-2'$)%.)(%()+%$/& 0%2'%6/&%*7 3/%'(%$)'(%; 1-$5)&1)5/% /'% .-$$%.5/

%&)('%2-&% CA%'%.-&)% /'% M)(*%)%G"
>"4 ,&5-2'$)%.)(%()+%$/& +&5+$)+%*7 -$1%&)(%()+% /'% +&5+$)+ 2+()%.%*"
>"> 92*.%1+'(%$/& :+$%*%5% /'% %1+.)()+%"

60 :;<=>?@0 71DD1>@DF;B=>@D1B FD!E!@ 1=@ !!01DD1I;7<!F@ J9KLKH 9LGMN

O0 8@!@' :?B@DF!@D1B 7;F@1D@

E"! A$)2) *+.+&)%.%*7 A-1% /'% O%$+*+"

E"4 @%&:)./ 3-:)3/&5-%$/& %&)('%2-&%7 P&%$*)23+% /'% Q+()%.)23+%"
E"> R6+2)()+%$/& )&5%$$%7 9$$/6-1.)*%&)23+%; A%'%.-&)%*+ /'% /-2*%.
8%()+&%.)23+%"
E"E M/$$/(%$*-&'(%$/& *$)2)%$) /3%&5%*+ )$'/&1)5/ %-'+$)'%$)+%7 S$)3+ 5/
T)U/$%$/& 5)*'%5-$%$/& /(%-:%$$)%*"

P0 8@!@' !!0 1DD1I;7<!F@

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

!
F"! O+&%$*)%$/& /$+$)%.5)% /'% /$$/6-1.)*%$/& %.5%$$)*%6/&%" !V>!*+
A+&2')'-()+%"
F"4 M)-$'/*+ /$$/B+$3)2'%"
F"> M)-$'/*+ /$$%5)*%.JW/5)2'%"
F"E X/$$) #$+&'/%" 92'%'- *+.6/%$/& %-$$/*%$)%* /'% *%-2%*"

G0 :;<=>?@0 81DD@ 1=@ QD@BF!E:?@D1B 8@D@!I1B@

M0 8@!@' 81DD@ >!7!<@
L"! =/$$%$/& 1).%*%/$% *$+&+.+:)*+% /'% &%()+%$'/*+ 6%$'/ 0%$'(/%"
L"4 92'%'- B$%&*)2'%$/& /$%)*-&'(%"
L"> 9$$/6-1.)*%$/& %'(/%.5/%"
L"E =/$$%$/& +&5+$)+ 5/3+:$%B)*+%*"
R0 8@!@' C!F=@C;D@ QD@BF!E=@
Y"! #$%&*)23+%$/& /(%-:%$$) +$+*+$$%*" Q+2'/&:- 2+()%.%* /'% B%3).)%
6+.)')*+%*"
Y"4 9$$/6$/2)+ B$%&*)2'% C:/$$%& /'% :/$$% +&5+$/&G"
Y"> M).%*%/$% 6+.)')*+% /'% &%()+%$'/*+ /:+/$% @/0/& #$%&*)23+%& C!V>VJ!VFVG"
Y"E M).%*%/$% 6+.)')*+% /'% &%()+%$'/*+ /:+/$% K/2%$$+..)23+%$/& :%$%)%&"
Y"F 9*+&+3)% B$%&*)23+%$/& :%$%)%&7 %-'%$*)%')* 5/2%$$+..)23+$%"
Y"L 9$$/:)3/&%$/& *+&'$%*+ +6+2)()+%"
Y"Y P.5%*/'% 2+()%.%* #$%&*)23+%&"

O0 :;<=>?@0 1EI@!B!@ :1BC1 7;F@1D@B' =D@B=E!>!? C1:?FD@=!F?@S 8<?7@<!>@>!?@

1=@ B1?<!71D@<!E:?@ J9LRMH 6TTTN

K0 8@!@' =D@B=E!>!?@ 1=@ @<C@F1=@ I?<!=!F?@

D"! 926%)&)%*+ Z$%&'2)()+%7 #$%&W+$/& 0/$)+'(%')* !VYY*+ 0%-'/2*-&5//'%$%"
D"4 Q/&5+'(/ 5/3+*$%')*+%" !VYD*+ A+&2')'-()+%" 4>J# /2'%'- *+.6/')* !VD4*+
0%-'/2*-&5//'%$%"
D"> P-'+&+3)/& 926%)&)%7 :%$%6/&%; .-$$%.5/J:%'%(*%*; '/$$+$)23+% /'%
/2'%'-%$/& )&5%$*/$)%"
D"E 8%()+%$'/*+ 0%$$/3%&%* /'% 9-$+6%*+ )&'/:$%()+% C999; 9M; 8PZR; =+.*+%$/&
/'% M%.*%&/'%*+ :/$$%*G"
D"F O/3+$)% 5/3+*$%')*+%$/& %:/$6/&%7 ./0/& /N0-3%()+/'%')* 3/3+$)%J./://'%$%"

L0 8@!@' @<C@F1=@ 1F?B?:!F?@F 1=@ E?>!@<@F

V"! Q)2'/3%$/& *$)2) /*+&+3)*+%*7 D["/*+ 0%3%$*%5%*+ *$)2)%
C)&5-2'$)%J1)$3+.5%*/'%G /'% 4[[D*+%"
V"4 P.5%*/'% 2+()%.%* /'% *-.'-$%.%*7 0/(*-&'(%; 5/3+:$%B)%; *-.'-$% /'%
*+&'$%*-.'-$%"
V">" =)(%$'/ 3-:)3/&5- 1/$$)%* /'% :%-$ /:-&:+ /$$+&*%*7 B/3)&)23+%;
1%*/(%./'%2-&% /'% )&:-$-:)$+%"

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

"
!"##$#" %#%&%##" '
() *"+" +#",-./" -+0$#"-" $." "1./+1"&% $##$*+2$1"#$1 0,&"$#") 3
#$# %&'()*+',- +&'./)*'&0( -+1'&)*.(' 0)' /+20&'/+34-'&0( -+('&&+',$ 5
#$!$ %&'()*+',- +&'./)*'&0( 106'70('8 ('7-/0-(0( 106'70(' 0)' 1-&&0,
037'+(+'( +*'(6',- -(6-&+-',8 90&&': 2')*-&60', 0)' ;'6+*0,- 9-&)0', <
#$" %0&('(6- =++$'&0( 0&090'/6+'8 '23-/.)+34-'&0( 20&&0*'&,.()*' 0)'
9')'*,' 7-/+)+,-',$ #"
3'&&0&' #"
*'2'/)*0,- #>
4) *"+"5 $!."., -+0$#"-"#$1 $#"+&,1./" *"."/&".!," (3
!$#$ /010( 90&&' ,'&/+3)'$ *0&9')+' 0)' -(6-&+-' ('%'&&-'($ #?

!$!$ /+20&'/+34- 4-60&').'&0( 0&06.' @#?A>0,- ,-(3)+).*+-'B8 *0()&'/+34-':

4+/+)'&+34-' 0)' 3.2+&'(-)'3.( 7'&)0,').' !C
!$"$ D'20)*' 7&+2').'&0( 9'&'+70('8 D'.(E0&&09+40('&0( +(6'&9'20)*0':
/.&&'&0( 603'4-&)+*'*+-' 0)' *0&9'E3+3)04' "F

!$A$ 604-,&')+*'*+- 3'+',0&'8 #?C?GH +&'./)*' IJK +$ 0&&07.2/+,' "?

!$>$ 20&&0*'&,.()*'&0( 3+3)04'8 ,'*+,+34-' 0)' 2-)0&0E)L'(6',0)' AA
6)*"+")"-7"&$." !%/+%8$&%1%2+&%"& 9+9)2$17$"1 '4
"$# +(6.3)&+'/+*'*+-'&0( 1'3)'70(',8 40')*'&+)*': 2.&6+(2+60' 0)' /.&&'/60
'(+*)'3.(' @,KJKMNOPK IJK 2PQGKPKB$ >5
"$! +(6.3)&+'/+*'*+-'&0( -(6-&+-',8 .&2'(+*'*+-' 0)' -(6-&+- 3-*+'/',$ CC
"$"$ 03,/'2-)*'&0( 9-&','6' 0)' '2-/+*+-'$ 5#

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

A
!"##$#" %#%&%##"

:#"1./+"&% +#",-./"#$1 -$;$#&$." $." $,#%<"1 ;%1$& +/"17"&%

$##$"&/+%" $##$<,0-+&" $." 1"<%-$%1$1 *"#"+"1

%RKOJQPKGH PRKNMJQK: @#5?<GH .QJKPMKRIO #AKO SKTPJKGHKB: UNRVITPKG MPWIRKJNRPGH PRKNMJQK

PQKO QIO IJK SHOIO HOWHRPHQ: 'OJQPO 0RRIVPXIOK UIRJKO UISIRK VIMWPJN QIO: MISIO
KMWIQ %RKOJQPKO: 0RRIVPXIO /PUIRKMK IQKRRPQ$ 0Q QIO MISIO ITYIRPIOJQPK MPUIRKMK PQKO
XNOWNKO: UKPOK UKP HPSKRJQNO SKOWPIOK PQKO QNIOK$ /ISIOIOVH PRKNMJQK IJK
IRRIVPXIO MPUIRKMKG L=++$XIOWIIJKO 2RPJKPOPK 1KOWPK IJK 1IRUISIRIIJKO IQKRRP QPRIO
IJK '02GH POWIYIOWIOJQPK VIRRKQ VIRHQJPG: '02 IRI ITJKJN MPUIRKM UIQKMK ITJRNGJNRKJN
QIO$ 0VPK WK HRWIK: %RKOJQPKGHK: 0NRHYK XKPMKO HPSKRJQNO VISPIO PQKOWKGH PRKNMJQK
PQKO QIMK IJK UIRI IRKVPOK NRJI VNJZPRIO UNRNKO VIMWPIQPOK UPMKGKJN QIMK$ +QKO IRI:
(KYHMIHO 2HOKYKRJIRIO ITGNJPG: 4IOWIUKMWIGH INRHYKR MNRRKMWI VNQJPIJKRK
MPUIRKMPTXHK SIWKJN QIO: L+L$XIOWIK PRKNMJQK MPUIRKMIO XIOWIK WNVNMK
4IOWIUKMWIGH 0NRHYKGH SIRRPKMWIIO SPTJHRPKO$ 1HRRIVKJPG IVNO :=>?@AB>CD +=>EF@A>
CD?@GBHI=>@AI? H> J>=>B KBG@D=BCD LI==B L>@ M>=C>@AI? HEI?ICD JI=@>I=>8 "=D
*>=>BCBHI>$ 'RH 9KRKPGPWIK XKRGKJNGH WNJIO UITJI PRKNMJQK [NOJTIQGH UKJQNG
OIGKQKRPJQK IJK POWNTJRPK PRKNMJQK PQKOIO WPRK: PRKNMJQK YHMPJPGH MPUIRKMKRIGPO UKJIRK
VKRKJNQ \HKOVH WPRIOKG$ +RKNMJQK SKNIG: HRWNRK KRJIGH YHMPJPGK IJK IGHOHXPK TPTJIXKG
VHPJPG UISIRK IRKMWKJNGH WPJNQJI: 'OJQPO 0RRIVPXIOKRIGPO MHJNRPGH XHOKRGPK
KUTHMNJNIO: KNJHGHOJTNXHQGH OIGKQKRPJQKRIO: KRJPTKNJQKO HPOKRRPJNRPGH
YRHWNGQPHKRIO IJK MPURIK IQ QIO XIRGKJKRPJQK TPTJIXKRIO KXKPIRK IGKRRPQ$
%RKOJQPKGH +RKNMJQKRIO HOWHJPG XHOKRGPK GHOTJPJNQPHOKMK IQKRRP QIO %RKOJQPKO @#5<#KOB$
-RWNRKGH \KWK:XHOKRGPKG HTYI JZKRRK QNIO
SIRRPJKRRIO KRJIKO IJK KQGIOIKO 'TKOUMKWK
(KQPHOKMKG: 0RRIYNUMPGK KMWKRRPGKJQIK IRKUKGP
QNIO @#5<!KOB$ %RKOJQPKGH /NPT L=+ IJK
4$'OJHOPIJK YNUMPGHGP VPMMHJPOKJNKG PQKO QPRIO$
0RKPMGIJIO KNRRIKO: 0NRHYKGH ND@I?@AB> "LGDFE@BG@IC JI==> HICF>=>@E ABD@I?
:=>?@AB>=B !"#$%&$'()# *&++,-.$ )ITJNPOVNRN SHOIJKO PRPJTP QIO (KYHMIHO 2HOKYKRJI
\IOIRKMK %RKOJQPKGH KVPOJIKRIO VHRIOIGH GKRVNIJKRK$ 6IOUHRK VNJZPKO:(KYHMIHO
IRRIVPXIO MPUIRKM KNJHRPJKRPHKRIO UNRNK UPSNRJN QIO$ 0NRHYKRIO GHOGPTJK IVPJIKRP IGPO
QPHO IJK XHWN SHOIJKRK: IRRIVPXIO MPUIRKMK UKQJIR VNQJPIJKRK QKUKMWN QNIO$
0NRHYKGH SIRRPKMWI HGNYKJN VISPIOIJKO: %RKOJQPKGH I\IRJQPJH IJK KVPOJIKRIO GHOJRKGH
VIRRKG IXKOVH WPRK: +OWIYIOWIOJQPK 9IRRIO PQIOKRIGPO IQKVNJQIO WPRIOKG$

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

>
 "B?@AB?>CD I==IJBMI?> I@> I==IJBMI? FBLI=>F>=I? >=@ICD HIGLI=HB?@>GE?>C5

!"#$%" &''&(%)&"! &''&(%)&" *%+&'!*!

(%$!'#&! !"#$%&'$ '(&$)'*&+'&$* ,$*$&+$ -$./0 1" &$2-' !"#$%&'$%'* -'(,'%-"*&$(+* <+%"-"5/$5
*$.+(" -$+-'3 4%","2'."$&+$5 6*/,2'7'2"#$8 '&$ -'($.'%&+5/ -"%$0 :'.'$%'* $+%%'$*; -'*$5
4%","2'."$&+ .$,'$5 69'%%"$80 :'9'*'*./'5 '# ,'%-"*$5 "#$*./ -"%$ '&$ '# -$ 4%","2'."/ ="(5$2"5
-"&+#&' #'%.$%"5 /%-$"*&#'*; ,".$%%'*'5 ,$"0 '>"(&"&+5/ 6$,'%$(&$7(+*$%'* $%$,'%$;52$('$5
'>"(&"&+5/ -"%$8

,-+%'!".#!,-"! ?%%'.'$* -$&#$0 @'%%"$* A*$#"/$* -$&#$0

+.#&'&! ?%%'.'$5 ,/&'%' $,(/2+&+$ -+; '%%'.' 5/*&('"2+ 1/&'%'$ ,$*$&+$ -$./C3
'&$ )"*"(&%/'* 2$.+*&#$# .$+#$&+$0 7 ?>'5+&",/$ 6'%%'.'$5 -+8
!/%&''5 $9/25+2$%"&#$ =+*&#"/$ -+&'0 7 :'.'."2'$ 6*$#"/$%'* ./%&''5 -+&'80
B*5"("#"/$53 '4$"&#'5/ '(5+,"-'$ -+0 7 D+-"#"$2$ 6E+#"&'."$5 -+80

(.+&'"-!/!(%"#&! F/*$%5"$ E,(/2+&+$ F/*$%5"$ G/*(&"&+#"/*$2$ A?%%'4+,2"5$

+.$0! ,%,#&)! ?(&$)'*&$2$H @"%+ .$*,$%'&$5/ ./%&'$5 I+=%$."(&$3 ,/&'%' 2'.'."2'$ "#$*./ -+'*
-$+-'0!$*,$%$ ,$5/"&#$5;."#$%&' '(&$)'*&+ ./%&'$;."#/*'#5/'* (+=%$."/# $+5'%$&+5/ -$0
,$& '%%'4%'('*&$&#'* -+3 */,2'#"$; '2"#$ '&$ I+=%$."/$ +*",'%&($2$ '-/ #'*&("&$%"/$ "#$*
9'%%"$0!$*,$%$ ,$5/"&#$5 ,/#5$ ,$& -+0 -$"&'5' 6JBJ0'$*; (/"2"5 ."#/*'*$8

*&(&!0 :'.'$5 =/%+'5 '&$ 4%","2'."/'5 $%$+&+0 ?(5+,"-' '&$ ,'&','9$%%$5; 5/*(&"&+#"/$*

:+% <$,''* <$+* '%%'.")'* '(5+,"-'$ -+&'0 $%$+&+0 D$+* '%%'.")'*"574%","2'."/%"5 '#0

"!$%.!'&" !"#.*!0&#! ?(5+$2-' ,$&#+'";=/%+$5 /*$%&+5/ #$"#5"' '&$ 1'%-"*&$(+*$%'* "#'*'$*; *$#"/ /(/%$5/ 2'.'
,'%$#;&/5" 9$+'&$* 2'."(2$#"/ 4%/4"/$ "#$*./ ,'%$5 '#$%%"5/ -"%$0?# -$ '(5+$2-''* $%&'5/
-+&' 6'%'-+ -'(#'*&%$2"#$&+$80 '#,'%-"*&$(+*"5 '>"(&"&+5/ 6'(&$&+ #'*&%$2"(&$5
9/,'(&'* -"%$;=/%+$5 $,/2"&+#8

!1%&'!$2&"! ?# -$./ $-"'%$#4'* $(5$&$(+*$ ,'%)$&+%"50 E-"'%$#4'* $(5$&$(+*$ ,'%)$&#'* -$ 6,'&" '%'
K'*&(+%$ '>"(&"&#'* -$0 5/*(&"&+#"/$ '%%'(4'&$&#'*8

&'&1- &0.".)%0.! ?5/*/)"$ '%'-+$ ='+-$2$ -$0 @$+ -$; E(5$&$(+* '5/*/)"5/$ $2-$%%"5$&#'* -$0
'(&$&+$%'* "*&'%,'*&#"/*"()/$* '&$ ?(&$&+$%'* "*&'%,'*&#"/*"()/ '&$ 4/2"&"5$
4%/&'5#"/*"()/ '5/*/)"5/$* /"*$%%"&+$ 4%/&'5#"/*"(&$ &>"5"&#'* -$ 6)'%5$&+$ 2",%'$
6)'%5$&$%"&#$* ,$&"5 ,$&80 -$80

?# -$./ 4%/-+5#"/ $(5$&$(+*"50 L%/-+5#"/$; L%/-+5#"/ $(5$&$(+*$%'* $2-'5/$5 -"%$0

.%')"/'5 '&$ )'(&$5 5/*&%/2$&#'* -+&'0 !%')"/$5 '&$ )'(&$5 -'($.'%&#'* -"%$0

D$,'./ 4%",$&+$3 2+%%$5 )$"/%$#5/ ("(&')$%'* D$,'./ 4%",$&+$ -'='*-$&#'* -$3 )$"/%$#5/
$%$,'%$ $%$+&#'* -"%$ 6,$*$'#"*$5 '&$ ($2'#"*$5 ("(&')$ $,/2"&#'$%'* -$ 62+%%$5 ($2)'*&$*
-"%$80 <$%%"#80

!
?(&$&+ '(4$"*"$%%'$* '#$%%"&$5/ '%%'.")'* 2",'%$2 .+#&"$5 CMNC0+%&'%$ $%&'; 6COPM5/ 5/*(&"&+#"/$%'*
($2,+'(4'*$%'5"*8; )/-'%$&+$5 "#$*./ -"%$; (+,"%$*/&$(+*$ '&$ ,/&'%' 2'.'."2'$ 9'%%"$ '&$ '%%'.'$%'* $%&'$*
,$*$&+&$ './*./ -"%$0 !"#/*'#5/'* (+=%$."/ +*",'%&($2$; 6COPM5/ ($2,+'(4'*$%'5"*8 '# -$ COMQ0+%&'%$ $%&' '#$%%"5/
'&$ ')$5+)''5 '#"*./ -+&' ,/#5$&+; BB0 ?%%'4+,2"5$%'* .$%$"%$ $%&'; 6CMNC5/ 5/*(&"&+#"/$80

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

C
() *"+" +#",-./" -+0$#"-" $." "1./+1"&% $##$*+2$1"#$1 0,&"$#")

9H]K: 4KPKJQKRIO "GH [NTPMKXIOWNKG: #?F?$

()( :#"1./+"&% +#",-./"#$1 %+;"#./,1" $." -+0$#"-+!2%"#$1

%+1"##+"&)

#5?<KO %RKOJQPKO YRHQITN PRKNMJQKPMIK SKTP QIO: 'OJQPOKGH 0RRIVPXIOKRIO UNGKIRK

KSKMUPWIRKJN QNIOK$ 2IRJKO: MPUIRKMPTXHKRIO YRPOJQPYPHKG POWKRRIKO \KRRP QPRIO: ITJKJN
MPUIRKMKRIO HPOKRRPKG \KRRPQ$ 0TYKPOPKO IRI KQGKR QKUKMWN QPRIO PWIPK SHRPIG: 'OJQPOKGH
0RRIVPXIOKRIO IRKGNOWIKG GHMHGKO \KRRPQ$

"1./+1"&% $##$*+2$1" 0+/+#+&

L=+++$XIOWIKO 0TYKPOPKO UPQPRPG QIVHIO 'OJQPOKGH 0RRIVPXIOK @L=+EL=+++$XIOWI

UPJKRJIKO 0NRHYKO QIVHIO TPTJIXK YHMPJPGHK: IGHOHXPGHK QIPO THQPKMKB$
*BA>=@I> IG@>MI?@E@>? UKOKJNRPG QIVHIO: [NOJTIQGH IQKNVKRRPK WITUIRWPOJKTNO
\NRPWPGHK IJK POXHUPMPTXHK QIMKRPG$ 1HRRIMK: JKMWI YRPUPMIVPKJNKG @OHUMIQPK IJK GMIRHKB
HOWKTNO VISPIOIO \KUIKG QPRIO: IQ QNJIO QIRVKRPG HRWKPOJQIO IJK GKRVN YNUMPGHKG
ITGNRKJQIO QPJNQJIO$ 1HRJKQ: SPRNVKRRIO ITJKXIOJNKG @OIGKQKRPKG: UNRVITKG IJK
SPRPGH GMKTI SIRRPJKRRKGB QKXK IGHOHXPGHK VNQJPK QNJIO: OKSPQ IJK GKRVN YNUMPGHKG
IQPO ITGNRKJN$ 9ISPIOKG OIGKQKRPKG QPRIO: IJK \KNOEIRRIVPXIOKRIO XIOYI QINWIO^
UNRVITPK XIRGKJKRPK IJK POWNTJRPKMK HTH NRRPK QIO: SPRP VNJZP UKJQNIJKO QIVHIO IJK
@;_WPQ: 2KRJQIMHOK`B$
$CD?DMB>=B H>JDCBD?IAO L=+++$XIOWIKO OIGKQKRPJQK QIO TIGJHRI IGHOHXPGH
VKRRKOJQPJTNIOK$ 2KPOH MNR VISPIO IMPQKRP: NWKMIP IJK OHUMIQPKRP @XKPHRKQVHKRIO UPWIQB
MHJNJK QIVHIO: SKN WK: IQPO QNJIO TKMWN IQJK VKMWN IRI @MNRRK KXHRJPQKJNK QIVHIOB$

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

5
9KPOIRK: IMPQKG IJK OHUMIQPKG \KNRIRRP \NRPTWPGQPHOKMKG QPJNQJIO: SKN WK: UIRIO MNRRIJKO
VHUIRONK GHOJRHMKJQIO QNJIO: IYKPJQIGH UHJIRIK QNJIO IJK QIRVKG GHURKJQIO KSKM
QPJNQJIO$ 2ITJKMWI: POWNTJRPK JRKWPQPHOKMKG @KRJPTKN JKPMMIRRKGB VRIXPHIJKO KOJHMKJNRPG
\KRRKPJQIO QNIO: KRKN QHRRHJQKG \KRRKPJQIO QPJNIMKRPG$ 2KROIEXIRGKJKRPJQKG IRI JRKUK
SKOWPKG QPJNIO: XHOHYHMPHKG IJK UKROI KWNKOKG IZPTJPJQIO QPRIMHQ @(K[KRRHKGH
0RRITNXKO IWHJK 'RKVHPGH ,HRHKOB^ GKOYHEXIRGKJKRPJQK: [NOJTIKO: GHMHOPKMK QIO
@0TYKPOPKG IRI JRPKOVNMNEXIRGKJKRPJQKO SKRJN QNIO YKRJI$
L=+++$XIOWIKO MD?>=CB> >LGDFE@BG@> QIVHIO: IRRIVIKRP UHJIRI HTHK KPJHRJQIO QPHOK
@\KJHRRP \KPOGHPJPKRRK QNIMKGHKOB$ 0TYKPOPKO 2HRUHPIG IQKRRP QNJIO XIOWI SHRRIJKO IJK:
SHRRIGPO UKJIRK: QIOJRKMPTXHK UNMJQKJN QNJIO @UITJIKG UITJI: 'RKVHPGH ,HRHKRP [HRNKG
GIOWNQB$ L=+++$XIOWIKO 0NRHYKO QKUKMWN QIO +MNTJRKQPHK IJK PWIPK MPUIRKMIG 'OJQPOKGH
0RRIVPXIOKRP GRPJPGK QHRRHJQK IVPO QPHJIO$

-+0$#"-+!2%"#$1 %+1"##+"&

+MNTJRKQPHKRIO XNVPXIOWNKG YRPUPMIVPHIGPO UNGKJNGH QNIO TPTJIXK YHMPJPGH:

IGHOHXPGH IJK THQPKM UIRRP UKJIO KMWKRRPGKYIOK IGKRRP QNIO8 /)%&+,/)01#,$ #5?<KO
%RKOJQPKO YPQJN QIO PRKNMJQKG POWKRRIKO \KRRP QNIO MISIOUPQPGHQ: ITJKJN MPUIRKMKRP
SKTPIRK IXKOIQ$
/PUIRKMPTXHKG XHOKRGPK KUTHMNJPTJKRIO WITYHJPTXHK GRPJPGKJN QNIO: IJK
?>ABD8GELB=>?D@>GE?> KMWKRRPGKJN QNIO @TNUPRKOHJKTNOK OKQPHKRP WKVHGPHMK KPJHRJQIO
WNIO YRPOJQPYPHKB^ YRPUPMIVPH [INWKMIO GHOJRKGHKG PQKOWK: OHRUKOKGHIO IGCELBHI>C
I@> >GC>@>GE?>C WI[IOWKJN QPJNIO @\KUIJQKRIOK IWH UPQPJQKRIO ITGNUPWIKG:
IMGKRJQIGH KTGKJKTNOK: PRPJQP IJK POYRIOJK KTGKJKTNOK`B$ 'TGKJKTNOK IJK ITGNUPWI
SHRPIG UIRXKJQIGH: UHJIRIK XNVKJQIK YRHYHTKJQIO QNIO: LD@I=I8L>?>CI@>RIO UPWIQ8
MIVIVPMIK: UIJIKRKQMIK IJK \NWPQPKMK$ 2HJIRI MIVIVPMIK KTKOUMKWK UKJIO ITGN VIMWPJN
UISKR QIMK KMWKRRPGKJN QNJIO @N>=F>MI?@E>P: GEQ=>JBD>=I? UPWIQ KNGIRKJNK
@AI?@GB@>=BD> MISIO MPUIRKMPTXHKGB$ 1KMKUIR: CD?G@B@EABD>=I? UISKRRK KMWKRRPGKJN
QNJIO: ITJKJN UKJIO KRKN OKVNTPK: PWKJQPQ TPTJIXK YHMPJPGHKRIO HPOKRRPKG aOGKJNGH
WPJNIOK8 UHJIRI UKOKGIJK: ITGNUPWIKG IJK KTGKJKTNOKG: VHUIRON XHJK: IJU$ 7RPOJQPYPH
SKNIG WIXHGRKQPK YKRMKXIOJKRPHKRIO HPOKRRPKG WPRK$
0GHOHXPKOO >GC>@>GE? ICD?DMBCD> IJK MI=C>@E FBL=I> KMWKRRPGKJN QPJNQJIOO IJK
R>LI@A> N=BL>@E> HPOKRRPQGH ITGNUPWI VPTK WIaOPJN QNIO @SHRJKQ: VRIXPHKG IWHJK
MNRRKRIO KXHRJPQKQPHKRIO GHOJRKGHK QIOB$ 9KPOIRK: IG@>@E>C IA AEIF> ICD?DMB>?
IGCE> G>=@E LIK>= WI[IOWKJN QNIO$ 7MKOJIKXIOJN SKNIG GKYPJKMPTXHKRIO HPOKRRPKG
IQKRRP QPJNQJIO$

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

?
2NRVITPKG UKJ IVPO QNIO KMWKRRP SKNIGPO: UHJIRI IGHOHXPGHK IQ IQPG: UHJIRI YHMPJPGHK
IRI OKSP QNIMKGH$ 0TYKPOPKO DGD JDBA IJB? AI? GBG@IM> K>E IA>=@AICD FIKI?
G>B>CI=>O S>HBAICD *D=@IIC (T(4CD CD?G@B@EABD> BH>@AB AE@I?I>?)

()4) :#"1./+"&% +#",-./"#$1 ;$7"<$1"5 1"<%-$%1$1 ;$7"<$1" $."

;%##$& $!<"+1+"1 +/"17"&% %17%#+%"&5 *$##"O 0"./%#7$"& $."
S"7+/$&% *%#.$"&

!"##$#"

#5?<KO %RKOJQPKO YRHQITN PRKNMJQKPMIK SKTP QIO: 'OJQPOKGH 0RRIVPXIOKRIO UNGKIRK

IRKVPO QNIOK$ +RKNMJQKG 0NRHYK KTJPOWN QNIO: IJK IRKUKJ UKMWPOJQKJNGH QNIO
0TYKPOPKGH UPQPJQK YHMPJPGHK$ #5<<JPG KNRRIRK: b(KYHMIHOIO VIRRKGc SKTP QPRIOIKO:
%RKOJQPKGH IRIWN YHMPJPGHK QKUKMJQIO \HKO QIO 0NRHYK UKROI: 0TYKPOPKO IRI$
)ITJNPOVNRN SHRRIJKO IXKOWKGH VIRRKO: ;KWPQIGH 9HRJIIG 'OJQPOKGH
0RRIVPXIOKRIGPO UNGKJQIGH MISIO TKPKGIRK MPUIRKMK KSKMUPWIRKJN QNIO$

:#"1./+"&% +#",-./" $." 1"<%-$%1$1 ;$7"<$1"

#5?<KO 0TYKPOPKO S>=FDG +U)>=I? MD?>=CB> >LGDFE@BG@> QIVHIO: IJK 'OJQPOKGH

0RRIVPXIOKRIO IRKGNOWI VNQJPKG POWKRRIKO QINWIO @ITJKXIOJNKG: VRIXPHKG:
+OGPTPQPHK`B$ 2KPOH UIRI IRRIVIKMWPKO %RKOJQPKGH PRKNMJQK YPQJN QIO$
%RKOJQPKGH PRKNMJQK 1HUTUdKO SPTJHRPKMKRPKRIO ITKOIJKO: UIRI IRKVPO QNIOQIOK IJK
QISKRGKGHK NOPUIRJTKMK PQKO QIO: UITJI KMJZKXIOWNKG UKPOH IRRKWPGKMKVHK QPKO QIO$
2ITJIIO KRJIKO: #?F?JPG KNRRIRK POWIYIOWIOJQPKRK UPWIRKJN QPJNIO SIRRPKMWI
MKJPOHKXIRPGKRRIO KMJZKXIOWNKG IRKVPO QPJNIO$
0TYKPOPKO %RKOJQPKJPG QIJHQIO PWIPK PRKNMJQKPMIIG YRPUPMIVPKJNIO KRJIKO UIMWNRRK IRKVPO
QNJIO$ 1HRP WIMK IJK: PWIPK MPUIRKMKG 0TYKPOPKO QKUKM IQ QPJIQIO: ;KRMHT +=$KG OINRRPKG
SKRJN QPJNIO8 %RKOJQPKGH MPUNRNKG WIUIGKJN QPRIO:! KJQIRRPJKRRKG QIOJTKJN QPRIO
GHOJRHMKJNKG PQKJIGH: PGKTMIIO PRJIIRK WIUIGKJN QIO: IRRI[HRXK PMNTJRKJNKG UIRJKO
UISIRK VIMWPJN QPRIO: IJU$

&D?LI?@ABD JI==> V(3W68(3W'P I@> :=>?@AB>=ICBCD >FB>?@A>

#5<"KO: %RKOJQPKGH IRRIVIK IZIGNJKJN QNJIOIKO: 9HWH]G: ;KRMHT +=$KRIO MISIO

R
S$9"# '&$ !"#$5"$%'* ?(5+,"-''* T'52$%$#"/$%'* '-/&$ CUMC'5/ G/*(&"&+#"/$%'* 5/4"$5 ?(4$"*"$%$ 9'2-+ #"%'*0

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

<
XPOPTJRHK: VIRRK WIGMKRKJN QPHO %RKOJQPKRP: +OVKMKJIRRKRIGPO IJK 0NRHYKGH UITJI
YHJIOJQPIGPO UKJIRK @,HOUIOJQPH 9IRRKB$ 2KPOH 0TYKPOPKG YHRRHJ PQNVKRRPK PQKO QNIO:
IJK #5<>IKO %RKOJQPKRIGPO UKGIK TPOKJN UISKR PQKO QNIO$ 9IRHQJPG: 0TYKPOPK
%RKOJQPKRIO KMPKJN UPSNRJN QIO GKOYH YHMPJPGKO: IJK +OVMKJIRRKRIO GHOJRKGH VIRRIJKO
TKRJN UISKR PQKO QIO$ (KYHMIHO KVPOJIRK PRPJTP QIOIJPG @#5<<KOB %RKOJQPKRIO
XIOYIGHJKTNOK GKOYH YHMPJPGKO IRKUKJIGHK PQKO QIO: IJK HOWHRPHKG MKJQKG @#?F>IKO:
KWPUPWIQ: 0TYKPOPKG YHRRHJ SKOWPK PQKO QNIO +OVKMKJIRRKRIGPO )RK[KMVKRRIOB$"

1>NDFID?I? DCEN>ABD> I@> I==IJII? >LHBC>ABD>C

0TYKPOPKGH VHUIRONKRIO KSNMJKTNOK KVIRPKO VIMWPJN QIO #?F5KO: 9HWH]G

(KYHMIHOIGPO :D?@>B?ILFI>E8CD +@E?> TPOKJN QNIOIKO8A %RKOJQPKGH KRXKWKRP
UKPXIOK IXKJIO QPJQKPHO 0TYKPOPKJPG YKTKJQIGH: 7HRJNVKM POUKWPJN KSKM PQKJIGH
@+OVKMKJIRRKRIO KMPKJNKB$ %RKOJTIT KRXKWK #?F?KO SKTP QIO 0TYKPOPKO TKRJQIO IJK
SKPOUKJ SPRP ITJRKJIVPGH HGNYKJQIO SKTP QIO$ -RWNRKGH: 9HWH]G HYHTPQPH SKOWPK QNIO:
SHRRIVKJPG: %IROKOWHRIO @IRRIVIKRIO TIXIKB \KRRKPJQKPMIIG SIRRPEXKJZPOKWK UNMJQKJN
QNJIO8 9HWH] GKRVNJPG GIOWN QNJIO IJK ;KRMHT +=$KG TIXIKRIOVKO KUWPGKJN UISKR
PQKO QNIO: :I=?>?HD U++) > IRRIVI UPSNRJNQ$

0TYKPOPKGH XHOKRGPKRIO GRPTPKQ UKMPKJNRPG: #?F?KO (KYHMIHOIG ;KRMHT IJK %IROKOWH

2KPHOKRK WIPJN QPJNIO: UP IRRIVIIO >LHBC>ABD>C MHRJQIGH$ (KYHMIHOIG: UIRI KOKPK
XDGY +)> 0TYKPOPKGH IRRIVI PQIOWKJN QNJIO: 0TYKPOPK %RKOJQPKRIO ITJKJN JPJIRI
UPSNRJNQ$

1"<%-$%1$1 ;$7"<$1"#$1 %17%#+%"&5 +17$<$17$1./+" *$##"O

0"./%#7$"& $." S"7+/$&% *%#.$"&)

+?HINI?HI?@AB> JI==> I@> L>@AD=HII? GD==I=>

#?F?KO JRHYK [RKOJTITIO KNRGKGH JI==> K>GB AI? 0TYKPOPKO$ %RKOJTITIO GHOJRKGH
MISIO KI==B8>F@Z>MI?HE> 2>H=BFI? PQKO QIO XKPKJQKO$ 2KPOH: IRRIYRITPH VHVHRRKRIO
HOWHRPHQ: XKJZPOKWK UITJI SPRP IJK SIRRP KTGHJKRK QKUKMWN QIO$
2KPHOKGH KUWPGKQPHIG NJQPJKGH UHJIRI SNJTNOIKRP KNRRI IVPJIGH: SPRPIJKO
HIQI?@G>=>CD L>@AD=HI>C KOJHMKJN QPRIO @IMPJIKRIO GPWIIG HTKJNRPGB8 JHGPKO JHGPGH
UHJIRIK ITGNRKJN QNJIO IJK VIRRK WIGMKRKJN QPHJIO %RKOJQPKRP$ #?F?KO 0>@AD=HI
/I?@=>F *D=I?> THRJN QIOIKOO UKJQHRWI VNQJPIG UHJIRI HTHK WIMIVKJN QPHJIO: DHTe

N
V%$=$2.$%%'* 6W$-"#8 ?(4$"*"$5/ .'%%$7/*&#"-"$ (+*&("&+%"5 .'2-"&+ #'*0
!
S$4/2'/*'5 B*.$2$&'%%$%'* 5/*&%$ '#$%%"&$5/ ,2/5'/ 5/*&"*'*&$2$%'* &'(&+"*.+%+$* 6B*.$2$&'%%$5/ "&($(/*&#"$5 4/%&+%$&#'*
'5"-"&#'5/80

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

#F
+$KRIO VHUIRON YKRKMIMHK UPSNRJNQ$ %RKOJTIT KRXKWKRIO GHOJRK UHRRHGKJQIGH JI==BFF>C
IRI THRJN QPRIO$ 1KMK IRI: +?J>F>@I==>=I? F>JE?@A> IQPOUITJIGHK PQKO QIO VIRRK
PRKUKQJIGH$

9IRRKRIO MISIO NRJIIJKO [RKOJTITKG OKVNTP PQKO QPRIO: UKPOH #?#!JPG KNRRIRK
(KYHMIHOIG XPMKGK THMWKWN IRRIJPRKJN QNIO 0TYKPOPKJPG 0RRNTPKRK IRKXKJIGH$
+OVIMITIO MKVNOJQKRP ITGIR: (KYHMIHOIO JRHYKG 0TYKPOPKJPG GKOYHRKJQIK MHRJN QNJIO
IJK (KYHMIHOIG %IROKOWH =++$K IRRIVI KPJHRJN UISKR PQKO QNIO @=KMIOfK]GH +JNOIKOB$
9IRRK HaQPKMGP #?#A NRJIKO UNGKJN QIO$

!"#$% &!"# $%#&#'(%# $% )& *+%((&' ($)*$+,- .+$/$01$23

S>HBAICD *D=@I>C

#?#FKO: [RKOJTITIG MNRRKMWI HTHK HGNYKJNRPG QNJIMKRPG: 2KJQHRWI *IOJRKM 9HRIOKRIO

GPWIIG ;KWPQIO UPMKJN QNJIO UKUITK: IJK UIRJKO JD=@II? HIB>FHB> IVPO QNJIO$ 9IRRKG
KTGH UKMWPOJQKJN QNIO WPYNJKJNIO KNGIRKGIJK IJK ;KWPQIRK SIMJQIK: SHRRIVKJPG:
;KWPQIO IJK POVNRNKO UPQP QPRIO WPYNJKJNIGPO HRWIQGKJN UISKR PQKO QPRIO: SKN WK:
SPRPIJKGH UNRVITIGPO @PWIPK MPUIRKMIGHKGB$ 9HRJIIO UPMIRKG #?#FKO SKTP QPRIO: VKOUKRK
UKGKRRIKO: IJK UP JKMWI THRJN QPRIO8 WPYNJKJN MPUIRKMKG: IRRI[HRXKRIO KMWIGHKG: IJK
WPYNJKJN KUTHMNJPTJKG$ 7BNE@>@E FBLI=>F>C JIKBI?>C PQKOWK: UIRIO POJIRITKG
WI[IOWKJQIO QPJNQJIO IRRI[HRXKG IVPJIO SKTP QPRIO8

E DKNOETPTJIXK POWKRVKUIJN QNJIO8 \KNRIRRP \NRPTWPGQPHOKMKG> IJK OIGKQKRPIO

MHJNRK WITKVIRJQIO QIO: UKPOH OHUMIIP MNRRKRIO \KUIJQK HOKRJQIO QPJQKPIO$

E 2KROIGH KWNKOKG: VRIXPHKG IJK +OGPTPQPHK POWKRVKUIJN QPRIO$

E /NR GHXNOKMIO IJK IMPQKRIO MNRRIO WITKXHRJPQKQPHKC HOKRJN QIO$

E 1PRPIJKGH JKMWI KRXKJNK THRJN QNJIO: 4PMPQPK (KQPHOKMK: PWIPK MPUIRKMKG

UKUITJNGH QPJNIOK$

X
S/,2'#"$5 ,'%' 2+%%'&$* #"&+'* *'5$#$%"'* .$"*'5/ '(5+,"-'$5
P
:+%%$5 ($2.$" <$%%"5/ #"%'*; <$,'&#$ 4%",$&+ ,"9+%&#'5/0

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

##
 9KPOIRK: (T(4CD &D?G@B@EABD> HOKRJN QNJIO @!" #$%"&' KTGHRIOJQKJ
0TYKPOPKGH MISIOUPQPGH GHOTJPJNQPHK$ ,HOTJPJNQPHKG SHOKGH YRPOJQPYPHKG
\KTHJQIO QPJNIO$

E (KQPHETNUPRKOHJKTNOK8 UHJIRI VHRIOK 9HRJIP HOKRJQIO QPJQKPIO: OKQPHK SKPIG

HRWIQGKJNGH QNJIO IJK @IQ IRRIVIKGB$

E 2HJIRI UKOKGIJK8 MIVIVPMIK 9HRJIIO ITGN @VKOUKRK UKGKRRIGHKGB^ UIJIRKQMIK

IRRIVIKRIO ITGN^ IJK \NWPQPKMK IYKPJIVPIO ITGN$

E -POKRRPQGH ITGNUPWIKG IJK KTGKJKTNOKG KPJHRJQIO QPRIO8 MIVIKRIO KNRRIGH

UIRWPOJKTNOK @GHMHOPIJKGH UPQJKOMIIP IRIB: POYRIOJK IJK PRPJQPEKTGKJKTNOK5:
POWNTJRPKE KTGKJKTNOK: SIQGNOJQKRKGH ITGNUPWIK? IWHJK \KUIJQK EITGNUPWIK$

E 9PQHOIQGHIO QISKRGKGH TN[RKVPH NOPUIRJTKMK @!> NRJIJPG VHRKGHIOJQKJB$<

E 0TJKJNKRIO GHO[ITPHOKMJKTNOK: IRMP\PH HaQPKMK IJK UKGKRRK GKJHMPGHK HOKRJNQ#F$

E /IVIKRIO KNRRIGH UIRWPOJKTNOK @YRPUPMIVPHIGPO UNGKJNQB$

E %HRNKG IQ QPRIO KPJHRJQIO: MPUIRKMIO ITJKJN QIOJRKMPTJKRIO OKSPK KVIRPKO

VIMWPJNQ

1HRRIMK: 0TYKPOPKO 'OJQPOKGH 0RRIVPXIOK POWKRVKUIJQIO QIO: MPUIRKMPTXHKRIO

YRPOJQPYPHKG IQKRJQIO QPRIMKGHQ IJK GHOTJPJNQPHOKMPTXHKRP SKTPIRK IXKJIO
QPJQKPHMKGHQ$ 1KMK IRI: VNJZP PRKNOVH QNIO: %IROKOWH =++$KG MKTJIR POWKRVKUIJN
QNIO IJK$

