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TJBNPDPTUSFUUJBSJQSFOEFSFJONBOPMBOPTUSB
FTJTUFO[BEBMMFTVFGPOEBNFOUB
DPTUSFUUJBEJSFBOPJTUFTTJDIFDPTBDPOUBQFSOPJ
BSJEFGJOJSFJMWBMPSF
DIFIBOOPQFSOPJJNQFHOJ
QFSTPOF
EFTJEFSJUVUUPTFNCSBSJNFUUFSTJJOHJPDP&TJDPOUJOVBBWJWFSF
TF OFM EFTFSUP EFMMB EPNBOEF QJ SBEJDBMJ TJ SJFTDF B GBS TCPDDJBSF SJTQPTUF WJB WJB QJ FTTFO[JBMJ
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BMMPSB JM WJWFSF EJ PHOJ HJPSOP EJWJFOF VO EJTQFSBUP TPQSBWWJWFSF B TF TUFTTJ F BMMF QSPQSJF WJDFOEF VO
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1FSUVUUJJMEPMPSFVOFTQFSJFO[BDIFUPDDBUVUUFMFGJCSFEFMMBWJUB
PDDBTJPOFQFSVOWJBHHJPJOUFSJPSF
DIF NFUUF JO MVDF JM TFOTP EBUP BMMB WJUB GJOP B RVFM NPNFOUP *M EPMPSF TFNQSF VOFTQFSJFO[B
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DIF DBNCJB J TJHOJGJDBUJ PSEJOBSJ EFMMB OPTUSB FTJTUFO[B DIF EJ GSPOUF BMMB TPGGFSFO[B QFSEPOP P
BDDSFTDPOPJMMPSPQFTPFUVUUPEFWFFTTFSFSJTJHOJGJDBUP$IJNBMBUPHSBWFNFOUF
OPOQFSDFQJTDFNBJ
TPMPJMQSPQSJPDPSQPNBMBUP
NBUVUUPEJTEFOUSPMBNBMBUUJBMPTQJSJUP
JMFHBNJ
JQSPHFUUJEJWJUB
1FS RVFTUP MB UFSBQJB OPO QV FTTFSF TPMP QJMMPMF
NB DPNQBTTJPOF OPO TPMP DPNQFUFO[B
NB BODIF
BNJDJ[JB
DBMPSF
VNBOJU DGS$FDJMF4BVOEFST
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P EFOUSP MB GFEF
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UBMWPMUBQFSTDPQSJSF
JMQSPQSJP
SBQQPSUPDPOJM4JHOPSF
JMQSPQSJPMFHBNFDPO-VJ
JMTVPBNPSF2VBOEPOFMEPMPSFDJTJQPOFEJGSPOUF
BM$SPDJGJTTP
FTJSJFTDFBDSFEFSFDIFRVFMMBMBQJSBEJDBMFFQSPGPOEBFTQFSJFO[BEJBNPSFDIFNBJ
TJBBDDBEVUBOFMMBTUPSJBVNBOB
BMMPSBJMEPMPSFSFEFOUP
FEQPTTJCJMFTUBSFEFOUSPEJFTTPFHVBSEBSF
JO GBDDJB MB NPSUF DPO QBDF F DPO TQFSBO[B 1FS RVFTUP $JDFMZ 4BVOEFST
MB EPOOB DIF IB BWWJBUP
MFTQFSJFO[BEFMMFDVSFQBMMJBUJWFEFMEPMPSF
QVEJSFMBSJTQPTUBDSJTUJBOBBMNJTUFSPEFMMBNPSUFFEFMMB
TPGGFSFO[BOPOVOBTQJFHB[JPOF
NBVOBQSFTFO[B
%JGSPOUFBMMBQBTTJPOFEFM4JHOPSF
JMDSFEFOUFDPOEVDFMBTVBSJDFSDBEJTFOTPBQBSUJSFEBMMBTJUVB[JPOF
JODVJMBNBMBUUJBMPQPOF.BMBQBTTJPOFVOQBTTBHHJPEVSPFTFWFSPOFMMBWJUBEFM4JHOPSF
WJTTVUP
OFMMBDPOTBQFWPMF[[BFTQMJDJUBEFMMBTVBEVSF[[B
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NBHBSJGPSUFEFMMJEFB
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GPS[BEFMMBNPSFDIFDJBDDPNQBHOB