4"(5 6$($7" 7,* 8*)($*9 ,) -+(&.%/'" $% )&# 0"('%# $% 01$23 ,- *$ :$++";1)$ 7, <3 =,+-$-7" >?"-.+,(1$- 7$." )21(.$)@

U
?%"<"/$* "#$* '#"50
O
?(&$&+$5 (+(&$&+ ,'9$%5/ #+'*0 ?2"#$%" ,$")'*$ ')$&'* #"/&'* ,'%' #'*&%+'&$* '%' "%$5$(&'5/
M
?# #"%'* /%-'#5$%"$5 #+#'* $+5'%$&#'*3 #'*,$"& 4'%&(/*$ $+5'%$&#'* #"%'* '&$ 9/%"'5; $2-" ,'%'$*; ./%&''&$5/ -"4+&$&+$50
CQ
!/%&''&$* #'./'* 52'%/$ 5/*&'*&$&#'5/; '&$ ?(4$"*"$* '%2"<"/$%'* 4"(+$ ."#$%&'$* '&$ 4/2"&"5$* /(/ 9$*-"$ #'2$5/#0

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

#!
()6 :$#1"17% U++)"#$1 $#$*$"-7+"5 "0!%-,.+!2%"#$1 0$##$/"#&,1./"
$." *"."/&" <%-+.+&%"&)

!"##$#"

#?#AKO: [RKOJTITKG GKOYHRKJNKG PQKO HOWHRIO: %IROKOWH =++$K 0TYKPOPKRK PJQNMP QIO:
UIRI IRRIVIKMWPKRP SKTPIRK IXKOIQ @#?#AE#?""B$ 0NRHYKO (KYHMIHO VKRKPJN HOWHRIO
VIRJKJN QIO UIQKMK: %IROKOWH =++$KG IRI KUTHMNJPTXHK UIRRIQKRRP QNIO$

"0!%-,.+!2%"#$1 0$##$/"#&,1./"

%IROKOWH =++$KG 0TYKPOPKRK PJQNMJQIKO TIGJHRI KUTHMNJPTJIO UKUITK MHRJN QNIO@7 IJK
KUTHMNJPTXHK UIRRIQKRRP QNIO$ -OWHRPHQ: UIRJKO UISIRK NJQP QPJNIO ;KWPQIGH 9HRJIIG
IVPOWKGH GHOTJPJNQPHK IJK IRRI[HRXK VNQJPKG: [RKOJTITJNIO IJK MPUIRKMIO GHOJRKGH
IRRIYRITPHK KVPOWN QNIO @KTGHG IRUITJIRK \HKO UISKR PQKO QNJIOB IJK UIRRPRH
'OJQPOKGH 0RRIVPXIOKRIO IRKGNOWI IJK MIVIKG UIRRIQKRRP QPJNIO8 ITJKXIOJNIO
YRPUPMIVPHKG: +OGPTPQPHK: VRIXPHKG: \KNOETPTJIXK: MNRRKRIO KXHRJPQKQPHK: IJU$ 9IRRKG
SHOWKXIOWP IGHOHXPGHK NJQP QNIO: UKPOH IRRIVIKG IQ QPIO YRPUPMIVPKJNIP QIRVKG
HRWKPOKRKQJIK$ 1HOIG OIGKQKRPIO YRHJITJKG IRKVPO QPJNIO$

$##$*$"-7+"1 $*%17"&% *"."/&" <%-+.+&%"&

2KPOH %IROKOWH =++$KRIO IRRIVIKMWPKO IQIVHOGHRJKTNO SKOWPK IVHO QIO: SKPOUKJ

VKJKQGK YHMPJPGH YPQJN QPRIO IJK$

#?#AJPG KNRRIRK MPUIRKMIO GHOJRKGH IRRIYRITPHKG IJK KUTHMNJPTXHKRIO UIRRIQKRJQIKG:

MPUIRKMIO HYHTPQPHK IRKVPO QNJIO$ 1HRP WIMK IJK: XPMPJKR MPUIRKMKG
N=D?E?@AB>MI?HE>C##IVPJIO SKTP QPRIO @KWPUPWIQ: #?#AKO $GNDA [
2B?> VIOIRKM OK[KRRKG UNRNJNJKGHK 9KRITIO %IROKOWH =++$KRIO KNRGK:
MISIO YRHONOJQPKXIOWNK GHOJTPWIRKJNKB: UNRVITPK IJK
#!
XKTHOIRPKRIO UKUITKRIGPO$ 0RRIVIKG VHVHR IRRIYRPXPJN QPJNIO
TKPKGIRK VNQJPKG$ 2KPOH: #?!FKO 0NRHYKO YPQJN QIO KUTHMNJPTXHKRIO
GHOJRKGH PRKNMJQIO JITJNPOVNRNKO: &PIVHRIO YRHONOJQPKXIOWNKG
KRRKGKTJK PQKO QNIO$ 1+RN NRJIIJKO QISKR @#?!FE#?!" UPJKRJI: b1PRNRJIGH /PUIRKMKcB
%IROKOWH =++$KG #?#!GH ,HOTJPJNQPHK IJK ;KWPQIGH VHRJIIG IVPOWKGH IRRI[HRXKG
HOKRJN UISKR PQKO QPJNIO 2KPOH VKRKP SHRRIJKO MPUIRKMIO UKOKGIJK VIRJKJN QIO8
()*$+",-".: IRRIVIKRP UHJIRI VISPKVH IXKO OKSP QPHJIO^ $/"0,",-$.2 UIRRPQ:

""
$&$: '()*(+) '626/+..(3 (<6)*+3- +2/=+'()*0+4 +,3-/+) 76-2()/-+4 16762() 7+7(,+ 2-./0 )+>6 10()+
<-7(.)0+ +2*+/1(3-:
"#
$%&&& '()*(+) ,-./0 1() (23+./(+ (*- (.+30)*(+4 5()/,+'()*0 267.(+4 +,3+/+,0) (.2686-,-+ (/+
2+616,'-+ 1()7+6/ /-36/+) *(9()*+/1() 16/0()+: ;-<6+ 61()(3- (23+./((/+) +)/-2+/1() 16.():

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

#"
IRRI[HRXK TKGHOKG IVPJIK ITGKJQIO QNJIO$ 1HOIG IQIVHOGHRJKTNO YHMPJPGH SKOWPK
IRKVPO QNIO SPRN NRJI SKNIJKO$

0RRI[HRXK SKNIG >LGDFE@BG@I? DNDGBABD> V\I==I>FBG@>C]P PQKO QNJIO$ 0RRIVIKRIO IJK

IMPQKRIO @MPUIRKMIG GKMJIJQIO QNJIMKGHQB UKUITKRIGPO: OIGKQKRPEVIRRPMMKG KOJHMKJN
QPJNQJIO @0NTGKM 1IRRPKO: ,KJKMNOPKO: 9KMPQPKO: 4KITJRKQVHKO`B KUTHMNJPTXHK
UIRRIQKRJQIGH$ #?!"KO IRRIVIKG YHJIOJQPK KUTHMNJPTJIP ITGKJN QPIO MKVNOJQK @%RKOJQPKG
1"2 !-34$2 56-2 730" 1$($". PQIOIGH KRXKWK UPWKMP QNIOB: IJK IRRIVIKG
KUTHMNJPTXHK UIRRIQKRRP QNIO$ 2IRRPRH MPUIRKMIO GHOJRKGH IRRIYRITPHK IVHO QIO IJK
QIOJTNRK SKOWPK$

#?!"JPG KNRRIRK: %IROKOWH =++$K MPUIRKM XHWIRKJNIO KSHMGNKG \KRRKPJNQ: IRRI[HRXK JZPGP
UKJQNG IVPJIO SKTP QIO$$ 1HRP WIMK IJK: >LGDFE@BG@> I==>HBC>FI?IC VEF@=>I==I>FBG@ICP
%IROKOWHRIO KOKPK ;KRMHT 4KRgK +TPWRHRIO POVNRNKO MIRRHGKJQIO SKTP QPRIO: SNRRIOVH
IRRIVIK PQKOVH QIMKGHKO$ ,KJKMNOPKO UITJI KMJZKXIOWNK IVPO QNJIO$ 0RRIVIKMWPKRIO
KQGIOIOVH NRJIIJKO IRI "MI=BC>CD CDFD?BI? B?HINI?HI?@AB> VIRJKJN QIO$ %KGJHRI
WITUIRWPOIG KQKMJQIO WNJI GHMHOPIO POWIYIOWIOJQPK8 GRIHMIO
SKTIRRIK#" @IQPO QPJNQJIMKGHQ GKRVN YHMPJPGHKG PQKO IJK GHMHOPIG IQ
QNJIMKGHQ XIRGKJKRPJQK KTGKJKTNOPG^ +OVKMKJIRRKGH GHMHOPIO
POWIYIOWIOJQPKRIO IRKVPOK^ IJK #?F?KO (KYHMIHOIO SIWKYIOKG
IRKVPO QNIO UHJIRI SNJTNOIK QIPO VIRRK$ +OWIYIOWIOJQPKEYRHQITNK
#?F?KO SKTP QIO: GHMHOPIJKO UKJQHRWIKG IRI THRJN QPRIOIKO$
1KTPIRKO %IROKOWH =++$K HOKRJQIO QNJIO: UKPOH #?F<JPG KNRRIRK
VIRRK IJK POWIYIOWIOJQPKG KMWKRRPGKJQIO SKTP QPRIO @4KRJgO: 2HMPhKR
IWH +JNRUPWI UIQKMKGH GKNWPMMHIG VPWKJNRPGB$ #?!>RKGH GHMHOPK VNQJPIG
POWIYIOWIOJQPK MHRJN QNJIO: ,NUKG IJK 7NIRJH &PiHG PQKO IQPG$

0RRIVIKMWPKRIO UNGKIRKO D?HD=I?JD@A> >=>AD> YPQJN QIO$ %IROKOWHRIO KMKUK

+TKUIM \KPHJQIKO: IRRIVIKG 2IRRITYIO 7RKVXKJPGHK \KRRP QNIO POWKRRIKO @!$8$ 1"03.)"
POWKRVKUIJNQB: IXKGNXIKG IRRIVPOKG PQKO KSKM PQKJIGH$ ;KRMHT KOKPK JRHONRKGH
KNGIRKRPG VKUI VIMWPJQIO QIO$

#?""KO: %IROKOWH =++$K SPM HOWHRIO: +TKUIM IRRIVPOK UPSNRJN QIO$ ;KRMHTIG IJK
UIRI KMWIGHIG IQ QNJIO SHRP HOKRJN: IJK VIRRK GKRMPTJK SKTP QIO$

"?
@.(-2(A+B C'(.63+.+ ('6<.+/0 10/() (,5+6)6+..() -)*-.()<-+34 C'(.63+) 8+6-+3 (/+
+7(.+/,+34 7+6)- 3+.<0 5-26/63-+3 (16) 16/01/()+3 (,30.+/0:

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

#A
/"0"-./$&%

'XIRPGKGH VPQKRJIK 0TYKPOPKR GHMHOPIJKGH VPQKRJIK IJOPK IJK JKMWI NVKRPQ HTKJNJKGH
XHTKPGHK QIOj7IOPOJTNMKO \KPHJKGHKG QINWIO YPRKXPWI THQPKMIO VKPMNRRIKO
@bVKiSNYPOc4IZPGHO: biSKYIJkOc 7IRNO: bVHWHc )ZPMIO$$$ IXKJIO QPJQKPQGPIO
XITYRIQNQGHPQIOKG QPRIOB$ 0TYKPOPKR SKNIG GKRVN YHMPJPGHIO XHOHYHMPHK QNJIO$
j,RIHMKG8 'XIRPGIJKO \KPHJKGH QNRPKG$ 'RUKTHKG ITYKPOPKRRKG IWH YHRJNVKMWKRRKGQPRIO:
UKPOK SKNIG 'XIRPGIJKO \KPHKG QPRIOH'RMH IGHOHXPGHK GHOJRHMKJQIO QNJIO IJK
SKRRIXKO HOKG PQKO QPJNQJIOXIJRHYHMPKRIGPO8 XIRGKJKRPKG: KRJPTKNKG:
MNR\KUIKG$$$HL=+++$ XIOWIGH ITYKPOPKR XHOKRGPKRIO YHMPJPGK IRRI[HRXPTJKG
VHUIRONGHMHOPKMKRIO VKPOIGH GHOJRHMK SKOWPJQIK IJK VISPIOVH QNRPK HTKJQIO
QNJIOGRIHMIO KVPOYPWIK VNJZPJQIK IGKRRP QNIO$ 2IRKQ: UHJIRI IGHOHXPGHK PQKOKRRIO:
UPVKRRIO XKPMKGH GKRVNKG UIJIJQIO QPJNQJIO 'WXPOPTJRKQPHKO IJK0MPQKO$ H2IRKPIG PQKO
QPRIO POWIYIOWIOJQPKRIO KMWIGH YRHQITNGH YRHJKVHOPTJKOKVNTPKG IJK SKPIO
GHOJRHMYIKO IVPO QIO VNQJPK$ j'XIRPOWPKRRKG8 'XIRPGKGH \KJHRRPQGH UPQJKOMIKG$ 1KNIO
GHYNRNK KTGH \KPJTPQIO @IRKVPMIKG KTGH WPRK8 GHOGPTJKG IRKVPOWKGH TKRRKTGPKG:
POYHTKJNJKGH MKOETPTJIXKG: INRHYKRRIG QKUKMWNJKGH VKPJQEPQNRRP NVKRPKG$$$B: UKPOK
MNRRKMWIUKJQNIJKO @7IRN: 4IZPGHB OKVNTP QPRIO$ 2KQJIRJNRPG HTH$ j2IMJQKG8 (IGKQKRPJQKO
IJK XHRRHOJQKEMKOIJKO \KRWNJIO QNJIO ITGMKUHKG^ MISIOKPYKJN UIQKMK: KXIRPOWPKRRIO
SHOWKXIO WIXHVRKaGHKRP KNRRI IVPJIGH '[RPGKJPGUHRJZKQ IRKXKOWKGHKG$
0XKOJQPYKQPHKRIO KRRKQHPKG j0GHOHXPGHKG8 L+L$ XIOWI SKTPIRKO 0TYKPOPK IQ QIO
\KWKOPG YHJIOJQPK UKJOKQPHKRJIGH JITJNPOVNRNKO$ 0GHOHXPK KRMHKO: VKPOIRK: KRKQH
ITJRNGJNRKM MKRRPKGQPJNIO8 POWNTJRP PRKNMJQKJPG GKOYH: HTH XNVKJNK QIO IRI
XKON[KGJNRKEXIRGKJNK$4IJRHYHMPK IJK 'XIRPGKGH MNRRKMWIIO KRJIGH SKRRIXKOKG
GHMHOPKMKG QPRIO@0TYKPOPKG XIRGKJKRPJQKRIO XHOHYHMPHK QNIO IJK GHMHOPIO VKRKYIO
IGHOHXPGHKXNVKJQIO QNIOB$ 4NVPXIOWN IXKOJQPYKJQKPMIKG XIRGKJN
MPUIRKMIOIRRIUPOWPGKQPHK UIRI YRHVRKXKRIO KRWKJQ UPSNRJN QNIO$ j7HMPJPGHKG8
+OWIYIOWIOJQPK IGHOHXPGHK MHRJQIGH: GRIHMIG GHMHOPIO VKPOIGHGHOJRHM YHMPJPGHK
ITGNRKJN OKSP QNJIO$ j+WIHMHVPGHKG8 +MNTJRKQPHKRIO YIOJTKXIOWNKG: 0TJKJN 2KJNIO
POWIYIOWIOJQPKGIJK %RKOJQPKGH +RKNMJQKG OKSPGHK UIRRPJN QPJNQJIO HRWNRK KRJIGH
PRPQYPWIKG IJK\HGKUPWIKG$ ,HOJRKTJI SKOWPGH IRRIKMPJKJI HTKJQIO QNJIO KRRIO:
ITYKPOPKRGHMHOPIJKRK IRI PRPJTP QPRIO \HIRK IJK IRKVPO UIRRPJQKPMI SHRPIG: IJK UNRVITPK
GRIHMKGUIRIVKOKJN QPJNIO$ j1KNIGPO VNQJPIGPO UKJIRK GHOJNKO SKRJQIGH [KGJHRIKG
WPRK SNRRIOVHKG IRIH0TJKJN 2KJNIO IJK 2RPJKPOPK 1KOWPKRIO POJIRIT IGHOHXPGHKG$
H(KYHMIHOIO POUKTPHKG THRJNJKGH OKSKTXIOK$ H0TYKPOPKG L+L$ XIOWI SKTPIRKO QNIO
KSNMIQPK YHMPJPGHK IJK XPMPJKRRK$$$ (K[KRRHKGH IJK 0TYKPOPKGH 1l+JNRRKXK 21+
+OWIYIOWIOJQPK 9PQKRJI GHMHOPKMIJKO GHOGPTJKRIO VKRKPJPG PQKO WPRK YRHJITJK

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

#>
XNVPXIOWNKG$ L=+++$XIOWIKO VKJKQGK KTGH YPQJN QPRIO YHYNMKQPH IJK GNMJNRK
POWPVIOKG IRRHJNIO QINWIOMNRRKMWIIJKO: YIOPOJTNMKRRIO IJK GRIHMIO OKVNTPJKTNOKRP
KNRRI IVPJIO QPIJIOKG: SKPO QNQIO$

:"!$"&

^(T(_8(T(`5 /ISIO NRRKJTKG L=+++$ XIOWI UNGKIRKO IVPO UKQPJNIO IRI @XIRGKJN
MPURIKRIO IRRIUPOWPGKQPHKB: IQ QNIO INRIO OKSPK VKNQKJN: SKRPG IJK (KYHMIHOIG
0TYKPOPK HGNYKJN QNIO KRJI$ (KYHMIHO 0TYKPOPKQ \KUIJQIKO KUKVNOI IVHGPK PQKO
QNJIO GHMHOPIO KTGKJKTNOIRKGH XNVPXIOWNIG IJK KVPOJIKO VIRKJN QIO SNJTNOIK
PGNTPJK: 0TYKPOPKO VIRJKJNJKGH IRRIKGQPH UIRK PQKOVH WNJI GHMHOPIJKO8 9HUIRON
DNOJKG IRKJQIK$ 1IRRP 2KJQHRWI SKNIG @GKUPMWH PRIGPKG B PQKO QPRIO POWIYIOWIOJQPKRIO
IROKXNPOKG$ 4IJRHYHMPK @0TYKPOPKB HGNYKJNJK QIVHIOIQ VIRH: GHMHOPKG GRPTPKMWP
SHOIJKQ UKMPKJN QPRIO POWIYIOWIOJQPKRIO KMWIGH KMWKRRPGKYIOKGIVPJIGH @&PH WI MK
7MKJK: (NIhK 9RKOKWK$$$B$ 4IZPGHO OIGKQKRPIG UNMJQKJN QPJNQJIO KTGKYIOIRKGH
MISIOIOVH XNVPXIOWNKG: 4PVNIM 1PWKMVH IJK DHTI 4HRIMHT KYKPQIG VPWKJNJK$ 2KPOK
GKTN SHOIJKO GRIHM WPRNWNOIG IJK ITYKPOPKR KRXKWKG XKJZPOKWK WITIVPO IJK UNRNKG
IZIGNJKJN QPJNQJIO @XNVPXIOWNKTGKJQKPMI SHOIG GNJTN THQPKM VKRUPK UKPJQNIOB$

^(T(`8(T(a5 %IROKOWH =++$K 0TYKPOPKGH JRHOHRK PJQNMPRPG IJK 0NRHYKR 'MPKOJQK 3KOJNKG
UKUITJNRPG: KXIRPGKR PRKNMJQKG KJQIRK IVPO QNIO$ )ZPMI: mNPJH: ,HMHOUPK:=IOIQNIMK:
4IZPGH IJK 7IRN ITYKPOPKR JRHYIO GHOJRHMYIKO VIRKJN QPRIO UIRRPRH$ !BMD? 0DFBb>=EIG
1KPJPO UPMKJN UISKR PQKO QNIO KJIRYIK$

^(T(a8(T4`5 b'TGKJQKPMIIGc QNQIOWNJKGH GKOYKPOK XPMPJKR SKOWPKG SKTP QPRIO@3KO

4KRJPO &PH WI MK 7MKJK IJK )ZPMIO^ 2HMPhKR =IOIQNIMK: 0GNKWHR IJK ,HMHOUPKOB$ #?!AKO
']KiNiSHO @7IRNB ITYKPOPKRRIO KRXKWK XIOYIRKJQIKG IGKRRP QNIO XIOWIJKTNOKRIO
KXKPIRK IJK 'XIRPGKGH OKQPH UIRRPIO \KPHJQK$ 4IZPGHG UITJI UPWI UKJ SKRJN QNIO$
'VNTJPO +JNRUPWIG POYIRPH UPSNRJN QNIO IMPQKRIO: KRXKWKRIO IJK GRIHM KUIRKJTIO
KVPOJKRPKG KMWI QPJNIMK$ 9NKJIXKMKG: (PGKRKVNKG: ;HTJK &PiKG$$$ UIRIO UNRNK KTGI IJK
POWIYIOWIOJI WIGMKRKJN HOWHRIO @0TYKPOPK QIPO 4IZPGHRIO KVPOJIJPGB 0RWPKMWIGH
'XIRPGKGH 7RHUPOJQPK 2KJNKG IRKJN QPJNIO: OKSPQ IJK VIRHKVH UKOKOWN IVPO QPRIO$

+17$<$17$1./+" %17%&%"

+OWIYIOWIOJQPK MHRJN QIO: UKPOK IQ QIO VPQKRJI KMWKGIJKRPG PQKO IJK IVHOIQPO
YHMPJPGHKPQKO QIO IRRIYNUMPGK UIRRP SKPIO IQKNVKRRPIJKGH UKJ L+L$ XIOWI HTHKO QISKR$

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

#C
1IRRP UIRRPHG OHMK QISKQJN IQ QIVHIO UKJIRI KRVP$ 3PXHO 2HMPhKRRIG ,HMHOUPK
1KOWPKQNIO UNRNKO: VKNRGH ,HMHOUPK: 0GNKWHR IJK =IOIQNIMKG HTKJNK IJK: VIRHKVH:
'XIRPGKGH0TJKJN 1PTYKOPGHIO ,HO[IWIRKQPHK: +YKRRKXIRPGKGH 0TJKJN 2KJNIJKO
XIOWIUKMWIRKOJQSIWKJNQ IRKPGPJQIO KRP QPRIOIO KOJQIGHK$ 2HMPhKRRIO NJHYPK SHRRIG
SNJT IVPO QNIO: OKQPH UIRRPIG HTH UPWI WITUIRWPOKG SKRJNUKPJQPJNQJIO$ 9PQKRJI MPURI
IJK TPTJIXK MPUIRKM KNRRIRKJNKG IRKJQIGH KTXHK IRI NTJIM VIRKJNQIO$ ,RIHMIO
ITGNIJKRK \HKO QPRIO UHJIRI IGHOHXPGHK IJK KVPOJI YHMPJPGHK^ POWPVIOKGMISIO UIQKPO
UKQJIRJNRPG VIRKJN QPRIO IJK: GKTN VISPIOIJKO UISPOJQKJ: ITGMKUH UIMJQIP IQQPIJIO
KTGKYIOK IXKO$ 0RK UIRIKO: VIRRKG IJK IQIVHOGHRJKTNO YHMPJPGHKG
OKVNTPJQIKO:0TJKJN 2KJNIO IJK 0RRITNXK 2KJNKRIO OIHGHMHOPKMPTXHKRIO SKRRKYKGPO
IRRKQKG PQKOVH WPRK$
,HRH +RKTJHRQK$iHXEIJPG XHMWKJNK

4) *"+"5 $!."., -+0$#"-"#$1 $#"+&,1./" *"."/&".!,"

!"##$#"

#?""$NRJIKQ VIRHQJPG: $GN>B?B>CD KBG@D=B>? J>=>B LI==B L>@B IM>? AB@A>BD? K>GBI=>O
IQIO IG@>@E FBLI=>F> c?C>@E IJK 'OJQPO 0RRIVPXIOKRIO PGNRRKG UISPO UIJPRKGH
MNRYIRKJNJK VIMWPJN QPRIO$ 4HWN VNQJPQ: IQ WK YHMPJPGHGP VKRKP IVHOGHRRK PQKOVH$ +QKO
IRI: VHUIRON IJK GHOTJPJNQPH IQUIRWPO KTGH JKRJIGKJNGH WPRK$ <=DAIGE K>E VNQJPK
VKPOIRK: IQPO WK UIRIQ PRKNMJQK UNRVITKRIO HOWHRPH GHOJTPWIRKJN: SKN IA L>B@>
0NRHYKGH UITJIMKGH JHGPIJKO VIRJKJNGH WIO XHWNKO: LE=JIGB>=I? IGCE@BC
J>EA>@ECDO MBFB@>==I? IGCE@BC L>BABC) <=D@>JD?BG@> ?>JEGBI?>C MBFB@>==>C IJK VHP
KRPTJHGRKQPK PQKOVH WPRK IJK VKRKPGH VHUIRON UNRN VNQJPKG: XPMPJKRRKG PQKOVH WPRK8 4JQ$
WI MK &HTK: 4IOWPQKUKM: 0TYKRJIRH: (KRhKIQ: -nWHOOIMM: 3IRRKOH: 7RPX` 1HOIG: UIRIQPK

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

#5
IVPOIO WN ITYKPOPKR IRRIVPXIO MPUIRKMK$ *DLI=?E >FH>CI@> IG>?JE=>@GEI?>C
MBFB@>==I? >F@Z>MI?HE MBFB@>==IC I=>JB?H> VKNQKJNGH WPRK: IQ HRWIK: SIRRPKRIO
UHRHOWKJIQ IWH TN[RKVPHQ$ 0JK NDFB@BC>=I? ?D?HBC ?D=>CD>C: UNRVITPKRIO POJIRITKG
WI[IOWKJQIRK UPWIRKJNJK IVHO UKPOH: I==IJB?>=I?O MBFB@>==I? I@> DFBJ>=CB> IFBA@>=
AIB? >=BG@DC=>@BCD>=I? B?@I=IG>C L>LIG@I=> UPWIRKJNJK IVHOIO WPRK: +TKUIM ++$KRIO
IRRIVIJQKGH I==IJBMI? FBLI=>F>O DGD CD?@GI=L>HD=I> PQKJIK UNMJQKJNGH WNIOK$

#?"" IJK #?5> NRJIIO UPJKRJIKO: UP VKRKP OKVNTP UIRIPQ WKPJIQGI: MISIOK: MPUIRKM
GHOJTIRUKWHRIK IJK UPVKRRIOK: WIXHGRKQPKRIO aOGKJQIK$

D +G>LIF ++)>=I? I==IJI>FHB> V(T668aTP5 9KRKP SHOIJKO: 0TYKPOPKGH 0TJKJN

/PUIRKMK WIaOPJNGH WK$ +TKUIM ++$K SPRN NRJI UKPOH IQ QPJNIMK UPSNRJN QIO 0TYKPOPKGH
IRRIVPOK$1KQP UPJKRJIKO @#?AA$NRJIRK UPJKRJIKOB IRRIVIHRWIIG KVPOWN QNJIO
@MISIOIOVH UIRI KXK: 4$ ,RPTJPOKG IJK 0TYKRJIRH \IOIRKMKG HOWHRIOB$ +TKUIM ++$KRIO
IRRIVIJQKO: MPUIRKM XHWIRKJN IJK KNRRIRKGHPIO VHUIRONKG JKRJIGKJNGH WPRK
@UHJIRIKRIO XHOHYHMPHK GKTN VISPIOIJKO: XHWIRKJNIOK PQKOPGB IJK TIVNO QIPOIG
KVPOWN: GHOTJPJNQPH UKJ IWH UITJI POWKRRIKO IVHOVH WK: SHJT: PQKIRK KNRRIRKGHPGHK
@#?"5GHKB IWH XHWIRKJNGHK @#?A>IGHB$ 9HUIRON KMWKGIJKG IJIOVKUIGHKG PQKOVH WPRK:
IJK SKNIG VISPIOIJKO XKJZPOKWK IWH ITJKJN GHMYIIO UPWIQ UNRNJNGH WPRK: SHOIG
IVHOGHRJKTNO YHMPJPGH IQK IRKVPOIQ$ 'MKUKPOK: HRHGHRRIKO: VKRKP GHOJTIRUKWHRIK
PQKOVH WK: XHWIRKJNIG KVPOWNJKGHK IJK HMPVKRGPKRIO POJIRITKG UKUITJNRPGHK$

D !IB E=@ICD HIMDC=>@BCD> V(TaT83`P5 0TYKPOPKGH MISIOIOVH VKRKP

WIXHGRKJPGHK GHOJTPWIRKJQIO WK: TIP NRJIQ UKPOH PRKNO IQ QNIOK @IJK #?C<GH
GHOTJPJNQPHKO HPOKRRPJN QIOKB$ +RKNMJQK UKJIG IXKO QPJQKPHO VKRKP SHOP SKTPIRK: @C?GHKB
IJK XPMPJKRRIO GHMYI UKJIG KXKPIRK @#?5AKOB$ C?GH PRKNMJQKRIGPO 2HRUHPIO IRRIVIJQK
UIRJKO UISIRK VIMWPJN IJK 'XKWIH 3KUH]KGHK IQKRRP QNJIO GHRHKO$ 1HOIO
KUWPGKQPHKRIGPO: 0TYKPOPKGH +$ 0RRIYNUMPGK KMWKRRPGKJN QIO @NRJI ITGKT PRKNO QNIOKB$
3IP NRJIGH WIXHGRKJPGHKRIO HOWHRIO: 2HRUHPIO IRRIVIJQK UIRRIQKRRPGH WK:
@2IRRIQKRGNOJQKB:VKRKP GHOJTIRUKWHRI IJK HMPVKRGPGHK UIRRIQKRRPQ KMWP UIRIKO:
@++$0RRIYNUMPGKRIO KMWKRRPGKYIOKRIGPO KXKPJNGH WIOK #<"#OB$

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

#?
4)() -$;$1 *$##" &"#-+!.") /$#*".+" $." %17%#+%" 1":"##%"1)

!"##$#"
,KRMPTXHK 0TYKPOPKO L+L$XIOWIKO THRJN QIO MEJBMI?HEO BHIDFDJB> IHD
NI?@G>MI?HE NDFB@BCD UKJ PQKO QIO: "?@AB? $==IJBMI?>=I? HIQI?@G> IVPO IJK
IRRIVPXIO MPUIRKMK HOKRJN OKSP PQKO IQ QNIOK$ 2IRIQ: ;KRMHT 2HRUHPGH PO[KOJIKRIO
IRRIVIJQK WI[IOWKJQIGH XHXIOJNKO THRJN QIO #?""KO: SHRRIVKJPG SKRJN QNIO
GKRMPTXH PQIOK$ &>=FBG@IC ECD IJB? ABD@I? I==IJBMI? FBLI=>F> D?>=@AI>=B I@> "?@AB?
$==IJBMI?>=I? HIQI?@G>? I@> K>BI? I==IJI K>E@>J>B N=DNBD>=I? HIQI?@G>? KB=E
JI==> FIKB>@E AB@EA@I?$ (KVNTPIOKG MISIOIOVHK: #?""$NRJIJPG #?"<$NRJIRK PRKNO QNIOK
IJK KQGIOK PQKO QPRIO: #?5!JPG #?5CRK UHRRHGKJN QIOK$ 2PKG VKMWN QPJNQJIO IJK SHOIG:
1>Q>==D>CD I==IJBMI? NDFB@BCD>=I? I@> QD=E GBG@IM>=I? JDB@BC LIKI=>CD >FH>CI@>
I=>JB? QNIO$

*$##"#$1 -$;$#&$." $." 0"17%"&

*I==>=I? >EAB> %IROKOWH =++$KRIO DB?D=HICD@A> BA>? AI?$ 0RRIVI KUTHMNJPTJK #?""KO
SPM QIO IJK MIVI TKMPGHK XHMWKJN QNIOIQ: @IXKGNXIKG IRRIVPOK MIVPJPXHKG PQKJIK
NGKJQIO QNIO MIVIKB: +TKUIM ++$K UPSNRJN QIO 0TYKPOPKGH IRRIVPOK$ 1KN HRWIK: IQ QNJIO
VNQJPIG HOKRJN IJK ;KRMHT 4$ +TPWRH: @MIVIK XHMWKJN PQKO IQ UKMPJQ IRRIVI PQKOVH QIO
PO[KOJIKB: SKPOUKJ XPMPJKRRIO MKVNOJQKRIGPO @*NXKMKGKRRIVP UKROIB: 4$ ;RPTJPOK IRRIVI
HRWIKRIO IJK +TKUIM ++$K IRRIVPOK MIVPJPXHKRIO KNRGK KMJZKJN QPRIO$ 1HOIMK SKTP QIO
VIRRK QPUPMK$ *I==> ABLBF> BA>? AI?) 0B L>?HD>C5

&"#-+!."&

! ;KRMHT 4$ +TPWRH IRRIVIKRIO IJK 3$'()$

4++&5)1&$,+&$ KMWIGHKG$
! /0/-'8 SKTPIRK UKJIKO GKRMPTJIO MIMHK 6,)$-#,2
3%&++), &', 4++&5&, PQKO QIO$9NJZPRK: 7#+8,- JZIRJKJN
QPJNQJIO: SKN PQKOPG KRRKGKTJKRIO VPMJQK$
! 2'203',8 %HRNKG KMWKRRPGKJQIKRIGPO UKJIRK: ",',/8$), (&)$ 9,/&$'(),-#
1&$:),/:&&',$ IJK SIVH 480-,/ ;&++),$ GKRMPTJIGPO UKJ IVPOIQ KMJZKJN QPRIO$
,KJKMNOPK IJK =KMIOJQPKO: [HRNKG UIRRITGNRKJQIGH KNGIRK PGNTP QNJIO @92*)+$28),:"
;$++": 8$+):,3. $," #0"2," <$++3.) =$.+$,-$2 >3,"+,$: 8"0*-". :3,-:,$2".B$ 0NTGKM
1IRRPKO MPUIRKMPTXHKRIO IQKRRIRKRIGPO QD=E>C J>F@AICD LIFHE= QPRIO: \KWK

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

#<
+OWIYIOWIOJQPK VIRRKO IJK #?#!GH GHOTJPJNQPHK IQKRRPJK IVHO QIOIGH VKRKPKO
@#?!FE!"B VIRJKJN QIO MIVIQ: QIOJRKMPTXH YHMPJPGHKRIO XITIWIJKO$ %HRNKG KNJHOHXPK
YHMPJPGH QKUKMK ITGKPOJQIO QPIO: IQIO: SKNIG PQKJIKG: VHRJI YRHYPHKG: aTGKMPJKJI
YRHYPHK: GHWI QPUPM YRHYPHK` PQKJIKG QPNRJKJQIO QNIO$ /PUIRKMPTXH IGHOHXPGHKG
SKMKUIR: WITKXHRJPQKQPHKG UNMJQKJQIO QPJNIO IJK SHOIG: MNR GHXNOKMIO @SIRRP MNRRIOB
YRPUKJPQKQPHK IGKR MIQKGI: INTGKM OIGKQKRP VISPIOIO UPQPXHWNK IRRHJPG KMWKJQIK
QIGKRRIOK: UKPJK: VRIXPHIO WITKVIRYIOK IRI: ?3.-4 6-++$28) )++3.) ,$4,-"&$ 1HOIQ
VKPO: INTGKM GNMJNRK GKJHMPQPTXHKRP IRRHJNJK QIVHIO HTH IJK GKRMPTJIG: MPUIRKMIGPO
MKPGHJKTNOK IQKRRP QPJIGIIMK KMWKRRPGKJN QNJIO: @SHRP [KMJTNK QIO KRRIOB$ ;IJD $EGC>F
;I==BCD: @YRHUPOJQPK UKTGHOVKWIJKGH IJK (K[KRRHKGHB NDNEF>ABD>=I? JIKBI?JD>C
UIRKQ: QD=EI?O KI==B FE==I? I@> ME@E==ICD C>@DFBABGMD>=I? BAI?I>? C>=FBGMD>=ICB?
L>@ IJB? AE@I?$

-+0$#"-"&
<= >+)0')$, &', ?0,%&/ ??= &++&5)$,+&$ KMWIGHKG QPRIO$ 4$ ;RPTJPOKG UIRKPIGPO UKJ IVPO
UISKR PQKO QNIO KMKUKRIO ITGNUPWI WPOKTJPGHKG UKUITJIGH @.)($23$2,:3":.)

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

!F
 $:.)2,:"B IJK MPUIRKMIG: IRRIVPOKRIO WI[IOJTK IVPJIKRIO JRNGI: ITJKJN MPUIRKMK VKNQKJN
QNJIO$
" 40','8 &', -#$0')'8()# /)%&+,/, IQKRRP OKSP QNJIO 0TYKPOPKO8 SIRRP
TNUPRKOHJKTNOK: UIRWPOJKTNO \NRPWPGHK: UHJIRI UKOKGIJK:TPTJIXK GHOTJPJNQPHVPMIK
:XIRGKJN IGHOHXPK: IJK KUKRRIO KMWIGHKG QPRIO$
" 2KOWH SHOIGPO UKJ IVPO QNJIOKG OKVNTPGP: 1)/)',++&$ 5&@)&$5#,: @KTGH
IRUITJIKO QINWIOKGB: 78$'()#$,+)#,- IJK %8+5&0,- PQKO QPRIO: UKPJK VHP #/)5,+-),
,+)0'#-+,')-#, IRI @INRHYKR JITJNPOVNRNK PGNTPJK IJK MPUIRKMPTXHKRIO KRRKGKTJKQ
\KUIJNJK: SHOIGPO UKJ IVPOIQB$
" ,KOYH MKVNOJQKG8 &++&081, /)%&+,/&- WPRNK: KRXKG IJK THMWKWNKG UPWKMP
QPJNQJIO @2RPJKPOPK 1KOWPK: %RKOJQPK IJK 7HRJNVKMB

&"#-+!."& @;KRMHTIO KMWIB -+0$#"-"& @+TKUIM ++E4l ;RPTJPOKRIO KMWIB

-$-%" DKPOGHK:'UIRRPK:0RRIVIK:/IVI *KSKRRKG 0TJKJN /PUIRKM IJK ,HOTJPJNQPHOKMK

@[HRNKGB

+7$%-%*+" 'OJQPO 0RRIVPXIOKRIO KMWIGHKG8 XHOKRGPK 0RRIVPXIO MPUIRKMKRIO KMWIGHKG8 XHOKRGPK

KUTHMNJPTJK:ITJKXIOJN VPQKRJIK: YRPUPMIVPH GHOTJPJNQPHOKMK: IGHOHXPK MPUIRKMK: YRIOJTK
TPTJIXK: [HRNKG: IGHOHXPK [INWKMKRIO KTGKJKTNOK:QIOJRKMPTXH YHMPJPGHK`
\KRRKPYIOK`

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

!#
 *+/"#.$ ."-7$"& D (IGKQKRP JZPGPKG @MNR GHXNOKMIO D 4PMPJKRRIO VISPIOVHK$
WI[IOJTKOB D 9HP KRPTJHGRKQPK VISPIOK
D 'RJPTKNKG @VRIXPHIO WI[IOJTKOB D %NOJQPHOKRPHKG
D /KOWKGH \KNOKG @\KNO IRRIVPXIOKRIO D 2NRVITPK
WI[IOJTKOB
D 0MPQK @YRPUPMIVPH IMPQJKRRIO WI[IOJTKOB

*,1$"& 2KTGHOVKWKGE(K[KRRHK: @SPRPUNRNKG IQPGB: +K ITJKJN HTHK IJK GKRMPTJIG GHOJRHMKJNRPGH

,KJKMNOPKE=KMIOJQPK XIOWPKMWIKEMKOWK PYKRRKMWIGH VNOIIJKGH SPRPUNRNKG
?3.-4 ("%"&
IRIXNK$

&"1<% -"*,1./"& 'UTHMNJPTJKG @7RNTPK:'NTJRPK IJK 0RRNTPKB /PUIRKMKG @2RPJKPOPK

1KOWPK:7HRJNVKM:%RKOJQPKB

*$##"#$1 *"#"<$1"
9IRRK UIRIQ: #?""GH KQKRHKO SKTP QIO: GKRMPTJKG 4KWRPMIO IJK 2PMUHO KMJZKJQIKRIGPO
UKJIRK$ 9IRRK QPUPM SKN OKVNTPGP: VIRRPMMIO VIRRK PQKO QIO: OKSPQ IJK UKJKPMK VKRRKOJQPJTN
UKJQNG IRI MISPKJN QPRIO I\IRJQPJH MPUIRKM IJK GKRMPTJKRIO KRJIKO$ 0\IRJQPJH MPUIRKMK
OKVNTPGP: XPMPJKR YRH[ITPHOKMIGPO IRKJN QIO$ 0\IRJQPJH GKRMPTJK: OKSPQ IJK I\IRJQPJHKRIO
UKRRNGH POWKRRIGPO IRI GHOJKJN: OKVNTPGP XPMPQPIQ HTKJNK IVHO QIO$ ,KMGNMKJQIO WK:
!FF$FFF YIRJTHOKJPG VHRK SPM QIMK VIRRKO$

9NOI \KGPO UKJQNIO TKMUNITYIOKRIGPO: FBLI=>FIC B> IG@>@ECD FE==>FHI JIKBI?>C

CD?@=DFNI>? PQKO QPJNQJIO$ 1KMK IRI: IJDI=> JEA@BA CD?@=DF>@AI> CDG@>@E QPJQKPIO IJK
SKRJKRK: JI==>? LB I@>N> OKVNTP UIRIPQ WKPJIQGI8

!" ",+/)0'&$ 5,+,) /#+,'8, !ABCCDCE.: *NXKGKMKRRIVPRIO VKRKPK8 0NTGKM 1IRRP

VISPIOK GHOJRHMYIKO PQKJIK MHRJN QNJIO @SPRPUNRNKG PQKO IQPGB IJK VIRRK: =KMIOJQPK IJK
,KJKMNOPKRK IRI SIWKJN QIO$9KRKP SKN VKPOIRK UKJ WKJHR @#?""E"CB: MPUIRKMIO
IQIVHOGHRJKTNO YHMPJPGHKRIO VKRKPKRIGPO$ 'MIVPK: VKRKP SHOIJKO ITJKJN MPUIRKMKRIO
IVHOGHRJQI MKOIJKO QINWIO MPUIRKMKG: XHWIRKJN IJK KNRRIRKGHPIO KRJIKO IQJKUKPWK
KTGH YPQJN QPJNIOK IJK IJIOVKUIGH VHUIRON KMWKGIJK IVHJIK IRKVPO QNIOK: @4KWRPMIO:
IQIVHOGHRJKTNO YHMPJPGHK OKVNTP PQKOPGB$#A ,HPNOJNRK KYRHUIJZKJNJK: SPRPUNRNKG

34
!'(%#$&0.5 FY W%"(&"*$%'* '%%'.'/%-'&#$%'* .$%$"$* '&$ .'%%$ 5$%2"(&$ 2'9"$&#'* $%" #'2$ 9$(" #'* '(4$"*"$%

'(&$&+ 2",'%$2$%'* '#$%&#' '&$ -"('"*$&#' 4%/#'(+$0 L%/#'(+$ $2$,$"*$; '# #'* '%%$#$ '&$ $#5$%%$ "#$*;
)/-'%$&+ '&$ $+%%'%$5/"'* -'($-/(&$(+*$5 #"%'2$ '&$0 ?%%'."*$ .$"*'%$; )/-'%$&+'5"* ,$& '."* #+'* '&$
9$+'5; '# #+&'* COCR5/ 5/*(&"&+#"/$ )$%&>$* <$%&#'*0 CONP0+%&'$ 52$,'$ "#$* #'*; $+%%'%$5/"'5 Z!"
#$"%&"'() )$&>"*$-$# .'%/#&"5; ,/&'%'$ '(5+%$&+ '&$ "%$+2&#$ 2",'%$2$ .$+#$&#'* 9$(" ,$"&#"%'*; 6.$%$"5/
./,'%*+ ,+%+ F'*-"#$,$2 "#$*"580 @/*'&$%$5/; W$-"#'5/ ./%&'$5 "#$* #"&+#&'* '%'-+ '&$ 9$"'* ,"-'$ <$%%$"&+
#+&'*0 E2'."$; 2'9'*'*./; E*&#"* ?%%'.")'*$ ,'%&$* ,'9'%$ +#&'5/ -'5%'&+$5 '&$ 2'.' )+2&#/$5 9$%&+

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

!!
 SKRJQIO KSKMIVPOWN QPRIO$ ,KRMPTJIO YMKOK: MISIOIOVH 2PMUH: @XIKJHGP IJK YHRJN VNOI
QIOKB IJK HOWHRIO 4KWRPW SKRJQIK QIO$ 2PMUHRIO TIJPHKG WIOUHRK MNQIK PRKNO QNIO
UKPOK IQ QNJIO SIMUNRNK MHRJN$ 9KPOIRK: *NXKMKGKRRIVP SPM QIO IJK SIRPHJQK SHOIQ
VIRHQJPG: UKOWH GKRMPTJKRIO UKROI VKJKQGKG IJK IQIVHOGHRJKTNOK OKVNTPJN QPRIO:
UKOWHK VNQJPQ QKJPJNQ IJK UKROI VIRRPMMKG OKVNTP UPMKGKJNQ$

#" ",+/)0'&$ 5,)$%&@&+, &', /)%&+,/&$ 5,+,)F&$,- !ABCEDCG.8 2PMUHRIO TIJPHKRP

INJTPJK MPUIRKMKG POWKRJN IJK GKRMPTJKG VKPOUISIRKO TKRJN QPRIO$ 4KWRPM GHOGPTJKJQIO
TKPKJN QPRIO: UKPOK SKN YHRRHJ PQNVKRRPK PQKO QIO GKRMPTJIOJQKGH$9KRKP SKN SKMKUIR: UKJ
WKJHR MPUIRKMIO IVHOGHRJQI VKRKPKRIGPO 4KWRPMIO @4HWIRKJNKG IJK KNRRIRKGHPKG
IMGKRJNJK: #?"5$NRJIGH GHOTJPJNQPHK PWKJQP IJK ITJKJN MPUIRKM UIRRPKRP IVHOGHRJKTNOK
IXKO QPHJIOB$ 0TYKRJIRH I\IRJQPJH MPUIRKMKRIO UNRNK PQIOWKJNK PQKO QIO IJK UIRI
MPWIRVHYIKO VKRKPYIO XPMPJKRRKG NVKRPJN QPRIO @0NTGKM 1IRRPK XPMPJKRGP POVNRKJN QNIO
SKN PTHMKJNQ IJK GKRMPTJKG XPTIRPKRK GHOWIOKJNQB$ 9IRRKRIO OIGIK: UKROI VKJKQGKG:
YHRRHJ XPMPJKRRKG: aOKOJQPKQPH KRKQHKG` GKRMPTJKG UKGI SPJQKRXIOKG TPOKJQIRK IRKXKO
QPJNIO$ 2KGI PJNOK: H&+5,+,-# H&0,+-,:, PQIOIQ IQKVNJQIO WK: ABCG=8+'&,$ TPOKJN
QIOK @0TYKRJIRH IJK 4KRHJH \IOIRKMIO ITGNJPGB$ 2IRVKRKGH +JNOK TPOKJN QIOIKO UIRIQ:
\KWK #?"5GH GHOTJPJNQPHK POWKRRIKO QIVHIO IJK SHOIO KRKUIRK: ITJKJN IRIWNK
QIOJRKMPTJK QIO: SHJT: UIRWPOJKTNO \NRPWPGHK ITYKPOPKR ITJKJNGH MNRRKMWI VNQJPIJKRK
KYMPGKJQIO QIO :[HRNIJKRKGH KNGIRKRPG ITGKPOJQIO IQ QNIMKRPG$ 'MKUKPOK: QD=E>C
MDFH>@EA K>EIC M>?@I?@AICD CD?N=DMBGD> K>=@E AEI? 0I=J>=>CD +@E?I>?
0TYKRJIRHG: ?3.-4 ":%3.) ,$4,-"&$ :D=E>C M>=CD CD?G@B@EABD?>F LI==B>? @ZI=@>@AICD
>ECI=> HOKRJNK PQKO QIO @SKNIG IRRIVPXIO MPUIRKMKRP IVHGPJNQB$ 0RKUKGP SHOIJKO: QIR
ITKO SKOWPK PQKO QNJIO IEGC>F FBLI=>F QD=EA>FII? N=IGBD>C$ 0NTGKM: MPUIRKMIO KRJIKO
XNVPXIOWN [HRNQKMIK \KPH QIO$ 1KNIG: PWIHMHVPGHGP MPUIRKMKG QPRIO UKPOK IQ QPJNQJIO
SKPIO ITGNUPWI SPTJHRPGHKG VKMWN OKSP$ 1KN WIMK IJK: 4KWRPMIGH VHUIRONKRP YRITPHK
IVPO QPHJIO [HRNKG XKOJIOWNKG PQKO QPJIQIO$

#"&+#&'*; 6.%')"/$5 "*-$%.$,'&#'5/ '($&'%$5/80 [*-/%'*; 5/*(&"&+#"/$%'* "-$#5'%$%" '5"* #"/&'*0 E#5'* 9$+;
)/-'%$&+'5"* $-/(&+ #+&'* '&$ 9/%%'2$ <$"/ #'*; CONU5/ 5/*(&"&+#"/$; '#$+.$%%" )/-'%$&+ '&$ $+%%'%$5/"$5
,$&+ #"&+'*$ '&$ "*-$%%'$* './* #'*$ CO\X0+%&'%$ $%&'0

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

!"
0TYKPOPKR VHRJIIG 2IRVKRKGH PJNOIKO KWHTJNJKGH KRJPGNMNIP XIO IVPOIQ: #?"<GH
NRRPKO [HRNKG XKOJIOJQIGH MIVIK KRVPJKRKJN QNJIO$ 1HOP \KRRKPJNQ: SNRRIOIQ SNRRIO:
YRHUPOJQPK 2KTGHOVKWIJKGH IJK (K[KRRHKGH [HRNKG IRRIVNMKJQIGH MIVIKG PWKJQP QPRIO$
9PYNQGHK: 2PQGKPK IJK 'RKUKO: SPJQKRXIO IGHOHXPGHK KYMPGKJN QIO @#?"<$NRJIKOB IJK
(K[KRRHKO: /IVI +JNOWNK WIRPJQHOK @#?A#$NRJIKOB$

1":"##%"&% IJ4*4 ?KLMNL3O

(T`(ICD \-IJI +@E?HE>] 1>Q>==D>=I? IJDI=> B?G@B@EABD?>F LI==B> HIc?B@E AEI?

FIJI> PQKO QIO$ 1HOIGPO: 1>Q>==D>CD RE=BGHBCABD> $GN>B?B>CD M>=CD CD?G@B@EABD?>F
LI==B=> IJDCB@E QIO: KNRRIRKOJQIKO: SHOIO KRKUIRK KRKNJNJK VIMWPJNQ$ 'MIVPK: #>#!KQ
VIRHQJPG XKOJIOWNJKGH IVHIRK \NRPWPGH IJK POTJPJNQPHOKMK KMWKJNGH WK$ 'OJQPO
0RRIVPXIOIGH IRKGNOWIKG UIRJKO UISIRK VIMWPJN IJK IRRIVPXIO MPUIRKMKRIO
KRKUIRKGH MIVPTMKQPHK VKRKJNGH WK$ %HRNKG XKOJIOWNGH WPJNIO KRRIO: (K[KRRHKG
\KJHRRPKO QPJNIO [HRN VISPIOIO VKMIRK TNYHTKJN QNIO /IVI +JNOWNKRIO KYMPGKQPHKG$
+QKO IRI: I==IB?E BA>I=> J>FHECD HE: IJK 0TYKPOPKGH N=DLB?@AB> LBKE=@ECD H>:
SIXIOWPG KNRRIRK:XKPMK YHMPJPGH IJK MIVIVPMI IJK XPMPJKRRIKO JDLI=?E AI?@=>F>=I?
MI?NI>? VIMWPJNQ: @4KWRPMIGH 9HRJIIG SKRJNGH WPJNQJIO MIVIKG:VKPOIRKGH
YRHUPOJQPIJKO UIQKMKZI KYMPGKJNGH UKPJPRK SIXIO IRIB$

*>FI=>C8 IRRIPON VPTK QPJNIO IRKGNOWI IJK KSKMXIO UIRIQGH IJK POWIYIOWIOJI
VISPIOKG VKMWN QPJNIO8
E 0RRIPON PQKIRK VKMJQIKRIGPO UKJIRK:#>#!KQ VIRHQJPG XKOJIOJQIO QPJNIO
IRKGNOWI MIVIVPMI UIRIQGH VISPIOKG VKMWNGH WPJN^ VHRJIKG IJK IRRIVI ,HOJTIPMNK$
E 'WNKOK YRHYPHKG VKMWNGH WPJN: SIXIOWPG KNRRIRK: 7PRPOPHIJKGH XNVK
ITYKPOPKR VHRJIIO IJK VHUIRONKRIO XIOYIGH QIPO GHOJRHMYIGH UPMKGKJNQ: UKPJK:
UIRJKO GHURKJQIO QPRIO XNVK QIRVKG IRI$
E 0\IRJQPJH ITYKPOPKRRKRP QIRUPJQNK IXKO UISKRGH QKPH: SHJT: VKQJI OK[KRRIG
ITYKPOPKR I\IRJQPJHKO YKRJI SKRJQIGH UISKRRK PQKOIO WNJI: ITYKPOPKR I\IRJQPJHKO

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

!A
THMWKWNJQK IVPJIK WIRRPVHRJNGH WIMK: @KPJQPJPG VIRJKJQIO IQ QIOK IQIO OK[KRRIO IRRIPON
UIRIQGHK IQ QIO ITYKPOPKRRK: OK[KRRK UKPQPGB$

<=DLB?@AB> QD=>F> UPSNRJNGH WK @0TYKPOPKGH UITJI YRHUPOJQPIOVKOWPG UIRIPQPGH

WNIOKB$ 1HOIG K>B?L>@ IGCELBHI QD=>F D?>=@ECD HBACBD:VISPIOKG:KWXPOPTJRKQPHKRP
WKVHQGPHOKG$
H 'NJHOHXPK aTGKMK8 QIRVK TPTJIXK YRHYPHK XKOJIOJQIGH ITGNUPWIK PQKOVH WN$
(K[KRRIG: (K[KRRHKGH 6PYNJKQPHKRP HRWKPOWNGH WPQGPHJI QIRVKG IJK
SKNIG:YRHUPOJQPKRIO VKTJNKG GNWIKJQIGH IRKUPMPGH WPRK$ (K[KRRHKG KNRRIRKOJQIKO:
9KQJIMKRP NRJIKO WPRN GKOJPJKJI \KGPO UKJ @GNYHKB IXKO UISKRGH WPH$

H 6PYNJKQPHK8 VHRJIKG WITKVIRJNJK:(K[KRRHKGH HRVKOPTXH OKVNTPIOK UPSNRJN WK$

1HOIG: QIRVIO GHOJRHM IJK VITJPHK: NWKMIJZIIJKGH KNRRIGHOJNIO GHOJRHMK:IJKU$ IVPOIO
WN$ 6PYNJKQPHKRIO GPWIKG OK[KRRKG PQKO UISKRGH WPRK: @OKSPQ IJK VISPIOKG VHUIRON
QIOJRKMKRIO GHMKUHRKQPHOPTJKG PQKOVH WPRKB$ 6PYNJKQPHK: XIRPOWKWI UKGHPJQIGH GPWI
GHOGRIJN UKJQNIG HTKJNGH WNJI: @QKQYP HTHJKRKB: TN[RKVPHQ KNGIRKJNGH WPRIOKG
XIRPOWKWIGK$

H ,HWI QPUPMK IJK QNQIOUPWI YRHYPHKRIO SKPOUKJ VKNQK XKOJIOWNGH WPJN$

(K[KRRIG /IVI b@,-2*-"A HOKRJN UISKR PQKO QNJIO: UKPOK VISPIOIG IQ QPHJIO SKPIO
KMWKRRPGKYIOIP NGH IVPO IJK IRRIPON PQKIRKRIO QIPO [HRN VNQJPIO UIRRITGNRKJQIKRIO
KMWI IVHJIO \KRRKPJN QNJIO$ 1HOIO PQIOIKO: UITJI UISPO KMJZKJN QPRIO KRXIJKO:
QISKQGP: #?5F$SKXKRGKWKO: @"$ 9IRRK GKRMPTJK PQIOIQ IQKVNOKB$ 0JK %RKOGPTXHKRIO
VKRKPRK KRJI: KMWIRWP GKRMPTJKG UHQGKJNIOK PQKJIO \KRRKPJN QNIO (K[KRRHKO: @IRRIVPXIO

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

!>
QKSKRRK \KWK WI[IOWKJN IQ KRRIO: [HRNIO VNQJPQGH UIRRITGNRKJQIKRIO IJK ITJKJN
GHOJTIRUKWHRI QIPO GKJHMPGHKRIO KMWI IVPO QNIOKB$ -IJI +@E?HE>: JKRJI GRHOHMHVPGH
UKGKR UKJQNIO TKMUNITYIOKRIGPO: @C NRJIGH WIXHGRKJPGHKO IJK ++$ 0RRIYNUMPGKRIO
VKRKPGH TKMUNITYIOKRIGPO KMIVPKB: B?H>==I>? IJD? AI? (WT4)E=@I=> >=@I: -%#":1"
BAI?ICD FIJI> B?H>==I>? G>=@E AI? >=@I)

4)4) -+0$#"-+!2% 2%7$#".,"#$1 $#$7," V(T`'$&% &%1!.+.,/+%"P5

/$1.#"-+!2%"O 2+-+."#+!2%" $." !,0+#"1%."!,1 <"#.$&".,"

!"##$#"

+TKUIM ++$K IGN>B?B>= I==IJB?> BA>? AI? (T668aT E=@I LB@>=@I>?:

QISKQGP: UIRI KPJK %IROKOWH =++$KRIO SIRPHJQKJPG: PRKNMJQK MHRPKJTNRK
KRJI$ 2IRI IRRIVIJQKO I==IJBMI? FBLI=>F> LIKB? LI@B=>CD
IJD?CD=@E QIO 0TYKPOPKO$
1PRN NRJI QPJNIMK UPSNRJN QIO +TKUIM ++$ ITYKPOPKR ITJKJNGH IRRIVPOK IJK HOWHRPHQ: UIRI
KXKG: 2)&=BG@B?>C I==IJID=HI@A> V(T668``P SKRJN QNIO UIRI PQIOIKO$ 9KRKP SKN:
ITJKJN MPUIRKMKRIO IQKRJQI VKRKPK PQKO QIO: GKRMPTJKMWPKRIO VIRRK QPUPMK JKRJIKO PQKO QIMK$
4HWIRKJN IJK KNRRIRKGHPIO IJIOVKUIGH VHUIRON KMWKGIJKG IVHO QPRIO KRRIO KQGIOPG:
#?"CKQ VIRHQJPG: KNRRIRKGHPIG PRKNMJQK MPUIRKMK VKNQKJN IJK (T63>? CD?G@B@EABD> BH>@AB
QIO $9IRRK ,KRMPTJK KXKPJQIKO: $GN>=@I=D \IOIRKM KNRRIRKGHPKG SKRJN QNIO
I==IJID=HI@A>O #?AFEAA NRJIIO UPJKRJIKO: +TKUIM ++$K: #A NRJI QPJNIMK: IRRIVPOK GKRVN
HaQPKMK SKRJN QNIO KRJI$

+!"0$- ++)>=I? $##$*$"-7+&% $/",*"##+ %#%&%##"&

0TYKPOPKO: /PUIRKMPTXHKRIO IQKRJQI YRHQITNK UIRIQPK PQKO QIO 0NRHYKGH UITJI

UKJQNIGPO KMWIRKJNJK: PQKO IRI: MBFB@>==IC J>EA>@E> PQKO QIO: IQ UNRVITPKG$ &F>GI
NDFB@BCD> MBFB@>= @0TYKRJIRH: (KRh_IQ: -o6HOIMM`B PQKJIKG UIRIQP IVPOIO WN VKRKP SKN:
IQIO: VHUIRON KMWKGIJK OKVNTPIOKG: IQ WPRK SIRRP TN[RKVPHIO HOWHRPH PQKOVH:
>F@Z>MI?HE MBFB@>==I? D?HD=BDA VN=D?E?@AB>MI?HE>CP UKPQPG$ 1KNIG VKRKPGH
KMWIRWP MPUIRKM OKVNTPIOKG IRKXKOVH WPJNQJI YHMPJPGK VPWKJQIRK: J>=>B MDHI=>@E>C
I@> >E==I=>CDB>C IQUIRWPOWNQ IRRIVIKMWPKO QISKR$
+TKUIM ++$KRIO I==IJI>FHB>? >FHI=HB MDHI=>@E> BA>? AI? JDLI=?E>? ?>JEGB: IG@>@E
AI?@=>F> IJK CD?@GI=L>HD=I> c?C>@E @IRRIVPOKRIO IJK HMPVKRGPKRIO POJIRITKG

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

!C
UKUITJIO QNIOKB QNJIO IJK I==IJB?>=I? LD@I=I> K>?HB> PQKO QIO VKRKP MNQI SHOIJKO
VNQJPKO QISKR$ QPRIO$
(T66@BC aT >=@IO KB=E >FHBA FD=@ECD HE@I >JB?@I> >E==I=>CDBICO I@> HI?I@>?
N=D?E?@AB>MI?HEI? LBHIA8 #?">$ NRJIKO MISIOIOVH KMWPQ @4KRPK ;RPTJPOKRIO
IRRIVIHRWIJQKOB: #?AFIKO UPVKRRIOPG @0TYKRJIRH XPMPJKR KNRRIRKGHPK IRRIVIHRWI PQKOPGB
IJK KQGIOPG #?>AE#?>C NRJI JKRJIJKO @2PNRJIGH $%&&'&$()*$+"
2IRKQ: JKRJI SKNIJKO PQKO IQPG: KIJIMD?B> NDFB@BCD> MDHI=>@EI?> PQKO QIO:
@(KRhKIQ XPMPJKRRK OKUKRXIOJQIGH aVNRK YHMPJPGHK PQKOPGB$ 1KNIG SKRJNRPGH ?IE==B
NDFB@BCD JEA@B>C I==IJB?>=I?O IFBA>=I? I@> IG@>@E AI?@=>FBG@>=I? AIB? DFBJ>=CB>=I?
LD@I=I> K>?HB@AI=> LBHI=>@E>C IVHO QPRIO$

) -BLI=>F MDHI=>@E I@> >E==I=>CDBI? >=@ICD @Z>?H>C>@AI>8 'RITJPKO KPYKJN

UIQKMK: 4KRPK ;RPTJPOKRIO IRRIVIHRWIJQKO XHWIRKJN IJK KNRRIRKGHPIO IJIOVKUIGH
VHUIRON KMWKGIJKG IVHO QPRIO: OKSPQ IJK LIG@I >FHI=HB L>@AEC R>BD I==IB?>FHB>?
AIK>=: WIXHGRKJKG IJK IRRIYNUMPGKQKMIKG UITJIKG UITJI: KNRRIGH UPKG MHRJNGH WNJI
KVPOJIK$ (KSPQ IJK UPKG IRRIVIJQK GHOTJPJNQPHOKMKRIO: TN[RKVPH QIOJTPJKRPKRIO:
MIVIEKNRRIGH UIRWPOJKTNOKRIO IJK ITJKJN UKJIRKJN IJK QIOJRKMPQKJQKPMIKRIO KMWIGH
PQKO: KNRRIRKGHPIG: THUIRKOPK OKQPHOKMK 9HRJIIJKO QIVHIMK: TN[RKVPH QKUKMKVHK:
YRIOJTKEKTGKJKTNOK: XPMPiPK OKQPHOKMK IJK NWKMIO KVPOJIK WI[IOWKJNGH WNJI$ ,HRHKG:
KSKMXIO SKNOWPKVHK IXKJIO WPHJIO XHWIRKJNIP WIPJNGH WPI VHUIRONK HTKJQIGH
UISPO IJK UIRRPQ$ 'NRRIRKGHPIG: KVPOJIK ITGNRKJQIGH YRHONOJQPKXIOWN XPMPJKRRKG
IRKUPMPGH WPJNQJI IRIPOKMWP HTHKO$ 2KPOK +TKUIM ++$KRIO IRRIVIKMWPKO KMWIRWP XHWIRKJNK
PQKO QIO VHUIRONKO OKVNTP: THPMPG UP NRJIRIO UNRNKO VKMWN QNJIMK UHJIRIK @2PNRJIGH
'NRRIRKGHPK #?>AE>CB$ 9HUIRON SHOIG I==IQD=M> >E==I=>CDB >?B@A LE=E@E ?>KB PQKO
QPJNIO: UKPOK UP NRJI HI?LD=> F>LE==> PQKO QIO SHRPIG VNQJPKG >E==I=> I=>M>? >K>F>
BA>@ICD @GHOTJPJNQPH UIRRPKRIO PWKQGIRK: POWKRRIKO IVHJIRK KPMIVKJN IQ QIOK IJK
SKPOUKJ OINRRP IGHOHXPGH IRKVPOGHR: 0TYKPOPKRIO XHWIROPQKQPH IGHOHXPGHK IJK
POWNTJRPKMPQKQPHK TNTYIRJN OKSP PQKO QNJIOKG8 7"*):$2 BCDDE$.) *$4"()+,3:":3)
)+).)++" $," BCDDE$.) ,+$2>3*$ 0$8$"&E

) (T`'ICD &%1!.+.,/+%"8 4KRPK ,RPTJPOKRIO IRRIVIHRWIJQK VKRKPKO PWKJQP QIO

#?"5GH GHOTJPJNQPHK @MPUIRKM KNRRIRKGHPKB UIRJKO UISIRK NJQP IJK SKPIO PWIHMHVPKRIGPO
UKJ IVPJIO QNIO #?A>IGH GHOTJPJNQPHK PWKJQP QNJIO: POWKRRIKO IVHO QIOK +TKUIM ++$KRIO
IRRIVIKMWP HTHKO QISKR @#?C?RK KRJIB$ ,HOTJPJNQPHKRIO IQKNVKRRPKG @QIOJRKMPTXHK:
XPMPJKRPTXHK: TNUPRKOHJKTNO UKOKJNK: ITJKJN GHO[ITPHOKMK: VPQHOIQGHIO TN[RKVPH
QIOJTPJKRPHK`B ?3+".-++3 ":%3.) ,$4,-".&8

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

!5
, 4++&5)$,+&$ %#'&+&, )$:,+'8 QNIO GHOTJPJNQPHK^ TNUPRKOHJKTNOK UKOKJNK
KMWKRRPGKJQIO QNIO: @SIRRPKRIO IJK IRRIVPOKRIO KRJIKO YKRJIGKJNKB$ 0RRIVPOKRP KSKMXIO
SKOWPKG KPJHRJQIO QPQGPHO UHJIRI MIVIVPMI QIPO UIJIKRKQMIKO$ 1KMK OHMK: MIVIKG IVPJIGH
ITGNUPWIK QNIO VHRJIIGPO UKJIRK: MIVIIO KNRRIKO UIJH ITGNUPWIK KPJHRJQIO QPJQKPHO:
TIOKJKRPKG PQIOWKJQIGH ITGNUPWIK QNIO IJK UKPJK: VHUIRONK IRKJQIGH QIPO VHRJIKG
WITIVPJIGH ITGNUPWIK$

, P/)5,+-),+&$ )$'&+&0,- UKUITJIO QPJNIO GHOTJPJNQPHK PQKO QIO^ TIOKJNK THPMPG

HMPVKRGPKRIO GPWIIG HTKJQIO QNJIO IJK GHOVRITNK TN[RKVPH XNVKJNQ KNGIRKJQIO
QIO$1HOP \KRRKPJNQ: SKNJITGNOWI MIVIK KRVPJKRKJN QIO: QHRRHQJKTNOK: YHYNMKQPHKRIO
VISPIOVHKRP UHQGKJQIGH ITGNUPWIK NGKJN QPJQKPHO$

) 40','8,+&$ &', &++&5)$,+&$

%#'&+&, %,%&0'&-# SIMUNRNQ IJK SKPIO
GHOJRKGH PRKNMJQKG IGPWPJIKRIO PQIOIKO:
NWKMIJZIIO XIOYIGH SIRRP XPMPQPKG
POWKRVKUIJN IJK VHUIRONKRIO GHOJRHMYIGH
POWKR KRXKJNK THRJN QIO: 9NKRWPK *PUPMK$
0TJKJNKRIO POWKRRK SKOWPKVHJQIGH IRK
UIRIKO: QIOJRKMPTXHK TNTJKJQIO QPJNQJIO

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

!?
QIOUKPJ MIVI HOKRJN QPRIO: @KMGKJI SKNJKVKPKG IRRIVPOKRIO PQIOWKYIOIGHKG UPSNRJN
QPRIO: UKPJK: YRHUPOJQPIJKGH VHUIROKWHRI QPUPMKG IRIB$

) 4/)(,+&-)$ @,++&1,$, UIRRITGNRKJN IJK &0'8'8 (&$: @4IOWPQKUKMIO

WITKXHRJPQKQPHKQ VIRHQJPG IJIOPG QINWIOKGB$ #?>#$NRJIKO =KJPGKOHKRIGPO GHOGHRWKJNK
TPOKJN QIO$ 0MPQKRP: UITJIKG UITJI: PRKGKTGNOJQKRIO XHOHYHMPHK PJQNMP: QIOJTNRK
KSKMXIOK IVHJQP QPJQKPHO @KWPIRKQYIO KTGKJKTNOKRP XNVKG \KRRPQB IJK UIRI MNRRIGPGH
WITKXHRJPQKQPH UPWIKG XHQJNJK VIMWPJN QPRIO$

) ;"+"3 6)2$,"2 $+$ 2">"+($2" *" 03>$+"0". ?"+34,).+":3" :"6"++" $,"

>-+8$43" 0-+F">$"& $: *3+$2 4$.,)+$$2 %"+,$ 6"+,:$ G"0,"' 434,$(". $+"832*" @MPUIRKM
KNRRIRKGHP IJK XHWIRKJNIO KRJIGH JZKOWKGKJQI TPTJIXKB$ 1HOIG 3/:&+:) F#/)')-#
%&++),- ,$'#/,'(&, IRKVPO QNIO: SKMK OHMK: *$().+",". $," $++$%->03."2)"=
-n6HOOIMMIG IRI: @VKRKP UKJIGH KMWIRWP XHWIRKJNKRIO GPWIKB: UIRI KMWIRWP YRHYPHK
[NOWKJN QNIO: <","4-2 !3>$+"0"' KNRRIRKGHPIO IJK XHWIRKJNIO JKRJIGH UPWIJQKJ
KNRGIQJN QNIOK: UKP UKJQNIO OHMK UITJIIO KMJZKXIOWNKG IGPWPJIGH: OINRRP KNRRIRKGHP
IJK XHWIRKJNKG KPOJQKJ SKRJNQ$ 'MWP UIRIKO: VNOI UKJQNIJKO SKMKUIR F>?JBFI
MEJBMI?HE>=I? FIKI?H>LBABCD A>?@AE>C IJK KOJHMKGIJKG IVHO QPRIO^ MKOVPMI
8+$>". H","0-23"2: OIGKQKRPIO KMJZKXIOWNKG: SIRRPJKRRIO GKMI KMVKRK IJK YRHJITJKG`

#?C?$ NRJIKO +TKUIM ++$KRIO IRRIVIKMWPKRP KXKPIRK IXKO QPHO PRKNMJQK PQKO QIO: /HRPHJTNK
PQIOWKJNRPGHK$ 1KN: XPMPJKRRIO JKMWI SKOWP UKJIG: HYHTPQPH YHMPJPGHKG: @KNRRIRKGHPKG:
WIXHGRKJKG: NOPHOPTJKGB IJK SIRRP XKTKG UKUITJNRPG VKNQKJN QIO$ (TaTCD B=>EF@A>CO
+G>LIF ++)>=I? I==IJI>FHB>=I? >M>BI=> I@> GIB E=@ICD HIMDC=>@BCD>=I? K>GBI=>
TNYHTKJN QNIO: ITYKPOPKR ITJKJNKRIO MISIO ITYIRPIOJQPK WIXHGRKJPGHK PQKO QIOK IJK
#?5A$NRJIKO KXKPJN QIOK: 2HRUHPIO UIRRIQKRJQIKRIGPO$

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

!<
 4)6) X"0$./" <#+0".,"#$1 *"#"+<$1"5 X",18$##$*+2$1"#$1
+17"#*"0$./$"O -,##"#$1 7$!"2%#.+/"/+%" $." /$#*"8!+!.$2"

!"##$#"

0TYKPOPKR IGHOHXPK L+L$XIOWIKO IQ QIO 0NRHYKGH 4IOWIUKMWIGH UITJIMKGH

SIRRPKMWIIJKO UIQKMK IRKMWKJN: UIRJKO: OIGKQKRPJQK IJK POWNTJRPK PRKNMJQKG YRHQITN
XHJIM IJK MIGNJNKG PQKO UKPJQPRIO$ L+L$XIOWIKO 'OJQPO 0RRIVPXIOK KUHMPJQIKRIGPO
UKJIRK OIGKQKRPJQK TIGJHRIK XHWIROPQKJQIGH QIOUKPJ TKPKGIRK IVHO QPRIO KRRIO: @\KNO
IRRIVPXIOKRIO KUHMPQPHKRIGPO IJK WITKXHRJPQKQPHIGPOB: SKNIG IQ QNJIO UIJI UIJIKO
OIGKQKRPJQK PRKNMJQKRIO IRRHJQIK IGKRRP$ LL$ IRWPKMWIRK KRJI: OIGKQKRPJQK TIGJHRIKG
\KRRKPJN QNIO OKVNTP PQKJIO IJK TKMUNITYIOIGPO:KNJHGHOJTNXHKO HPOKRRPJNRPGHK PQKJIO
\KRRKPJN QNIO$

-,##"#$1 X"0$./"#$1 "#"/%"& $!<"+1+"1O X",1 $##$*+2$1"O

2"+%#"/&% !+!.$2" $." -,# ;+-"&

L=+++$XIOWIGH +MNTJRKJNIO VKRKPIJKJPG: OIGKQKM MNRRIO ITJRNGJNRK KMWKJQIGH UISKRRK

YMKOJIKJN QIO: @DHhIMMKOHT PMNTJRKJNK IVPJNRIO XHWIROPQKQPHK YMKOJIKJN QNIO
SHRPIJKGH UKJ PQKO QIMKRPGB$ +QKO IRI: $GN>B?B>? FE= JIKBI?>C N=BLBFIJB>@E IFBA@>= I@>
?DLFI JE@ZB L>@AEI? IGCE AIEHI? IJK 'OJQPO 0RRIVPXIOK POWKRRIKO IVHOPG: SKNIG
\KNO IRRIVPXIOKRIO KRKUIRK KRKNJQIO QPRIO$#> 'MIVPK: MNRRKG YRPUPMIVPKJNIO
KUIRKTJKTNO PJNRRP QPRIOIQ VIRH: SKNIO VKPOIGH \KUIJQK IJK KVPOJIK IQPO QIO
IQJKUKPWKO \KRRP$ <=BLBFIJB>@EIC R>E? I==IJBMI?>=I? N=BLBFIJBD> QNJIO IJK KD?B
IGCI= LBAB AB=I?: SHJT: MNRRKG OIGKQKRP JZPGPIP IRRIOJKO NQJIJPG IJK SKNIP OKSP UIQKMKGH

36
!''!$.%!0 -*&'#$&0.7 0!-,! 8%,#.'%0.!05 ?%-" E%/$* #'9$%; "$ ?+%/4$ /(/$* #'9$% &/5"$* &/5"5/ '%%'.''5 2+%%'* .$"*'5/ $."*&'$
,'%)$&#'5/ .'%%$5 2'9"$&+ ,'9$% "#$* #"&+#&'* '&$ 9/*'&$%$5/; */,2'#"$ $%)$&+$%'*; 6#$2-+*'*8 2$.+*&#$ ,'9$% "#$* #+&'*0 @$+'*
$%&'$*; ,$($"2+&#$ ("(&')$%'* $%$,'%$5/ 9$%%')$*$5 (/%&+ #"%'*H $2'."$; ,$,'( )"2"&$%%$%'* &%+5'$*; '%%'.''5 2+%%'* .$"*'5/ 5+-'$5'&$
.+#&"#5/$ '."&'* +&#" #"'&'* */,2''"; 6='+-$2"()/$ -'"&#'* -+.+* ("(&')$80 E%' .'9"$./; $(5/&$*; 2$.+*&#$ )"2"&$%%$ ')$&'$%'* &%+5'$*
*/,2''5; 2+%%'* 5/*&#'("/$5 <$(/ #"&+#&'*0 @/%" "#$* #'* '($&'%$5/; B,'%"$% 4'*"*&(+2$%'* 5$(+$ ,"%5/*5"(&$%'* &'(&+"*.+%+$*0 V/5"$*
&/5"5/ '%%'.''5; )+(+2)$*$5 4'*"*&(+2$&"5 5$*4/%$&#'5/ */,2'#"$%'* "*-$% $%)$&+$%'5"* 5/*&$&+ #+&'* '&$ &%+5'$*; 5/*5"(&$&+%"5/
2+%%'* .$"*'5/ <$,'&#$5 $"&/%&+ #"#5"'&'*; <$+* '%%'.")'*$%'* $%$,'%$ $%$&+ #"%'*$5; 62+% 9$+'* .$"*'5/ $."*&'$ '&$ 2'.'$5; 2+% <$,''*
'(5+ +&#"%"580 :+%%$5 )'*4'$* 9$%&#'$# .$"*'%$ 9$+'&$* 5%"(&$+&$(+*$ "*4/($&#'5/ ?2"#$%'* ,$,'( '&$ 2$.+*&#$%'5"* 5/*&$&+ #+&'*;
#'"*$5 2$* 9$+ '."&'$%'* &%+5'$* '%'; 2+% 2/&'$5 <$(/ #"&+#&'*0 ?2"#$ .$"*'%$; ?%-" E%/5/ '+%/4$% '%%'"*+ 5%"(&$+ .+#&"'* (/(&'*.+ '&$
,'%)' *$.+("'*'&$5/ ,$& "#$* #'* '&$ 2+% 4%","2'."/ $(5/ <$(/ #"&+'*0 L'*"*&(+2$5/ 2+%%$%'* '(&%+5&+%$%" ,'."%$&#'* ,$-"/.+ /9$%&#'*
.$%$; 9'./$2-'$* 5/*&#'*&%$&#'* -"%'2$ 2$&"=+*-"/ '-/ 2+% <$,'&#$%'* 5/*&#'*&%$#"/ 9$*-"'*$5 '(5+ .+&>" ,$&#+'* '(5+&$* '&$
"4$%%$2-'$* ,'%%"#; <$,'&#$ )"*"=+*-"(&$ '&$ 5/)+*$2$ -'2$ *$.+("; 6<$,'&#$ 4%",$&+'* &$)$"*$ &>"5"$./$5 "#$*"5 '&$ 9'%%" 2+% 5/4+%+
9$*-"$./$80 @/*'* $%%$#/"$ 4$%&' 9$*-" ,$&'$* ,"%5/*5"(&$%'* 4%/#'(+$* ,'%&$* -+.+*; '#'* "4$%%$2-'5/ '%%'"*+ 5%"(&$+$5 '# #"%'*
5/*5"(&$&+%"5/ 2+%%$5 "#$*; $+&/*/)/5" '%$&+&$5/ '%%'(+)$5 ,$"#"50

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

"F
QIRVK GHYNRNK GHURKJQIJPG$ 0RK UIRIKO: MNRRKG M>BD=>ACD GBG@IM>=I? >=>LI=>
L>LIG@E>C QINWIOIQ: SKNIG IQPO QPRIO IQ TKMWN IQ UKOKJN: XHWN SHOIJKRK: UIJP
MNRRIO VKPOIGH \KUIJQK XKOJIOJQIO QNJIMK IJK SHRRIMK: SKPIO UPQPUPWIK$ 0TKO UIQKMK:
MNRRIO XIJKGIJK VISPIOK: IMPQ IRKGNOWI: @XHOKTJIRPH: KRJQKYIQYPGNJQK`B IJK
KRPTJHGRKJK VNJZP UKJQNIO ITGNJKO GHOJQIOJRKJQIO QIO: IJK XKPMK JZPGPKVH UKJIKO:
JHGPKO JHGPGH NWKMIJZIIO ITGNJKO IRI: @MNR GHXNOKMKG WIRPJQHOKG IJK SIRRPJKRRIO
ITGNRK QINWIOKGB$ 2ITJI IRRIKMPJKJI UKJ MKOWN VKUI VIRKJQIO QIO MNR GHYNRN SKOWPK
QIO: @MNR SPMKGB$ 1KN WK: XKPHRKQGH TPTJIXK QIMK: MNRRKG IQPO QPRIO TKMWN IJK JHGPKO
JHGPGH UPQJKOMIRPK GHYNRN ITGKTK QIMK \KUIIG IQ QPJNQJIO MNR VNQJPKG IRRIOJKO NQJIO$
-E= >GCD SHRRIMK: F>?HE J>LI JIFHB@AI? AB=I?: FE= KBF>C IWH IGCE MD=@E>C
QIRPJQIOKG$ /KOJQIO QPRIO MNRRKG VKPOIRK: >E@DCD?@GEMD@BC UPQP QPRIO OIGKQKRP JZPGPIP
IRRIOJKO NJQPJKGHKG QPRIO$ 1KNIG: MDHE @=>HBABD?>FI>? F>?@AI? QPJNQJIO MNRRKG:
HOVKRRP OKJNRKMIGPO IJK JIGOPGK JRKWPQPHOKMIGPO: IJK UIJP: GMPXKRIO VHRK UISIRIO
XIOYIGH: YRHWNGJPUPJKJIK IJK YRHWNGQPHK XNVKJQIO QPJNQJIO GKNTKG IJK HOWHRPHQ:
QPGMPGHGP: C=BGB>C I@> JDGI@I>C @>=@IC>@AI> QIGKRJIOKG$

1$&"/"#+./" $#"-7"./$&% -$;$1 !"+&$#"&d X",1 $##$*+2$1"#$1

"0%-+/+%" $." 7$!"2%#.+/"/+%$1 <#%<%!"2$1"&

'PYKJN UIRRP WIO IVHIRK IJK OIGKQKRPJQK ITJRNGJNRK OKSPGH KOJQIGHK QIO 0NRHYKGH
SIRRPKMWI VISPIOIJKO: 'OJQPO 0RRIVPXIOK POWKRRIKO QIVHIO SHRPIJKO VNQJPIJKO$
1HRRIVKJPG: BFEG@=>ABD>=I? J>=>B>?: JHGPKO JHGPGH POJIMIGJNKMIG ?IC>A>=B@A> M>BF>CD
IJB@E=I? I=>FH>CI@> LIK>==>C NF>?@I>@E QPJNQJIO: VIMWPKMWP IGHOHXPGHK VKPOWPJN
IJK XHWIROPQKQPH IGHOHXPGHK TNTJKJQI KMWIRK$ +OVKMKJIRRKGH IRIWNKO HPOKRRPJNRPG IJK
UIRJKO VKNQKJQIO SKTPK QIO ?IC>A>=B@A> B=>EF@A> GEG@>@AICD: IQPOUITJIKO: MNRRKRIO
\KUIJQK KMWKJN IJK SKN NTJPKJQIGH XHWNKG KMWKJN UISKR QPRIO: SHJT: >FH>CI@> @IC?BCD
I@> IG@=EC@E=>F>C UISKRRIQGHKG QPRIO$ 7MKOJIKJN QPJNQJIO OINRRPKO KRJIKO SHOKGHKG
UP SKNIG OKUKRXIOWN QPRIO^
E 7RPUPMIVPH TPTJIXKRIGPO KXKPJQIK: SHJT: \KNO IRRIVPXIOK IJK XKPHRKQGH
TPTJIXK POWKRVKUIJQIK: MNRRKG TKMXIOJKO \KRRP KSKM PQKJIGH$

E 6ITKXHRJPQKQPHKG VKNQKJQIK^ KMIVPK: ITJKJNKG MNR SPMIO WIT\KUIJQIKG

UISKRJQIK: MNR SKNIG HOWHRIO: UNRVIT GMKTI MKJP[NOWPTJK UKJIO ITGN NQJIGH:
SKNIG YRHWNGQPHK XHWIROPQKJQIGH POUIRJTPHKG IVPO IJK YRHWNGQPHK
XIRGKJNRK UPWIRK QIQKJIO$ 6ITKXHRJPQKQPHKG MNRRIO OKQPHOKMPQKQPH YRHQITNKG
QPRIO IJK SKNIGPO YRPOJQPYPHQ OIGKQKRPJQK PRKNMJQK VKNQKJN OKSP QIO$ 0RK
UIRIKO: GMKTI UNRVIT OIGKQKRPK @MKJP[NOWPTJKB IRKGIJK TNTJKJN OKSP QIO: MNRRKG

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

"#
 XHWN GKYPJKMPTJKO NTJPKJNGH QPJNIOKG: SHJT: XIRGKJNRK UPWIRKJNJKGH NTJPKYIO
ITYIQPKMPQKJN IJK POJIOJTPHKG TNTJKJNGH QPJNIOKG$

'PYKJNRPGH \KNO IRRIVPXIOK POWKRVKUIJN IJK WITKXHRJPQKQPHKG VKNQKJQIGH

MISIOIOVH TKPKGIRKG \KWK L=+++$XIOWIKRIO UNGKIRKO VKNQKJN QPRIO: ;KRMHT +=$KRIO
VKRKPKO SKPO QNQIO IRI$ DHhIMMKOHT IJK 9HWH] UIQKMKGH PMNTJRKJNKG: IMPQ MNRRKG
WITKXHRJPQKJQIGH YRHYHTKXIOK IVPO QPJNQJIO: ITJKJNKG MNR SKNIG UIRIVKOKJQIGH IJK
HOWHRIO XIRGKJNRKJQIGH$ 1KN HRWIK: JKMWI YRPUPMIVPKJNIO \KNO IRRIVPXIOKRIO IJK
XKPHRKQGH TPTJIXKRIO GHOJRK IVPJIO QNIOIQ VIRH: IQ IQIO KNRRIRK KJIRK$

/ISIO IVPJNRKQGH KMWKGIJKG IRRIVPXIO MPUIRKMKG IQKRJQIKRIGPO UKJIRK VKNQKJN QPRIO$

1HOIMK: L+L$ XIOWIKRIO SKTPIRKO: I==IJBMI? FBLI=>F> IA>=@AI>=ICB? L>@I=>
+?HINI?HI?@AB> JI==>=I? @IG@EB?JE=E>?O M>BD=>ACD GBG@IM> I@> R>E? I==IJBMI?>
>LDFB@E AB=I?: @ITJKJNJN IQUIRWPOIG SHRP WIGRIJKJN QNJIMK IJK UKP #?F?GH 2KPHOKGH
ITJKJNJNKO UKP IJK #?#!GH GHOTJPJNQPHKG IGHOHXPK MPUIRKMK KPJHRJN QNJIMKB$ 0RK UIRIKO:
&PIVHRIO SPRN NRJIGH MPUIRKMIKO @#?!FE!"B: HIG>MD=@BA>ABD NF>?@I>MI?HE>C IJD?
AB=I?$ 3KPKGIRK SKNIG VNQJPKG KMKUKPOK: :I=?>?HD U++)>C >LGDFE@BGMD> I@> "?@AB?
$==IJBMI?> LI==IA>==B AEI? >FHBD=DO @TIP NRJIGH KUTHMNJPTXHKRIO VKRKPKO MISIOPG
IJK KQGIO SKXKRGKWK KUTHMNJPTJKO HOWHRIOB: LI=@>? LIKI=> JIFHB@E AB=I?$ 0TJKJN
MPUIRKMK #?""$NRJIKQ VIRHQJPG UISPO UIJPRKGH IQKRRP IJK IVHOGHRJN QIO KRJI: IQ QPRIO
KMWKGIJK TKGHO IJK IRKVPOGHRRPG IVPO$

X",1 $##$*+2$1"#$1 +17"#*"0$./$"

0TJKJN MPUIRKMK 0TYKPOPKO +) *I==> &>=FBG@>=I? @IG@EB?JE=E>? IRRHJN QIO: SKPO QNQIO
IRI: 4$;RPTJPOK IRRIVIHRWIKG: UIRI KMKUKRIO ITGNUPWI WPOKTJPGHKG UKUITJIGH:
VHUIRONK MPUIRKMIO ITGN NJQP UISKR PQKO QNIOIKO$ /PUIRKMKG ITJKJNKRIO VPWKRPJQK
SKRJNJK VKNQKJN QNJIO UISPO UIJPGHJNGH WIO PRKNMJQK MPUIRKMK$ #?"C$NRJIKO FBLI=>F
>E==I=>CDBIC JDLI=?E> K>=@AI>?O 2I?HBA>L>FICB? LE=E>?O IG@=EC@E=>
ICD?DMBCD>C I=>FH>@AICD FIJI>C I@> ?IE==B>C K>=@E
AB@EA@I?: YRPUPMIVPH TPTJIXK [INWKMK VKPOWPJQIGH IJK
IGHOHXPK MPUIRKMPQKJQIGH$ 2P PQKO QPRIO HRWNKO
SKRJN QPJNQJIO OINRRPKG^ \KNO IRRIVPXIOK
POWKRVKUIJN IJK IMPQ MNRRIO WITKXHRJPQKQPHK
TNTJKJQIK$

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

"!
/PUIRKM KNRRIRKGHPIG: \KWK ;KWPQIGH VHRJIIG UIRI XHXIOJNKO IVPO QNJIO XHWNKO:
'OJQPO 0RRIVPXIOK UIRJKO UISIRK NQJIGH WIGRIJNKG YNUMPGKJN QPJNQJIO: SKPIO KRJIKO:
IGHOHXPK MPURIKRP HQJHYHKG \KRJQIO QPQGPHJIO IRKGNOWI IJK YRPUPMIVPHIO
POWKRVKUIJQIK TNYHTKJN QNJIOKG$ 9RIXPHIGPO UKJIRK: R>E? I==IJBMI?> >LDFB@E AI?
I@> KD?ICB?O M>BD=>ACD GBG@IM>$ 'NRRIRKOJQIKO MNR \KUIIG IQ QNJIO MNRRIO VKPOIGH
KVPOJI VNQJPQGHK PQKOIO IJK MNRRKG: TKMXIOJKO \KRJQIGH KNGIRK KPJHRJN QIO$ 1HOIGPO:
ITJKJNKG MNR SPMIO VKPOIGH WITKXHRJPQKQPHKG IVPJIGH ITGNUPWIK MHRJN QNIO$
(T6a)E=@I>? 4IOWPQKUKM KNRRIRKGHPK VHUIRON UNRN QIMK VKNQKJN QIO FIKI?I?JD
HIG>MD=@BA>ABD $GN>B?B>?)