1SPQSJPQFSRVFTUP
BQQBJPOPJOBEFHVBUFBMDVOFSJTQPTUFEJGFEFUSPQQPGBDJMJFTCSJHBUJWFDIFWFOHPOP
EBUFBMEPMPSF
BMMBNBMBUUJB
BMMBNPSUF
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MVNBOJUEFMTVPGJHMJP
MVPNP$PNFQVJM%JP1BESFEJ(FT$SJTUPHSBEJSFDPNFPGGFSUBDJDIF
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DPNF TF MB
TPGGFSFO[BBWFTTFVOWBMPSFTBMWJGJDPJOT.BRVFTUPDPSSJTQPOEFBMMJNNBHJOFEJ%JPDSVEFMF
DIFOPO
RVFMMPEFM7BOHFMP5SPQQPGBDJMNFOUFFWFMPDFNFOUFTJBUUSJCVJTDFBMMBWPMPOUEJ%JPVONBMF
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NBMBUUJB
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DIF HSJEB QSFHBOEP
NB OFMMPCCFEJFO[B BM NJTUFSP
DIFDPOEBOOBMBWJPMFO[B
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NBWBJODPOUSPDPOQBTTPSJTPMVUPBMMBTVBPSB
BMMBQQVOUBNFOUPDPOBMNPSUF.JIBTFNQSFDPMQJUP
JM GBUUP DIF (FT OPO TFNCSB BGGSPOUBSF JM EPMPSF DPO EJTJOWPMUVSB
NB DPO QFOB /FM HJBSEJOP EJ
(FUTFNBOJMBSJQVHOBO[BDIFFHMJQSPWBQFSJMEPMPSFDIFMPBUUFOEFNJTFNQSFQBSTBRVBOUPEJQJ
VNBOP F DPOTPMBOUF JM 7BOHFMP DJ QPUFTTF QSFTFOUBSF (FT OPO IB BNBUP JM EPMPSF
DPNF TFNCSB
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VO EJTFHOP EJ BNPSF
WFSBNFOUF QJ GPSUF EFMMB NPSUF 0HOJ QFSTPOB DIF TPGGSF QFOTP QPTTB FTTFSF
DPOTPMBUBEBMQFOTJFSPDIFBODIFJM4JHOPSF(FTTBMJUPTVM$BMWBSJPDBEFOEPUSFWPMUF
IBHSJEBUPJM
TFOTP EFMMBCCBOEPOP EFM 1BESF
DIF DPNF EJSF MB TVB TPMJUVEJOF EFTPMBUB EBWBOUJ BM EFTUJOP DIF MP
BUUFOEFWB$POUFNQMBSFMBTVBQBTTJPOFFWJWFSFMBQSPQSJBQBTTJPOFDPO-VJNJQBSFDIFTJBJMQFSDPSTP
QJDSJTUJBOPDIFFTJTUB
MVOJDBSJTQPTUBQPTTJCJMFBMMFOPTUSFEPNBOEF
1FSDIBMMFOPTUSFEPNBOEFDIFOPOTPOPUFPSJDIFFTQFDVMBUJWF
NBWJUBMJMVOJDBSJTQPTUBQPTTJCJMF
WJUBMFFTTBQBTTBBUUSBWFSTPMBOPTUSBJEFOUJGJDB[JPOFDPO$PMVJDIFDPOPTDFJMEPMPSFBDDPMUPQFSBNPSF
"MMPSBBODIFJMQSPQSJPEPMPSFWJFOFBTTVOUPJORVFTUPBNPSF
FSFOEFTPTUFOJCJMFJMDBNNJOBSFBMCVJP
TPUUPJMQFTPEFMMBQSPQSJBDSPDF
%BM NPNFOUP JO DVJ JM 4JHOPSF DJ GB JM EPOP EJ WJWFSF JM OPTUSP EPMPSF EFOUSP JM TVP
DBNCJB JM NPEP
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F TJ UPSOB B TDFHMJFSF EJ WJWFSF TJ
TDPQSPOPEJNFOTJPOJOVPWFEFMMFTJTUFO[BQJQSPGPOEF
JNQFOTBUF-BQSPQSJBWJUBDPNJODJBBEFTTFSF
QFSDPSTBEBVOBDPSSFOUFEJGJEVDJBOFMMBNPSFEFM4JHOPSFQFSOPJMBTVBQBTTJPOFBMUSPOPODIFMB