1$&"/"#+./" $##$:%#2"&5 7$!"2%#.+/"/+%"&

DKWK KPYKJN MIVIQ: WITKXHRJPQKQPHKG ITJKJNKG MIVIQ IWH WIGRIJNQ KVPOWNJKGH MNRRIO
WIT\KUIJQIKRP IJK SKNIO OKQPHOKMPQKQPHKRP WIRPJQI$ L+L$XIOWIKO ITJKJN ITYKPOPKRRKG UP
WITKXHRJPQKQPH VKNQKJN QPJNIO^ #?"CKO MISIOK IJK #?>>IKO UPVKRRIOK$ 1KNIG FE= KBFIB
>@>==>MI?HE> >@I=> I@> EG@B>NI?I>? R>=@AICD KIFLE=EA IVPO QPRIO OKVNTPGP:
QISKQGP: LE=JIGB> CF>GI>=I? IGCE EA@ICD IJK SKNIG: N=DHECABD> MI=C>@E=>
LBHI=>@AICD: 0NRHYK XKPMKGH ?IC>A>=B@A> B=>EF@A> J>A>@E AIHB?$ 0VPO UKQPRIO IRI:
UIOIJKGH SIMUNRNK IQ QIO VNQJPQ UIJI: PQKO IRI: OIGKQKRPJQK TPTJIXKG: TKMUNITYIOKG
TKMUN: KNJHGHOJTNXHRK IJK NTJPKYIO JRKWPQPHOKMIRK MHJNJK IVHJIO \KRRKPJN UKPJQNIO
LL$XIOWIKRIO UPVKRRIO IRWPKMWIRK KRJI$

<4MN?Q3H3J4M ABCE-# N4R3<PSK?Q3Q?P3

#?"C$ NRJIKO IVPOWKGH WITKXHRJPQKQPHK 2I?HBA>L>FI? HIG>MD=@BA>ABD> UIQKMK YKTK
PQKO WK SPTJHRPKRK: SKPO QNQIO IRI: 4IOWPQKUKM VHUIRON UNRN IJK HVKTNO XPOPTJRH QIMK
IRKXKO UKPJQIO KNRRIRK$ 1HOIO UPJKRJIQ: XPMKGK MNR SIGJKRIK OKQPHOKMPQKJN IJK
TKMXIOJKO \KRRP QPRIO: QISKQGP: 0MPQKRIO XIOYIGH MNR SPMKG$ 6IT\KUIJQIKG VKNQKJQIGH
WHGNXIOJKQPH YPMK UKJ THRJN QIO: HOVP QISKQJIGH QIPO MNR PQKOVH QPRIO QISKQGP
WITKXHRJPQKJNJKGHKG: KRJZPUH SPTJHRPGHKO VHRWIJQIO IJK GHOJTNMJKJN KSKM WIOK$

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

""
 ! Q&)$ #$:,08$ )(,$ ()+&$ :&0,1#+')(,'8,-T ,MIRH IRRIVNMKRRKRIO
MNRRKG$ 'MIVPK: XHOKTJIRPHK: GHXIOJN IJK HRWIO IRMP\PHTHIO MNRRKG OKQPHOKMPQKJN
IJK TKMXIOJKO \KRRP QPRIO$#C

! Q&)$ @&/%8+8,+&-)$T SIMUNRN OKVNTPIOK: 0TJKJN /PUIRKM UIRRPK

POWKRJQIK PQKO QIO IJK SHOIJKRKGH: WITKXHRJPQKQPHIO UPWIQ ITJKJNKG QPJNIO
QHR YNUMPGHKG JZPGPJN OKSP QPRIO$ ?3+".-++3 )2*).) ,$4,-"&$ 0RK UIRIKO: +$VH 9IRRK
,KRMPTJKRIO VKTJNKG HRWKPOWN OKSP QPRIO: UKPJK: bMNR \KUI [KXPMPKc UIRRPKG
THRJQIK OKSP QNJIO: SHJT: UNRVIT GMKTI MNR \KUI UIRRPK IRKJQIK: UKPOK SIMUNRN
SKN: IQ QIO VNQJPQ UIJI: ?3.-4 )2*)+3)".&E

! M#/, &5)$ (&$T U+#(&08,V 3KMXIOJK IOGKOJIKO @TNUKTJKOB IVPO QIO

IJK QHR YNUMPGHKG IRHTJIKRIO JRNGIKO$ 'MIVPK: IRHTMIIG 0TJKJNKG QPJNIO QHRRKG
YKVKJQIKRIO JRNGIKO \KTH QPJNQJIO MNRRKG$ 0RHTMI VISPIOKG: OHUMIKG PQKO QPRIO
@IQ UKPJQIVHIO UNRVITPK GMKTI TIOWHRPG MNRRKG IRHTP IWH OHUMIQPKRIO ITGKPOJQK
IGHOHXPGHK YKRIGKJN KSKM PQKJIGHB$

%17%#+%"&
" 0RHTMI VISPIOKG OHUMIKG PQKO QPRIO: IQ UNRVITKG$ +QKO IRI: GHOJNKO
SKRJQIGHK WK TKMXIOJK IOGKOJIKO IVPO QIMK IJK ITJKJN ITYKPOPKRRIGH UNRVIT
GHYNRNK IJK SKNIO IRHTJIGH KSKMXIOK IQ QIMK THUIRK SKOWPK$ 0RHTMI
VISPIOKG OHUMIKG PQKOPG IRHTPJKGH MNR SHRPIG bUIJPGH XHWNKOc GNWIKJQIO
\KRRKPJN QPRIO$ 1KN WK: \KUIIG MNRRKG OIGKQKRP JZPGPIP IRRIOJKO NQJIO \KRRKPJN
QPQGPIJIO: UKMPKUPWI IGHOHXPGH OKSPGHRPG IQ QPJNQJIOKG POUIRJTPHKG
IVPJIGH$(IGKQKRP JZPGPIO SIMUNRNK VKPOIRK: IQ QIO UIRIQ NTJPKYIO GKYPJKMPTJK
VKRKJQIK: MNRRIO MKOGIJK YRHYPHK IVPOIQ SKPIO UPQPRKNJIK IJK UPQPUPWIK

!#
(&8%!(. 9!0%#&0.5 2+% 2/&' 9$*-"'*$5 -'($)/%&"#$&#'* L'*"*&(+2$5/ 9'./$ )'*-',$2-'5/$5 "#$* #"%'*; 9/&(; '.+*./ !$#&'2$ :'/*;
?>&%')$-+%$ '&$ E*-$2+#"$ "*.+%+5/$5; 6.$%$" ,$&'$*; !$#&'2$7:'/*'5/ '%%'(+)$5 )+(+2)$*'" ,"%5/*5"(&$ 4%/#'(+$* 5'*-+&$5/
.+*' "#$*-$5/$580 B#$* '%'; #/*$2-' 9$+'&$* ')$* #"#5"/&'* '%%'.' 5%"(&$+'5 2+% 2/&' 9$*-"'*$5 ?2"#$%"; .+*' 9$+'5 5%"(&$+ #"&#$&'*;
6././%$&+ ,"%5/*5"(&$%'* 9'2,+%+$ '# #'2$ (/"2"5 2+% 9'-$4'*$ '."&'$ "#$*; ,$"&$ 4'*"*&(+2$%'* 5%"(&$+&#'$ -'%%"./%&#'$ '%' '&$ 9/*'*
$%-+%$; ?2"#$%'* '(5+ +&#" #+&'2$ &%+5'$*; )/*$(&'%"/ '&$ 2+% 2/&'$5 '(5$"*"# ,'(&'$5 ,'(&'80 @/*'2$ '&$ */,2'#"$%" ')$*-$5/ 2+%
2/&''5"* L'*"*&(+2$5/ 9'./ )'*-',$2-'$* .$%$&+ #'* *$.+("5" 2+%%$%'* '(&%+5&+%$ 2$&"=+*-"(&$0 B4$%%$2-'$* ,'%%"#; 2+% '."&+%$ ,$&'#
'%' )"*"=+*-"(&$ "#$* #'*; 9/&(; 2+% 2/&' &>"5"$./# /($&+%"5/ <$,'&#'&$* /"*$%%"&+%"5/ 2+% ,$*$5'&$; '&$ "4$%%$2-' 9/*'&$* ?2"#$5 2+%%$5
#"&+'* $%%'*; 9$+'5 5/4+%+$* &>"5"$./$5 #"%'*0 @/%%'.$&"5; F'*-"#$,$2'* -'($)/%&"#$#"/$ ,'%'#"5" '&'5"*.$%%"$./$ "#$* #'*
9'./$2-'5/ '%')+ 2$&"=+*-"(&$*; *+',- .,$$/%0( ($$+'( 1"2"30

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

"A
 QPNRJKJQIK UKPQPG$ 9KNQKG SHOIMK: HIG>MD=@BA>ABD>C IA AEI? N=DHECABD
GBG@IM>=I? MDHI=?BA>ABD=BC LEF@A>@E: IA L>B@AI? L>FB>J>==B> BA>?
?IC>A>=B@A> C>NB@>FBG@> J>=>@AICD @IQ OHUMIIG IQ IRRIOJKYIGH OIGKQKRPIG IRI:
IQ QPJNQJIMKGH NTJPKYIOKG XIRGKJNRK UPWIRKJN IJK SKNIGPO OIVHQPH
GKYPJKMPTJKRPG IVPOB$

" U>@BC>?D>C K>==IM>?>C >NE=@E

QPJNIO 0TYKPOPKGH VHUIRONKRIGPO
@#?>#$NRJIGH GHOGHRWKJNKRIGPO
UIRRITGNRKJNGH WPRIOKG +TKUIM ++$KRIO
SKXKRGKWK XHWIRKJNKOB$ +QKO IRI:
WITKXHRJPQKQPH SHOIGPO 0MPQKG MNR MHJI
KTGH VKMWN QPJNIO: WPRN PJNRRP SKOWPK
TNYHTKJQIO QNIOKG$ /NR SKNIG \KUIJQKO
PQKO VKUI \KWK: IQPO QPJNIO IRRIOJKO NJQP
IJK UIRKQ: WPRN TKRRIRKG IWNGPJQIGH KNGIRKG XNRRPQJIO QPRIO$

4RU3SK4SPS4M N4R3S<PK?Q3Q?P R3?3"4S3 4K3 <PN4S3KL4M *3S3?3"P

4K4M3
0TYKRJIRH IRRIVIHRWI QIMK @#?AFEA"B CFI=D GICEF>==>=I? FE==I? HIG>MD=@BA>ABD>
WIGRIJKJN QNIO #?A#$NRJIKO: SHJT: 'RJQKYIQYPGNIO:YKRRHGPIO IJK KUKRRIO MNRRKG$
6ITKXHRJPQKQPH SKN KMKUKPOKO LI=@>? LIKI=> VIMWPJN QIO +TKUIM ++$KG IRRIVPOK GKRVNK
SKRJN IJK XHWIRKJNIG VHUIROKJQIO SKTJIKRIGPO UKJIRK SKXKRGKWK MDHI=>@E>?$
+QKO IRI: IJKYK YHMPJPGH SHOIJKO MPUIRKMPTXH GHOJTIRUKWHRIK IQKRRP QIO IJK DFBJ>=CB>
IFBA@>==>=I? QIPO KRPTJHGRKJKRIO B?@I=IG>C L>LIG@E QPRIO$

<3NPQ4M N4R3<PSK?Q3Q?P PSP"PSS32 ABWW

0VHOWKGH SNRRIOVH WITKXHRJPQKQPH ITKOVNRKJTNK:

2>HDA ICD?DMB> MB?BG@=D>C (T''I>?: SHJT: +TKUIM
++$KRIO VKRKPGH LB E=@ICD >E==I=>CDB>? UNRNJN
QNIOK PQKO QIO: SPTJHRPKRK 4KWHQIO WITKXHRJPQKQPH
HRHGHRRKRIO PQIOKRIGPO YKTKJN PQKO WIOK$
'NRRIRKGHPIG #?>AGH I3J"0K"+"*"+$2 XKJZPOKWKRIO
HOWHRIO VHUIRONK ITGNRKJN QNJIO: SKXKRGKWK
XHWIRKJNKRP KXKPIRK IXKOIQ IJK TPTJIXK YHMPJPGHKRIO IJK IGHOHXPKRIO

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

">
XHWIROPQKQPHK UNMJQKJQIGH QIOUKPJ OINRRP SKRJNQ: UITJIKG UITJI: #?>>IGH
HIG>MD=@BA>ABD D=DCD==>$

! Q&)$ #$:,08$ )(,$ ()+&$ :&0,1#+')(,'8,-T 6ITKXHRJPQKQPH HRHGHRRK

PQKO QIO: UKPOK OKVNTPGP: NWKMIJZIIO MNRRKG @FE= CDME?>F>CB WITKXHRJPQKJN
IWH OKQPHOKMPQKJN QPRIO @UKPJK 0MPQKRIO QIOUKPJ MNR IRI: HRWIO
IRMP\PHTHEXPMPJKRRIOKG`B$

! ;&/%8+8,-T 1IMUNRN OKVNTPIOK OIGKQKRPJQK IVPJNRKO XHWIROPQKQPHK

IJK YRHWNGQPHKRIO VKRKYIO GKYPJKMPTJK PQKO QPRIO: SHJT: 0NRHYKO VKRKJQIO KRP
QIO OIGKQKRPJQK PRKNMJQK TNTJKJQIK$ 1HOIQ VKPO: 0TJKJNKG MNRRKG IJK WPRNK MHRJN
OKSP QNIO JRIOUPWI TKRIKO POUIRJPJQIGH$

! M#/, &5)$ (&$T U+#(&08,V /NRRKG IOGKOJIKO TKMWNGH WPRIO KRRIO:

SKNIG IQ QPRIO HRH SKR ITJKJNKRIO QHRRIO JRNGIKO TKMWN$ 4IOWPQKUKMIO VKRKPGH
KGKJTKG IQ IRRIYPGKJQIKRRIO: HRKPOVHKO KMWIQ KNRRIJPG MIVIQ QISKQJN QIO
QIRJKO IJK OHMK POUIRJPJN WITKXHRJPQKQPHIJKJPG \KTHJKGH WPRNK @JRIOUPWIKRIO
VKRKYIOIKO:KQYPIVPJNRIO VKRKYIOIKO:QHRRKG HRWKPOJQIKO`B$

# P$:#+)#,-V
, .WKMIJZIIG IJK OIGKQKRP JZPGPIG GKMJI SKOWPK \KTH QNJIO MNR
XNOPQPYKMKG VKMJQIKRIGPO$ 1IRRPJKR IJK ?IC>A>=B @ZBCBI?@A>@ FE= CDME?>FI?
N=BL>@BA>ABD> C>F@IJ>==B> PQKO QIO$ +QKO IRI: HD>CD>C AB=I? L>FB>LBHI B@E==B
>GCD J>FHE QPJNQJIO @IVNRRK NTJPKJQIGH: [RNJK KRUHMKG NTJPKJQIGH: UKRKJQK
YRHYPHK PQKJIGH` ITGNUPWIKB$ 1KNIJKGH KTGHRIO UPQPXHWNK IRRHJPG KMWKJN QIO:
>E@DCD?@GEMD@BC LBAB@AI@BC: MNR \KUI GKYPJKMPTJIO RD=?>F>=B BA>?BC LBAB@AI=>
YKTK QPRIMKRPG$

" /NR VISPIOKG UIRRPQ IRI MISIOVH MNR\KUIIO ITGN VIMWPJN QPRIO: QIPOKG UITJI
UISPO IRI: MNRRKG IRRIOJKO NJQPGH WPQGPIJI OIGKQKRP JZPGPIP$ 3KMUNITYIOKG TKMUN WIOK
WIO: K>B?L>@ FE=: CF>GI F>@BQE?HBG@> LI==B L>@I? IGCE VIMWPJN QIO: SKNIG XIRGKJNRK
MNRRKG NTJPKJQIO SKTPQ: UKMWPOJQK YIOKVKRRPIJKO MKO IVPJIO SKTP QPRIO OIGKQKRPKG
\HROKMKRPKG UPJKRJIQ$
, ,MKTI UNRVIT MKJP[NOWPTJKRIO ITGN VIMWPJNJKGH MNRRIJKO: OIGKQKRPJQKRIO
K>ACE?HI IGN>?@GBLDO B?@I?@GBLD I@> IGNIAB>FBA>@E> \KQH QIO: MNR SPM KTGH XIRGKJNRK
UPWIRKJQIGH NTJPKJQIO SKTJIKRIGPO UKJIRK IJK SHOIGPO: GNMJPUHKG ITYIQPKMPQKJQIKRIGPO
UKJIRK$ 1KNIJKGH NTJPKYIO VISPIOKG: 4IWPJIRRKOIHGH SIVHEIGPKMWIGH GHTJKO VKRKJN
123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

"C
 QPRIO: UKJPG UKJ: "?H>FEAB> I@> -Ib>?@I?: IJK M>BF> @ZBCB>JD>?O *>A@IF>CD
MIGI@>=I? AI?L>B@ @DCBI@>?: @(K[KRRHKRIO GKTNKO: 0RRPUIRK KMWIKOB$ ,KTNRPG
VISPIOIJKO IGHPQJNJKGHK IQ QIO UKROI XIRGKJNK KTIJQIGH PQKO: ITYHRJKJQIGH UKPQPG$
'OWKMNQPKO UKJPG UKJ: UP YRHWNGJNIJKO ITYIQPKMPQKJN QPRIO GNMJPUHKG^ HMPUHOWHIJKO:
@SKTPIRK UKJIKO 2RPJKPOPK 1KOWPGH XKGPOKG IOVRKTKJQIGH ITYHRJKJN QIO HMPHKB IJK
XKSKJTHOWHIJKO: @XKSKP KRWH KRRNOJK: #?5F$ SKXKRGKWKO UNMJQKWK SKRJN QNIOK
%RKOJQPKO aMHZIRK PQIOIGH YMKVK UKJIG UIRJKGH XKSKJTHOWHKG GKMJIJN QPJNIOIKO:
UKPOK HOWHRIO: UIRRPQ IRHRP IVPO QIOKB$#5 /IhKOJIO: QPJRPGHIJKO ITYIQPKMPQKJN QPRIO IJK
9KQJIMKGH VNOI UKJQNIJKO: VKRPKRIO YRHWNGQPHKO$#?

-"0,#0+-7,/ $." 7$!"2%#.+/"/+%$1 %17%#+% %#%&%# *+!"#"5

0TKO WKPJIGI: IQ 4IOWPQKUKMIO WITKXHRJPQKQPHK IQJK 4KWHQIOK IRI: IQ QPRIMK HRH SKR
OIGKQKRPJQK PRKNMJQK ITJKJN HTHKO VKNQKJQIGH UKMPKVKRRPKG TNIRJKJN$ 4KWHQIO
WITKXHRJPQKQPHKQ VIRHQJPG QIOUKPJ VNOIIJKO XIRGKJNRK UPWIRKJNRPGH OIGKQKRPJQK
VKRKJQIO SKTP QIO KRRIO: SKN IQ QIO ITJKJN HTHGH JHOPGK PQKO$ 1IC>A>=B@A> I=>FH>CI@>
IHD \B=>EF@A>] G>FLEIGNI?> PQKO QIO$ +QKO IRI: WITKXHRJPQKJN IJK TKMXIOJKO \KRRPJKGH
MNR VISPIOIJKO: FE==> MDHE @=>HBABD?>FI>? F>?@AI? R>==>B@E AI?O SHJT: XKGPOIRPKRPG
VKUI:HOVKRRP GPXPGHRPG VKUI: KNJHESHROPGNOJQKRIO UPWIKO: IJKU: @UIOIJKGH
IRKMWKGIJK IQ QIMK #<CF$SKXKRGKWKRK KRJI VKNQKJNB$ *>=>@E=BCD F>@BQE?HBD C>NB@>FBG@>
VNJZP SHRPIJKO IRI: IQ NTJI XHWIROPQKQPH JIGOPGH SKOWPRPG VKNQKJN QIOPG$ ,KTNRPG
VISPIOIJKO: YRHWNGQPH XHWNKG UIRWPO XKOJIOWN QPRIO: L>FHB?@A> NI?>J>==BI@>?
F>? IJB@I? AE@I? RD=?>F>=BIC EG@B>@E@>$ DHROKMKRP SKNIG SKPIO UKMWPOJQIO
GHOJQPIOJQPK SKRJN KSKMK: ITYKPOPKR F>?JBFI B?H>= ?>JEGBI?> DG>@AI? K>GB AB=I?O
>?>=CBGMD>CO LI=ILBABCD J>==>?@AB> SKRJNQ JHGP SKNIJKO$

/$#*"8!+!.$2"

!$
!'(%#$&0.5 '($* ,'#$2$; 9$("'%$ ,$&'$* $%-/ .+&>" '(4/%&$&#'* #'*; "#$* '%'; ^%$*&#"$ #'* $%-/ '(4/%&$&#$"2'%"5 9$*-"'*$0
COUQ09$)$%5$-$* ^%$*&#"$5 ="2/>'%$ "#'*'5/ 42$.$ 4$"%$&+ #+'* '&$ 9/*'5; L'*"*&(+2$5/ $%-/."*&#$%" ,+2&#$-$ ')$* #"/*0 @$2$ '%'; JBJ0
)'*-' ,+5$'%$* 4+5(6/$" "#+%%"$ ?(4$"*"$%$ '%' "%"&(" #'* '&$ ,'%%"# '%'; 4%/-+5#"/$ '%/%" '."* #'*0

3:
,!0."#$&0.5 !$%"$%'* 5/*&(+)/$ '&$ 4%/-+5#"/$ -'*$ -'2$; 9'"* 9$*-" ,$&'$*; ./,'%*+ 2",'%$2'5 9$%&+&$5/ 4/2"&"5$ '5/*/)"5/'*
$%$,'%$5/$ "#$* #'*0 L/2"&"5$ '5/*/)"5/ 2",%'.$*,"(&'* .$%$"'&$*; 6#'"*'&$* '(&$&+$ '# #+'* '5/*/)"$ $%$+&#'5/ *'+%%" ,'%'#5/%"5
9$%&#'*; '($&'%$5/; P +%&'5/ 2",'%$2'$*8; '(&$&+5/ .$%"$%'* '(4/%&$#"/$ >+)'$ "#$* #'*; '#'* 9/*'5; '#"* #+'* ,'(&'2$5/ 9'%%"$2-'
4%/-+5&/%''5"* 2'9"$&+; 6E?1%'5"* '($&'%$5/80 L/2"&"5$ 4%/&'5#"/*"(&'* .$%$"'&$* ,'%%"#; 61'%%'#$%5+*&#$* '($&'%$5/8; .$%" *$#"/*$2$
,$,'(&+ #'* 5$*4/5/ .$%"$%" "*4/%&$#"/ #'%.$ 9$*-"$5 '#$%%"# 6'&$ ,$&#+'&$*;-','5$&+#80!$%$" 9$+'&$*;*'5$#$%"&#$ Z#'%'$2"(&$]
'(&$&$2$%'* 4%/-+5#"/$ "*-$%&+ #'*0

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

"5
L+L$ XIOWIGH 0TYKPOPKGH -VKTNOKRIO KRKQH OKVNTPK WPRNETKRRIRIO NRRPJKTNOK QIO:
VKTJNKG UIJP TKRRIRKG UKPOH KMJNKVHKG QPRIO: KNRRIGHOJNK UIJP WIaQPJKRPHK$ 0TJKJNKRIO
UISKRRKG SKOWPJNQ \HKJIO QPRIO @UKJIQ IRI VIRRIOVKJPG B IJK 'OJQPOKGH
IRRIVPXIOKRIO VKRKPJPG HVKTNOKG KRKQHKG PQKO QPJNIO IJIOVKUI$ 'RKQHIG IRKVPO
SKOWPK PQKO QNJIO KTKMWNRK YHMPJPGH IJK PRKNMJQK VNQJPIJKO: VHUIRONKG @UKP
XHWIRKJNKG OHMK KNRRIRKGHPKGB KUPKO \KRRPJKGH IRRI[HRXK VNQJPIJKO$ 1HRRIQ VKPO:
GMKTI YRPUPMIVPKJNIG QIRVK TKMUNITYIOK QNJIOIQ: PRNQNRRKG IJK WIaQPJ GRHOPGHK HTH
QKUKMWNJK QINWIO)
L+L$ XIOWIGH HVKTNOEIRRI[HRXK VKRRKOJQPJTNIOK 2D?8!>?@BFFe?IC VWIOUHRKRIGPO
0TYKPOPKGH 2KOGNKRIO MISIO VHUIROKRP PQKO QIOKGP (T`'IKO SKTP QNIO IJK 0RRIVPXIO
*KSKRRIGH HVKTNOKRIO WITHRWIOKRIGPO KXKPJN QNIO: DJ>GE? MDHI=?D L>@I?
DB?>==B>C IQKRRPQ8 QIRVKETPTJIXK TPOYMPaGKJNQ IJK KRRKQPHOKMPQKJNQ: IJK: SHRRIQ VKPO:
SIRRPJKR VNQJPIP QIRVKG QKUKMWNQ @SHOIG MIVIKRIO KNRRIKO UIRWPOJKTNOEYRPOJQPYPH
MPUIRKMK KYMPGKJQIK IGKRRP QNIOB$
(T`'ICD 2D? !>?@BFF>?IO IRRI[HRXKRIO HPOKRRPKG SPRN PQKO QPRIO8
#B *IRVK TPTJIXK TPOYMPaGKJN IVPO QIO: UP XHJKJKGH QIRVKG IQKRRP QPRIMKGH^
AEAI?>C I@> AIK>=C>CD>C)
!B $G@>@ECD >E==ICD?@E D=DCD==>C THRJN QPRIO$ 0TJKJNKG QIR WPRN TKRRIRK IJK
QIR VKTJN QPJNIO \KGPO QPJIGIIO: HRWNRKRJI IQPOIQGHK QIOK$
"B *IOUKPJ OINRRP SKRJN QPRIO AD= NELFBCD> ME==BA@ICD: PQKO IRI:
WITKXHRJPQKQPHIGPO IQ QPRIO MHRJN ITYIRH QPRIO IXKPJQKG$
1KMKUIR: MKN NRJIJKO UKGKRRPG PQKO QPRIO WPRN TKRRIRKG VKTJNKG UKPOH
SKOWPKVHKG$

4)`) 7$2%&#".+/"/+% !"+"&$#"5 (TaTCD +#",-./" I@> +) $##$<,0-+&"

(Ta_)K>M>=C>H>?: C=BGB ICD?DMBCD> MISIRJN QIO: @UITJIKG UITJI: aOKOJQK GRPTPK IJK
OIGKQKRPJQK GRPTPKG IRKVPOWKB: QIPOKG YRIQPHIO PVHIRK: VHTIJIKG: XPTIRPK: IJKU$ IRKVPO
QPJNIO: SIRRPJKR GMKTIKRIO IJK GMKTI UNRVITKRIO IQPOIVHOK YPQJNQ$ 0RRIVPOKRIO
VKTJNKG IJK KPTPKMWPK IJIOPG IQ QNIO UPJKRJIKO: SIRRPK GRPTP TKGHOIKO TKRJNJK QIVHIO$
(TaaCD MBFB@>= >E==I=>CDB>C M>@ZB?>@E QPRIO: UKPOK KMJZKXIOWNKG YHRRHJ IVPO QNIO
IJK XKJZPOH KTGH [NTPMKJNK PQKO QIO$ 1HOIO KNRRIKO IRRIVPOKG JDLI=?E>
MDHI=>@EI? IGCE E@AB AEI? @(KRh_IQB IJK >E@D=B@>=BGMD> I@> I==IN=IGBD> ?>JEGB@E
AB=I?^ KWPIRKQYIO KTGKJKTNOK NGKJN QIO: VHRJIKG WIPJN VKUI VHUIROKJN QIO:

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

"?
 HYHTPQPHK IRRIYRPXPJN QIO`#< 9PRH SHOIJKO: KMWIRWP YHMPJPGHIO: SIRRPJKRRIO: XPMPJKR
KTGHRIO KRJIKO MDHI=>@EICBCD I@> I==IJB?>=ICBCD DNDGBABD> K>?HB@E AI? IJK
+TKUIM ++$KRIO GHOJRKGH IGPOJQKG NVKRPJN QPRIO$ 0VHIRK SHOIO KNRRIKO: HYHTPQPH
YHMPJPGHK: >E==I=>CDB>C I@> HIMDC=>@>CO IRUITJIKO UKJN IJK %G@I?HICD N>C@E>
TPOKJN QNJIO #?C5$NRJIKO: @HOWHRIO L>@>GE? FBLI=>FICD>C UKJN QPRIMKB: UP SIMUNRN
OKVNTPIGPO8 +TKUIM ++$KRIO GHOJRKGH PRKNMJQK UKJ KOJHMKJQIK @SIRRPKRIO UKUITK UPMKJNJKB
IJK PRKNMJQK HOWHRIO: SKNJITGNOWIKG WIPJQIK: @VPQHOIQGHIO TN[RKVPH NOPUIRJTKMIQB:
SIRRPKRIO UHRHOWKJIKRIO KRKUIRKGH YKRMKXIOJN GHOTJPJNQPHVPMIK IRKJQIGH: SHOIG:
ITYKPOPKR IJHRGPQNO YHMPJPGHK IJK TPTJIXK XHJK IRKUKGP QIQKO$

;D?B R>==>B@EAO (TaT>? B=>EF@A> J>EA>@E QIO: +TKUIM ++$KRIO KXKPIRK IJK GIB E=@ICD
HIMDC=>@BCD>=I? K>GBI=> XKRGKJN QNIOK$ (TaTCD B=>EF@A>CO +G>LIF ++)>=I?
I==IJI>FHB>=I? >M>BI=> I@> GIB E=@ICD HIMDC=>@BCD>=I? K>GBI=> TNYHTKJN QNIO:
ITYKPOPKR ITJKJNKRIO MISIO ITYIRPIOJQPK WIXHGRKJPGHK PQKO QIOK IJK #?5A$NRJIKO
KXKPJN QIOK: 2HRUHPIO UIRRIQKRJQIKRIGPO$ 9KRKP SKN (TaWCD CD?G@B@EABD>?
DB?>==B@E=BC IVHO QIO IJK SKN HOKRJN HOWHRIO: LB I@>N> OKVNTP UIRIPQP QPRIO8
"M>HID !>LD[>CD>=I? MD?>=CB> MISIOPG: IJK SHOIG #?5"KO KUWPGKJQIKO SKTPJKGH
+)JD $==INELFBC> UPVKRRIOPG$

(TaTCD +#",-./"#$1 &",!"& $." ",##$&"#+"&

(TaT)E=@ICD>: +TKUIM ++$KRIO IRRIVIKMWPKRP KXKPIRK IXKO QPHO B=>EF@A>
PQKO QIO: -D=BD@GE> BAI?H>@E=BCD>$ 1KN: XPMPJKRRIO JKMWI SKOWP UKJIG:
HYHTPQPH YHMPJPGHKG: @KNRRIRKGHPKG: WIXHGRKJKG: NOPHOPTJKGB IJK SIRRP
XKTKG UKUITJNRPG VKNQKJN QIO$ +RKNMJQK: GRPTP THQPKM: YHMPJPGH IJK
IGHOHXPGH MKRRP UKJIO JITJNPOVNRNKO \KQH QIO IJK SIMUNRNKG: +TKUIM
++$KRIO IRRIVIJQKRIGPO IJK XHWIRKJNIO SIVIXHOPKRIGPO KXKPJQIK IJK TPTJIXK UIRRP
IJK PRIGPKVHK THRJQIK PQKO QPRIO$ +RKNMJQK: #?CC$NRJIKQ VIRHQJPG: QISKQGP: XPMPJKRRIO
KMJZKXIOWN UKJIG YHRRHJ IVPO IJK XKJZPOHKG [NTPMKJN QPRIOIQ VIRHQJPG: KOJHMKJQIO
SKTP QIO$ -YHTPQPH YHMPJPGHKG: @KNRRIRKGHPIG: WIXHGRKJIG IJK UKJKTNO MPUIRKMIGHIGB:
#?C5KO: %G@I?HICD N>C@E> TPOKJN QNJIO: QIPOIJKO: SIRRPJKRRIO UKUITK PQKOVH QNIO
PRKNMJQK KOJHMKJQIK IRKUKGP QIO: +TKUIM ++$K JRHONVKUIJQIGH$ 1HOIJKO SKMKUIR: PRKNMJQK
HOWHJPG: YKRMKXIOJN GHOTJPJNQPHVPMI UKJ THRJQIGH VPQHOIQGH TN[RKVPH NOPUIRJTKMIKO

!-
&''&2'&,%.!'&" !1%+%1&!5 ?)"2"/ W$(&'2$%; F$-%"2'5/ +*",'%&("&$&'5/ "%$5$(2' '&$ "#$'%$ '%%'4+,2"5$%%'5/$5 COPO$* "-$&#"&$5/
$%&"5+2+ ,$&'$*; '%%'."*$%'* =".+%$%'5"* "%/*"#$&#'* #'*0 !/,'%*+$5 W$(&'2$%%" 5$&'-%$ 5'*-+ #"/*; "5$(2' $(5/%'* 4%/&'(&$5 '%$."*'#0
@$+'5 .+$%-"$ #","2$5 ././% #$*4$&+ #"&+'* '&$ /*-/%"/#; M "5$(2' '%$"2 '&$ '9+*5$ #$+%"&+ #"&+#&'*0

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

"<
 HPOKRRPJNRPGH SKNJITGNOWIKG WIPJNGH QPRIMK KGHRWKJN QIO: SIRRPKRIO ITGN NJQPRPG:
ITYKPOPKR TPTJIXK YHMPJPGHKRIO IJHRGPQNOK IJK SKN WPTIPOKJQIGH KRWNRK$

*"#"<$1"
+RKNMJQK )HYIJI MBFB@>==>C K>GB QNIO #?C?$NRJIGH PRKPMIKO ;KWPQIGH HOJQPWPIO
KMJZKXIOWNKRIGPO$ 'MJZKJNIP !I==>?D I@> <=BM \IOIRKMKG UKJN QPJQKPQGPIO IJK
;KWPQIGH KI==B@>==I? L>LIG> R>GD QNJIO: KQGIO SKNIGPO XPMPQPK IRKJN QIMKRPG$
2IRISKMK: VPQKRJI TIGJHRI VNQJPIJKRK SIWKJN QIO: XNVPXIOWN PRKNMJQKPMI UKJP SKTPIRK
IXKOIQ$ 2>@ZB?>H> MBFB@>= L>@ICB? K>GB AI?>: GBG@IM> NDFB@BCD LI==B L>@
>FH>==BC>@AI? AEI? B=>EF@A> LBKE=@E AI?$ +QKO IRI: PRKNMJQKPMIIO XKOP[ITJNIJKO:
KTGKJKTNOK: TNUPRKOHJKTNO OKQPHOKMK IJK WPOKTJPK 2HRUHPKRIO KXKPIRK ITGKJN QNJIOELM
4HWIRKJNKG KMJZKXIOWNKRP [RIOH \KRJQIO TKPKJN KRRIO: POWKR PRKNMJQKPMIIG VKRKPYIO
XPMPJKRRKG ITGNRKJN QPJNQJIO IJK HOWHRPHQ: VHUIRON XHWIRKJNKG WPXPJPJN IJK +G>LIF
++)>CO 6HOHTJPKO QIVHIMKO :=>?@AB>=> BKIG IVPO UISKR PQKO QNIO: UIRJKO IRUITJIRKJNQ
#?5>$NRJIRK KRJI$

0$;+1 0$;+1$&% *%0$#1," $." ;",.$!&,17$$1 7$+"-7+"

.RRPKRIO SKTPIRKRKGH -TJIOWIGH 7KGJNKRIO POWKR KNRRIRKGHP IJK NOPHOPTJKG: LIKB?

LIKB?ICD JDLI=?E> I=>@E QNJIO: @3IRRKOH NOPHOPTJK IRRIVIHRWI IJK 7RPX
KNRRIRKGHPK: VHUIRON UNRN PQKOPGB$ 9HUIRON SHOIO [NOJTIQGH IVPJIGHK SHOKGHK PQKO
QIO8 ITJKJNGH GHOVRITNK IJK VHUIRONK IRKJQIGH JBAD?IACDI? GEQ=>JBD NOPUIRJTKMK
UIRXKJQIO QPJNIO K>E@IGCE?HI D=DCD==>C WIPJQIK: BA>I=> CD?G@B@EABDJBFI> I=I
BA>?I? AE@I?>C: @IQIO UIRJKJPG KJIRKJKGH CD?J=IGE>C CD?G@B@EABD> BH>@ABCD AEI?B$
#?C<GH .RJKRRPMIKO: VPQHOIQGH TN[RKVPH NOPUIRJTKMIQ SKNJITGNOWIKG WIPJN QPRIO:
0TYKPOPKGH MISIOIOVH TKPKGIRK MPUIRKM WIXHGRKJPGHKRP SKTPIRK IXKO QPHJIOKG$ 1KNIO
HOWHRIO IRKJNJKGH YKRMKXIOJNK: ITYKPOPKR SPTJHRPKO: HRWNRK KRJI POHPQ IQ IQKVNJNJKGH
YMNRKMIOK PQKO QIO: UIRJKO: POWKR YHMPJPGH IQUIRWPO KTGHG MHRJN UKPJQNJIO HRWIQGKRPJQK:
+TKUIM ++$KRIO VKRKPGH KMWIRWP UPJKTNOKRIO TPTJIXKRIGPO SHRRIMK KXKPJNQ$
7KRMKXIOJNKO: KNRRIRKGHPKG: NOPHOPTJKG: @2KJKTNO MPUIRKMIGHKGB: WIXHGRKJKG:
IRRIYNUMPGKR [IWIRKM QIPO QIOJRKMPTJKG: PTKUIMWKRRKG: @XHWIRKJNKB IJK GKRMPTJKG IVHO
QPRIO$ 7BNE@>@E JIKBI?O %G@I?HICD N>C@E>=I? I@> B=>EF@A>=I? >?@DF>@A>BFIIC MHRJN
QPJNQJIO: SHJT: KNRRIRKGHP: NOPHOPTJK IJK WIXHGRKJIG: IJK K>EI? BHIDFDJB> BA>? AI?

;<
?(4$"*"$5/ 9"%" $(5/&$* <+*&$ "%$+2&#$"2'$5 (/%&+ #"&+#&'* 9'%%"&$%%'5 '&$ )$"#; )"2"&$% )$&>"*/'* '(5$'%'&$&"5 9$%$&$./ #"9/$#'*
'(5$5"#+*$5 '."* #"&+#&'*H (+,"%$*/&$(+* *$#"/*$2$#; 5/*(&"&+#"/ ,'%%"$#; (+=%$."/ +*",'%&($2$#F .$"*'%$; '%%'4+,2"5$%'* '&$ <$,'./$
,$*$&#'$%'* $2-'5/ 4%/52$)$5 '."* #"&+#&'*0 L%") $+%%'%$5/"$5 '&$ I'%%$*/ +*"/*"(&'5 '# #+&'* 9/%%'2$5/%"5 -'='*-$&#'*0

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

AF
BH>@AB@>CD CD?G@B@EABD>? ?>JEGB@E AI?>) 1KNIG PQKO QPRIO SKMKUIR: VHUIRON
GHKMPQPHK HTKJN QNJIOKG$

-$;$1 7$2%&#".+/"/+% !"+"&$#"5 (TaWCD &%1!.+.,/+%"

0TYKPOPKO IQKRRP QIO FIKI?I?JD CD?G@B@EABD HIMDC=>@BCD> GHOJTPWIRKJQIO WK: @UIJP

IRI: VIOIRHK WPTGRPXPOKJNQ: IQIO: IXKGNXIIG IQ QPJNQJIO UHQGK ITGNUPWIRPG IJK
UITJIMKGH ITGNUPWIRPG \KTHB$ 'MKUKPOK: WIXHGRKJPGHJQKJ SKRJQIO WK KRRKQHP
SKNIOVKJPG8
G 3NUPRKOHJKTNO OKQPHOKMK HOKRJN QIO$
G 9PQHOIQGHIO TN[RKVPH NOPUIRJTKMK UIRXKJQIO QNIO$
G 0RRIVIKRP UHJIRI MIVIVPMIK NGKJQIO QPJQKPHO: @#?"5 IJK #?A>$IGH
GHOTJPJNQPHIJKO IQ UIQKMKB8 THPMPG MIVIKG TPOKJQIGH ITGNUPWIK
QNIO: IQ IRKUKGPKG SKRJQIGHK$
G /ISIOIOVH KMWPQ:IRMP\PH GKJHMPGHK IQ QIO UITJI KWPIRKQYIO
IRMP\PHTHKG IRRITYIJKJQIO WPRK @OKSPQ IJK ITJKJNKRIO IRMP\PH
HaQPKMK GKJHMPGHK PQKJIO \KRRKPJQIO QNIOB$
G 'WPIRKQYIO KTGKJKTNOK IJK VPQK ITGNUPWIKG UIRXKJQIO QPRIO$
G `

$##$*$%#7$./" $." "2"7$% !"0%f"&%"#$1 2%1"#&+" V(T3_836P

,HOTJPJNQPHKG XHOKRGPK YKRMKXIOJKRPHKO HPOKRRPJNRPGH ITJKJN IRIWNK KPJHRJQIO QNIO:

UKPOK SKN: IQPO QIO 2HRUHP WPOKTJPGHK PQKO$ 9KNQKG SHOIMK IJK IRRIVIK JHYKJQIO
QNJIO UPJKRJIKO: 3IRRKOHG \KRRKPJN QNIO IRRIVIHRWI GKRVNK PQKJIO: #?5F$NRJIRK KRJI$
7RPX: \IOIRKM IJK VHUIRON UNRNK: IRRIVI UPMK SKTP QIO: 0NRHYKGH XHOKRGPIO IJK
IOUKZKWHRIIO PRPJQPK IJK HOITYIOK UPMKJNQ: IRRIVI SKNJKVKPKG 0NRHYKGH WPYMHXKQPK
IJK JIOJTPHKG THR IQ QPJQKO$ 'QGIOIKO: 'XKWIH 3KUH]KGHK PQKO QIO KNGIRKJNK:
?3+".-++3 ,$4,-"&$
9HRJIIG #?5F$NRJIKO 'XKWIH +$ 3KhHPKGHK PQIOWKJN QNJIO 0TYKPOPKGH XHOKRGPK
WIXHGRKJPGHKRIO IRRIVI$ 0I=I I==IJI>FHB>OK>GBI=>@BC IJD? AI? >=>ADA I@> @=>L>A
RDGB@>5
) 2IRI WI[IOWKJQKPMIRPG TNJTNIOK: 7RPX: 4KWRPMIRK PRPJTP UKPOH IVNO
UKJQNG MISIOKVH IRKPM QNJIO$ 1KTPIRKJPG:UKUITMI YHMPJPGH TIOWHRPG VKUI VIRKJN
QIO$

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

A#
 ) 0Q QIGPIO VKQJIMKOPKQ IJK SIRRPKG: IRRIVI KJQIRRPJKRJQKJ PQKO QNIO$
(HUMIQPK IJK IMPQK IRI KNRGK PQKO QPJNIO: SKNIG HRH SKR: WPOKTJPK 2HRUHPKRIO
PJQNMIRKRIO KMWIGHKG UKPJQPRIO$
) 0RRIYNUMPGKOH [IWIRKMIG QIOUKPJ XKJZPOKWK KUPKJN QPJNQJIO: SIRRPJKR
IJK MKOVPMI KTGHRIO UKUITK \KTH QNJIOKG$ 0JK VKRKP SHOIJKO IRI: PWIPK
POJIROKQPHOKMPTJKG: KOKRGPTJKG OKVNTPGP: QKUKMJQIO SKTP QPRIO: @+$ IJK ++$
+OJIROKQPHOKMKRIO JITJNPOVNRNKOB$
! 0VHIRK KYRHUIJZKJNRPG IJK UIRI IRRIVI SKNJKVKPKRIO PQIOIKOO GKRMPTJIG:
+++$ VIRRKRP SKTPIRK IXKO QPHJIO #?5!KO: YIOPOJTNMKO VIRRK QPUPMK MISIRJNQ
SHRRIMK$
) ,NUKJKRRIG IRI: 0TYKPOPKGH IVHIRK OKSKTPK PGNTPJK: POWIYIOWPQKJQIGH
VIRRK SKTP QNJIO: DHTe 4KRJgRIO UNRNQKVPJQKYIKO: N"("+ O+,$.) ;$++" PQIOIQ
IQKVNJQIO WIOK IJK 2HRUHPIO PJQNMIRKRIGPO ITYKPOPKRRIG VKRKPJNGH WNJIOK$

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

A!
2KUITPG VKUI IJK YKOHRKXK GHOYMIZN SHOIO KNRRIKO: "M>HID + !>LD[>CD>C
(T36CD %@G>BFI>? >LHBC>@E AEI?: ?3+".-++3 ,$4,-"& IJK YKRMKXIOJNKG: +) $==INELFBC>
>FH>==BC>@E AEI?$

-$;$1$1*% $##$<,0-+&"#$1 "-7"##+&"<$1" $." /"+-."!,1"&

+$0RRIYNUMPGK (T36)E=@I>? >FH>==BC>@E@>CD FIKI?I?JD J>=>B I==INELFBC>==> BA>? AI?

$GN>B?B>?: 'XKWIH +$ 3KUH]KGHKRIO KUWPGKQPHKRIO HOWHJPG SKTP IJK 2HRUHPIO
UIRRIQKRYIOKRIGPO KXKPJN QIOK: KMWKRRPGKJN IJK NRJI ITGKT UKJIRK$
#?5"GH -JTKPMIKO: ITYKPOPKR &D?J=IGE> I@> !I?>@E> UKJNJK IJK IQJKUKPWK KTGHRIO
HOWHJPG: 0TYKPOPKGH +)JD $==INELFBC> >FH>==BC>@E QIO: WPYNJKJN VISPIOIG
IRRIYNUMPGKRIO KMWIGH UHJHK IXKO IJK VIRH: ?3+".-++3 ,$4,-"' 5(303) P"4,$0"+
.",$*+",3.) $," *3%-,",- $++$%->03."++"+$2 *34.-+,4)"+$2 :",3,/) >", >30,:$2 *-$2"&$
6IOK WIO: UKPIQGH UHJHK IXKO
PQKOKG IQ WN ITKO OKSP VISPIOVH
GMKTI YHMPJPGHK IRRIYNUMPGKQKMIK QIOPG$
'TGHG: IVHIRK YHMPJPGH OKSKTPKRIO
KNRRIKO PRJIOUPWI IRRKQIOKJQKJ
GHOJTPWIRKJN QNJIO: UITJI KTGHG
WIOUHRK PRKUKQP OKSP QNJIO 2HRUHPIO
PJQNMIRK YRITJKJQIGH$ 0RRIYNUMPGK
KMWKRRPGKJN IJK VNJZPRK:
SKNJITGNOWIKG HTYKJN QPRIO: IRRIYNUMPGKOH [IWIRKMIG PRKUKQP QPJNQJIOKG: <B B 2>=J>FF
N=IGBHI?@I UPSNRJNQ$ 1KNIG UIRISKMK:IG@>@E QIHI=>F> >FH>==BC>@E QNJIO$ ,HOTJPJNQPH
UIRRPKRIO PWKQGIRK SKTP QNJIO HRWNKO$ &D?G@B@EABD>C D=HI> IA AEI? >=JB=BC BCEGB$
+QKO IRI: 0RRIYNUMPGKG PRKNO QPJNIO SPMKUIJIKG OKSKTPKG PQKO QPRIO HTH IJK
IQIVHOGHRJKTNOK PQKO QIO OKVNTP$ ;>GBI=>@BC KRKQHQ J>B?IAC> IVHO QIO IJK
IQIVHOGHRJKTNOK PQKO QIO OKVNTP8 OKQPHKRJIGH UKUIT IQK: 'XKWIH +$KRIO VKRKPGH
KRKQHKG IQ QPRIO GHOYHOWN @,NUKGH +OWIYIOWIOJQPK VIRRK IJK +++$9IRRK ,KRMPTJKB:
IRRIYNUMPGKRRIO KRJIGH QKJPGIJK IJK WITKWHTJKTNOKG: HYHTPQPH YHMPJPGHK POWKRJNQ \HKO
QIO @MPUIRKM XHOKRGPGHKG: WIXHGRKJKG: 'M[HOJTH L++$2HRUHPKRIO IRRIVIJQKRIO
KMWIGHKG`B: MKOVPMI XNVPXIOWNKG @+OJIROKQPHOKMKRIO UIRRPKG PRPJTP OKSPQ IRRHJNGH WPRK
IJK PWIPK THQPKMPTJK QIPO KOKRGPTJKG SIWKJQIO SKTPGH WPRK$ /ISIOIOVH VRIUKG IJK
MKOVPMI UKJQKRRKGE[IWIRKQPHKG THRJNGH WPRKB IJK &>?@DBI? B=>EF@A> @SPRP UKJQNIJKO:
[IWIRKMPTXHKRIO IQKRRIRK KJQIRKJQIO KRP QIMK PGNTPJK:PRKNMJQKG YPQJN QPRIO: GKOJHPIO
PRKNMJQK VPTK IQKVNJN QIOKB$

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

A"
'RKQH SHRPIG VNQJPIG +$0RRIYNUMPGKRIO IVHOGHRJKTNO YHMPJPGHK HQJHYKJN QNJIO$ 1HOIO
KWPUPWI WK ITKJIRKGH: E=@I IGC>G L>@I>? F>E N=IGBHI?@I IVHJIRK PRPJTP PQKOK @%PVNIRKT
IJK 7P ] 4KRVKMM [IWIRKMPTJKG MISIOPG IJK 3KMXIRHO
IJK 0XPMPH ;KTJIMKR GHOJTIRUKWHRIKG HOWHRIOB$
#?5A$NRJIKO: MBFB@>= @>FHI L>@IC IG@>@E CDFNI>
IM>? IJK JD=@I I==INELFBC>?D HIMDC=>@BCD>C
LI=@>? LIKI=> E@AB AB@EI?$ 4PMPJKRRIG SKRJN QNJIO
IVHIRK
YHMPJPGHKRIO GHOJRHM HTHK: @KNRRIGH NRJIIJKGH
TPTJIXK WIXHGRKJPGHK POWKRVKUIJNQB IJK SNRRIOVH
SPMKUIJIIO UNRNKO: !I==>?D RI?I=>F>C K>=@E AEI? JDLI=?E>=I? JBH>=B@A>$
,HOVRITNK WIPJN VKUI KVPOWN QNIO HBC@>HE=> MBFB@>= L>@ IA>==BA UKPOK: #?C<GH
GHOTJPJNQPHK HPOKRRP SKRJNRPG$ ?;)3.) 3+-*3"2 (303,"++$2 $4,",- .)0%$"+$2 ."+3.",-+"'
#"K3" F$2$+"0 .)0%34," 5++$%->03.".) H)28+$4- *$().+",3.)" 6"+,:$2&E
2PIO UPJKRJIKO: XHOKRGPK 2HRUHPK PJQNMJQIKRIO KMWIGH LIG@I MBFB@>= L>@AEC: @GMKTI
YHMPJPGH QIOUKPJIO UKUITKRIGPOB: 0D=LDBI? B@AEFI=> N=IG@>@AI? K>GB AB=I?$ 1KNIG
KMKUKPOK: XHOKRGPK UHRUHPKRIO PJZNRK XHWIROHK IXKO OKSP QNJIO IJK SHRRIJKRKGH:
+TKUIM ++$KRIO PJQNMIRK IGPWPO OKSP QNJIO$ 0RRIVPOKRIO TIXIK "FQD?@GD 9++)>=I?
>FHICD>C QPRIO IJK +TKUIM ++$KG UIRI TIXIKRIOVKO KUWPGKJQIK MHRJN QNJIO: @IRRIVI
UIQKMK MISIOIOVH XKOP[ITJNK IVPOIQ IRUITJIJPG #?5AGH KUIOWNKO: 3+".-++3 ":%3.)
,$4,-"B$ 6IOUHRK VNJZPRIO UNRNKO: (T3`)E=@I>=I? >M>BI=>?: 4KRJgOIQ ;KXYHTIO
UNRNQKVPJQKYIKO XPMPJKRRKG LI==BA >F@Z>@E AB=I? !I==>?DC N=IGBHB@AI? AEI? RE?@>=I?
CD?@=> IJK "FQD?@GD 9++)> $GN>B?B>CD I==IJI BAI?H>@E QNJIO$ 1HOIMK: 2HRUHPIO
WPOKTJPK UIRRIQKRRP QIO: 2IRRIQKRGNOJQK PQIOIGH VKRKP SPTJHRPGHK SKTPIRK IXKOIQ: @++$
0RRIYNUMPGKRIO KMWKRRPGKYIOIRK KRJI: #<"#O: PRKNO QNIOKB$

4)') 0$##$/"#&,1./"#$1 !+!.$2"5 &"/+&+!2%" $." 0%.$#$8.9"17"&$."

3IP NRJIGHKO @#?C?E#?5AB IRRIVPXIO WIXHGRKJPGHK IQKRJQIGH TKPKGIRKG SNJT IVPO

HOWHRIO: 2HRUHPIO IRRIVIJQK UIRRIQKRRP IJK 0TYKPOPK FBLI=>FBGMD MDHI=>@E> PJQNMP
QIO$ 7HMPJPGKETPTJIXK UIRRPK S>?Db>G HIF S>G@BFFD=IO ITGNJPG WPTIPOKJN IVPO QIO$ 1KN
(T3aCD &D?G@B@EABD GHOJTIRUKWHRIKO IJK UP KMWIRWP MPUIRKM OKVNTPIO @GHOJTIRUKWHRI
IJK MPUIRKMKB LD@I=I8@Z>?H>CI@>? HPOKRRPJNJKGH IRRIVPXIOK PQKO QIO$
2IRRIQKRGNOJQKG UIRRHVIPJK SKXKR NRJI UKPOH VISPKVH PRKNO QPJNIO: SHJT: #?5>IJPG
++$0RRIYNUMPGKRIO KMWKRRPGKYIOIRK @#<"#B$ .RJI MNQI SHRPIJKO: 'M[HOJTH L++$K IJK 'M[HOJTH

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

AA
L+++$K PQKO QPRIO IRRIVI IJK UPIO IRRIVIKMWPIO KRJIKO: 4KRPK ;RPTJPOK: @'M[HOJTH L++$KRIO
KMKRVNO IJK 'M[HOJTH L+++$KRIO KXKB: PQKO QIO IRRIVIHRWI @#??>E#<F!B$ 'MWIRWP UPJKTNOK
IJK SKNIO UHJIRI JZKOWKGIJK UIRXKJQIGH: EG@IFCI=B> NDFB@BCD>? DB?>==B@E=BCD
I==IJBMI?> IQKRRP QIO: SKNJITGNOWIKG [KMJTNJNQ IJK SIRRP XKTKRIO UHJHK
\KNOJZHGIRPKRIO UPJKRJIQ XKOPYNMKJNQ$

0%#0%+$1 2%1"#&+"#$1 0$##$/"#&,1./"

9KRKP SHOIJKO: MD?>=CB> 0D=LDB> LI==IA>=@AI>Q VKPOIRK: +TKUIM ++$KRIO IRRIVIJQKO

POTYPRKJNRPGH IRRIVPXIO YHMPJPGHK: (T3aCD CD?G@B@EABD>? DB?>==B@E=BCD>$ 2HRUHPIO
PJQNMIRKRIGPO HIMDC=>AB>=B LBAC>==> IM>?JD A>BD? I==IJBMI? NDFB@BCD> \KRRPGH WK
XKRJZKO: KNRRIGH VKRKP SPTJHRPGHKO IVPOWKGH MHRYIOKG: @TNUPRKOHJKTNOK OKQPHOKMK:
YMNRKMPTXH YHMPJPGHK`B IQIRIQIKO VIMWPJNQ$
2>=@B?IA S>MNDGI? >F@Z>MI?HE> IHD N=D?E?@AB>MI?HE>C: @#?5A$IGH KUIOWNKO
VKNQKJNRPGHKB +$ 0RRIYNUMPGKRIO KXKPIRK IGKRRP QNIO8 QIOUKPJ XPMPJKR IJK YHMPJPGH
GHOJTIRUKWHRI XHOKRGPGHKG: 2HRUHPIO PJQNMIRK KOJHMKJQIO SKTP QPRIO$ 1HOIJKO QIR
ITKO SKOWPK PQKO QNIO 'OJHOPH ;KOHhKT WIM ;KTJPMMH YHMPJPGH MPUIRKMKG: @HRWNGH KMWIRWP
"0G)2,432)"+$2 UNRN QIOKGB$!# 2IRKG UNMJQKJNJK: KUIOWNKRIO KXKPIRKO: R,$:@8+0'&-#
1,$)7&0'8, KRVPJKRKJN QIO: QIPOIJKO 'M[HOJTH L++$KG @+OVKMKJIRRKO QIVHIMKB: ITYKPOPKR
IRRIVI PQKJIGH IJK IRRIVPXIO MPUIRKM: GKJHMPGH: XHOKRGPGH IJK YKRMKXIOJKRPHK
IQKRJQIGH KTXHK IRKGNTJIO QNIO$ 4KOP[ITJNK KRVPJKRK IXKO IJK UP IVNOIJKRK:
4JQ$;KXYHT XPMPJKRRKG KMJZKXIOWNK UNRNJN QNIO: 'M[HOJTH L++$K 0TYKPOPKGH IRRIVI
KMWKRRPGKJNQ$ 0VNO VNJZPIJKRK: @#?5>IGH NRJKRRPMIKOB: 'M[HOJTH L++$K 4KWRPMIRK KPMIVKJN
IJK IRRIVI GHRHKJNK PQKO QIO$ ,HRHKJQIK UIVP HOIQ SKRJN QNIO KRXKWKRIO: HMPVKRGPK
ITYKPOPKRRKRIO IJK POWKR YHMPJPGH GHOJTIRUKWHRIIO VISPIOVHKG$

(T3aCD &%1!.+.,/+%" $." !+!.$2" -+0$#"- 2%7$#".,"#$1 +./,-$#"

'M[HOJTH L++$KRIGPO XHOKRGPK UHRUHPK IQ IQPG: I==IJBMI? FBLI=>F MDHI=>@E> PJQNMP QIO:
KNRRIGH VKRKP WIXHGRKJPGH QIPO IRRIYNUMPGKRRKRP KXKPIRK IXKOPG$ 0RRIVPXIO SHOIG:
XHOKRGPK: QIOJRKMPTXH YHMPJPGHK IJK YRPOJQPYPH GHOJTIRUKWHRIKG KRWKJQ PQKO QPJNIO$
0MPQKG IJK KRXKWKG UIRRPQ IRI: POWKR YHMPJPGHK UIRRITGNRKJN QNJIO IJK DFBJ>=CB>=I?
B?@I=IGI? >=>LI=>CD I==IJBMI?> HBGIB?>@E QIO$

RC
E2-'%-" $2=/*&("*/$ COUQ0+%&'$* =+*-$&+ #'*; B($,'2 BB0$5 ,'%' (')'$%'*.$* $,-"5$&+ /(&'$* '&$ 9$%'*.$* '(5+,"-' -"*$(&"5/
.+#&"$5 +&#" /(&'$*0

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

A>
(T3aCD IC>B?I>? CD?G@B@EABD> POWKRRIKO \KRRPGH WK: #?C<GH GHOTJPJNQPHK HRWIQGKJNGH
WNIOK$ +A>I=> MDHI=>@ECD> H>: IQIO: #?A>IGH GHOTJPJNQPHK PQKOIO WN POTYPRKQPH PJNRRP
OKVNTP$ 9KNQKG SHOIMK: GHOTJPJNQPHKG XHOKRGPK: IMPQK IJK IMPJI HMPVKRGPGH OKSPQ
XPMPJKRRK UKUITJNGH WPJN$ "=JB E@AB LIK>= H> IA HIF> CD?G@B@EABD HIMDC=>@BCD>)
,HOTJPJNQPHK OKVNTPGP: NDFB@BCD I@> MBFB@>= FBLI=>F CD?@GI=L>HD=IO MDHI=>@E I@>
MD?>=CBCDIC BH>@AB QNJIO$ +H>ACI=>=I? L>@AD=HI> S>?Db>G HIF S>G@BFFDC
BAI?H>@E=BCD CBHIIA DG>@E@> IVHO QIO$ -RKPO KRJI KPYKJNRPGH YRPOJQPYPHKG: @TPTJIXK
XHOKRGPGHK: TNUPRKOHJKTNO IJK UHJIRI MIVIVPMI UKOKJNK: GHO[ITPHOKMJKTNO GKJHMPGHK:
IJK KUKRB: HOKRJN IQ QPJNQJIO KMWIRWPIJKGH GPWIIG: @IRRIYNUMPGKOHIG: WIXHGRKJIG:
GKRMPTJIG: MKOVPMI POWKRRIG`B: IQ QNJIO GHOTJPJNQPHKRIO PWKQGIJKO YKRJI SKRJQIRPG PQKO
IJK VIRHRK: TPTJIXK YHMPJPGHJPG KJ VIMWPJN QPRIO$

$GN>B?B>= KBG@D=B>? HI?LD=> JIKBI? B?H>==I>? IJD? HI? CD?G@B@EABD> PQKO WK$
*ISKQGP: #<"#GH GHOTJPJNQPH IRRIYNUMPGKR WIXHGRKJPGHK KMWKRRPGKJQIKRIGPO UKJIRK
VIMWPJNGH WK UIRJKO UISIRK$ +OWKRRIKO IVHO QIOIGH VKRKPK: 0I==IA>=CE?@A>O
SPTJHRPKO IQKVNJN WIO J>=>B=BC EG@IFI?I@>CD L>@ PQKO WK: ME@E==ICD EG@IFCI=B>?
DB?>==B@E=>$ 0RRIVPXIO MPUIRKM GHOTJPJNQPHVPMIK POWKRRIKO IVHOPG IRI: ITYKPOPKR CF>GI
NDFB@BCD ?>JEGB>C: @GHOJTIRUKWHRI QIPO MPUIRKMKGB IJK DFBJ>=CB>CO IA HE@I
CD?G@B@EABD> ABFIJB@>GE?IA I==IGNI@>@ECD IJK XHJK VNQJPIJKGH PRNQNR YHMPJPGHKG
IVPOVH WPJNQJI UHJIRIK UIJP SKPIO ITGN VIMWPJN KSKM PQKJIGH$ ,HOTJPJNQPHK UIRIQ: IQ WK
WIXHGRKJPGHK PQKOVH: @IRRIVIKG QPJNIO KSKMXIOKG SKOWPKG QPRIMKGHQB: UKPOK VKRKPGH
YHMPJPGKRPIG: IQ QNJIO TPGPIRK IRRITYIJKJN: MPUIRKMPTXHKRIO WHGJRPOK YHMPJPGHK UIRK:

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

AC
M>BAO K>E@IGCE?HI>C Q>F@GE@E QPRIMKGH IJK \KNOJZHGIRPKRIO UPJKRJIQ: SIRRPJKR
XKTKRIO UHJHK GHOJRHMKJN QNJIMKGH$ 2IRRIQKRGNOJQKRIO KQGIO IJKYKO VKPOIRK: 7RPXH
WI &PhIRKRIO WPGJKWNRK VKNQKJNGH WK IJK SHOIJKO IRI: IQ WK POHMKQ IRI GHOTJPJNQPHK
IRRITYIJKJNGH$

S"1%U"!$1 !+!.$2"5 "-7$#7+ 0+."!,1"O .9"17"&$." $."

;",.$!&,17$$1 2"1+<,-"/+%"
2IRRIQKRGNOJQKGH TPTJIXK YHMPJPGHKRIO HPOKRRPKG: S>?Db>G HIF S>G@BFFD
GHOJTIRUKWHRIIO UNRNKRIO ITGNJPG IQKRRP QPRIO$ 1HRRIVKJPG GHOJTPWIRKJQIO WNVN
UIRKN VKRKP SHOIJKGH GBG@IM>=I? >=CB@IC@D> IJK YRHJKVHOPTJK OKVNTPIOK$ 1KN:
>FHI=HB LB@>GE?I>? DB?>==B@E=BCD TPTJIXK PQKO QIO: KMIVPK: FBLI=>F &D?@GI=L>HD=I>
I@> -BLI=>F>=I? UHJIRIKO HPOKRRPJNRPGHK$ 2KJKG QIPO UITJIKG JDLI=?E LD@I=I>
@Z>?H>C>@E QNJIO$ )ZKOWKGIJK SKN VKPOIRK: TPTJIXKJPGHK UPSNRJN QIO 'M[HOJTH L++$K
SPM IJK 4$;RPTJPOK IRRIVPOK HRWIK UPSNRJN QIOIKO: KD?I@>=>CDO EG@IFCI=B> NDFB@BCD>
IJK K>E@IGCE?HII? JEA@BACD M>?BNEF>ABD> IQKRRP QPRIMKRPG$

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

A5
;KOHhKT WIM ;KTJPMMHG WPTIPOKJNRPGH TPTJIXK YHMPJPGHKG UP KRWKJQ OKVNTP QPJNIO8
XHOKRGPKRIO WI[IOJTK IJK IVHOGHRJKTNO YHMPJPGHK:SKNIG UKPJQPRIO UKROI bUKGIKc QIPO
HRWIOK QPNRJKJQIGH UPWI UKGKRRKG$ 6POKTJPK 2HRUHPKRIO IJK IRRIVI aVNRKRIO WI[IOJTK
VKNQK VNQJPIO VKPOIJPG QIVHIO: @;KOHhKTIO SPJQIJKO: Q()2"+.3"+3. $:$"2'
8$+,"."+3".' 32*"+.$+3" $," 8",":.". $8)2 *"3,$:.$A B: IJK SKN UKUITJIGH:
IAB?LIG@I>? MD?>=CB> I@> (T3aCD CD?G@B@EABD> HIQI?H>@AI? AB@EA@I? >FHI=HB
NDFB@BCD L>@ JDLI=?E>? IJD? LIK>= AI?$ #?5CGH GHOTJPJNQPH XHOKRGPGHK UKUITJIGH:
IJK IVHOGHRJKTNO YHMPJPGHK QPNRJKJQIGH SIMUNRNQ UIRKQ: >FHI=HB LB@>GE?I>?
DB?>==B@E=BCD I==IJBMI? NDFB@BCD> TNTJKJN QIO$ 'MIVPK: KMWIRWP CD?@GI=L>HD=I>=I?
AIB? FBLI=>F>C @Z>?H>C>@E LIK>= AE@I? JDLI=?E>) 1IMUNRNK UHJIRI YHMPJPGHK UKJQNG
QIPO UITJIKG GHOJRHMKJQIK QIO: HYHTPQPH POWKRRKG: @IRRIYNUMPGKOHKG: OKQPHOKMPTXHKG:
MKOVPMI KMWIRWPKG`B \HGHQ GKOYH NQJIGH IJK SHRRIMK: 0I==IA>=CE?@A>=I? GBG@IM>
LI@BCD@AICD$

ABBCDAEFA $+0,2" G($:)-)$+ H$10,(21-7,,0$2" ,I$)0J,- /$++$ 7)$.+$I$3 K,*0J,J 2"-0(,+/$7"+,$2 ,0$ 0L1+)J *)/,+$*$23

0VHOGHRJKTNOK aOGKJQIGH SKMKUISKRRIQ +TKUIM ++$KRIO VKRKPGH YHMPJPGK GHMYPTJK

VKPOWPJN UISKR QIO$ +QKO IRI: +TKUIM ++$KRIO VKRKPKO IJIOVKUIGHKG PQKO QPRIO MPUIRKM
KNRRIRKGHP IJK XHWIRKJNIO KRJIGH PGKEXPGIG IJK XPMPJKRRIO ITJKJN GHMYIIG
IVHOGHRJKTNO YHMPJPGHK HQJHYKJN QNJIO$ 1HRRIMK: >FHI=HB CD?@GI=L>HD=I>C I@>
FBLI=>F>CO >F@Z>MI?HE MBFB@>==IB ECD IJB? QPIJIO VHUIRONRK PRPTJIGH UPWI VPTK IJK
>FHI=HB LB@>GE?I>? DB?>==B@E=BCD GBG@IM> NDFB@BCD> ABE=@>@AICD L>@ IJB? QNJIO$
9KNQKG SHOIMK: JZKOWKGIJK IRRIVNMKRJKTNOIQ IVHO QIO POWKRRIKO #?5>$NRJIJPG
#<F!$NRJI UPJKRJIIJKRK$ /ISIOIOVH NRJIIJKO ,HOJTIRUKWHRIKG PQKO QPRIO OKVNTP
YKRMKXIOJN IJK VHUIRONKO @#?5>E?#B IJK SNRRIOVH MIVIUPMJQKRRIKO /PUIRKMKG:
@#??F$NRJIKO THRJNRPGH KMWIRWPKB$ -OWHRIO GHOJTIRUKWHRIKG IJK SKNIO KVPOJKMWPKRIO
HTJIKO: MPUIRKMKG` IJK SHRRIMK IJIOVKUI$ ?3.-4 8+"R.)"&
'MWIRWP GHOJTIRUKWHRIKRIO UNRNK ITKO UIQKMK: ;KOHhKT WIM ;KTJPMMH PQKO QIO IJK
/PUIRKMIO UNRNK: 7R_ZIWIT 4KJIH 3KVKTJK$ ,HOJTIRUKWHRI IJK /PUIRKMKG OHRG UIRI
PWIHMHVPK PQKOPG IRI: HPOKRRPQGH VKPIJKO UKJ IVPJIO QNJIO: SKMK OHMK: XHOKRGPK

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

A?
2HRUHPKRIO: ITJKJN MPUIRKM QIOJRKMPTJKRIO IJK UHJIRI HMPVKRGPGHKRIO
WI[IOJTKO: @0MPQKRIO: \KNOJZHIO IJK UNRVITPK WPRNWNOIO KMWIGH
YHMPJPGIO KMWIGHKG PQKOPGB$
'MWIRWP GHOJTIRUKWHRIK IJK MPUIRKMKRIO VHUIRON JZKOWKGIJK
TPTJIXKJPGHK UPSNRJN QIO #??>IJPG KNRRIRK$ (TT'I>? "FQD?@GD 9++$K
JNUIRGNMHTPKG \HJK KBF AI?: UIRI HPOHRWIGHK HRKPOWPG \KPH IQ QIMK$ 4l
;RPTJPOK UIRI IXKQJIK SKNRWNO QIVHIO: @IRRIVI PQKOVH WIO 'M[HOJTH L+++$KRIOKB$
1KNRRK \KPH IJK SKOWPJN UPJKRJIKO: 2g S=BG@B?> PQIOWKJN QNJIO 0TYKPOPKGH
I==IJB?>D=HI>$ )ITJNPOVNRN SHOIJKO: IVHOGHRJKTNO YHMPJPGHK QKYNQJIGH UIMWNRRIQ
IJK HYHTPQPH YHMPJPGHK GHOJRHMKJQIGH SIMUNRNQ: JDLI=?E @Z>?H>CI@> GBG@IM>@BA>@E
QIO$ 'MIVPK: VHUIRONK XHWN TPTJIXKJPGHKO JZKOWKGKJN QNJIO8 SKNJITGNOWI UKJQNG
KMWIRWP UKJIG PRKUKQJIO UKQPJNIO: SNRRIOVHKG UITJI KMWIRWPKG PRKUKQPGH QPJNIO: @UIJP
VISPIOVH KUTHMNJNQB$ +RNQNR YHMPJPGH SKN <>=HDCD +@E?> @#??>B TPOKJQIKRIGPO KWHTJN
QNJIO ;KOHhKT WIM ;KTJPMMHG IJK 3KVKTJKG$ +JNOK PTPMYIGHK PQKO QIO IJK IRRIVPOKRIO
GHOYMPQPJKJIK IJK HOPRPJQPK PQKO QNIO$ +QKO IRI: UIRI TIXIK 'M[HOJTH L+++$KRIO
IRRIVIKMWPK UKUITJN IJK QPNRJKJQIK PQKO QNIO SIMUNRN OKVNTPJQKJ: UPJKRJIGHKG
QIPOJQNG QPRIO KZHMK VKUI$ +JNOKRIO SIMUNRN OKVNTPIOKG: IRRIVPXIO GHOJTIRUKWHRI:
XHOKRGPGH IJK HMPVKRGPGHKRIO IJK #?5CGH
GHOTJPJNQPHKRIO \KRRKPYIOK UIRXKJQIK PQKO QPRIO:
HYHTPQPH YHMPJPGHK: @GKRMPTJIO IJK IRRIYNUMPGK QKMIKG
UKJIQ IRIB: UHJIRIJPG KMWIOWNQ$ +JNOKQ VIRHQJPG:
JDLI=?E CD?@GI=L>HD=I IJK FBLI=>F>=I? @Z>?H>CI@>
GBG@IM>@BCD> UNRNJNGH WK$ <=>C@BC>? IA AI? >FHI
K>?HB=BC IJD? L>@AEI? I@> LIG@II? JDLI=?EI?
>=@I>?: IQIO: UPIG IRRIVPXIOKRIO HPOKRRPGH
YRPOJQPYPHKG XNJNRRIRKPOH WI[IOWKJN QPJNQJIO$ 0RK UIRIKO: K>BI? >=@I>? IA ABD@I?
IFC>==B DNDGBABD LD=@B@ABC IJB@I?: IQIO ?D=C LI=I >JB?@I @Z>?H> I==IGNI@>@AI?
AEI?$ 9HUIRON KMWKGIJKG IQIVHOGHRJKTNO THQPKMIO VKRKPIJKO KVPOJQIO HSP QPRIO:
VNQJPQ [KMJTNJNRPGH SKNJITGNOWI TPTJIXK UKJIO UPWIQ$
3PTJIXK SKN @Z>?H>CI@> L>CI@GE> BAI?H>@E AE@I?O IVHOGHRJKTNOK IJK UKROI UKGIK
UIRXKJQIO QPJNIMKRPG$ 2KPOK IRRIKMPJKJIKO: NTJIMGIRP VHRWPOIKO HPOKRRPJNRPGH TPTJIXK
PQKO QIO: L>@ I=I HIMDC=>@BCD> IA AI?> @OKSPQ IJK #?<F$NRJIJPG KNRRIRK TN[RKVPH
NOPUIRJTKMK KPJHRJNRPG PQKOB$
)ZKOWKGIJK NTJIM SKN UIRXKJQIGH B=EAE= NDFB@BCD>A L>FB>@E
AB=I?) 2I@DHD IALI=HB?>C I=>LBFB AB@EA@I?:JHGPKO JHGPGH
HMPVKRGPK IJK GKQPGIIO MKVNOJQKQ$ 1KNJITGNOWIIJKO KMWPHRH

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

A<
GHXIOP QIO IXKPJQKG MHRJQIGH IVPJIO QPRIO PRNQNR IJK KQYP\HGH XNMJQHKRP: NE@ZI=>AD>
WIRPJQH$

;",.$!&,17$$1 2"1+<,-"/+%"

0D@D I@> IM>B@A>C AEAI?I>? M>?BNEF>@AI? AB@EA@I?$ 2HJH GHOJKGIJK IVPJIRKGH

HRWNKO: Q,/"2*" :$8).3)2A KMWIRWPKRIO KMWI IVPJIO QNJIO @GHOJTIRUKWHRI IWH
MPUIRKMIO UHJHKG SKNJITJHOJQPKO VISPJNQB$ *IOUKPJIJKO IRI: SPMWKGHIO PQIOKG IWH PQIO
KTXKJNKG JZIRJKJQIO QPJNQJIO SKNJITMIIO QIRRIOWKO IJK GHOYMPQIIO UPJKRJIQ: UHJH
GHYNRNK YNQJIO QIO$ 3PTJIXK SKN UKJIQ IRI: SPRP IJK YRHUPOJQPK SPRPUNRNIJKO IRKUPMP
QIO$

"3Q?"?R<P3D X",1.9%&$#+"

&>ABCI>C JHGPKO JHGPGH HMPVKRGKG PQKJIO QPRIO: IRKVPO

SKOWPGH VPQHOKG IJK VHUIRONKRIO ITKOKG UIJIJQIO
QPJNQJIOKG8 MNR \KUIKG: POWNTJRPK UNRNKG: KMGKJIKG:
KYIQKG: KUHGKJNKG: IYKPMIKG: IJK KUKR$ 9HUIRON
QIOJRKMKG GKQPGIKG IRKUPMP QPJNIO UHJHKG XKOPYNMKJQIGH
IJK SKNIG JRNGIKO: VHUIRONKRIO XITIWI YHMPJPGHKG
\KTHJQIO QPJNQJIO$ &>ABCIIC LD@D G>FI=DGCI@>=I? LBHIAO
Q>LD=II? IHD CFBI?@IFBGMD>=I? LBHIAh >FHI=HB FBLI=>F IHD CD?@GI=L>HD=I>=I?
J>=>BNI?> ABE=@>@AI? AE@I?$ ,MPIOJIMPTXHK XITIWIIO JRNGIKO: MKVNOJQK IJK UKUIT
IMIGJHRKM QIPO YHMPJPGHK IXKJIKO HPOKRRPJNRPGH TPTJIXKRP WIRPJQH$ &>ABCIIC ?IC>A>=B
ZEMI I@> KI==B ZIKI> I=>LBFB AB@EA@I? IE=I? LD@D>C R>GD@AICD$,HOJNKO SKRJN
UISKRRK WKVH:VKRKP SHOIJKO SIRRP XKTKRIO VISPIOVHK HRKPOWPG KM[KUIJKJN VKUIK QIMK:
QIOUKPJIJKO VNJZPKVHJKTNO TIOJPXIOWNK QNIMK @OHUMI: KUIRKJT IJK GNMJNRK VPQHOIO
KNRRIKOB IJK YHMPJPGK GHOJNIJKO YKRJI SKRJQIGH GHOJQPIOJQPKRPG IQ QNIMK$0GHOHXPGHGP
VKPOIRK: SIRRP XKTKG MKRRPJKTNO SKOWPKG YKPRKJQIO QPJNIO: @VHTIK: XPTIRPK`B IJK IQ
QPJNQJIO SIQGNOJQK IJK HTKTNO QIRUPJQNKG SKPIO ITGNRK: @IQ UKPJQIVHIO IVNOVH
HOVPQKJI ITJKJNRPG IQ QIRUPJQN YNUMPGHRPG POWKRRIKOB$ 9KNQKG SHOIMK: HMPVKRGPKRIO
[KUHRIKG UISKRRIQGHKG QPJNQJIO XKPQ UPQPJQKRP KNRRI IVPO KSKM PQKJIGH: @XIWPGN
QIRUPJQNKG \KTHJQIGH: XIWPGKXIOJNKG ITGNRKJQIGH: IJK KUKRB$ 0VHIRK SHOIJKQ
YRHUITJN IVPO QIO 2IRRIQKRGNOJQKGH IMPJI YHMPJPGHK SIRRP XKTK XKOPYNMKJQIGH$
DKNOJZHGIRPKG ITJKJN HTHKO PQKO QNIO IRKVPOK UKPOK POWKR UIRIQPK PQKO QNIO VKRKYIO
XKPMK UKZNIOIGH JHGPIJKO: SHJT: OIGKQKM IRIXN JRKWPQPHOKMIJKO: 9KQJIMK UPIJKO:

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

>F
'OWKMNQPKO IJK 9KMPQPKO$ +OWNTJRPK VNOI QPRIO JHGPIJKO HRWIK: MKOVPMI GHOJQPIOJQPK
SKOWPKVHK PQKO QIO IJK UIRKQ: \KNOJZHIO IRKVPOK JZPGPKVHK$ )HGP SKNIJKO QNQIOIGH
UHJH XKOPYNMKQPHK HSPGHKVHK PQKO QIO$
0I==IA>=CE?@A>=I? J>=>B KBG@D=BCD>C B=>E? LB@>=@I>?O EG@IFCI=B> NDFB@BCD>C
B=>E?JD HE$ 'MKUKPOK: XNJNRRIGH SKNJITGNOWIIO XKOPYNMKQPHK UIRIQPGP:
4l;RPTJPOKRIO IRRIVIHRWIJQKO PQKO QIO OKVNTP$ "FQD?@GD 9+++)> IRRIVI GHRHKJQIKO:
SKPO QIO KVIRPGHK bYNJZIRKQHKc: IRRIVPXIO YHMPJPGHK VKRUPJQIGH TKPKGIRK IJK
PJZNRKGIRPKG IVPO QPRIMK @I==ILBGBD?BGMD NDFB@BCD>RIO PQIOKRIGPO IQKVNJQIO WIOKB$
1KMIRI: ME@E==ICD EG@IFCI=B> J>B?HB@E AI? >==I?: VHUIRONKG HRKPOWPG: KMWIRWP
GHOJTIRUKWHRIKRIO IJK MPUIRKMKRIO ITGN IVHJIO \KRRKPJN QNJIO: >FHI=HB LB@>GE?> LI=I
KD==I@>? M>?@I?HEQ$ %NDGBABD NDFB@BCD>C D=HI>O JI=DA I@> B?H>= JIKB>JD QNIO IJK
SKN GHOJRHMKIQPOK UPSNRJN QPJQKPIOIKOO MBFB@>==ICO IG@>@E CDFNI> IXKO QNJIO @#<!"B:
<=BMD HI #BbI=>=I? HBC@>HE=>=B SKTPIRK IXKO QPHOK$

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

>#
6)*"+")"-7"&$." !%/+%8$&%1%2+&%"& 9+9)2$17$"1

!"##$#"

2$17$0"-7$&% $,#%<"&% $#"-7"&$." $&%1%2+&%" $." +#",-./"&

9+9)MI?HI>?d +?HEG@=B> B=>EF@A>)

4IOWIUKMWIGH 0NRHYKO: @%RKOJQPKO: 2RPJKPOPK 1KOWPKO: 1IRUISIRIJKO: 2IMVPGKO`B:

MPUIRKMPTXHKRIO SIWKYIOKG IQ QPJNIO THPMPG XKPMK YHMPJPGHKO IRKMWKGIJKG IGKRRP$ DKWK
L=++++$XIOWIKO QISKR: PMNTJRKQPHKRIO JITJNPOVNRNKO IJK QPIOJQPKG QIPO JIGOHMHVPKG
KNRRIRK IVPO KSKMK: IGHOHXPK [INWKM IJK JRKWPQPHOKMKRIGPO KYNRJQIGH IJK
IGHOHXPKRIO MPUIRKMPQKQPHK VKNQKJQIGH OINRRPKG SKRJNQ \HKO QPRIO$ 4HWN SHOIJKRK:
ITJKJN MPUIRKMIO aOGKYIOKRIGPO: IGHOHXPK YRPUPMIVPH TPTJIXIJKJPG KTGKJNQ IJK
YRHWNGQPH UPWIKG XHWIROPQKJNQ \HKO QIO$ 9PQKRJI GMKTI UNRVITKG UIRIUPQPGH
YRHJKVHOPTXHK SKRJN QNIO IRKMWKGIJK SHOIJKO: IQIO: XIRGKJKRPJQKRIO VKPOIGH
OIVHQPHKG UPWIRKJQIKQ VKPOIRK: @\KWK KTYKMWPGH YKRJIQ WHXPOKJQIO QNJIO TIGJHRIKB:
OIGKQKRPJQK IJK POWNTJRPK XKPMKGH OIVHQPHKG GHOJRHMKJQIRK YKTK QIO: MISIO IJK
UPVKRRIO TIGJHRIK XIRGKJNRK UPWIRKJNQ IJK IRK GKYPJKMPTJKO NTJPKJQIO SKTPQ$
)ITJNPOVNRN SHOIJKO VKNQKJN QPRIO OIGKQKRPJQK IJK POWNTJRPK PRKNMJQKRIO PQIOIQ
IQKVNJQIO WPJNVNO IRKMWKGIJKG: IGHOHXPK IQ IQPG: YHMPJPGK XKPMKO QIPO VPQKRJIKRIO
KOJHMKGIJKO IJK MKO IRIXNGH SKRRIXKOIJKO IRKMWKGIJK TKGHOKG IRKVPO QPJNQJIOKG$

+17,!.#+" +#",-./"