NBOJGFTUB[JPOFQJBMUBEJUBMFBNPSF$IFTJTQFSJNFOUBOFMMFQJDDPMFDPTFEJPHOJHJPSOP
TPQSBUUVUUP
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TJ
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JO FGGFUUJ
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JNQBSBUP OFJ HJPSOJ EFM CFOFTTFSF
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DIFMVOJDBQSPTQFUUJWBDIFQVEBSFTFOTPBM
EPMPSF
2VFTUPWFSJGJDBCJMFBODIFOFMMBWJUBFOFMMBNPSUFEJ(FT/POMBDSPDFFOPOTPOPMFTPGGFSFO[FQBUJUFOFMMBQBTTJPOFF
/FMMB QSPWB EFM EPMPSF
MB OPTUSB WJUB EJWFOUB QJ FTTFO[JBMF F MB GFEF QJ QVSB /FM NPNFOUP JO
DVJ BDDFUUJBNP EB %JP DJ DIF FHMJ DJ NBOEB EB WJWFSF TF EB %JP BDDFUUJBNP JM CFOF
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EPWSFNNP BDDFUUBSF BODIF JM NBMF &TDMBNB (JPCCF HMJ DPOTFHOJBNP MB OPTUSB WJUB OFMMB GFEF OVEB
EFM QPWFSP
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NB UPUBMNFOUF BCCBOEPOBUB BMMB
DFSUF[[BDIFDPNVORVF%JPBNPSFFEDPOOPJ
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OFMMFUVFNBOJBGGJEPJMNJP
TQJSJUP
TFNCSBEJBTDPMUBSFQBSPMFEJSFTBJOFGGFUUJTPOPMFQBSPMFEFMMBNPSFQJHSBOEF
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PDDPSSFFTTFSFEJTQPTUJBNFUUFSFMFQSPQSJFFOFSHJFFMBQSPQSJB
GJEVDJBOFMMBWJUBBTFSWJ[JPEJDIJEVCJUBEFMMBCPOUEFMMBWJUBEJDIJOPODFMBGBQJ
EJDIJOPOIBQJ
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TFO[BBWFSOFBMDVOPCCMJHP
QBSMBEFMMBNPSFEFM4JHOPSFQFSUVUUJ4QFTTPTPOPMFQBSPMFTJMFO[JPTFDIF
UPDDBOPJMDVPSFFEBOOPVOFOFSHJBJOBTQFUUBUB
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BNBUPJTVPJ
MJBNGJOPBMMBGJOF/PJDSFEJBNPDIFJM4JHOPSFBCCJBBNBUPJTVPJFDJBTDVOPEJOPJ
NB
OPOSJVTDJBNPBDPHMJFSFMBQPSUBUBEJRVFMGJOPBMMBGJOF
-BQBTRVBDJBQQBSFTPMPDPNFEPMPSF
DPNFGBMMJNFOUP
DPNFTDPOGJUUB&MPDFSUBNFOUF
HVBSEBUBEBM
QVOUPEJWJTUBVNBOP.BQSPQSJPRVFMGJOPBMMBGJOFDIFSFOEFMB1BTRVBVOBNPSFEB%JP
TFDPOEP
MB NJTVSB EJ %JP & RVFMMB NJTVSB DIF OFM 7BOHFMP TPMP MF EPOOF TFNCSBOP BWFS DPNQSFTP F DIF
TFNCSBOPFTTFSFJOHSBEPEJBDDFUUBSF
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DPNFEPMPSF
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OFMMBTVBOBUVSBQJQSPGPOEBBNPSF"NPSFDIFTJEPOBTFO[B
USBUUFOFSFOVMMBQFST
OFNNFOPMBWJUB"ODIFOPJTBSFNNPTUBUJOFMOVNFSPEJRVFMMJDIFBJQJFEJEFMMB
DSPDF