+OWNTJRPK PRKNMJQK 9U+++)MI?HI>=I? KXKPIRKQ VIRHQJPG IJK 9+9)MI?HI>? AIK>=

VKRKJNJKGH LBJ>==I? GIC@D=I>=I? I=>FH>CI@> BA>? AI?) 4KON[KGJNRIO ICDBANI?>
>=@BG>E@A>? DB?>==B@AI@BC M>CB?I? LB@>=@ICD N=DHECABD=> DB?>==B@AI=> YKTK QIO$
+OVKMKJIRRKO: \KWK L=+++$XIOWI UNGKIRKO: MISIOIOVH [KURPGKG IJK MNRRNO XKGPOKG
KVIRJQIKRIGPO UKJIRK: SHJT: POWNTJRPKMPQKQPHKRIO SKTJKYIOKG IXKJIKRIGPO UKJIRK
KRJPTKNJQKRIO IRKMWKGIJK VKNQKJQIO SKTP QIO$ 0RKMWKGIJK SKN VKNQKJN QNJIOKG UNRVIT
POUIRJPJQKPMI SKOWPKG PQKO QPRIO: \KWK GKYPJKMK QNJIOKG POUIRJTPH SKOWPKG IVPO KSKM
PQKJIGH$ 9KNQKG SHOIMK: N=DHECABD> Q>L=BCI@>? GHGKJQIO SKTP QIO IJK ICDBANI?>
M>CB?>=B>=I? LB@>=@IA VKNQKJQIO SKTP: KRJPTKN JZPGPIO GKMJIRKGH: QIPOIJKGH VISPIOKG
IQ QPRIO VKP PQKO POUIRJTPH SKOWP SHRPIG IVPO KSKM PQKJIGH IJK KTGHG: WIOUHRKRIGPO:
SKPIO ITGNMKOVPOJQKGH JKPMIRRKG PJZP UISKR PQKO QPJNQJIO$ )RKOT[HRXKQPH SHOIO
HPOKRRPKO XKGPOKG IJK SKNIG XNVPKRKQJIGH VKRKJN QPRIO I?I=JB> GBG@IM> LI==B>C

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

>!
WPJNVN$ /ISIOIOVH XKGPOKG PGKJQK IJK NRKRIO UPJKRJIQ MHRJQIO QIO FE==B?
I?I=JB>RIGPO PUPMP QPRIO: FIKI?I?JD B?HEG@=B> B=>EF@A>RIO PGNR PQKO QPRIOKG$
"E==I=>JD: \KWK L+L$XIOWI UNGKIRK KMWIRK: UPVKRRIO POWNTJRPK PRKNMJQK WIRPJQHOK
VKRKJN QIO IOIRVPK TPTJIXK IRKVPOGHRRKVHKRIO IRKUPMIRKRIGPO MHJQIO WIOK: SHJT:
NI@=DFBD> I==IJ>B AEI? IFIC@=BAB@>@I>RIGPO IJK IQJKOWK XHJHRRKRIGPO$ -IKI?
B?HEG@=B> MD@>C IRKMWKJQIO IKE?JB?@A> I@> GBHI=E=JB>RIO TIGJHRIGHKG PQKO QPRIO:
SKNIJKO SKTP UKPJQPRIO MISIOIOVHQ MNRRPO XKGPOKG IRKUPMJQIO \KWK L=+++$XIOWIKRIO
UNGKIRKQ VIRHQJPG +OVKMKJIRRKO$ 0SNOVKPMN XIGKOPGHKG GHJHPK YRHWNQPJQIO SKTP QPRIO
IJK MNRRPO XKGPOIP ITGIR: XIKJQKRPJQK IJK UNRWPOVPOJQK TIGJHRIKG XIGKOPQKJN QPRIO:
@MKUI VKRKPKG IRKUPMPQ ITKJIRKGHB$ 4KGPOIO TKRRIRKG YRHWNGQPHK IJK YRHWNGJPUPJKJIK
PQNVKRRP PVHKRKQP QNJIO: UKPJK: UNRVITPKRIO GKYPJKMK IRI$ /ISIOIOVH POWNTJRPK
PRKNMJQKRIO LIG@I BCE= L>@ WNWKRPG VKUI: @=I?LBHI>RIO THRRIRK PQKO QIO: @MNRRNO JRIOKB:
SHOIG IRKVPOWKGH VKRRKPH PRKNMJQK [NOJTIQGHK PQKO UKPJQIO POWNTJRPKMPQKQPHKRP UNMJQKWK
IXKJIGH$ 2KJIJPG: TPWIRNRVPKRIO ITGKIRKG PVHKRKQP QPJNIO IJK XIRGKJN TKRIKG
KRIKVHJN UITJIJPG$ 1HOP MHJNJK: UIRISKMK NOJQPVPOJQK IRI XIGKOPQKJN QIO: MNRRPO
PJTKTHOJQPKG VKRKJNQ: XNOWN XKPMKGH XIRGKJNKRIO SKRJN IXKOKG PQNVKRRP UPQGHRJQIK
IRKVPO QPJNIOK$
+OVKMKJIRRKO VKNQKJNRPGH PRKNMJQK SKN YHMPGPEYHMPGP $E=DN> DGD=> KIH>@EQ \HKO QIO
9+9)MI?HI>? QISKR$ 0RKMWKGIJK SKN VNQJPK VKNQKJQIO SKTP KSKM PQKJIGH: QPIOJQPKRIO
VKRKYIOKQ IJK UNRVIT POUIRJPJQKPMIIQ VKPO: L+L$XIOWIKO QISKR XKPMK YHMPJPGHKO
IXKOWKGH B=>EF@A> FBLI=>F>C QE?@GIACD>C PQKO QPRIO$ 'OJQPO 0RRIVPXIOK KUHMPJN IJK
IGHOHXPK MPUIRKMPQKJQIKRIGPO UKJIRK: J=IMBD>C HIG>JI=@E QPRIO IJK YRHWNGQPHK
MPUIRKMPQKJN QIO: UNRVIT POUIRJPJQKPMIIP OKSP UIQKMKGH OIVHQPHKG QKUKMJQIGH KNGIRK
MNQKJNQ$ 0RK UIRIKO: MI=C>@>=B@A> IRRIVI KUTHMNJNIO XIOIRK IVHJIKRP NJQP IJK
FBLI=>FBA>@E AI?: TKMXIOJKG: ITYHRJKQPHKG QIPO POYHRJKQPHKG KRIKVHJNQ$

1$&"/"#+./" $." +17,!.#+" +#",-./" !,!."./$1 -"*,17, /+.,/.$1

:"&.%#$"&

E &F>GI LE=JIG B?LI=@B@A>BFI> IJD@I>: OKVNTPGP SHOIO ITGNJPG VKRKJN UKPJQPRIO

OIGKQKRPJQK IJK POWNTJRPK PRKNMJQKG VKNQKJQIGH UISKRRIQGHKG QPRIO POUIRJTPHKG$
(IGKQKRP IJK KRJPTKN JZPGPIO GMKTIIG IQ QNJIO GKYPJKMK XIJKJQIGH KNGIRKRPG IJK UIRKQ:
YRHWNGQPH XKPMKGH IRKMWKGIJKG IVPJIGH UISKRRIQGHKG QPRIO POUIRJTPH KNGIRKRPG:
@MNRRKG IRHTJIGH: XKGPOKG IRHTJIGH: [KURPGKG THRJQIGH`B$
E +=>EF@A> FBLI=>F LE=JIG>C I@> IG@>@E FBLI=>FI? J>=>NI?>5 'OJQPO
0RRIVPXIOKG IGHOHXPK MPURIKRP HQJHYHKG \KRJQIO QPQGPHO: IQIO YRPUPMIVPHIJKO
HPOKRRPJNRPGH IGHOHXPK TPTJIXKO HPOKRRPJQIO QIO$ 1HOIG OKVNTPGP: GMKTI YRPUPMIVPKJNK:

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

>"
SHJT: XHOKRGPK: OHUMIQPK IJK 0MPQK UKUITJIO QPJNIO IJK HOWHRPHQ: IQ QIVHIO XIRGKJN
KTGIRPG$ /NRRK TKMIQPOK QIO IJK MNR \KUIIG: SKPIO MNRRIO VKPOIGH YHJITJKJI VNQJPQGHK
QNJIO$ 4IRGKJKRPJQK IRI IQ QIO MPURIK: ITJKJNKRIO VNQJPQGH GHOJRHMYIGHK UKPJQIO:
@XIRGKOJPMPTXHKRIO IJK GHOJRKJKQPH IJZIIO UPJKRJIQ VKNQKJQIO QIOKB IJK UPVKRRIO
TIGJHRIGH YRHWNGQPHK IJK TKMXIOJK IRI: IQ QIO MPURIK: VRIXPH TPTJIXK KRKNJQIO
UKPJQNIO IJK SHOIG: YRHWNGQPH IJK TKMXIOJK POWPUPWNKMKRP JRKUKG \KRJQIO QPQGPHO$
'OJQPO 0RRIVPXIOIG SKMKUIR: SPRPJKRRIO ITGNUPWI YHMPJPGHKG NRRKJQIO QPJNIO: IQIO
XHOKRGPK KUTHMNJNIG VHUIROKJNJKGH TPTJIXK QIO$ 1KNIG HRH SKR: ITJKXIOJN
YRPUPMIVPKJNIO KMWI IVPJIO UKPJQNJIO IJK PMNTJRKQPHKRIO VKRKPKO IRRI[HRXKG VKNQKJQIO
SKTP QPRIO KRRIO: SKNIG IQ QPJNQJIO TPTJIXK UIRI SHRRIJKO GHMHGKO \KRRP$ 0VHIRK
SHOIJKO UNRVITPKRIO GMKTIKG IQ QPJNIO SKRIO POJIRITIO KMWIGH YHMPJPGK IVPJIRPG$
1HRRIVKJPG: PRKNMJQK MPUIRKMKG GKTNRPG VISPIOIJKO: PRKNMJQK UNRVITKG UIQKMK IQKVNJQIO
WPRK: IQIO UNRVITPKRIO ITGNJPG VKNQKJN QPRIO IJK SKNIG PQKO QPRIO IRKMWKGIJK
YHMPJPGHKRIO HONRKWNO OKVNTPIOKG$ ,MKTI YHMPJPGH OKVNTPIOK UPMKGKJN QPRIO IJK SKPIO
KMWIGH MIVIKG VKRKJN QPJNQJIO: OIGKQKRPJQK IJK POWNTJRPK PRKNMJQKG TNTJKJQIK IRKVPO
QPJNQJIOKG$

1$&"/"#+./" $." +17,!.#+" +#",-./"#$1 %17%#+%"&

E $CD?DMB> C>NB@>FBG@> I==D@E AI?: SHJT: XIRGKJNRK UPWIRKJNGH IGHOHXPK

TPTJIXK: \KUIJQK POWPUPWNKM: YRHWNGQPH IJK TKMXIOJK MPURIKO HPOKRRPJNRPGHK$ /ISIO
TIGJHRIGH KNJHGHOJTNXHK UKQJIRJN IJK UPVKRRIO TIGJHRIKO: VRIXPHIJKO HPOKRRPJNRPGH
KRJPTKNJQKRIO KRKN GHMIGJPUHKG KMWI UKJIRK NJQP QPRIO: YRHWNGQPH IJK TKMXIOJK VNQJPQ
MPUIRKMPQKJNQ IJK POWPUPWNKMPQKJNQ$
E ;I==B>FHI ?IC>A>=B>C KI==B>FHI B?HEG@=B>F>C LBF>C>@E AB=I?5 JHGPKO JHGPGH
IGHOHXPKRIO HPOKRRPKO OIGKQKRPJQK TIGJHRIK IVHJIKRP NJQP QPHO IJK POWNTJRPK UPMKGKJN
QIO TIGJHRI IGHOHXPGHRPG OKVNTPIOK: SHJT: 279RP IGKRYIO VISPIO IVPO QPHOK IJK
MKOVPMIRPK KGJPUHKRIO VISPIOVHK UPMWN QNIOK$
E <=DHECABD>O N=DHEC@BLB@>@I>=I? K>ACE?HI>5 OIGKQKRPJQK IJK POWNTJRPK
PRKNMJQIGPO VKRKJNJKGH XKGPOIO IRKVPOGHRJKTNOKRP ITGIR YRHWNGQPHK PQNVKRRP SKQP QIO$
E *>==>BD B=>EF@A> I@> MI=C>@>=B@A>=I? K>ACE?HI>5 JRIOUPWIKRIO IJK
MNRRPOIQGH PJTKTHOJQPIO UPWIQ: VKRRKPH TPTJIXKO PRKNMJQK VIRJKJN QIO: XIRGKJKRPJQKRIO
SKQGNOWIK IRKVPO QNIOK$
E *BA>=@I LI==B>5 IRKMWKGIJK IGHOHXPGHIG PO TPJN: IRKMWKGIJK THQPKMKG IRKVPO
QPJNQJIO$ 9PQKRJI UIRRPK VKRKJN QIO UP GMKTI OKVNTPIJKO UKOKJNJK8 UNRVITPK @YRHWNGQPH
TPTJIXIO \KUIKGB IJK MKOVPMIRPK @YRHWNGQPH TPTJIXIO MKO ITGNK: POWNTJRPKGH

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

>A
YRHMIJKRPHKG IJK MKJP[NOWPHIJKGH \HROKMKRPKGB$ 9PQKRJI IRIWN SKN: IQUIRWPOJKTNO THQPKM
IJK IGHOHPGHIJKO HPOKRRPJNRPGHK IVHOVH WK$ +QKO IRI: GMKTI UNRVITK: KUIRKTJKTNO
PJNRRPIO \KUIK PQKOVH WK IJK MKOVPMI GMKTIK: KUIRKTJKTNO PJNRRPIO THRJQKPMIKG: UKPOK
SKNIO IJIGPOIO HONRKWNO PQKOVH IQ WPRIOKG$
E ;B=B@>=@AI N=DAIGE>8 MISIOIOVH TIGJHRIK IGHOHXPK INRHYKRRIO HPOKRRP PQKJIO
NQJIKRIGPO UKJIRK: OIGKQKM IRIXNK bSNTJNc IVPO QIO IJK GHOJRKO:SPRPKG SKOWPJN$
1PRPIJKO HTH HOVP UIRIQPJNKG IVHOVH WPRK IMPJI UNRVITKRIO ITYKQPHK IJK MKOVPMIKRIOK$

$!<"+1+"&% $*%$#" $&%1%2+&%" 9+9)2$17$"1

$E=DN>CD SKPOUKJ SIRRPKMWIIG L+L$XIOWIKO QISKR I=>FH>CI@> ICD?DMBCD> I@>

?IC>A>=B@A> AIB? B?HEG@=B>FBA>ABD N=DAIGE>C LBAB PQKO QPJNQJIO UPJKRJIKOO $GN>B?B>
MDHI=?BA>ABD ICD?DMBCD KD?I@>@BC E==E? IVHO QIVHIO$ 'MWKGIJK UKJQNG IXKO
UKQPRIO IRI:HRH SKR:IQPO WK L+L$ XIOWIKRIO UNGKIRKRK KRJI POWNTJRPKMPQKQPHKQ SPJQ
IVPO:IJK SHOIG VKPOIRK:YRHQITN MNQI IJK XKOJTH UKJP IRKOJQNJIO WPH$+OWNTJRPKMPQKQPHK
VKPOIRK: JHGP \KGPO UKGKR UKJQNIJKO IRRHJN QIO: ITGNKMWIIO KRJIGH IQUIRWPOJKTNOK HTH
OKUKRPK PQKOPG$ (IGKQKRPJQKRP WKVHGPHOIQ: TKMUNITYIO UKJQNIGPO IRI: SHOIG
JRKWPQPHOKMPTXHKO HPOKRRPJNJK IVHJIO \KRRKPJN QNIO L+L$ XIOWI HTHKO QISKR: SHJT:
KNJHGHOJTNXHKO$ 'RI VISPKVH: UIOIJKGH IRKMWKGIJK: IQ QIO #<CF$ SKXKRGKWKRK KRJI
VKNQKJN: @%RKOiHRIO WPGJKWNRKRIO VKRKPRK KRJIB^ OIGKQKRPJQK TIGJHRI OKVNTPIOK
PQKJIKRP NJQP IJK ITJKJNK UIRI HTHJKTNOIKO POWNTJRPKMPQKJN QIO KRJI$

1$&"/"#+./" $." +17,!.#+" +#",-./"& $!<"+1+"1 $##%., $/ +/"1"#$1

&",!"&

/I=J>@BC IA AI? $GN>B?B>CD ICD?DMB> MDHI=?BA>@Ei *IPO [KGJHRIG UKMWPOJQKJN

QNJIO SKNp *KPMK WK GKNTK UKGKR UKJIQ SPJQ IVPJIK$ 0TYKPOPKGH IGHOHXPKRIO
XHWIROPQKQPH VIMWH IJK MIGNJNKG: GKNTK KOPJQIO HOWHRPHK WK$ 2ITJIKG UITJI: GHOJNKO
PQKO UISKR WK8

E *I==> ABCFD>C I@> C=BGB ICD?DMBCD>C 9+9)MI?HI K>GBI=>?5 POWIYIOWIOJQPK

9IRRKG: 'XIRPGKGH ,HMHOPIO IXKOJQPYKQPHKG IJK +$VH 9IRRK ,KRMPTJKG 0TYKPOPKGH
IGHOHXPK SHOWKJNJK NJQP QNJIO$ 1KNIG \KWK ITJKJNKG UPQP PQKO QNIO IGHOHXPK GRPTPK
KRIKVHJN UKPOH IQ QNIO IVPO: OIGKQKRPJQK IJK WIaQPJ IJK HVKTNO GRPTPK KMIVPK$ 9IRRIO
VKTJNIP IJK SKNIG NJQPJKGH HOWHRPHIP KNRRI IVPO KSKM PQKJIGH: XHOKRGPK ITYKPOPKRRKG
QHRYIJN UISKR PQKO QNIO$ 1HOIQ VKPO: KPYKJQIGH WK: 0TYKPOPKGH GHRHKRIO VKTJNKG UIJP
SKOWPKG PQKO QPRIMK IJK TKRRIRKG UIRRPQ: JZPGPKG$ 1KN IGPWPJIGH 'OJQPO 0RRIVPXIOKRIO

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

>>
QIRVK TPTJIXK KMWKJQIK UISKRRIQGHK QIO: UKPOK HTH UIRKOWNRK KRJI: SHJT: 0RRIVPXIO
/PUIRKMK XKRJZKO \KRRP KRJI #?"F$SKXKRGKWKO: IQ QIO IRRI[HRXK aTGKMPG VKNQKJN$

E 7IGND@BGMD +FEG@=>@E>=I? ND==D@> I@> "?@AB? $==IJBMI?>=I? I=>JB?>5

PMNTJRKQPHKRIO VKRKPKO IVPJNRK IGHOHXPGHKG XHWIROPQKJQIGH YRHYHTKXIOKG MNQKJN
QPRIO KRRIO: @WITKXHRJPQKQPHKG IVPJIK: XIRGKJNRKRIO MPUIRKMPQKQPHK`B: IQ QPRIO KNRRIK
KJIRK: IQIO: SKNIG YRPUPMIVPKJNIO ITGNUPWI [INWKMKG NRRKJQIO QPJNQJIO$ 9KNQKG
SHOIMK: 0TYKPOPKGH IGHOHXPKRIO HPOKRRPKO KNJHGHOJTNXHQGH OIGKQKRPJQK JRKWPQPHOKMK
PQKJIO \KRRKPJN QNIO IJK IQ QIO UITJI SIRRPKMWIIJKO UIQKMK: UNRVIT GMKTI TIOWHRPG
VKRKJN$

E &F>GI LE=JIG B?LI=@B@A>BFI IA> I@> ?IC>A>=B@A> B=>EF@A>=I? ND==D@>5 GMKTI

UNRVIT TIOWHRPG IQ IVHJIKG POUIRJTPH KNGIRKG IJK YRITPH YHMPJPGH ITGKTK IVHJIKG
IRKVPO QNIO$ (IGKQKRPJQK PRKNMJQK VKRKJN KSKM PQKJIGH: GMKTI UNRVIT MKJP[NOWPTJK
IRKJQIGH UISKRRK QIVHIO: OHUMIQPKG IQ UKPJQNIO OIVHQPH PQYPRPJNRPG: IJK SHOIJKRKGH:
OIGKQKRPJQK TPTJIXK [INWKMK KYNRJQIGH OINRRP YHMPJPGHKG UISKR QPRIO$ 1KNIG HRWIK:
HTH UIRKOWNRK KRJI: QISKQGP: #?""E#?"C$NRJIRK KRJI: IQ QPRIO PRPJTP: QISKQGP ITJKJN MPUIRKMK
IVHOGHRJN: \KNO IRRIVPXIOK UISPO UIJPRKGH KUHMPJN IJK MISIOIOVH WITKXHRJPQKQPHK
VKNQKJN QIO KRJI$ 'QGIO SKN VKPOIRK: IQ QNIO OIGKQKRPJQK GKYPJKMPTJKRIO IJK UNRVIT
GMKTI MKJP[NOWPTJKRIO THRRIRKRPG IRKVPO: IQIO MNR VISPIOKG: UIJPGH HMPVKRGPKRIO ITGN
IVHJIO \KRRKPJN QNJIO: SHJT: OHUMIQPK IJK 0MPQKRIO ITGN: @SKNIG PQKO UKPJQPRIO IRHTMI
OKVNTPIOKGB$

E &F>GI NDFB@BCD MBFB@>= I@> DFBJ>=CBCD>5 IRRIVPXIO MPUIRKMKRIO IQKRRIRK IQ QIO

UITJI SIRRPKMWIIJKO VIRJKJN QIO XHWNKO UNRVITPKRIOVKOWPG IRRHJN= L+L$XIOWI PK
HTHKO QISKR: 0TYKPOPKGH GMKTI YHMPJPGHK IQ QIO UNRVITK PQKO: XPMPKR IJK HMPVKRGPGHK
UKPQPG IJK SKNIG: IQ QNJIO POT PJN UNRVITPKRIO POJIRITKG WI[IOWKJQIGH YHMPJPGK
IGHOHXPGHRPG UPWIRKJN$ +TKUIM ++$KRIO IRRIVIKMWP PK HTHKO QISKR: IGHOHXPK MPUIRKMK
IVHOPG IRI: SKN KRKNJQIGH XNJNRRIGH YHMPJPGK IGHOHXPGH YRHJIGQPHOPTJK TNTJKJN QIO:
HMPVKRGPK KRPTJHGRKJPGHKRIO IJK IMPQJKRRKRIO POJIRITKG WI[IOWKJN QPJNIOK IJK
UNRVITPKRIO IJK KJQIRRPGH GKYPJKMKRIO POUIRJTPH KNGIRKG HQJHYKJN QPJNIOK$ 9KNQKG
SHOIMK ITKO WKPJIGI: IG@>@E FBLI=>F>=I? IA>==I=>C $GN>B?B>?O IA AB@EIF> AEAI?I>?
IA B=>EF@A> ICD?DMBCD=BC IA JBA>=@I LI==B B?HEG@=B>F>=I? J>=>NI?BC IC>==B$ 1HOIO
KNRRIKO: IGHOHXPK GKYPJKMPTJK IJK POWNTJRPKMKRIO VKRKYIOIRKGH GMKTI UNRVIT TIOWH
IJK UHJIRIJTNKRIO [KMJK TNXKJN QIO$

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

>C
2ITJI UKJQNIO KRJIKO KPYKJNRPGH KRRKQHP SKNIG VNQJPKG WPRIMK XIWPH: 9+9)MI?HICD
?>ABD>=@ICD IGCI?>@DCB>?O $GN>B?B>O 4IOWIUKMWIGH SIRRPKMWI INRHYKRRIGPO
KMWIRKJNQ VIRH: @+OVKMKJIRRK: %RKOJQPK: 'MIXKOPK: 1HMKOWK`$B: ICD?DMBCDCB IG@>@E
>@AI=>@E> PQKO QIMK ITKO VIOIQKGI$ L+L$XIOWIKRIO KQGIO SKXKRGKWIJKO SKQGNOWI
IJK POWNTJRPKMPQKQPH [KTI UKJIKO TKRJN UKQIO IRI:SKQGNOWI JKTKG HTH ZNXIKG PQKO
QPRIO IJK IQ WKVH \KWK KPYKJNRPGH SIRRPKMWI POWNTJRPKMPQKJNIO SKQGNOWI JKTIGPO
GHOYKRKJQIRPG$ +QKO IRI: OIGKQKRPJQK IJK POWNTJRPK PRKNMJQKRIO YRHQITNKG ZNXI: MIGNJN:
XNVKJN IJK XKOJTHKG PQKJIKG: IGHOHXPK IJK VPQKRJI IVPJNRIO IRKMWKGIJKG IJK
SPRPJKRJQI YRHQITNKG SKMKUIR: XNVKJNKG IJK UIRKOJPKRRKG PQKJIK IRKVPO QNIO$
/KUNRUPMWNQ ITKO WKPJIGI8

1IC>A>=B@A> IJB@E=> @=>HBABD?>F>CO ?>JEGB PQKJIO \KRRKPJN QNIO 9+9)MI?HI DGD>?

AIK>= IJK PK LL$XIOWIKRIO IRWPRK KRJI$ 3KMUNITYIO UKGKR UKJQNIGPO @'OWKMNQPK IJK
/IhKOJIO OKVNTPGPB: UIOIJKGH PRKNMJQK IQ QIO #<CF$ SKXKRGKWKRK KRJI \KQH: 0TYKPOPKR
ITJKJNKO HRWNRK KRJI: MISIOIOVH TIGJHRI JRKWPQPHOKMK OKVNTP PQKJIO \KRRKPJN QNIMKRPG$

+?HEG@=B>FBA>ABD>=I? J>=>NI?> DGD M>?@GD> PQKO QIO IJK JE?I CD?C=I@E ?>KBA
BGDF>@E L>@AEI@>=> MEJ>@E> IVHO QIO8 2PMUH: ,KJKMNOPK: 4KWRPM IJK 'TJNRPKT$ 9NQJPQGH
POWNTJRPKMPQKQPHK #<CF$SKXKRGKWKQ VIRHQJPG VKNQKJN QIO: ITJKJN OIGKQKRPK PQKJIJPG
POWNTJRPKMK PQKJIRK YKTKJQIRKGHKO$

6)( +17,!.#+"-+/"/+%"#$1 ;"!."<$1"&5 2$"./"#+./"O 0,#7+10+7$" $."

-,##"-7$ "1+/."!,1" V&>@>FE?B> I@> 0BAC>B>P)

!"##$#"

+?HEG@=B>FBA>ABD> $GN>B?B>? N=DAIGE MD@IF> I@> LI=>?@B>==> PQKO QIO 0NRHYKGH

UITJIMKGH SIRRPKMWIIGPO GHOYKRKJNQ^ VKPOIRK: ITGNKMWI \KGPO UKJQNIJKO UKPOH IQ QIO
VKNQKJN: K>GBI=>?: PK &>@>FE?B>=> MEJ>@EA I@> 9+9)MI?HI LEC>I=>?O 0BAC>BCD
JDFCD> POWNTJRPKMPQKJNQ$ L+L$XIOWI HTHKO QISKR: 0TYKPOPKG [NOJTIKO SIRRPKMWI
OIGKQKRPK PQKJIO \KRRKPJN QNIO: OIGKQKRPJQK JRKWPQPHOKMK
IJK KNJHESHROPGNOJQKO HPOKRRPJNRPGHK IJK YRHWNGQPH
POWNTJRPKM XNVKJNKRIGPO$ 9NQJPQGH POWNTJRPKMPQKQPHK IQ WK
LL$XIOWIKRIO UPVKRRIO IRWPKMWIRK KRJI VKNQKJNGH$

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

>5
/$#*".+& +17,!.#+"-+/"/+% 0$#"1.+"#O 2,*"., $." -$&,.,"i
+17,!.#+"-+/"/+%"#$1 "./$#"<$1"#$1 &",!"&

+OWNTJRPKMPQKQPHK 0TYKPOPKO YRHQITN XHJIMK: UIRKOJPKRRK IJK MIGNJNK PQKO QIO:

[NOJTIKO: KJQIRKYIOKRIGPO PRPJTP QIOK$ 1HOIO KRRKQHPK IWH GKNTK UKGKRRK UPMKJQIK
IQPOIQGHK WK: IQIO [KGJHRI IQUIRWPO KTGHG PQKO QNJIO IRKVPOK$ 'QJIR WPJQKVNO
SHRPIJKRPGH UKJQNG8

E "?@AB? $==IJBMI?>=I? B=>ENI? FEAI> I@> 9+9)MI?HI K>GBI=>CD JI==> ABCFD>5

0TYKPOPKO WITYHJPTXH PMNTJRKJNKRIO VKRKPKO IQ QIO IVPJNRKQGH IRRI[HRXKRPG IVPO IJK
'OJQPO 0RRIVPXIOKRIO TPTJIXKG: IQ QNIO XIRGKJN IGHOHXPKRIO TNTJKYIOPG IRRKQJN$
L+L$XIOWIGH TKPKGIRK MPUIRKM VNQJPKG VIRRK JITJNPOVNRNKO VKNQKJN QPRIO:
@+OWIYIOWIOJQPK VIRRK IJK 'XIRPGIJKGH POWIYIOWIOJQPK VIRRKGB: ITJKJNK
IGHOHXPGHGP KRI SHOWKJNKVHK NJQP QNJIOKG IJK 'OJQPO 0RRIVPXIOIGH HVKTNO QIPO
YRPUPMIVPH TPTJIXKG IQ QNJIO IVHIRK KMJZKJQIO MKVNOWN$ 0TJKJN /PUIRKMK UISPO UIJPGH
IQKRJQIO WIOIKO IRI: VIRRK JITJNPOVNRNKO IVPJIO WN: SHJT: +$VH 9IRRK ,KRMPTJKO$ 1KNIG:
\KWK L=+++$XIOWI UNGKIRKO VKRKJQIO SKTPK QIO ,KJKMNOPKGH POWNTJRPKMPQKQPH YRHQITN
VHPQJPKRRKRIOJQKGH HTH GKMJIVKRRPK PQKO QIO$

E 0E=JIG @>FHI GI?HD>=I? Q>F@> I@> CF>GI NDFB@BCD MBFB@>=8DFBJ>=CBCD>5

IRRIVPXIO MPUIRKMKRIO IQKRRIRKG ITJKJN ITYKPOPKRRIKO IQ QNIO bWI [KiJHc
GKYPJKMPTXHKRIO UNMJQKWKRPG IGKRRP$ +QKO IRI: $GN>B?B>? FBLI=>FBGMD> IA AI? B=>EF@A>
LE=JIG>=I? IGCE@BC J>=>@E$ 'MIVPK: 0TYKPOPKO GMKTI YHMPJPGHK IQ QIO UNRVITK
PQKO:XPMPJKRRK UKPQPG: SKPIG PQKO QPRIMKRPG MPUIRKMPTXHKRIO IQKRRIRKRIO KRWNRKWNOKG IJK
L+L$XIOWI PK HTHGH KVPOJKRP YHMPJPGHKG$ -MPVKRGPK IMPQJKR IJK KRPTJHGRKJPGHKG IRI QIR
ITKO SKOWPK PQKO QNIO YHMPJPGK MPUIRKMKRIO OHOWPG OHRKGHIJKO^ MPUIRKMPTXHK HOKRJN
UISKR PQKO UKQNJIO KRRIO: SKN PMWHRPG GHOJTIRUKWHRIIOIJKJPG UPWIRKJN OKSP PQKO
QNJIMKRPG$ 0Q XPMPJKRRIG IQ HMPVKRGPK JRKWPQPHOKMKG: IQ QPJNQJIO POJIRIT UNRVITKG
WI[IOWPJN IJK SHOIG WNWKRPG VKUI:IRKVPOK PQKO QNIO XHWIROPQKQPH IGHOHXPGHK
IGKRRPGH QNIO MIVPTMKQPHKRIO VKRKYIOIKO @+OVKMKJIRRKO ITKJIRKGH:UNRVITPK YHMPJPGKRIO
VPWKRP OKVNTPIOK QIO #CC?$NRJIJPG IJK PYKREXIOWIUKMWIGH VKPOIRKGH SIRRPKMWIIJKO
IRI: PRKNMJQK MPUIRKMKG UNRVITPKRIO ITGNJPG VKRKJN QPRIOB$ 1HOIO KWPUPWI IJK HOWHRPHKG
WPRK ITKJIRKGH: UP NRJIGH MPUIRKMK KRJI @#?>AE>CB: HMPVKRGPKRIO POJIRITKG WI[IOWKJN
QPJNIO YHMPJPGK IGHOHXPGHK YRHJIGQPHOPTJK VKRKJN PQKOK: GMKTI UNRVITKRIO THRRIRK IJK
POWKRJQIKO MKVNOWN IQ QNIOK$ 1HOIO IRKVPOIQ^
E 6ITKXHRJPQKQPHIG IQ QNJIO OIGKQKRPJQK PRKNMJQKRIO IRRHJQIRPG IJK ITJKJNGH
IGHOHXPKO IRKMWKGIJK TKGHOPG IRKVPO: @4IOWPQKUKMIOKG IQ QNIO QIOJQN SHOIJKO

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

>?
KRRKGKTJKRPG PQKO IJK 4KWHQIOKG: TKMUNITYIOKG TKMUN: IRI IQB$ (IGKQKRPJQK PRKNMJQK
VKRKJN IQ PQKOKG UIRI IRKVPOK PQKO QNIO POWNTJRPKMPQKQPHKRIO VKRKYIOIKO IRI$ +QKO
IRI: IQ QIO UKROI XIRGKJN JRPOGHRPG VKRKJN: IQ QIO GMKTI UNRVIT MKJP[NOWPTJKRPG IRRHJN:
IQ QIO GKYPJKM XIJKGIJKRPG IXKO @POUIRJTPHKG IVPO KSKM PQKJIGHB: IJKU$

E +OWNTJRPKMPQKQPHK VKRKJQIGH IRI: HQJHYHKG \KRRP QPRIO$ 0TYKPOPKO GMKTI UNRVIT

POUIRJPJQKPMI TIOWHKRIO [KMJKO: POWNTJRPKMPQKQPHK TNTJKJQIGH GKOYH POUIRJTPHKG
[KUHRIJN UISKR QPRIO: UKPOK SHOP JRKUKG \KRRP QPJQKPQGPHO #?>>$NRJIKO JRIOUPWI MIVIK
POWKRRIKO \KRRP KRJI$ HTH JZPGPKG PQKO QPRIO$

0NRHYKO POWNTJRPKMPQKQPH XKRJZKO QIVHIO UPJKRJIKO:0TYKPOPKO: UITJIKG UITJI KPYKJN

UIRRP WPRIO KRRKQHPKG WPRIMK XIWPH: YRHQITNK KTGHQ XHJIMKVHK IJK UIRKOJPKRRKVHK PQKO
QIO$ 9KRKJQIO SKTP QIOIKO VKPOIRK: VNOI UKGKR UKJQNIJKO IRRHJN QIO: QISKQGP:
,KJKMNOPK IJK 2PQGKPGH VHMGHKO$ ?3.-4 ":%3.) ("%"&

+17,!.#+"-+/"/+%"#$1 *"#"+"&O *,1$"& $." !$&.%#$"&

+OWNTJRPKMPQKQPH YRHQITNK 0NRHYKRIGPO KMWIRKJNQ YRHQITN XHJIMK IJK MIGNJNK PQKO
UKQIO IRI: ITJKJNGH VNOI IJK TIGJHRI UKJQNIJKO IRRHJNQ \HKO QIO L+L$XIOWIKO QISKR$
1KNIG PQKO QPRIO VNOI POWNTJRPKM IJK TIGJHRI POWNTJRPKMPQKJNIOKG8
, $KE?JB?@A>=I? MIC>?BA>ABD>5 MISIOIOVH POWNTJRPKMPQKQPHK WIRPJQHOK:
L+L$XIOWIKRIO IRWPKMWIRKOJQ VKNQKJN QIO IJK OKVNTPGP ISNOVPOJQK TIGJHRIKRIO
XIGKOPQKQPHKRIGPO MHJNJK IVHO QIO: 0TJKJN ITYKPOPKRRIKO: YRHQITN POWNTJRPKM SKN
OKVNTPGP &>@>FE?B>=> MEJ>@E@> IVHO QIO: POWNTJRPK KRPOIKO IWH ISNOVPOJQKO
QIOJRKJNRPG: @MNRRNO XKGPOIO UPJKRJIQ YRHWNQPJQIO SKTPJKGHKB$
, *>==>BD B=>EF@A> I@> LBJ>==I? B?HEG@=B>FBA>ABD>d L+L$XIOWIKRIO IRWPKMWIKQ
VIRHQJPG: FIKI?I?JD LE=HB?LBHI>C IJK MNRRNO JRIOKG IRKJQIO \HKO QPRIO IJK KD?I?
I=>JB?IA: XIKJQKRPJQK IJK TPWIRNRVPKRIO XIGKOPQKQPHK VKNQKJQIO SKTP QPRIO$ 3IGJHRI
SKNIG XHWIROPQKJN KSKMK: LBJ>==I? B?HEG@=B>FBA>ABD> VKNQKJQIO \HKO QIO
(T3_)K>M>=C>H>A JI=DA@BC) 1KN ?>JEGBCB "G@E=B>G I@>

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

><
, 0BAC>BCD VNOI POWNTJRPKMKG VKRKJQIKRIGPO UKJIRK VKRKJN QIO: XIKJQKRPJQK:
TPWIRNRVPK: @KMJQKPRNVPOJQKB IJK NOJQPVPOJQK TIGJHRIIO IRKMWKGIJKO HPOKRRPJNRPGHKG:
@POWNTJRPK KTJNOKRIO TIGJHRIKOB$

&"."-,1+"&% +17,!.#+"-+/"/+%"#$1 ;"!."<$1"&d +17,!.#+" "#+1"O

$;,1*+1./"8 %+;"-*+1./"

+OWNTJRPKMPQKQPHKRIO MISIOIOVH HPSKRJQNOKG ITJKJN ITYKPOPKRRIKO ,KJKMNOPKRK

XNVKJN QPRIMK ITKO WKPJIGI$ &>@>FE?B> MI=C>@>=B@A> @=>HBABD K>?HBCD KI==B> QIO
2KRJQIMHOKGH YHRJNK: 4IWPJIRRKOIHGH OKVNTPIOK QIMKRPG$ 'RH 4HWIROHKO QISKR
SKMKUIR: LE=JIGB> @>FHI GI?HD> IRRHJNQ \HKO QIO: GKYPJKMK XIJKJN IJK THRJQIO SKTPKG
QPRIO XKGPOK UIRRPIJKO POUIRJPJQIO SKTP QIOK$ +OWIYIOWIOJQPK VIRRK UKPOH MISIO \KWK
MISIOIOVH [KURPGKG THRJN IJK SKNIJKO: XKGPOIRPK
POWNTJRPKMK JZIRJKJQIO SKTP QPRIO$ 7RHWNGQPH
POWNTJRPKMKRIO SKTJKYIOKG HOKG PQKO UKQPRIO IRI:
VIRRK IJK GRPTP IGHOHXPGHIO QPGMHIG: @+OWIYIOWIOJQPK
VIRRK IJK %IROKOWH =++$KRIO IRRIVIKMWPGH GRPTPIGB:
YRHQITNK XHJIMWN QNJIO$ +TKUIM ++$KRIO VKRKPIJKO
UIRRPOWKRJNQ \HKO QIO IJK L+L$XIOWIKRIO IRWPKMWIKO QISKR: B?HEG@=B> >=B?I>?
IGNIAB>FBA>@EA \HKO QPRIO: IKE?JB?@A> TIGJHRIKO UKJPG UKJ$ 0SNOVPOJQK TIGJHRIK
KNRRIRKOJQIKO: KRJPMIK IRKUPMP UKPOH: CD@DB> I=>LBF@AI? K>GB AI? DBK>F>C ICDBA@ICD IJK
SKN: KRJPTKNIG ITGNQ THRJN UISKRRIKO: MKOVPMIKG [KURPGIJKO FE==E? M>CB?>
IALI=HB?I? LB@>=@IA IGHPQJIO SKTP QPRIO: ISNOVKPMN IJK PRNMI
XIGKOPGHIO UPJKRJIQ: ITKJIRKGH ?3.-4 3+-*3".&$
,KJKMNOPKGH CD@DB B?HEG@=B> PQKO QIO 9+9)MI?HI>=I?
I=HB>FHI=> >=@I ITYKPOPKR ITJKJNKO IVHOWKGH B?HEG@=B> JE?I
B> L>C>==>$ 2IRJKO THRJN QPRIO SKMKUIR #?AF$ SKXKRGKWKQ
VIRHQJPG: MISIOIOVH MKOVPMIIO IMGKRJIKG IJK UPQP UKMWPOJQKG SHUIJQIGH MISIOIOVH
YRHJITJKG$ 0RK UIRKO: TIP NRJIGH WIXHGRKJPGHKRIO VKRKPKO: UIRJKO GHGKJN QPRIO MISIO

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

CF
MKOVPMI [IWIRKQPH IJK XNVPXIOWNIO [HGNKG: KOKRGPTXHKG UIRIUPQPGH IRKVPOK PQKOPG
ISNOVPOJQK TIGJHRIGH MKOVPMIIO KRJIKO$ 9+9)MI?HI>=I? LEC>I=>Q VIRHQJPG:
ISNOVPOJQK TIGJHRIKG OKVNTP PQKJIO \KRRKPJN KRRIO: &>@>FE?B> UPVKRRIO
POWNTJRPKMPQKQPHKRIGPO MHJNRPGH UITJIMKGH TIGJHRIIJKO IRI ITYIQPKMPQKJQIO \HKO QIO:
SKMK OHMK: B?HEG@=B> CBMBCD>?: @[KRXKQPK POWNTJRPK: JPOJK POWNTJRPK: IJKUB IJK IFBC>J>B
B?HEG@=B>?$

0,#7+10+7$"#$1 ;"!."<$1"&
0NRHYKGH MISIOIOVH POWNTJRPKMPQKQPHKRIO VKRKPKO: FE==E? @=I?>=B IGCI= J>==>BD
B=>EF@A> UPQPJN PQKO QIO$ 1KN IQPOUITJIGHK PQKO QIO POWNTJRPKMPQKQPHKRIO UIRKRIO
UNMJQKWKO: PQKO IRI: UKROI XIRGKJNK TNTJKJN IJK POWNTJRPK
TPWIRNRVPGHKRP UNMJQKWK IXKO QPHO$ 2ITJI VNOI UKJQNIJKO
UIQKMK: IG@>@E IGN>B?B>==I>? I=I: @=I?LBHI G>=I>
B?HEG@=B>FBA>ABD> LEF@A>@AICD Q>C@D=I VKRRKOJQPJTNIOIJKGH UKJ
PQKO QIO$

+TKUIM ++$KRIO VKRKPGH LB E=@ICD >E==I=>CDB>? JDLI=?E>C KNRRIRK KJIRKJKGH

\.=I?LBHI -IJI>] V(T''P QE?@GIACD> PQKO QIO JRIOUPWI TKRIKRIO VKRKYIOIRKGH$
-RWNRK KRJI: MPOIK UKGKR UKJQNG
UKPOH IQ QINWIO IRKPGPJK:
@2KRJQIMHOKE4KJKRk IJK
4KWRPWE'RKO\NIQB$ +QKO IRI:
0TYKPOPKO IQ QIVHIO JRIOUPWIK
IRKPGPJQIGH OKSPGHK GKYPJKMPG IQ
KQYPIVPJNRK POWNTJRPKMPG VKRKJNRPG:
@IQJK YIRJTHOK IWH POVIOPKRP
GNKMPaGKJNRPG IRIB$ 1KXKRGKWK
XHWIRKJNKO UNMJQKJNRPGH YHMPJPGK
IGHOHXPGH YRHJIGQPHOPTJKG IRI: IQ
QPJNIO KJQIRRPJKR IOYRITIO POUIRJTPHKG [KUHRKJN IJK UIRKQ: #?>>$NRJIRK KRJI JRIOUPWIKG
GPMHXIJRH UKGKR UKJQNG UKPOH IQ QPJNIO PQKO$ (T'')E=@ICD @=I?LBHI FIJI>=ICB?
LE=HB?LBHI G>=I> J>=>@AI? K>GB QIO: QISKQGP: C>?ND B?LI=@GBDIB I@> C>NB@>F>=B
>@I>C B=ICB@AI>=ICB? UKJIRK$ &D?N>B?B> Q=>?@GIG I@> B?JIFIGIC KTGKJKTNO IJK
IRRKQJKTNO SKOWPKG PQKO QPJNQJIO UNRWPOUPWIK IGHPQJIGH UISKRRIQGHKG QPRIO
MISIOVKPKG IJK XKJIRPKMKG POYHRJKJQIGH: @KTGHJKO XNVK QIRVKRPG VKUI KJQIRRPJPG
XKJIRPKMKG IGKRRP QPJNQJIMKB$ 1HOIQ VIRHQ: JRIOUPWI TKRIKRIO IRKPGNOJQKG KUPKWK SKRJN
QNIO IJK YIOPOJTNMKGH SPRPUNRN OKVNTPIOKG 4KWRPMIGPO GHOIGJKJNQ \HKO QPRIO: ?3.-4

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

C#
"-++$.) )++3.) ("%" $," ":%3.) 8+"R.)"&$ 0TGNKMWI UKJQNG KMKUKPOK:
POGHXNOPGKJNRPG IVHJIO \KRRKPJN QNJIO$ +QKO IRI: 0TYKPOPKGH JRIOUPWIKRIO IVPJNRK
IRRKWPKMK PQKO QIO: SPRPUNRNK @4KWRPWB GHOIGJKJQIK PQKO QNIMKRPG SIMUNRNJQKJ$ 1HOIO
IRKVPOIQ: SPRP SKOWPKG GHOIGJKJNKG VIMWPJN QPRIO UPJKRJIKO: ITGNKMWI KTGH: JRIOUPWI
TKRIKRIO HONRIJKJPG GKOYH VIMWPJN QIO: 9KMPQPK IWH 0ZJRIXKWNRK ITKJIRKGH$

'PYKJQIK IRI: UNRWPOUPWIK IRKJQIO SKTP QPRIO KJQIRRPJKR IOYRITIG YIOPOJTNMKGH

QKPMJKTNO HRHVRKaGH IJK VIHVRKaGHIGPO IVPO QNJIMK JHYH$ 1KNIO KNRRIKO IJK XKMWKO
VHRK JRIOUPWIKG KRPOKVH \HKO KSKM PQKJIGH: IRRKPMKG 0NRHYKGHKG UKPOH QKUKMKVHKG
IVPO QPJNQJIO: SHOIG 0NRHYKGH VKPOIRKGH SIRRPKMWIIGPO GHOIZPH QNQIOK HQJHYKJN
IVPO QNIOK VNQJPQ: @IVNO KRJIB$

0,#7+10+7$" $#"./$"#$1 %17%#+%"&

DKWK KPYKJN UIQKMK: L+L$XIOWIKRIO IRWPKMWIJPG KNRRIRK UNRWPOUPWIKRIO GPMHXIJRHKG
PQNVKRRP NVKRPJN QPRIO$ 'MKUKPOK: UNMJQKWK SKOWPIOK 9+9)MI?HI LEC>I=>@BC >E==I=>
PQKO QNIO$ 4IOWI UNGKIRKO IJK 2IRRIQKRGNOJQKRIO VKRKPGH VHUIRON GHOJTIRUKWHRI
IJK MPUIRKMKG UNMJQKJNRPGH YHMPJPGK YRHJIGQPHOPTJKRP ITGIR: JRIOUPWI TKRIKRIO
IRKPGNOJQKG ,KOJKNRP PTNRPKMWIGH MI>@A>=B@A> I@> GBHI=E=JB>=B LEF@A>H> IXKO QPHO
@"G@E=B>G I@> 0BAC>B>? UKJPG UKJB$ 7HMPJPGK IGHOHXPGH YRHJIGQPHOPTJKG: 2PQGKPGH
UNRVITPK POWNTJRPKMKRIO POJIRITKG UKUITJN QPJNIO IJK SKNIG ITGNRKJN QNJIO
JRIOUPWIKRIO IRKPGNOJQKRIO XHOHYHMPHK$
.=I?LBHI>=I? FEAI=> CBFDMI@=DI@>?