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BWSFNNPEFUUPB(FTTDFOEJEBMMBDSPDF
JMNPOEPIBCJTPHOP
EFMMBUVBQPUFO[BNJTUFSJPTBDPOUJOVBBVTBSFMBGPS[BDIFIBJNPTUSBUPOFJUVPJNJSBDPMJTDPOGJHHFOEP
MBNPSUF
NPTUSBOEPDIFMBWJUBQJGPSUFEFMMBNPSUF
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NB MP IB GBUUP BUUSBWFSTBOEP JM EPMPSF F MB NPSUF
GBDFOEPMJ TVPJ
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RVBOEP TPGGSF
QPWFSP(FTIBWPMVUPWJODFSFMBNPSUFFJMEPMPSFOPODPOVOBUUPEJQPUFO[B
NBDPOVOBUUPEJ
BNPSFDIFQJGPSUFEFMQPUFSFDIFTPUUPNFUUFJMNBMF&MBWJUBSJTPSHF
JOVOPSJ[[POUFEJWJOP
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EFMMF JOWJEJF
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QPMJUJDJ F
SFMJHJPTJEFM4JOFESJPFEFMQPUFSF
MBTUPSJBEJVOBNPSFUPUBMF
TPMJEBMFDPOUVUUJJEPMPSJEFMMBUFSSB
DIF
TJDPOTFHOBBMEPMPSF
DIFGBEPOPEFMMBWJUB
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DPOBMGPS[BEFMMBNPSFDIFDPOUJFOFFDIFHFOFSB
USBTGPSNBMBWJUBDJDIFMBUSBTGPSNB
MBDPOTBQFWPMF[[BEJVOBNPSFHSBUVJUPDIFMBSBHHJVOHFVOBNPSFDIFOPOTJSJDFWFQFSNFSJUP
NBQFS
NJTFSJDPSEJB-&VDBSJTUJBJMTFHOPEJRVFTUPBNPSF4FDJBGGJEJBNPBEVOBNPSFDIFDSFEFOFMWBMPSF
EFMMBOPTUSBWJUBFTJEPOBBEFTTB
MBOPTUSBWJUBTJUSBTGPSNBDPOPTDJBNPQFSFTQFSJFO[BMBGPS[BDIF
DJWJFOF
QFSBGGSPOUBSFMFTJUVB[JPOJQJEJGGJDJMJ
EBMMBWFSWJDJOPVOBQFSTPOBDIFDJWVPMFCFOF
DIFIB
GJEVDJBJOOPJ
DIFDPOHSBUVJUWVPMFBDDPNQBHOBSTJBMMBOPTUSBWJUBTBQQJBNPDIFRVFMMJTPOPJDBTJJO
DVJTDPQSJBNPJOOPJVOBGPS[BJOTPTQFUUBUB
RVFMMBDIFOFDFTTBSJBBODIFQFSBGGSPOUBSFMFFTQFSJFO[F
QJEJGGJDJMJFQJEVSFEFMMBOPTUSBWJUB
6WLOLQHOYLYHUHODIUDJLOLW
"WPMUFBWWJFOFDIFQFSTPOFNPMUPNBMBUFPHSBWFNFOUFTPGGFSFOUJTBQQJBOPJSSBEJBSFVOBMVNJOPTJU
VOBHJPJBEJWJWFSFFVOBDBQBDJUEJBNPSFDIFJMTFNQMJDFDPOUBUUPDPOMPSP
JMSFTUBSFBDDBOUPBMPSP
BODIF QFS QPDP UFNQP TJ SJWFMB FTTFSF VOFTQFSJFO[B TQJSJUVBMF F VNBOB EJ QSPGPOEP BSSJDDIJNFOUP
RVFMMF QFSTPOF IBOOP TBQVUP JOOFTUBSF MB TPGGFSFO[B OFMMBNPSF F GBS QSFWBMFSF MB QBTTJPOF EFMMBNPSF
TVMMBQBTTJPOFEFMTPGGSJSF&DJUSBTNFUUPOPMJOTFHOBNFOUPHSBOEFMBNPSFETFOTP
FMBWJUB
JOUVUUJ
J TVPJ BTQFUUJ
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WJUBCFBUB&MBCFBUJUVEJOFQVFTTFSFTQFSJNFOUBUB
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BODIFOFMMBTPGGFSFO[B
OFMMF