+JNRRPK8 ;HRWIRH IJK 4IOIOWIQ: #<5?$

2$"./"#+./" $." !+7$#,#*+"#$1 *"#"<$1 +17,!.#+"-"5 0+/&"+&%

+17,!.#+"-+/"/+%"

.=I?LBHI G>=I>=I? I=>CI@>=ICB? B?HEG@=B>FBA>ABD>C LI=ILBABCD LEF@A>H> SKRJN QNIO

ITJKJN ITYKPOPKRRIKO$ 2KJIJPG JRIOUPWIKG XIK IJK UNRWPOKRIO ITGKIRK PVHKRKQP

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

C!
 QNIMKGH: SHOIG: XIKJQKRPJQK IJK TPWIRNRVPKRIO TIGJHRIIO VHRKGKWK TNYHTKJNQ$
2ITJIJPG: JRIOUPWIKRIGPO UKROI XIRGKJNK TNTJKJN QIMKGH$

0+/&"+"O +17,!.#+" "!.,1"#$1 *,1$ 1"*,!+$1"d "##"/%+"&

?HEG@=B> >G@E?>=I? MIC>?BA>ABD>C: SHJT: XIKJQKRPJQK: TPWIRNRVPK IJK NOJQPVPOJQKRIO

POWNTJRPKMPQKQPHKG$ ,KOJKNRP PJTKTHKRIO POVNRNIJKO PQKO QNIO UKJPG UKJ IRKVPOK:
UIRIQPGP 0BAC>B>? IJK UPVKRRIO XKPMK UKJIKO "G@E=B>G AIB? -ID?ICD MI?HB>FHII@>?$
*IRVKJPG VNOI SKNIJKOp /I=J>@BC 0BAC>BCD JDFCD>i

E 0BAC>BCD JDFCD> KBG@D=BCDCB MI>@IJBI@>? FE==>FHI >LI=>@G> BA>?H>CD> AI?5

2PQGKPK \KWK 'RH 4HWIROHKO QISKR XIKJQKRPJQK JRKWPQPHK PQKOWKGH MNRRKMWIK QIO:
UNRWPO MPOVHJIKG +OVKMKJIRRKRK ITYHRJKJQIO QPJNIMKRPG$ +OWNTJRPKMPQKQPHRIO
JITJNPOVNRNKO VKPOIRK: 2PQGKPGH VHMGHGH XIK:
VNQJPIJKO QIVHIO XIKRPG KYRHYHTIOK QIO
KMJQKPRNVPOJQKRKGH: @QISKQGP: KMJQKPRNK IGHPQJIGH
UISKRRIQGHKG QPRIO MKUI VKRKPIJKRKGH: 2ITTIXIR
PQIOIGH UPSNRVKPMNK IWH TPTJIXKRIO UPJKRJIQ [NOJQPHOKJQIO QNJIOKGB$

E 0E=JIG CF>GI GI?HD> AIJDI?5 [HRNIP ITGIR XIKJIVPIO NTJPKYIOK UPQGKPJKRRIO

XHOHYHMPHYIKO IVHO QIO UIJP @SKN IQ QIO SHRRIMK PQKO UITJI JHGPIJKOB!! IJK
UNRWPOVPOJQKRIO JRKWPQPHKRP ITGIR: GMKTI UNRVITK TIOWHJNQ \HKO QIO 'RH 4HWIROHKO
QISKR: HOWHRIO: OIVHQPH POWNTJRPKMIJKO: @XIKJQKRPJQK: TPWIRNRVPK IJK NOJQPVPOJQK
TIGJHRIIJKOB: POUIRJTPHKG IVPJIGH VKP PQKO QIOK$
E 2I>@IJB JIKBI?>CO JE?I IG@=>@IJBCD>? CDC>@E=BC AIEHI?5 KMIVPK: (IRUPHP
PJTKTKWKRRKRIO POVNRNKO: @IQGIRRKMWIKOB IJK UIRKQ: YHRJNIJKJPG VIRJN$ (IRUPH PJTKTKWKR
SHOIO POVNRNKO GHGKJN QPRIO TPWIRNRVPK IJK NOJQPVPOJQK [KURPGKG: SKN: ITJKJNGH VNOI
POWNTJRPKM OKVNTPIOIJKGH UKJ UPMKGKJNQ$!"

RR
,!0."#$&0.5 ^/%+'" '(5'% 5$4"&$2$ 1"#5$"$* '&$ ,"#5$"&$% 52$(' ,+%.'($%'* $%&'$* .'%$&+ #'*0 !'%%$ G$%2"(&$5 .$2-+&$ ,"#5$"&$%%'5

=/%+ .'9"'*$5 .$2-+ #"&+#&'* $%%'*; ,'%&$5/ )'$&'." '&$ "*-+(&%"$ .+*''* <$,' *$.+(" 9$"'5 "#$&'* <$%%$"&+ #+&'* '&$ 9/%%'.$&"5
'(5+$2-' 9/*'&$5/ ,+%.'($5 ,"2$5$&+ #"%'* G$&$2+*"$5/'5"* ,$&'%$; /2".$%5"$ "*-+(&%"$2 *$.+("'*$ '(&$&+$*0

;=
(&8%!(. 9!0%#&0.5 1"#5$"5/ "*-+(&%"$2"#$#"/$ ,$"*/ ./"#&"$%%$./$ "#$* #'* F$2$.$5/$0 F$2$.$%$ "%"&(" #"%'* 2'9'*'*./ 2$,' .$%$"$5

COPQ09$)$%5$-$* #'9$%; ,$"*$ ($"$5'%$ "*-+(&%"$2 9/*'5 4/%%/& '."* #+'* 1"#5$"5/ ("-'%+%."$ '&$ $2&#$"%+."*&#$ .$%$&#'$%'5"* ,$&'%$
$%%$#/" '#,'%-"*'*.$&"50 1$&'&"5; G$*&$+%" $2-'5/ )'$ 9/,'$ #'* $2&#$"%+$ '5/"#&'5/ '&$ )'$&'."$5 .$"*'%$; 1"#5$"5/ )'$&'."$5
F$2$.$5/'5"* 5/*4$%$&+&$; 5/(&$2-'&"5 .'%&+$./ #'+-'*; .$%%$"/ 5/(&'$5 <$"(&'* #"&+'*$0 1'(&'&"5; 1"#5$"5/ ,+%.'( 52$('$ F$2$.$5/$
,$"*/ ('*-/$./$ #'* '&$ 5$4"&$2$ "*,'%&"&#'5/ .$"&$(+* 9$*-"$./$ #+'*0 COOQ09$)$%5$-$# .'%/#&"5; 1"#5$"5/ ./25/5/ 2$,' .$%$"'*

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

C"
 E <DFB@BC> ICD?DMBCD N=D@ICABD?BG@>=I? F>JE?@A>5 L+L$XIOWI UNGKIRKQ
VIRHQJPG: @#?5>$KQ VIRHQJPGB: 2IRRIQKRGNOJQKRIO VKRKPGH PMWH YHMPJPGH IGHOHXPGH
YRHJIGQPHOPTJKG PQNVKRRPQGH UNMJQKWK IXKO QPHO 2PQGKPGH VHMGHGH POWNTJRPKMPQKQPHKRP$
1KN IQ QIO UIRIQ 0NRHYKGH UITJIMKGH POWNTJRPK KTJNOKRIGPO THUIRK MISPKGHRRK IJK
YHMPJPGK YRHJIGQPHOPTJK IJK OKQPHOKMPTJKG GHOYIJPWHRIKG NZKJN QPJNIO$ 'MIVPK: UKROI
YRHWNGQPHK UKUITJN QIO IJK POYHRJKQPHIP HQJHYHKG: XNVKG IJK WIUIGNKG \KRRP
QPJQKPQGPIO: XHWN SHOIJKRK: ITJKJN ITYKPOPKRRIGH ITGKIRK TPWIRNRVPGH IJK HOJQPVPOJQK
ITGKIRK VISPIOK: 2PQGKPGH VHMGHGH POWNTJRPIG UIRI VKPO SKRJN QNJIMKRPG: SKNIG
ITJKJNGH ITGKIRKRIO SHROPJQKPMI PK UKGKRRKG UPSNRJNQ$

0+/&"+&% +17,!.#+"-+/"/+%"#$1 $/",*"##+"& $." %17%#+%"&

'PYKJN UIRRP WPJNVNO KRRKQHP VNQJPIG 0BAC>BCD JDFCD>=I? V0BAC>B>8
"G@E=B>GPOB?HEG@=B>FBA>ABD> IRRKQJN QNJIO: SKN MI>@IJB EG@B>NI?IA I@> GBHI=E=JB>
AIB? D?@ABDF> Q>L=BC>A LI@I QIMKRPG$ ->LI J>=>B>C: @KMJQKPRNVPOJQK IGHPQJIGH MKUIKGB:
YKPTKPKRIO YKRJI UPMKGKJN QPRIO: UKPJK: MKOVPMI KNQH UIRRPKG: MNRRNOK: GIK` ?3.-43 )2*).)
"+8":.3"' S4,-+3"4$.) !"28+$) 6$++3 32*-4,+3"0$.) 0">$ 8"+"3". $," 0"2830$ "-:)".&E
.RJI VNJZPRIO UNRNKO 2PQGKPK UPMKGKJN QIO POWNTJRPK KTJNOKRIO VNOI OKVNTPIOK
ITJKJN ITYKPOPKRRIKO: \KWK KPYKJN WIO MIVIQ: JRIOUPWI TKRIKRIO IRKPGNOJQKRKGH
UISKRRIQGHK QIO MI> I@> LE=HB? LBHII? ICDBANI?>=I? MD?DNDFBD> PK VNQJPQGHK
UIRIVKOKJN QNJIMKRPG UIRJKGH IOYRITIG$ 9KRKPGH TPWIRNRVPK IOYRITKRPG OKVNTPIOK
ITJKJN XKPMKO S0,)4 N)+2)4 *$ <3:."3" UPMKGKJN QIO$ 0RK UIRIKO: 0BAC>BCD E?@ABJB?@A>
I?N=IG>C UPMKGKJN QPRIO TIGJHRI SHOIJKGH \KNO IJK \KUI: OKUKRXIOJQIGH
IOYRITIJKGH UKJQNG S4,300$+)4 *$0 T$+K3)2 @HOWHRIO !" T"K"0 *$ 1$4,") PQIOWKJNKB
IWH 5-4."0*-2" )2,:3)0" PQKOPG$ 2PQGKPGH HMPVKRGPK POWNTJRPKMK [KXPMPK GHOGRIJN
UKJQNIO POVNRNKO TNTJRKPJN QIO: SKMK OHMK: 0iSKhKRRPJKRRKG: +UKRRKJKRRKG: IJK KUKR$
1KNIJKGH KTGH 0BAC>BCD 0>?CE>: @HOWHRIO 22= PQKOWKGHKB [NOWKJNJKGHKG QPRIO:
QIPOKRP ITGIR: DFBJ>=CB> LE=JIG LBAC>B@>==>C c?>?@AB>ABD> MHRJN QNIO IOYRITKG THRJN
IJK POWNTJRPK OIVHQPH IQUIRWPOIJKO POUIRJPJQIGH: UKPJK: JRIOUPWI TKRI UKJQNIO

"*-+(&%"'5 9$%&+ #+&'* F$2$.$5/ 4%/-+5#"/$%'* .'9"'*./$ ,'%' .$"*; '(&$&+ '(4$"*"$%%'5/ ("-'%+%."$%'* )/*/4/2"/ "$ .+#&"#5/$

'(5+%$&+#0

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

CA
 IRKPGNOJQKRKGH!A$ *IOJQN SHOIJKO: UKOGNK [NOJTIQGHK UPMKGKJN QIO POWNTJRPKMPQKQPH
UPQGKPJKRRKRIO UNMJQKWKO$

+?HEG@=B>FBA>ABD>C CF>GI JBA>=@I>=I? I=>CI@> IRKVPO QNIO 2PQGKPGH VHMGHKO$

0E=JIGB> N=DHECABD>=I? R>LI> AI? I@> N=DFI@>=BD CF>GI>O N=DHECABD>=I? F>?
B?H>==>: ?>$6",- )2*).) "+8":.3"' <30>).) :->3"+$2
"+8":.3" UUE($2*$ 6"43$+".)"&E -MPVKRGPK
POWNTJRPKMKRIO IOYRITKG MKOVPMIRPK IWH YRHMIJKRPHIO
MKO POWKRRKRIGPO \KRRP QPRIO XKRJZKO$ 'QGIO SKNIG
[RKOGH UHRRHGKJN UISKR PQKO QNJIO SKPIO MKO IJK UPQP
UKMWPOJQIO KMWI: PQKO IRI: POWNTJRPKMPQKQPHKRIO
SKTJKYIO VKRKP SKNIJKO IQ QIVHIO POHMKGH MKO
MIVIVPOJQKRPG IJK ITYMHJKQPHK VNQJPQGHK QIO^
KXKPVKUIKG QPRIO MKOHRWN IVNOKG: POHMKGH TIVNRJKTNO
OINRRPRPG VKUIGH MKO UKMWPOJQKG: THMWKJK XPTIRKUMIKG:
SKNR ITYMHJKQPHK` IVNOIRHGH HVP PQKOPG$ <=DFI@>=BD>C
XIKJIVP IJK [KURPGIO POVNRNKO THRJNQ \HKO QPRIO
UKRRKGHP IJK IJZIUPQPJQK ZNXIIQ HTKJNRPGH MKOVPMI KNQHIJKO GHGKJN QPRIO: ?3.-4
)2*).) "+8":.3"& VISPIOVH UKJIKO: 1I=LBD B@G>G>H>==>=I? IACI==>FHI>?8 2KRKGKMWH:
3ITJKH: 7HRJNVKMIJI` IWH XIKJIVPIO POVNRNKO THRJNJKGH KNQHIJKO:9KMMKRJK: -RJNIMMK
IWH )RKYKVKRKOIO IJKU$ 1KNIJKRK: MKOEITGN INTGKMWNOK OKSPGHK IQ QIMK: IG@>@E
DGDCD F>?JBFI>C SNRUPMWNQ \HKO QPRIO: @UKJPG UKJ 'OWKMNQPK: 0ZJIXKWNRK IJK
9KMPQPKRRKGB$ 9NOI SKNIJKO TNTJRKPJQIO SKTP QIO ITJKJN XKPMKGH MISIOIOVH F>?JBFI
MEJBMI?HE>: OKVNTPGP GDAB>FBGMD>=ICB? FD@E=BCD>: SHJT: .9) TPOWPGKJNKRIO IJK
73-0 KMWIRWPKRIO XKVKMIJKO: @0NTGKM 1IRRPKO KOKRGPTXHKG ITKJIRKGH: IQ QNIO
UITJIMKGH VNOI POWNTJRPKM UKJQNIJKO UIQKPOUITJIGH KRRKGKTJKRPG PQKOB$ 0E=JIGB>
B?HEG@=B>F> UPIO UPJKRJIKO: 1I=LBD B@G>G>H>==>=I? IGCEB?>FHI>? GHGKJNRPGH SIRRP IJK
KNQH KUIRKJTIJKO GHGKJN QIO: SKMK OHMK: 6INTJHO IWH 9IJZHO @'MVHRJKE(IVNRPB$
1KNIJKRPGH KTGH INTGKM ?>ABD?>FBGMD> LIG>=C>@E IJK <1Uj$"X KMWIRWPKRIO

;4
(&8%!(. 9!0%#&0.5 &%'*,"-' ($%''* '%$"5+*&#$ ,+%.'("$ ,"#5$"&$%%$%'* "*,'%&("/ .+*' *$.+("'*'&$5/ ,$& ,"2$5$&+ #'*0 @/*'* $-","-'
-"%$; '*4%'($,+%+ ,"#5$"&$%%'5 "*&'%'( 5/)'%&#"$2'*.$&"5; 9$2$ */2$; )'$ 1"2,/5/ "&($($-$%%'5/ "*-+(&%"$ ("-'%+%."5/'&$%$ "%"&($%$#&'5/;
="*$*&#$&+%"5/ #'*,$"& &%'*,"-' ($%''* '%$"5+*&#$0 @/*'* $-","-' -"%$ '($&'%$5/; S'%,"/ "&($($-$%%$ '&$ 9/*'* "*.+%+5/ )'$&'."$5
2/&#'* #"&+#&'* ,+%-"*,"-'$5; *7$+"%('(" $-","-'#8 '-/ :$ _/,2$5/ &%'*$; #'"*$5 :'/*'5/ )'*-"$2-'5/ )'$&'."$5 1"#5$"$%'5"*
5/*'5&$&#'* #+'*0 1$"*$ 9$+'# .$"*; ,'(&' 9$"*,$& ,+%-"*,"-''&$* "*,'%&"&+ #+'* /2".$%5"$ ,"#5$"&$%%$5 -"%+$; 8/$$(9"$$+5 :"-9(;<"="$$(
-'2$5/$*>6 :"#$%%$5/ 9"%"$ !$(&'"# '&$ 1"2,/%'5"* 2/&#'* #+'*$8; 7,?/$" /?" @+5A( 2/&#'* #"&+'* &%'*$; 6B%+`'$; E2&($(+ '&$ !$(&'"#'&"5
4$($&#'* #'*$8; '&$,0

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

C>
[NOWKJQKPMIKG PQKO QPRIO IJK UITJI KTGH: KMWIRWP ITYKPOPKR MPUIRKMIO UHJH IXKPMIKG:
@KMWIRWP MPUIRKM QIPO GHOJTIRUKWHRIKRIOKB$

%17%#+% %#%&%##"&

0NRHYKGH 4IOWIUKMWIKO L+L$XIOWIKO QISKR IJK LL$XIOWI SKTPIRKO POWNTJRPKMPQKQPH

YRHQITNKG JHGPKO JHGPGH IGHOHXPKRIO IJK UPQPXHWNKRIO VNQJPQGH IRKMWKGIJK
TNYHTKJN QNIO UPJKRJIKO: ITJKJN ITYKPOPKRRIKO YRHQITN SKN KTGHQ ZNXIKVHK IJK
MIGNJNKVHK PQKO QIO$ +QKO IRI: VNOI \KGPO UKJQNG POWNTJRPKMPQKJN UKQPRIO IRI:
@,KJKMNOPK:2PQGKPK:'TJNRPKT IJK 4KWRPW UKJPG UKJB: 0TYKPOPKG [NOJTIKO: OIGKQKRPK
PQKJIO \KRRKPJN QNIO: UIOIJKGH POWNTJRPKMPQKQPHK: #<CF$SKXKRGKWKRK KRJI VKNQKJN IQ
QIMK @%RKOGPTXHKOB$

6)4 +17,!.#+"-+/"/+%"#$1 %17%#+%"&5 ,#0"1+/"/+%" $." %17%#+%

!%/+"-"&)

;+#+ *"#"<$1"5 ;>==IGB>C I=>BG@I>O A>L>FJE?I>C I@> F>?JBFI JE?I>C)

(IGKQKRPJQKRIO OKVNTPJKTNOK WIMK IJK: LL$ XIOWIKRIO SKTPIRKO: HRKPOWPG IRI:

UPQJKOMIVHKRIO VISPIOVHK @q5FB MKOWK IRIXNKO UPQP QIO$ 1KMK IRI: SPRPIO SKQGNOWI
IJK NRUKOPQKQPH YRHQITNKG VKRRKOJQP SKOWPGHKG PQKO QPRIO$ #?AFJPG IJK #?5>IRK: 2PMUH:
3KOJKOWIR: 4KWRPM: *KRKVHQK: 2KRJQIMHOK: ,HRWHUK IJK =KMIOJQPK SIRIOK UKPOH
VISPKVH SKQP QPRIO$ #<FFIJPG #<"FIRK: UIRRPQ: MISIO TIGJHRIGH YHYNMKQPH KGJPUHK UHTJ
XPMHPJPG MKNRK PVKRH QIO: SPRP UKJQNIJKGH UPQJKOMIVHK UPGHPQJN IVPO QIMKRPG: SKMK OHMK:
2KRJQIMHOK: 4KWRPM IJK 2PMUHGHK$ 1KQGNOWIKRIO HOWHRPHQ: AI?L>B@ KB=BC $=HB "=DCD
K>==IGB>C LD@> I@> A>L>FJE?I>C I=>BCB AB@EA@I?)
(HMKOKSP IRI: NRUKOPQKQPHKRIO VHRKGKWK IRI IRMKJPUPQKJN IVPO UISKR WK: 0NRHYKGH
UITJI SIRRPKMWIIGPO KMWIRKJNJK: 0TYKPOPKGHK KTGHQ IRI KSNMKVHK PQKO UKPJQIO$
/HOWRITIG: 4KWRPM IWH 2KRJQIMHOKGH YHYNMKQPHK MKNGHPQJIO QNIO IJK 7KRPTIG: UIRRPQ:
UPGHPQJN$ 7HYNMKQPH VNQJPKRIO q5FK: VKPOIRK: !F$FFF UPQJKOMI UKPOH VNJZPKVHGH
SPRPIJKO UPQP QIO$
1PRPKG QPRIO QPNRRIOPG VKRKPGH VPQKRJI KMWKGIJKG SHUIRIO PTMKWKJQIO QPJNIO JHGPK$ L+L$
XIOWI UNGKIRKO IJK 99) MI?HI>=I? K>GBI=>?O E=L>?BA>ABD> IHD KB=BI? J>=>NI?>
?>L>=MI? J>=>@E AI? $GN>B?B>?) /KOWK IZHWHK QIMK IJK: SPRPKG PQNVKRRP SKQP QPRIO
@UIJP IRI 0NRHYKGH UITJI SIRRPKMWIIJKGHKG UKPOH XKPMK KYKMKVHKOB: VPQKRJI JKMWI

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

CC
UIRRPIO PTYPMN UPSNRJNQ$ 1PRPGH UNRVITPKQ IJK YRHMIJKRVHKQ VKPO: IRWPGH GMKTIIG
@YHYNMKQPHKRIO q>KB VIRH IJK POWKR SKOWPKVHK MHRJN QNJIO$ )KMWI SIJIRIHVIOIHK
HTKJQIO QNJIO$ 1KNIO KRJIKO WIOWIJKGH MKOVPMIKG: [KURPGIJKGH KWXPOPTJRKRPKG:
UKOGNIJKGH MKOVPMIKG: 0TJKJNGH [NOJQPHOKRPHKG IJK MKOVPMI MPUIRKMKG @TIOWKVPMI:
KUHGKJN: PRKGKTMIKGB KNRGPJQIO QPRIO$
+OWNTJRP +RKNMJQKRIO IRKVPOIQ: UPQJKOMIRPK POHPQ IQ UIQKMK SKQP QIO IJK SPRPIJKO UPMWN
QIO: SHRRIG SPRPIJKO KMWKGIJKG IRKVPO QPJNIO$ -RHGHRRIKO VPQKRJI GMKTI UNRVITK
QKUKMVNOIIJKO GHGKJN QIO IJK MKOVPMIKG MKOVPMI KNQHIJKO$ /KOWKJPG SPRPRK XPVRKQPH
SKNOWPKG IXKO QPRIO IJK SPRPKG IQ QINWIO UPQJKOMIRPK SKQGNOWIKRP KNRRI IVPJIGH
YRITJKJNKG: SHRRIG KRKQHKG THRJN QPJNIO IJK MISIOKVH SPRPIG QNJIO PJZNRK KMWKJN QNIO$

/"0"-*,1$"&

*KUKMVNOI UKJ SPRPEMNR UKJ WK: IJK: HRH SKR: SPRP UKJIO
GKOYHKMWIKO IRKPGPO UIRRPKG IVPJIGH IRKUPMJQIO WK$
-SPGHIOK MKNGPE[HRXKGH JRKQKWNRK PQKJIK WK$ #?A?GH PRKNMJQKG
KMWKGIJK VKRRKOJQPJTNKG IRKVPO QPJNIO 0NRHYKGH TPTJIXK YHMPJPGHIJKO IJK SPRPVPOJQKGH
KMHRRIKO$ 0NRHYKGH SPRP VKRRKOJQPJTNIOIJKO IRK UIRRPGH ITGNUP GHOJTIRUKWHRIK PRPJTP
QIO UHJIRIRK^ (KYHMIHO +++$K %RKOJQPKO KWPUPWIQ$ 1HPIG: ITJKJNKG UPQPJQK IGHOHXPGH
IJK THQPKMKRIO KMHR KTGHJKO ITGN SKRJQIK UISKRRIQGHJQKJ \H QNJIO$ 0RRI[HRXKG
UNMJQKJN IJK SPRPVPOJQKG IVPOGPQNO VKRRKOJQPJTNK UIJI QNIO: UHJIRIKRIO JRITOK
VKRRKOJQPJTN UPSNRJNQ$
;>EGGM>?IC <>=BGI? IVPOWKGH YRHPIGJNK IRKMWKJQI IJK SKNOWPJQI YRHPIGJN
SKNOWPIOK PQKO QIO IJK VIRHRK 0NRHYIKR SPRP SKOWPIJKO IVPO QPRIOIO KNRRIGKRP:
0>=@AIFD?>O 2>H=BF IHD 0BFLDCD>=I?> L>=?I$
*KUKMVNOIKG: SKRG IQKRRPJKGH PRQPYPWIIO KRKUIRK IVPO QPRIO: SKQGNOWI HRWIOKJNKG
KOJHMKJN QPRIO 0RWP 'RHGH GKMI ITJNIO HRWIQ: IJHRUPWI QKUKM IJK HRWIOKJNKG PRIGPQ$
'MWI QKSKRRIGH VKPZHJKTNO THRVNOIKG VKRUPJNQ: GKMIIO IRKMWKGIJK KRWKJQ SKRJNQ
UNRNJN QIO MKOK: SPRP QKSKRRIGH VHRYNJQKRIO VKPO TKRI UIRRP UKJ VKPOIRKJNQ:
IRWPVNOIKRIO IJK JRIOUPWIKRIO KRJIGH GHXNOPGKQPH TPTJIXK GHSIRIOJIK IJK QKUKMK
IRKJNQ IJK VNRNJQIVNOIKG QPJNQJIO PUPMUPWI IJK UHNMIhKRW QKUKM IJK QNQIOKG
HTKJNQ$0TYKPOPKGH YHYNMKQPHIO MISIO QKUKMJQIKG L=+++$ XIOWIKO IVPO QPRIO POVIOPKRP
XPMPJKRRIO QNQIOWKRPJQKYIKO$L+L$ XIOWIKRIO UPVKRRIO IRWPKO: +OWNTJRPK +RKNMJQKO
UIJIEUIJIKO XNRVPMWNJK: SKQGNOWI WIXHVRKaGHKG IJK POWNTJRPKE\KRWNIRK UIRRPIG: MNR
KTGH UISKR QNJIOIG: SPRP UKROIGH SKRRITPQ GKOYHGH MKOWKEMNRRIJKO \KRWNO UISKR PQKO
QNJIO$ 1IRRPKG XNVKJQIO QPJNQJIO KOJQPOKGH SKRRITPIG [NOJQPH XPMPJKRRK VKMWN QNJIO
IJK SKOWPJQIK YHTPUMI IVPJIGH KTGH IRKPJTPKG PQKO QPRIO @2KRQJIMHOK IWH +RNrKO

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

C5
KWPUPWIQB$ 1KQGNOWI SHRRP ITGIR: SPRPKG VKRRKPHUPWI UIRRPIJKRK IVHGPJN KSKM PQKO QPRIO:
SKMK OHMK JRIOUPWIRK: IJK SIRRP KTGHG QPJNQJIO HTKTNOVKRRPJKTNOE IJK SPVPIOIEKRKQHKG
GHOYHOWN OKSP PQKO QPRIO$ 2KRJQIMHOKO: 4KWRPMIO: 2PMUHO: /IHO: 9P\kO: 9KTJIPQ:
=KMIOJQPKO IJK 6HOHTJP PQKO QPRIO SHOIO KWPUPWI$
/KOJIVPIJKGH \KUIKG IJK UNRVIT KUIRKJTKG GHGKJN QPRIO QKUKMVNOIIJKO$ 0JZI IJK
KNQHIG: QIRUPJQN IJK IRHTHJKTNOKG QPJNQJIO GKMI QKUKM KRVPJTN IJK PJZNRHTHKG QPJNQJIO:
MHRKJIVPIGPO$ *KUKMVNOIIJKO: GKMIK VKRRKOJQPK SKRJQIO \HKO QIO: JRKaGHRKGH YRITJKJN
QIO IJK MNRRK ITYIGNMKJQIGH XIRGKOJQPK UPSNRJN QIO$

M+17),0$- H1++,-,J H1++,-% K$+J0,*"-$2"% N$7+)*." ,0$ K)*/"2" J$/$*.1-,,0$2" )+17)$23

-"1*+-$ ",/%"&
/KOVPMIIO KNQHKG OIGKQKRP VNOIIJKJPG PRPJTPJKGH OIGKQKRP
VNOIIJKGH XPVRKJQKPMIIQ UIJI QPRIO: KNQH IJK IJZI
QPQJRPOIJKO UPQP QPRIOKG$ 0JZIUPQPJQIG IQ QNJIO KRVP POWKRRPG:
UIRHVKPMN IWH NR GHRRHOJIRPG$ 'NQHIJKO YITTJHOK KTGH
XIJKJQIO QPRIO$
/KOJIVPKG SPRPIJKJPG SNRUPM GHGKJN QPRIO IJK SHPIGPO UKJIRK:
MKOVPMIIOJQKGH IJZIUPQPJQK XIRGIKG: UKRRKGHPKG KTGHJKO:
VPQK WNPOJKTNOPG VKUIGH UKMWPOJQIJKGHKG^ [KXPMPK HTHK VIMK UKGKR UKJIJKO YPMKJQIO
QIO: VKPQGP HTKJNJKGH IWH UKJIRI HTKJN VKUIGH KNQHIJKO: SPVPIOI [KMJKRIGPO:
UKGHPJQIGH KQKMIRK XPOPXHKRIGPO: QIRUPJQNRPG VKUI$ 'NQH SHPIG: VKPZHJKTNO
GNJTKVKRRP VNOI THRJQKPMI KYRHYHTKG QPRIO$ 'MWKGIJKG UPWIRKJQIGH YHMPJPGK
NRUKOPTJPGHIO [KMJKG MKOVPMIIO IVHIRK GKMJIJN QNIO$

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

C?
 +=Ek> A>L>FJE?I> I@> F>?JBFI I@> B?HEG@=B>=>CD >EAD>C
L+L$ XIOWIKO UITJI SPRPIJKO PQKOWKGH QKUKMVNOIK UIRKOWNKVH PRPJTP QIO +RNrIRK$ 4IOWI
SHRRIJKO PQKOWKGH SKQGNOWI WIXHVRKaGHK SKRRITPIO UKRRNKO VIRJKJN QIO IGHOHXPK
OIGKQKRPJQKO HPOKRRPJQIO UKPJQIO IJK VHJHRMIGNKG HQJHYKJQIO QNIMKGH SKRRITPQ UITJKMWIGHK$
+RNrKRIO SKQGNOWIK L+L$ XIOWIKRIO UNGKIRKO VIRJKJN QIO OIGKQKRPJQKO XHWIROPQKQPH
YRHQITNK SKTP QIOIKO IJK POWNTJRPK UKJQNG SPRPUNRNKO GHGKJN QPRIOIKO$ 1PRPKRIO QKUKMJQI
SHOIJKO KMWI UKJQNG UIRIPQJIO WPRK8 UNRVITPKRIOJQKGH IJZIUPQPJQKRKGH KMWI QKSKRRKRIO
SIVHKMWIKO THRJNRPGH QKUKMVNOI HRJHVHOKMK: MKOVPMIIOJQKGH KNQHKG PYKRRKMWIKO IJK
QKUKMVNOI UNRVITKRIO HOWHKO THRJNRPGH KNQHEMHRKJIVPRIO UKJ$
/ISIOIOVH JRIO VIMJHGPK SPRPKRIO PYKRRKMWIKO GHGKJN QIO @#?CAB: 'RVKRIO ITGNPOIGH IRJQIKO:
6HOHTJPK IJK 9KTJIPQIRKGH KJIKO$ 9IMJHGPKRIO POVNRNKO MISIOIOVH POWNTJRPKEPOTJKMKGNOJQKG
IJK MKOVPMIIO IJZIKG GHGKJN QPRIO: MKOVPMIIO KNQHKG PQKOVH WPRIOKG$ 'NQH SKNIJKO POWNTJRPKO
MKO IVPJIRK IJHRRPJKGH 0TJKJNKRIO UKROIGH IJHRGPOKG UPQP QPRIO @KWU: )ZKOJRIK: &HJZKYIKB$
'NQH SKNIG UPMUKWNRK PJZPK: GKMPJKJI VNJZPGH IRKPGNOJQK IJK IGPYKXIOWN IJK QIRUPJQN IQK
QNJIO: VIRHGH SPRP YHMPJPGK IVHGPKG QNQIOJQIO \HKO WPRIOKG$

M+17),0$- H1++,-,J H1++,-% M+1O$2" A3% P3 ,0$ Q3 J$/$*.1-,,0$2" ")-:*$-"$23

&-"!$ *+/"#.$ &"<+."-+!."#$1 !%##$#"

L+L$ XIOWIKO: 0TJKJN MPUIRKMKRIO IQKRYIOKRIO HOWHRPHQ: UIRWPOJKTNO \NRPWPGHK IQKRRP

QIO @SIRRPJKR VNQJPKG UIRWPOKG QPRIO MIVIKRIO KNRRIKO: JIHRPKO ITGNUPWI YHMPJPGH
UIRUIRKG QPJNQJIO IJK QIRVKG HRWKPOWN UISKR QPJNQJIOB: ITJKXIOJN VPQKRJIJPG GMKTI
VPQKRJIRKGH UPMKGKIRKRP UPWI IXKOIQ$ (HUMIQPKG IJK GMIRHKG YRPUPMIVPHKG VKMWN QPJNIO
IJK KUIRKTJKTNOK UPSNRJN QIO VPQKRJI WITUIRWPOJKTNOIO PJNRUNRN$ 1KMK IRI: TN[RKVPH
QIOJTPJKRPHK POWKRRIKO IVHO QIO UPJKRJIKO: UHJIRI YHMPJPGHK IMPJI UKJIO ITGNIJKO
UKGKRRPG IVHO QIO$
2ITJKMWI: POWNTJRPKMPQKQPHK XIWPH: UNRVITPK VIRH IJK JKMWI SKOWPKVHK IJK
UHJIRIJTNKVHK UPSNRJN QIO IJK UPJKRJIKO YRHMIJKRVHK THRJN QIO$ 9PQKRJIKRIO
ITJRNGJNRKRIO KMWKGIJKG GMKTIIO KRJIGH SKRRIXKOKG KMWKJN QPJNIO IJK: TKRRPJKO: INRIO
KRJIGH VKJKQGKG KQGIO XIOWIHJKGH KRKQH OKVNTPIO PJNRUNRN PQKO QPRIO$

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

C<
+OWNTJRPKMPQKQPHK 0TYKPOPKO 0NRHYKGH UITJI SIRRPKMWIIJKO UKPOH KSNMKVHK IJK
XHJIMKVHK PQKO QIO IJK: SHRJKQ: UNRVITPKG IJK YRHMIJKRVHKG IQ QNJIO SKPOUITJI IRKVPO
PQKO$
0E=JIGB>=I? I@> N=DFI@>=JD>=I? I=>JB?> $E=DN>CD KI==B>FHI
B?HEG@=B>FBA>@EI?I@>CD> L>B?D >GCDA I=I >N>F>JD> AI? MDHE>?O $GN>B?B> L>==E>?
I=I HIGD=IC> K>?HB>C AIEHI?) +OWNTJRPKEUNRVITPKG ,KJKMNOPKO IJK 0NTGKWPO QNIO
POWKR VISPIO: ISNOVPOJQKRIGPO MISIOIOVHKO IJK UNRWPOVPOJQKRIGPO UPVKRRIOIKO$
LL$ XIOWIKRIO MISIOIOVH SIRIOIKO: POWNTJRPKRIO VKRKYIOKRP ITGIR: VPQKRJI JKMWI SKN
TIOWHJN IVPO QIO$ 1HRRIQ VKPO: POWNTJRPKRIO POVNRNKO VKRKJN QIO aOKOJQK
XNOWNKRIO @UKOGN: THQPIJKJI`B HOWHRPHQ: aOKOJQKEUNRVITPKRIO JKMWIKG IRI VIRH IJK
POWKR SKOWPKVHK PQKO QNIO$
+OWNTJRPK SIWKJN KSKMK: MKOVPMIIO JKMWIK IRI SKQP IVPO QIO$ 'TGH IJK KTGH: LL$
XIOWIKRIO SKTPIRKGH OIGKQKRP IZHWHKRIO HOWHRPHQ: SPRPIJKRK \HKOWKGH UPQJKOMIKG
QPRIO$ 9ISPIOKG ,KJKMNOPKO: 0NTGKWPO: 'TJNRPKTIO IJK 4KWRPMIO UPQP QPRIO$ (IGKQKRPKG
UKPOH SHUIJH UPQP UKMWPO UKQPRIO IRI: IQPO WNVN ITKO UIRI UPQP UKMPOJQKG HOKG QPRIOPG$
2IRIO THMWKJKG JZPGPKG QPRIO @KRI JZPGPKVHK IXKGNXIIO IJK SKNRRIO GKTNKOB IJK
MKOKMWP MNQIKG QPJNQJIO^ VKPJZHJKTNOIKO: MKOVKUIQPKO IJK QKSKRJQKRHKO IQ QNJIO
POHMKGH UKUITPG^ VKPQGP SHROPJNJKGH KNQNOIIJKO UPQP QPRIO: HPOKRRPQGH UKMWPOJQK
SPVPIOPGHKG UIJIJQIO IQ QPJNQJIO IJZIIJKO: TKRRPJKO$ -OWHRPHQ: GHMIRK IJK JP[NTEK
UIQKMKGH PQNRRPJIKG IRRKQ QKUKMJQIO QPRIO$ ,RPTP IGHOHXPGHKG VHVHR KTJPOJQIO QNIO
VPQKRJI JKMWIK QIO$ ,RPTP VKRKPIJKO: KTGH: MKOVKUIQPKO VIMWPJQIO QIO IJK: VKPOIRK:
YRIQPHIO PVHIRKRP KNRRI IVPO UISKR PQKJIO QPHJIO$ 1HRRIVKJPG: UNRVITPKRIO IJK
YRHMIJKRVHKRIO KRJIGH VPQKRJI VKJKQGKG UHRJPJQKG PQKO HSP QPRIO IJK 0TYKPOPKGH MKOVPMI
JKMWI KTGHRIO KRJIKO MKO UKMWPOJQK SHUIKVHIO KMWI UHRRHGKJQIGH KOKRGPTXHK IJK
THQPKMPTXHK IRRHJN QPRIO$

%17%#+%"&

0TYKPOPKO L+L$ XIOWIKO NRUKOPQKQPH YRHQITNKRP SKTPIRK IXKO UKQPJQKPHO IRI IQ QIO
HRHGHRRK PQKO IJK MNRRKMWIKO WITHRIGKG QINWIO$ +OWNTJRPKRIO VKRKYIOK ZNXIK IJK
MIGNJNK PQKO QIOIQ: NRUKOPQKQPHK POWNTJRPK VKRKJN QIO SPRPIJKRK XNVKJN QIO:
2KRJQIMHOK: 2PMUH IJK 4KWRPMIRK UIRIQPGP$ %RKOGPTXHGH#<CFGH SKXKRGKWK KRJI IQ QIO
NRUKMPQKQPH YRHQITNK UPQGHRJN$
9PQKRJI WITUIRWPOJKTNOKG IJK MKOVPMI GMKTIKRIO XPTIRPK: VKJKQGK THQPKM IJK
GHOJQPIOJQPKQPHKRIO PJNRUNRN PQKO QPRIO$ 2NRVITPKRIO IJK YRHMIJKRVHKRIO IRKVPOK
0NRHYKGH SIRRPKMWI POWNTJRPKMPQKJNIOIJKGHK UKPOH KTGHQ IRI KYKMKVHK QIO XHWNKO:
0TYKPOPK UKRRNKO IRI WITHRIGK SKOWPKG QINWIO$