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OFMMFBGGMJ[JPOJ .BOJDBSEJ
Q
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TPQSBUUVUUP
DPMPSPDIFOPOTPOPDSFEFOUJ
JMOPTUSPBUUFHHJBNFOUPEJGSPOUFBMMBWJUB
"ODIFOFJNPNFOUJJODVJJMEPMPSFDJEJMBOJBMBOJNB
JMTBQFSFEJOPOFTTFSFTPMJFEJQPUFSJNNFSHFSF
MB OPTUSB QJDDPMB FTJTUFO[B OFM DVPSF EJ %JP DJ E VOB TFSFOJU DIF OPO JOEJGGFSFO[B BM EPMPSF
NB
QJVUUPTUP MB QFSDF[JPOF EJ WJWFSF JO QBDF DPO MB WJUB *M WJWFSF SJDPODJMJBUJ DPO MB OPTUSB FTJTUFO[B
RVBMVORVFTJBMBTVBDPOEJ[JPOF
EJDFDIFEFOUSPEJOPJWJVOTFHSFUPDIFUPDDBDPMPSPDIFDJWJWPOP
BDDBOUPMBUFTUJNPOJBO[BEJVONPEPEJQFOTBSFMBWJUBEFMMVNJMUEJDIJBDDFUUBMBWJUBDPN
TFO[B
BSSPHBO[B F TFO[B QSFUFTF TVMMB WJUB EJ DIJ IB DPNVORVF JNQBSBUP B DPHMJFSF MF SJDDIF[[F DIF TPOP
JO FTTB F DIF OPO EJQFOEPOP EBMMF DPOEJ[JPOJ NBUFSJBMJ EFM OPTUSP WJWFSF QBSMBOP EJ VOVNBOJU OPO
HJ SBTTFHOBUB
NB QJVUUPTUP NJUF
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OFM TFHSFUP EFMMB DPTDJFO[B
OF
DPTUJUVJTDFMBDIJBWFEJMFUUVSB
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OPTUSJBNCJFOUJOPOQVTVTDJUBSFMJOUFSFTTFEFMMFQFSTPOFDIFWJWPOPBDDBOUPBOPJ
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SJDPNJODJBSFPHOJHJPSOPDIFOFMMBWJUBWBMFMBQFOBEJGBSFTVMTFSJP$IJHVBSEBWJWFSFRVFTUFQFSTPOF
EBDSFEFOUJOFM4JHOPSF
DBQJTDFDIFEFOUSPEJMPSPDVOTFHSFUPDIFMJJMMVNJOBFMJTPTUJFOF'PSTFB
QPDPBQPDP
BUUSBWFSTPMBUFTUJNPOJBO[BFMBQBSPMB
QPUSBOOPDBQJSFDIF(FT$SJTUPNPSUPFSJTPSUP
QFSDIJTVPJEJTDFQPMJQPTTPOPWJWFSFGFMJDJFEBSFVOTFOTPBMMBMPSPFTJTUFO[B
%PNBOEFEFOUSPMBNBMBUUJB
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QFSFTTFSFQPTJUJWP
OPOEFWFFTTFSFVOBBDDFUUB[JPOFQBTTJWBFVOBTPUUPNJTTJPOF
BMMB NBMBUUJB
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WBMPSJ F EJ SFBMJ[[BSF TF TUFTTP OFMMB NJTVSB DPNQBUJCJMF DPO MF MJNJUB[JPOJ JNQPTUF EBMMB NBMBUUJB
DBNCJBOEPJMTVPNPEPEJDPNQPSUBSTJBCJUVBMFTFO[BQFSRVFTUPBOEBSFJODSJTJFEJTHSFHBSTJ&RVFTUP
BEBUUBNFOUPQBTTBBUUSBWFSTPMBQSFTBEJDPTDJFO[BSFBMJTUJDBEFMMBNBMBUUJBFEFMMFTVFDPOTFHVFO[F
VOQSPDFTTPBWPMUFWFMPDFFEJNNFEJBUP
BWPMUFMFOUPFHSBEVBMFJODVJMBSFBMUEFMMBNBMBUUJBOPOWJFOF
SJGJVUBUBPNFTTBUSBQBSFOUFTJ
NBJOUFHSBUBDPNFFMFNFOUPDIFIB
QBSBEPTTBMNFOUF
VOTJHOJGJDBUP
FEVOQPTUPOFMMBEJOBNJDBEFMMBWJUB 4BOESJO-
1TJDPMPHJBEFMMBTBMVUFFEBMMBNBMBUUJB
EBJOUFSOFU