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

5F
6)6) $!&-"0%./"#$1 *%#"&"7" $." "0%-+/+%")

",##$&"#+"&

,HMHOPKMPTXHK: L=$ XIOWIKRIO SKTPIRKJPG LL$XIOWIRKRJI VKRKJN QIO IJK IRKVPO QPJNIO
HOWHRPH IGHOHXPGH: VPQKRJIGHKG IJK YHMPJPGHKG HRKPOWPG OKUKRPKG WPRK IVNOVH
XNOWNKO$ 2PMKGKIRK GHMHOPKM XHWIROHKRIO IJK VKRKPGPWIKRIO IQKVNJQK LL+$ XIOWIGH
XNOWNGH IRRIKMPJKJIK IQKVNJQIGH VKRRKOJQPJTNK WK$

7RHQITN GHMHOPKM XHWIROHKO SPRN VKRKP UIRIPQ WKPJIGI^ MISIOWKUPQPGHK L=$ IJK L=++$
XIOWIIO KRJIKO VKRKJNK QIPO KRH XHWIROHGH SIWKYIO GHMHOPKMK WIPJN WKPJIGIIOK:
JKRJIGH VKRKPK L+L$ XIOWIKO SIWKYIO GHMHOPKMKRIO NOIRPG VKRKPIOK IJK YHJIOJQPK
GHMHOPQKJQKPMIIO KMWKGIJK WNIOK IQKNVKRRP IJK: HOWHRIOVH VKRKP UKJ L+L$ XIOWIKRIO
KXKPIRKO IJK LL$ XIOWIKO VKNQKJN QIOK IJK KRH XHWIROHGH VKRKP POYIRPKMPTJK WIPJN
WKPJIGIIOK$

L+L$ XIOWIKRIO SKTPIRKO: ITYKPOPKR GHMHOPK VISPIOIG POWIYIOWIOJQPK MHRJN QNJIO:

,NUK IJK 7NIRJH &PiH PQKO IQPG QIPOKG #?<?KO MHRJN QNJIO$ 0TYKPOPKR IRKVPO GNMJNRKMKG
GHOJPOIOJI HTHKO WPRKN: 0TYKPOPKO 'XIRPGKRRIOK UIQKMK$

0NRHYKRRKG 'XIRPGKRK SIMWN QPRIOIKO: UIRJKO VKRKYIO GNMJNRKM IQUIRWPOKG PQKO

QPJNQJIO SIRRP IQUIRWPO NVKRP QINWIO$ +YKRRKMWIKO 7KMIHMPJPGHKRIO KOJQIGH
UPQPXHWNKG QINWIO UPJKRJIKO: 0RWPKMWIGH IJK 1IVHKMWIGH 'XIRPGKO QPUPMPQKQPHRPG
VKRRKOJQPJTNIOKG VKRKJN QPRIO: M>B>CO B?C>C I@> >A@IC>C ITKJIRKGH$

0TYKPOPKR IRRIPONKG KRH XHWIROHJPG 'XIRPGKGH MNRRKMWIIJKGH GHOGPTJK IJK

GHMHOPQKQPHKRP IGPO QPHO: SHRRIG LBA@>?FI=B> B?HBJI?>O ND@I?@AB> CDFD?B>F>=I? MI?NI
JIFHB@AI> IC>==B AEI?) 4IOWIKO SKRJNJKGH MNRRIJKO VHUIRONK IJK KWXPOPTJRKQPHK
IQKRRPQ: XIJRHYHMPKRIO: VKNR IVNOVH 0TYKPOPK: NTJPKYIO VPQKJPKRRK IJK IGHOHXPGHK
IQKRRP QIO$
'XIRPGIJKGH GHOGPTJKRP #A<!KO IXKO QPJQKPHO SKTPIRK IJK IRRIVI IRRIVPOK GKJHMPGHIG:
+TKUIM +$K 9KQJIMKGH IJK %IROKOWH ++$K 'RKVHPGHKG aOKOJQPKJNK PQKO QIO$ ,HMHOPQKQPHK
YRHQITN UKJ PQKO QIO GHTJKMWIIJKO SKTP IJK VIRH GHOJPOIOJIRK QKUKMWN QIOK$
'OJPMMIJKJPG KUPKJNQ: ITYKPOPKRRIG 'XIRPGKGH GHOJPOIOJIRK QPSHKQIO ITYIWPQPHKG
KOJHMKJN QPJNQJIO$ 2KJIQ IRI: POVNRN QPUPMPQKJNKG POJIRITKJQIO QPJQKPQGPIO8 KQJIGIO
+OYIRPHK IJK POGIO +OYIRPHK$ 'TIOJKXIOWNKG #>5"E#5FF UPJKRJI IXKO QPRIO$ #5FFE#?!A
UPJKRJI 2HRUHPIO IRRIVIKMWPKO IRRI[HRXPTXH KWXOPTJRKJPUHKRP IGPO QPJQKPHO IJK LB
I==IJID=HI@A>O *=>?>H> 0I==B> I@> #BD HI F> <F>@> THRJN QPRIO$ 2HJIRI OKVNTPK

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

5#
IRRIVI ITYKPOPKRRKRIOK QIO IJK +?HBI@>CD CD?@GIBFE> @#>F": MIVI IRKGNOWI \NWPQPKM
VHRIOKB IJK &D?@=>@>ABD I@ZI> IQKRRP QPRIO @#>!A: 'XIRPGKGH XIRGKJKRPJQK IJK
UPWKPKRPIO \HKO IJHRRPK GHOJRHMKJQIGHB$ 7RHUPOJQPIJKGH KWXPOPTJRKQPHKO IRRIVIHRWIJQKG
IJK I==IJD=HI>C IQKRRP QPRIO @(NIhK 0TYKrK #>">: #>A! 7IRN: #5#5 9RKOKWK 2IRRPK: #55C
&PH WI MK 7MKJK$ )HGPKO JHGPGH KWXPOPTJRKQPHK -#++&5):#+&IO UPWIQ KOJHMKJQIO QIO
@IRRIVIKRIO [NOJQPHOKRPKG POWPKRRIO IJK &$-#1&$:&+#IO KRJIGH SKRRIXKOKG
GNWIKJQIGHB$
/NRRKMWI KOJHMKGNOJQK SHRRIMK IQKRRP QIO^
E $GN>B?B> 0I==BCD I==IJID=HI==B>: 4IZPGHO: 'OJPMMIJKO IJK 0RWPKMWIGH
'XIRPGKO #>"AKO THRJNJKGHK$
E <I=ECD I==IJID=HI==B>: #>A!KO THRJNJKGHK$
E *=>?>H> 0I==BCD I==IJID=HI==B> ,HMHOUPK: 7IRNJPG UKOKOWNJKGHK
#5#5KO$
E #BD HI F> <F>@>CD I==IJID=HI==B>: 7IRNJPG UIRIPQPJKGHK #55?KO$

,HMHOPQKQPHKO UP KMWIRWP OKUKRXIOWN QPRIO^ MIG@BA>B> I@> IGCF>LD@A>$ 4ITJPQKPK

GHMHOPIJKRK \HKOWKGH VPQHO IJK UIRJKGH IXKGNXIIO KRJIKO IXKO QIO$
/ISIO ITGMKUNKG #>## POVNRNKO IXKO QPRIO MNRTKPMIJKGH OIGKQKM MKOIJKO KRPJQIO QPRIO:
S43$2,) *$ T$8+)4 WIPJNJKGH IJK 7HRJNVKMIG GHOJRHMKJNJKGH IJIGPOK UPMKJQIO QNIO
OIVHQPHK QIO$ 2PQJKOMIRPK 7KRKVNK]IO KWPUPWIQ: +$*-JJ3)2$4EIJKO KOJHMKJN QIO L=++$
XIOWIKO IJK \ITNPJIG IJK [RKOJQPTGHJKR HRWIO IRMP\PHTHIO ITGN NQJIO QPRIO$
'XIRPGKGH GHMHOPIJKGH EG@B>NI? ICD?DMBCD>C IQKNVKRRP SKNIG PQKO QPJNIO^

E ,==I IJK ABF>==>RIO XIKJQKRPJQK NTJPKJN QIO^ UKJIQ IRI: 4IZPGHGH +YKRRKMWIKO
IJK 7HJHTPO @2HMPhPKB$
E (IGKQKRPJQK IJK KUIMJQKPOJQK VKRKJN QPRIO: UKP POWPVIOIG UKP '[RPGKJPG IGKRRPJKGH
IGCF>LE UIMJQIG MKOWNJKGHKG$

'XIRPGKGH POWPVIOIG HTH F>LD=I J>==>?@AB@GE>C SIMKRKQP QPQGPHJIO 0NRHYKGH

QPUPMPQKQPHKRP: SKMK OHMK >=@D>O N>@>@>O L>@>@>O @DM>@I>O C>F>L>A>O NBNI==>O C>C>D>O
@>L>CD>O Q=BRDF>: IJKU$

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

5!
*+/"#.$ &%-%1+"-"

$GN>B?B>= B?NI=BD CDFD?B>F>O C>G@> GBG@IM> L>@I? >=>LI=> >?@DF>@E AI?O TPTJIXK
XKPMKGKJN UKJ IQKRRP QIO: QIPOIKO 'XIRPGKGH ITYKPOPKR KWXOPTJRKQPHKRIO VKRKPKO
YIRJTHOKG KRRKQK IJK IJOPK OKSKTGIJIJKO TKPMGKJNKG PQKO QPRIO$
3PTJIXK SHRRIO KRKUIRK: ITYKPOPKRRIO XIOYIGH VPQKRJIKO YPRKXPWI XKPMKGKJN UKJ
THRJN QIO OHO ITYKPOPKRRKG OKVNTPJQIO QPRIO$ @PRKGNRRP QKUKMJQIGH KJKMK #$"KOB
<I?B?@GEF>CD>C I@> C=IDF>C @0NRHYKRRIO TIXIEKMKUK IWH HOWHRIOVHK: INRHYKR
GHMHOPK UKJQNIJKO \KPHKB: \KJHRRPQGH B?HB>==>C IHD >MI=B?HB>==>C: LIF@A>C @'[RPGKJPG
ITGMKUN VPTK IRKXKOKGB IJK &>G@>C @KNRRIGHIO IMGKRJQIJPG THRJNJKGH HOWHRIOVHKGB
QINWIO$ ,KTJK TPTJIXK HWHM VKRUPJKTNO GHOJQIYJNJPG IRKJHRJQIO QIO: ,HMHO
'XIRPGIJKRK PRPJTP UKPOH MISIO +OGPTPQPHKG IJK GKJHMPQPTXHKG UNMJQKJNJK: GRPTJKN QKSKR
IJK GRPTJKN UIRRPIO KRJIGH WITUIRWPOKJTNOK IVPJIO QIO QIPOJQNIO KRJIKO KRKUPKRRKG
IWH XKPRNKG IJK \NWNJKRRKG QINWIO$

$2"&,2$"& *+/"#.$ &%-%1+"-$"1

0XKGNXIIG GHMHOPIJKO XIJRHYHMPKO UIQKMKGH YKJRPKRGKJNK YKPRKJQIO QNJIO UKPOK

WITGRPUKJNJKGH YPRKXPWI XKPMKGKJNK QIMK IJK QKYKMGNOJQK SKRI OKUKRXIOKVHK QIO
IXKGNXI POWPVIOIO GKTNKO$
0ORPsNI (HRXKOWH ;RNQEIG 'RVIOJPOKGH DN]\N]EO IXKGNXIIO YKRJIESKRJQIK
GH[RKWPIJKO IJK IRMP\PHE\KPIJKO KQJIRJN WN IJK QIRK \KTH WN^ 'MWP GHMHOPKMKRIO KXKPIRKO:
MKOWKEXNOWNGH IXKGNXI POWPVIOKG IMPJIGH IXKGNXI ITYKPOPKRRIO KMWIKO
WITUIRWPOKG QPRIMK: IJK SPRPVNOIGH IXKGNXI XITJPQHKG IJK POWPKRRKG IRI UKP: SKPIO
KRJIKO tIMGKRRIOVKOWPG NRRNOu QINWIMK: WITUIRWPOJKTNO IGHOHXPGH IJK GNMJNRKMIG IQ
IQPG: SHRP WITUIRWPOJKTNO IJOPGHIG IRI IQKRRPK WIMK WPH$ 7NRXKXKRiK: )NXUK]K IWH
;SHMKiHRRIGH OIGKQKRP POWPVIOIO KSHJTKG KTGKJKTNOIKO IJK HMWKR KMGHSHMPQKJNIJKO
XNRVPMJQIO QPRIO MKOKRIO ITYKQPH YNUMPGHIJKO: VPQHOIGPO UKJIRK: IJK KMWPQGK
KNJHRPJKJIQ KUITJIO QNJIO \KP IRMP\PHTHIO IVNOIRHGHJKTNOIKO$

L=+$ XIOWIKRIO SKTPIRKO: 'XIRPGKGH IRIXN GHOGPTJKJNKO: 0NRHYKGH UPQJKOMIRPKRIO q

<CK VPQHOIG HTKJQIO QNJIO$ L=+++$ XIOWIKRIO KXKPIRK KMWIRK YKRIGHJKTNO SKOWPK
QIVHIO : PK q >" VPQHOIQGHKG IJK q A5 IXKGNXIQGHKG$ &PH WI MK 7MKJKRP WKVHGPHOIQ:
HRH SKR: 2NIOHT 'PRITP WKVHGPHOIQ: UKJIQ IRI: UPQJKOMIRPK HTHK MKNGHPQJN IVPO QIO 5C
NRJIJKO @#5AAE#?#FB$

9KRKP GHMHOPKM HTHKO: IJK WIOUHRK VISPKVHQ: IXKGNXIKG IQ QPRIO QNQIOUPWIGH

TNU\IGJN VPTK HOKRJN$ 1HRRIMK: HRWIOK GHMHOPKM HTHKO JZIRJKJNJKGH ITJIRIHJPYH IWH

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

5"
IRIWN [IXIOPOHK GKTJPJKJIKRIOK: KUOIVKQPHKRIOK: TKGRPaQPHKRIOK IJK aVNRK
YKJRPKRGKMIO XIOWI IVHJIKRIOK PQKO QIO8 KPJK: TIOKRRK IJK KVPOJKRPKG: UIJP aVNRK
XKTGNMPOHKG QPRIOKG: IRRIVIK: VHUIROKWHRIK: VHJQKPOKG IJK KYKPQKG: GKUPMWHGH
GPWIKG: UITJIKG UITJI$

6HRK 2KRRKOiHTIG WPHIO UIQKMK: X&/)'& ',/:&&',-# &1,-81&,- @,++&1,$

F,'+),+-,/ (#++#'(&$ 1&$:& %,(&8:&$2 &1,-81& @&++)-#),- &', $,@,0-&',
&'$)-#&$ &', ,++,(,D$,@,0-&'&$ #$:#+&$5#,- %) ,/:)( 1&$:&+,'8', (&8:&$2
5&$&+#D%,/:)$'(&( 5,)$2 -/,0& &', ,++,(,-#,- &+& %,(&8:&/,-#O) 9NQJPIG PQKO
UISKR QNJIO IJZIGH QKPOJQKPMI: TIXIEKMKUK KOPJQIO SKQMI: VNRKTHIO IJK TIOKRRIO
QKPOJQKPMI$ $==IJBMI? CDFD?B>F>C IM>CEMIIB IGFIB@E ABI? QE?@ABD ?>JEGB>
EJ>F@A>BFI BA>@I> BA>? AI?Ol IM>CEMI AE=BI?J>?HBC lQ>MBFB> FIJB@BMD L>@ I=>@AI>
IGNI=D AI?Ol FIB?E KE@GICD> lO K>E H>O AE=B> I@> C=BG@>E>) 1KPOUKJ PGIRGIJIG
@3HiHMHd: #<<#^ ;IMJHO: #<<"B: UKJIQ UITJI: ? TIXIEKMKUK: UPQPRPG \KPHJKGHKG: IXKGNXI
QNRP IQGHOWNIOJQKJ GKMGNMKJN WPJNQJI$ 1HRP WIMK IJK: HSPGHK QIO NRJI IJK IRWPKO UISPO
SKNRWNO IVHJIK$ 2ISI XKPMKGH GKTJIJKGH IXKGNXIKG: TKRRPJKO: ("3,"0$ VPTK \KRJQIO
QPRIO @UISKRJNKG KMIVPKB$

9PQKRJI GHMHOPKMIKO IQGHOJQIGH KMJIROKJPUK vQPOJQHIJKGHv UKJ GHXIOJNKO TKRJQIK

UKQIO IRI: UPQPJQK SHRP KNGIRKJN QNIO IXKGNXIIO GHYNRNK IQ QIO SKOWPK PQKO$ 'RI
VISPKVH: [KXPMPKRIO NVKMGIJK UNMJQKJN OKSPKO: WIOUHRK MNQIQ ,HRHKG IQ QNIO
IXKGNXIIO IRMP\PHEHRWIOKRPG IQKRRP UIRI KXIRPGKR GHMHOPIJKO$ 2NIOHT 'PRITGH MISIO
GHXIOJNK: #5A> POVNRNKO THRJN QIO$

$!&-"0%./" $." "0%-+/+%"

2I?HIL>FHICD IGCF>LD@A> 9U+++) MI?HICD >ACI? K>M>=C>HI@>? K>GB AI?

>LDFB@AI?)
6KOPXKRGK KPJQPOWKRPK PQKO QIO #5<!KO: ;SRPTJPKO =++ $K PMNTJRKJNKRIO IRRIVIKMWPKO: IJK
%RKOJQPKG: #5<AKO: +RKNMJQKRIO JITJNPOVNRNKO IVPO QNIO$ 6IOK WIO: UP SIRRPKMWIIJKO
L+L$ XIOWIKRIO IRWPKMWIRK KRJI KUHMPJN QIO UISPO UIJPGH$ %RKOJQPKO
(KYHMIHOIG #?F!KO UIRRIQKRRP IVPO QNIO$ 2RPJKPOPK 1KOWPKG #?F5KO
GHMHOPIJKO ITGMKUHJQK POWKRVKUIJN QNIO IJK UIRI MIVIKG OKQPHKRJIKO
HSPKRJQNOK PQKO QNIO ITGMKUHJQKRIO KNRGKGH \KRRIRK XKJIOWNQ$
0RK UIRIKO: =PIOKGH ,HOVRITNKG #?#>IKO KUHMPQPHK HOKRJN QNIO: IJK
0TYKPOPK 'WPIRKQYIOK TPOKJN QNJIO SIRRPKMWIIJKGH UKJ PQKO QIO$

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

5A
1KMK IRI: #?#> HOWHRIO: 0NRHYK ITGMKUHJQKRIO KNRGKGH KRHKO TKRJN QIO UIJIEUIJIKO$
2IRKOWNKVH: 0RRITNXK 2KJNKG #?"AKO GHMHOPIJKGH ITGMKUHJQK POWKRVKUIJN QNIO IJK
%RKOJQPKG #?A?KO$ 'XIRPGKGH 0TJKJN 2KJNIG: #?C>IKO HOKRJN QNJIO KUHMPQPHK: UIRI
,HOTJPJNQPHGH 1KXKSPRNVKRRIO *NQIOGIJKO$ 2RKTPMIO UP IYIIJKO IVPO QIO: #?>!KO IJK
#???KO$ $GN>B?B>O $E=DN>CD >ACI? KI==B>FHI> BA>? AI? IGCF>LD@A> >LDFB@AI?8
#?5FIKO XIJRHYHMPKRIOJQKJ IQKRRP QNIO: #?5"KO 7NIRJH &PiHRIOJQKJ IJK #??CKO
,NUKRIOJQKJ$
0WNKRWH 9KMh_O &HWRgVNIQ PRKGKTMIKG KUHMPQPHKRIO KNQPK KQJIRJN WN 0TYKPOPKO$
#?#FIJPG KNRRIRK: ;KWPQGH VHRJIIO VKRKPKO VKPKRP UNRNQ IVHOWKGH IQJKUKPWKG KQJIRJN
WPJN SKPO QNQIO IRI$ 9HRJIIIJKO IVHOWKGH IQJKUKPWIG PQKOWKGH PGTNYIVPK
VKRRKOJQPJTNK WK: PQKO IIR: HRWNRKRJIGH GHOTJPJNQPH KNRRRKJNIOK PQKO QIO #?#!GHKG IQJK
#?C<GHKG KG IRI IQ QNIMKGH KUHMPQPHK HOKRJN$ ,HOJNKO SKRJN UISKR WK IQJKUKPWK
SHPIJKO: HRWNGH XIJRHYHMPKO IVHOWKGH IQJKUKPWIJKO: GHMHOPK KXIRPGKRRIJKGH
WPYNJKJNIG YKRJI SKRJN QNJIMK IJK MNQI IJK QKUKM IQJKUKPWKJN QIMK$
0QJKUKPWK VKPIJKGH UKJ OHRJQNG GHOJTPWIRKJN UISKR QPRIO ITYKPOPKRRKG QIO: UIRIUPQPGH
VKRRKOJQPK QNIO VKPK QIO PUIRHKXIRPGKR VPQKRJIK VPQK KOPQJKTNO SKOWPGHK QIMKGH:
KRRKQK WITIRWPOIO KRJIGH OKSKTGIJKG IJK ITGMKUNKG QINWIMKGH UIRIQPGP 'OJPMMIJKO
IWH =IOIQNIMK IJK ,HMHUPKO$
'XIRPGKR WPYNJKJN UKJQNG KUHMPQPHOPTXHKRIO KNRGK KVIRJN QPRIO SKPIO POJIRIT
IGHOHXPGHKG UKUITJIGH IJK VPQKRJIK KMJZKXIOWNKRIO UIMWNR QPRIMKGH
1HRRIMK: 7KMKiPHT hIOIQNIMKRRKG SHRRIMK ITKO QNIO^ V54.0">),:" *$4$++3+",:$"+3
*"8).3)2$:' 83:"*3"+$2 ("3,"0$ 834" )2"+,:$2 *-,W >"32" )+*$2" %->03.)" ("3,$
*-*"2$:' 8"3,:$,43 $83,$2 *-, V$
.RJI UKJQNG MISIOKVH 3KOJH 6HXPOVH NSKRJIKO: 'RVwIMMIT: VPQKRJI KMJZKXIOWNKRIO
UIMWNR: ITGMKUHIO XIRGKJKRPJQKRIO KNRGK KVIRJN QIO: UKPOK UKPJK JITP KUHMPQPHOPTJIO
KNRGK IRI$ DHTe 4PVNIM 9NRPWP KYKPQ XIZPGKRRKG IWH +TPWHRH 'OJPMMHO KRKVHPKRRKG SKRIO
\KRRIRK WI[IOWKJN QNJIO$
1PRNRJIGH /PUIRKMIKO @#?!FE#?!"B: 0TYKPOPKG ,NUK: 7NIRJH &PiH IJK %PMPYPOKG QPJNIO
XIOWIKO IJK SHPIG IRI POWIYIOWIOJPTXHKRIO UPWIK \KRRKPJNGH HJI QNJIO UIMWNR QPRIO
XIJRHYHMPKO$

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

5>
 4ITJPQKP IWH GKTJK YPOJNRK: MISIO XKPMKGH PO[HRXKQPHEPJNRRPK WK L=+++$ XIOWIGH 0TYKPOPK
2IRRPGH 0RRIVIHRWIJQKGH IVNOIRHGH UPQPJQKRK SNRUPMJQIGH$ 1KXKTIP ITQIOKGH TIRPIIJKO IVPOK
WKVHIO KRJIMKO UKJIJKGH PRNWPK WK IQGIRRIGHK: UKJKTNO IJOPGH WITUIRWPOIG IRKJNJKGH
[KXPMPKEJKMWIKG IRKGNTJIO WPJNIOK$ 9PQKRJIEIVPJNRK HRWIOKJQIGH IJK TKPMGKJQIGH KSKMIVPO
PMNTJRKJNK WN: IJK 0TYKPOPK 2IRRPKRIO KOPQJKTNO THQPHGNMJNRKMKRIO KNJHPRNWPK IRKGNTJIO WN$
#?5CGH GHKWRHK WK: 4PVNIM ;KURIRKG$ YPOJKJNJKGHK: GHKWRHKO :& &0F,Y#/ Z 1&0')(,2 [,0')(,
PWKJQPK WKNGK$

,NUKO ITGMKUHIO GHYNRNK HTH JZPGPK QIO IJK SKRI JZPGPKVHK: 7NIRJH &PiHO$
#?#5KO: 0TYKPOPKG IJK 0RRITNXK 2KJNKG ITGMKUHIO JRKaGHK WIUIGKJQIO QNIO PJNO
VKRRKOJQPJTN UKJ TPOKJN QNJIO: KGHRWPH SHRP 0RRIVI *IWNMK UKJIKO PTMKJN QIO:
UKPOK IQ QIO UIJIJQIO: SNRRIOVH NRJIIJKO: XPMKGK ITGMKUH PRPJTP QPRIO 'OJPMMIJKRK$

G(:$)-)$+ M-:,+)"$+,- H,7$:,- H$-7),-$ 8I,+)2$-3

!"##$%9 AREF,2" H$I$+2$7$- K"+/") *,)-1$2 J)01,- 2"*"-)$23
&##"'(%9 G(:$)-)$2 $*7$++)2$010$2" ,(21$*7,$23
)"#*%%9 ASBF ,0$ ACTF $+0,$- ,(:$)-)$++,- ,(21,0$- )J$-7$2" :"+01.$*7$+
2"*"-)$2 3

#?""KO %IROKOWH =++ $K SPM HOWHRIO IJK ITJKJN MPUIRKMKRIO IQKRYIOK SKTP QIOIKO:
+TKUIM ++ $KRIO VKRKPGH GHOTJPJNQPHIG: #?""JPG #?C?RK: IQ QNJIO ITGMKUHJQK KRKNJN: IJK
VKPOIRK: +JTKTHQ SKRKPOWPGH JIRRPJHRPHKG MIVI UIRIQPIG VHUIROKJQIO QPJNQJIMK QPHIO MIVI
UKJ \KTH QNJIO$ 1HRRIG IRRIVPXIO GHOTJPJNQPHOKMK KJQIRKJQIO QNIO: IJK SHRRIG KNGIRK
IXKJIO QNIO: OINRRP UKJIKO UISPOJQKJ: 'OJQPOKGH 0RRIVPXIOK XKOJIOJQIGH$
#?">IKO #?#5JPG POWKRRIKO QIVHIO 'GHRWPHK POWKRJQIO QNIO PJNOK TPOKJN QIO 2RPJKPOPK
1KOWPKRIGPO: SHRRIG 0TYKPOPK ITGMKUHIO TKMIRHTGIJKRIO KNRGK UHRRHGKJQIRK UISKRJQIO
QNIO$ (KSPQ IJK 0TYKPOPKGH SNRRIOVH VHUIRONIG KGHRWPH SHRP XHWN YRKGJPGHKO

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

5C
KYMPGKJQIGH POJIRIT SKOWPRPG IQ KWPIRKQP: VHRJIIJKGH IQJKUKPWIJKO #?"> IJK #?#5GH
KGHRWPH KPYKJNIOKG PQKO QPRIO$
2RPJKPOPK 1KOWPK IJK SIPO JZPGPKVHKO %RKOJQPKG OKQPHKRJIKO KUHMPQPHOPTXHKRIO KMWI
UHRRHGKJQIO QNJIO$ 2RPJKPOPKR YRITPHK #?A>IGH KUHMPQPHKRP UNRNQGH 'UHMHQPHKRIO /IVI
7IOKMKRIO YRHXNMVKQPHKO PTMKWKJN QIO: MIVI SHRRIG ITGMKUNIO JRKaGHK QPVHRJQIK
KNRRIPGNTJIO QNIO$ /IVIK IQ QIO HTH QHRRHJQK IJK KYIOKT KYMPGKJN QIO: SHRP WIMK IJK
HRWNGH IQJKUKPWIJKO MIVI SHRRIO YHRRHJKQ SPJQVIPO QIO IJK #?C5IKO ,NUKRK ITGMKUN
GKRVKXIOWN VKRRKOJQPJTNK PRPJTP QIO$
#?A>IKO 1KXKRGKWK XHWIRKJNKO QNQIOUPWI KWXOPTJRKJPUHKO KWPJNK QIO
YKRMKXIOJKRP UKJIG: ITGMKUHJQKRIO KNRGK UKPOK IQ KUHMPQPHKRIO KNRGK QIVHIMK KQKMWN
QNIO YKRMKXIOJNKO: ITGMKUNIO JRKJNKO IJK TKMIRHTGIJKO XPTIRPKG IJK JRKJN JZKRRKG
IRKVPJIO QPHO KQJNRK WITGRPUKJN QPJNIO UKPOK ITGMKUHJQKG IZPTJPJQIO \KRRKPJN UISKR
QNIMK WI[IOWKJN QNIO IRRITYIJKJN UISKRRIGH \KUIJQK ITGNUPWI UKJ QIMKGH$ 'RKQHK
WIOUHKRRIGPO KRPOWN QPJIGIIO THPMPG: 'OJPMMIJKRK KRRKQK JZNRPGH YIOPOJTNMKGH
IXPVRKJQKPMIKG SKRK \HKJIK UNMJQKJQIO KRRKQK JZNRPKG UIRI ITKOIJKO Q"++":" :-+3".
>$,$.) *3,- S($+3.".' (-2*-" 32>"*3,- $," >$,$,:$+" 3+3,43 >$6"+ *-$0".)'
".,3>)$2" $," ":."++$2" *$0".)AE 2ITJI YKRMKXIOJKRP UKJIG #?A>IKO ,HOVRITNKO
MIVI ITGMKUPTJKG KMWKRRPGKJN QPJNIO$ ,NUK IJK 7NIRJH &PiHGH ITGMKUNIG Q,+",- "4.3
83:",3"++" $," ."+3,",$:.)" $+$A JRKJNK \KTH QNJIMK ITKOIQ$

+TKUIMWKR VKRKPGH IQJKUKPWIG IRKGNTJIO WNJI 'XIRPGIJKGH 0TJKJN 2KJNIJKO VIRJKJQIO

QIOK VIRJNJPG \KRRKPJQIO QIMK IRKGNTJIO WNJI$ 1KO QINWIO: IMPQK XIJHWPTJKRIO UKPJKO
KWPUPWIQ QINWIO XNVPXIOWN KUHMPQPHOPTJIG GIQGK IRKVPJIO QNJIO UIRIO IRKVPOK
,NUKRK IWH 7NIRJH &PiHERK SIWKJN QPJIGIMKGH$ 3IQITPH 9IRRKRIO IQJKOWKG IJK
#?C>IKO: 'URKSKX /POiHOEIO L+++$IOXIOWKGPOKG GIQGK MKRRPKVHK IRKVPO QNJIO$

#$ KJKMK$ 0Q 0TJKJN 2KJNIJKO: IQ

SKRIO \NRPTWPGQPHYIKO WKVHIO POHO:
IQ WK IVHOVH ITGMKUHJQKRPG: IQ
UHRJZKQGH MKOPG: IRKOJQNMIK UISKR
UIQKMK GHOUPGJNK PQKO WNIO WIMPJN
UKJIO QPVHR VPTK PQKO IQPG$
!$ KJKMK$ ,HOVRITNKG KRJPGNMN SKN
UIJIKRKQJIGH KSKMXIOK PQKOVH WN
MIVI IVHGPIO UPWIQ$

GJ2,++,$- G(0$01 K$01,0$2" UMMM3,-I,-7$2)-$ V$("0J,- 71,- 2"-.+,(12" *)/1+1$% 8GK,0$2" $+0L)/$0,.) -$J)"-$*,$-% ,+7)$-
0,(01$+,- $0$* /$0% ,(21/)0$+$ 8/+$H$I W)-X"- "+712" :+,()7,-0,$ ,0$ $/"*)J)"$ $*7$++)2$01 J1,-$ ABCQ$-3

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

55
0TYKPOPKO: #?CFKQ VIRHQJPG XNVPXIOWN KUHMPQPHOPTJK VIRH IJK SKOWPKVHK PQKO QIO:
UKJIQ IRI 3HiPIWKW 'UHMPiPHOPTJK 0TYKrHMKERIO THRGNOJQKQ VIRHQJG: #?C>IKO IMGKRJI
SHRRIG IVNOGKRP UKJ QNIO$ IVNOGKRP UKJ PQKO QNIO$
(KSPQ IJK '02IJKO KUHMPQPHK HOKRJN IJK PRPJQP YNUMPGHK VIRHI JK GHOJRKGHKVHK PQKO:
SKMK IRI: ITGMKUHJQK POWKRVKJQIK IQPOIQGHK QIMK QPHJIOKG QINWIO: PQKO IRI: #?CCKO:
JZKOWKGIJKRIO KRGPJIGJN ;KOHhKT WIM ;KTJPMMHRP KUHMPQPHK KNTKRJIVPK PRNWPJQIO QPJQKPHO$
3IPNRJIGH +RKNMJQKPMIK @#?C?E#?5AB HTH IVHGPK PQKO QIO JIRRIOH YHMPJPGHKO
KUHMPQPHOPTXHRKGH$ 0TGMKUHJQKRIO KNRGKGH XNVPXIOWNK VPWKJN QNJIOIJKGH KTGH IWH
0RKGNOWI 'UHMPQPHOPTJK HTKJN QNJIO: IJK HOWHRIOVH VHUIRONIJKO YKRJI SKRJN QNJIO$
9KPOIRK: JTKTHQ SKRKPOWPGH WPYNJKJNIG: "! NRJIQ GKOYHKO IVHO HOWHRIO VHRJIIJKO
UIRRPRH YKRJI SKRJN QNJIO$
(T3_) E=@I>?O IGCF>LD@A> B?H>=J>LI@AICD FIJI> D?>=@E L>AI? I=IO VKNR IVNO
0TYKPOPK WIO SHRRIJKO UKGKRRPG KYMPGKJN QIO: IJK IQ ,NUKO IJK 7NIRJH &PiHO$
2ITJKMWI: 3IPNRJIGHK HYKRHK PQKO QIO VPQKRJI KMJZKXIOWNIJKO: SKMK OHMK UPVKRRIO
9NIRRK ,KRMPTJK IJK XKJZPOKWKG ,NUKO IXKO QPRIO: OHO XKJZPOKJNIG ITGMKUHJQK
KUHMPJNGH QNJIMK QPHJIO$
#?5"KO 7NIRJH &PiHO ITGMKUHJQK KUHMPJN QIO IJK A"$FFF MKVNOIG KTGKJKTNOK
UIRIOVKOKJN QNJIO$ ,NUKO HRWIK: KRKQHK TKGHOKVHK QIO ITGMKUH GHYNRNK KTGHQ IRI
KMJNKVHK QIMKGH WK IJK SHRP XKOJIOJQIGH POJIRIT HTH TIOWHKG QINWIMKGH$ 0TYKPOPKGH
VPQKRJIGH TIGJHRI QKUKMKG QINWIO ITGMKUHJQK KUHMPJQIKRIO KNRGKGHKG QPRIOKG IJK
VKRKP UIRIKO '02IG ,NUKO IJK 7NIRJH &PiHO POJIRITK IRKGNJTP QNIO$
,NUKO #?5AGH 4KRJgOIQ ;KXYHT \IOIRKMKRIO ITJKJNEGHMYIKG VKRKP YHMPJPGH
GHOJTIRUKJQKPMIKRP IXKO QPHO SKTPIRK IJK ITGMKUHJQK KUHMPJQIGH YRHPIGJNK VIMWPJN QIO$
9HRJIKG #?5CRK KRJI IQ QPRIO UIRRPRH PRIGP: IJK #?5?KO: ,NUKGH VIRRKRP KXKPIRK IXKO
QPJQKPHO$ 'UHMPQPHEYRHPIGJN UKJ KNRGIQJN QIO: IJK:
KQGIOIKO: #??FGH 7KJRHOKJNKRIO /IVIK$ 0TGMKUHJQK
HRWIQGKJNK PQKO QIO: UKPOK IQ QPJQKPHO ITGMKUNJQKRP
UNRNQGH YHMIXPGKRP KXKPIRK IXKO: UITJI PQIO UKJIGPO
XKOJIOJQIO UKPJQIO8 MKO UISKRJNK IJK WHKGH KMIVPK$
#??CKO ITGMKUHJQK ,NUKGH NSKRJIKO KXKPJN QIO$

?1/$2" ,(2*$/1 ,(:$)-$)++$2 AEFF,$-% ,J,J$.1-$3

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

5?
&%-%1+"-+!2%" $." $!&-"0%./"#$1 %17%#+%"&
,HOJNKO SKRJN UISKR WK: OKPQHKRJIKO GHMHMOPKMPTXHKG 0NRHYIKR YHJIOJQPIO KRJIKO
IRKVPOWKGH POJIRIT JKMGKG: #$ 4NOWN 9IRRK @#<#AE#?B IRKVPO QNJIO GKNTIO KRJIKO
WKVHIMK$
&DFD?B>FBGMD>C D?HD=BD KBG@D=BCD DGD J>==>?@AB@GE>C BA>? HB@E ICD?DMB>=I?O
HIMDJ=>c>=I?O KBACE?@A>=I?O CEF@E=>=I?O I=FBRBD>=I? I@> NDFB@BC>=I? BCEGNIJB@BC)
$CD?DMB>=B H>JDCBD?IAO $E=DN>CD +?HEG@=B> +=>EF@A>C 9U+++)MI?HI@BC >E==I=>
CDFD?BI@>CD FIKI?J>B>C I@> F>?8B?H>==> LIK>= BA>? AB@EI?O L>B@> DB?>==BACD
FIKI?J>B L>@AEC I=I)
%?HD=BD>C BAEJ>==B>C BA>? AB=I? "MI=BC>?O R>@D==B IE=D>GB>==ICD INBHIMBICBCD
DGD C>F@ILI=>C AB=I? LI=@>CD NDNEF>ABD> ME==BA@E@> JI=>@E L>B@AI?)
'PJK /KT ;KTKTIO KRKUIRK: #A<! IJK #>CF KRJIKO 4IOWIUKMWIGH +OWPIJKO VNJZPIOIQ AF
XPMPHP OKJPUH SPM QPRIO$ .GKIQPOK WK GHOGPTJKG WHQIOKGK XPMPHP SPMWKGH IRKVPO QPJNIMK
QNQIOIKO IWH QISKRGK$ 'OJPMMK 1KOWPIJKGH JKPXHKG KWPUPWIQ: SKXKRGKWK VNJZP
UKJQNIJKO KGKUKJN QPJNQJIO$
'XIRPGKRIO GHOGPTJK MISIO YIRJTHOKO UPQP PQKO QNJIO PK GRHOPGKRP VNQJPIG YMKOJIKJN
QPJNQJIO POWPVIOIO UISIRKGKWK UHRJPJQKRIO KRRKQHPKG$ -RH SKR: IQ QPRIO UKJIRI
WITIVHGPKG PQKO$ 9NQJPIG KQKMWN QNJIO UISIRKGKWK GKNTKMPJKJIEKOPQJKTNOIKO
HPOKRRPJNJK8 IYPWIXPKG: VIRRKG: JRKJN JZKRRKG IJK VISPIVPQGH MKOK$
;BACE?@A>=I? BCEGNIJB@BCO CDFD?B>FBGMD>C $E=DN>CD KBACE?@A>C KBACE?@A>
HBNFDM>@BCD I@> CDMI=@AB>F JBG> I=>LBF@AICD N=IG@>@E AEI? I=IME>) +OVIMITKRIO:
[RKOJTITKRIO: VKQJIMKOPKRIO: YHRJNVITKRIO IJK OIWIRMKOWIRKRIO SPQJNOIO GHYNRNKG
KTGH QHR WPH GHMHOPKMPTXHKRIO HOWHRPH WIXHVRKaGHIP$
%?HD=BD ?IJ>@BLDI?I? >=@I>? KD?>CD K>EIC >BN> H>B@IACI5 JBA>=@I B?HBJI?>=I?
GE?@GBNI?>d I=>L>@ICD EG@B>NI? ICD?DMBCD>d B?HBJI?I? LI=IACD L>FBDI?
>FH>CI@>O IGCF>LD@A>O C>?NDCD CEF@E=>O MI@=DNDFB>=I?> J>BFI?@AI>d FE==>FHI
HIGLI=HB?>C IFC>=@AI> I@>O J>B?I=>O KD=B FD=@AICD J>@>AC>C GD=@AI>)

)IOHiSJPJMKOVH TIJPHKO @#>!#B VKPZHKG: 0TYKPOPK 2IRRPGH 9KNQIO 1PTJHRPK -RHGHRRKRIO XPOPKJNRK UKJIO
KRKUIRK: IWH 2IROKRWPOH 3KSKVNOVH @iK$ #A<<E#><FB: /KNRIOJQPKR /PUNRNJIVPK: %MHRIOJQPK$ 2KQJKOVK
'XIRPGKGH YHYNMKQPH POWPVIOK GHOGPTJKJPG XNRRPQJN QNJIO IYPWIXPIO KRJIKO SPMVKRRPIOK PQKOVH QIO$

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

5<
0WNKRWH 9KMIKOHG GHMHOPKMPTXHKRP UNRNQGH ITKMWP SHOIJKO WPHIOK VKNR IVNO
GHMHOPKMPTXHKG IRKVPJIO WNIOK WITGRPUKJQIGH UKMPH WIQKGI$ I3(F)5,+,F&$, &( :,
5,+,F&$,+&$ &',F, %,'= ;#++&$ #$:#+)#, :,= J,')$#,1&+)-,+&$ ,(F)5,+,F&$,
-,$F#-# 5,+,F&$&')- :,'#+2 &', @8+, &/)-,'(&$ \,++,)'(&$ :8O E ,HMHOPKMPTXHKG
VKNR IVNO IGHOHXPGHGP \KRRKPJQIO WN IJK UKPJK KRRKQPTXHK: UKQJIRGIRPK: ZIOH[HUPK IJK
POJHMIRKOJQPK VPTK$

0BLFBDJ=>c>5

E /' '2-/+;+x( 6 0 /' 03;/'=+).6 0 ( 037'y'$602')03 7'&/'40()'&+-3: #?#FE#??C$ 0WNKRWH 9KMh_O &HWRPVNIQ$ &IhPTJK WI MK
+OsNPTPiPkO$ +OJHMIRKOiPK ] 6IRIiSHT 1NXKOHT
E 6PKMOIJE+OJRHWNiiPHO'/K;HMHOPKMPWKW6I9IOIRH0O4N\IRITDHhIOIE><!F!#FE#$YW[
E 4.D0&03 +(6z90('3: 7')&+'&;'6- { ;-/-(+'/+34-8 .( 603'%z' ' /' 309&09';+x( ;-47&0(3+=' 60 /'3 %-&4'3 60
6-4+(+-: 'NRK 0TJIMK ;NXIT: 9NKJIXKMK
E 2ERI=IG I? F> SDFD?B>) 7DMB?>mBn? mDFD?B>FO HBQI=I?mB>G Y@?Bm>G [ HI JY?I=D I? mDQ=>Ho>G [ cIG@>G =IFBJBDG>G I? XERE[O #oD HI
F> <F>@>) $?=BpEI 1D=M>?HD S=EAO .OPhIRTPWKW (KiPHOKM WI DN\N]
E b|0YPWIXPKT H IZYMHJKiPHOITp /K iKJ_TJRH[I WIXHVR_aiK WIM (NIhH 4NOWHc: 6HTTPIR WI MK X$K34," *$ @2*3"4: =HM$ /L+++: ($ !!5$
4KWRPW: !FF"$

123&%4%&(/ 5%2+/"%&0 607&+-%),"*/&

?F