0CJCCKPC 8,,.9-/94;1:
CXYKT
@TJKW\KWV1 7GMYKQKTOTM1 4MKTJGTZSSKW1
<GJKWTUYG )')' 5KRGXYOTMXGSKT\KWQOTM @UXY$5WGHGTY (- GVWOR )'(0 (0%'+%'/
7K WGGJ [GT JK MKSKKTYK 4XYKT2
MK_OKT NKY [UUWXYKR [GT NKY IURRKMK [GT HZWMKSKKXYKW KT \KYNUZJKWX [GT )- LKHWZGWO )'(0 SKY _GGQTZSSKW )'(0''*,,,2
MKNUUWJ NKY GJ[OKX [GT JK IUSSOXXOK 4RMKSKTK _GQKT KT 6UTYWUR [GT )/ SGGWY )'(02
HKXRZOY1
(% QKTTOX YK TKSKT [GT JK QGJKWTUYG )')' [GT 5KRGXYOTMXGSKT\KWQOTM @UXY$5WGHGTY%
)% NKY XYGTJVZTY [GT JK WGGJ YUK YK XYZWKT GGT 5C@5%
4RJZX [GXYMKXYKRJ OT JK UVKTHGWK [KWMGJKWOTM [GT JK WGGJ [GT JK MKSKKTYK 4XYKT [GT (- GVWOR )'(0%
GGJ [UUWTUKSJ%
g 5%E% [GT 8WV$CUTTKSGTX
[UUW_OYYKW#
SW% :%9% DUX
0CJCCKPC
ROXYKT
8,,.9<7789:/4
-12 >,,36;55/8+ '%&*%%()))
@TJKW\KWV1 5OPRGMK!T"1 DKWMGJKWOTM
[GT1
4MKTJG$
TZSSKW1
V%N%
<GJKWTUYG )')' 5KRGXYOTMXGSKT\KWQOTM @UXY$
5WGHGTY !5C@5" $+$ (- GVWOR )'(0 (0%'+%'/ :>
JK WGGJ
[GT JK MKSKKTYK 4XYKT
9?JCKR?PPFKD
:KY 4RMKSKKT 5KXYZZW [GT 5C@5 RKMY JK QGJKWTUYG )')' [UUW GGT JK
MKSKKTYKT GRX UVSGGY TGGW JK AWUMWGSSGHKMWUYOTM )')'$)')) SKY NKY [KW_UKQ JOY JUIZSKTY GGT JK MKSKKTYKWGGJ [UUW YK RKMMKT% 7K MKSKKTYKWGGJ QWOPMY _U JK MKRKMKTNKOJ US NGGW XYGTJVZTY U[KW JK QGJKWTUYG QKTHGGW YK SGQKT GGT NKY 7GMKROPQX 5KXYZZW [GT 5C@5%
-COIFOMQKPCK
(% <KTTOX YK TKSKT [GT JK QGJKWTUYG )')' [GT 5KRGXYOTMXGSKT\KWQOTM @UXY$5WGHGTY%
)% :KY XYGTJVZTY [GT JK WGGJ YUK YK XYZWKT GGT 5C@5%
1KICFBFKD
6UTLUWS JK EKY 9KSKKTXINGVVKROPQK BKMKROTMKT OX NKY HKXYZZW [GT 5C@5 [KWVROINY US OKJKW PGGW JK UTY\KWVHKMWUYOTM# JK PGGWWKQKTOTM KT JK QGJKWTUYG [UUW (, GVWOR [GT NKY PGGW \GGW[UUW JK HKMWUYOTM JOKTY# YUK YK _KTJKT GGT JK WGJKT [GT JK JKKRTKSKTJK MKSKKTYKT%
;T NKY QGJKW [GT JOY YWGPKIY OX JK QGJKWTUYG )')' [GT JK 5C@5 GGTMKHUJKT GGT JK WGGJ%
=?P SFIICK SC @CNCFHCK
#((4-%4(13(453(&6,()
5C@5 NKKLY TG KKT MWUKO KKT SKKWPGWKTVKWXVKIYOKL MKHUJKT JGY MKWOINY OX UV UVKWGYOUTGR K]IKRRKTIK# TGSKROPQ NKY \GGWJKWKT# NKLLKT KT OTTKT [GT JK MKSKKTYKROPQK KT
\GYKWXINGVXHKRGXYOTMKT UV VWULKXXOUTKRK \OP_K ZOYMK[UKWJ% 7GY HKYKQKTY JGY JK
HKRGXYOTMYGGQZOY[UKWOTM OT ``T QKKW MUKJ MKHKZWJ KT JGGWJUUW JK GGTXRGMUVRKMMOTM GIYZKKR KT [URRKJOM OX%
DKW[URMKTX \UWJY HOTTKT NKY \KWQMKHOKJ @UXY$5WGHGTY MKWOINY MKXYZZWJ US [KWJKW YK MWUKOKT OT NKY GGTYGR JKKRTKSKWX SKY XINGGR[KWMWUYOTM KT&UL OT YGGQZOYHWKOJOTM%
5C@5 OX UVMKWOINY US JK Q\GROYKOY [GT JK JOKTXY[KWRKTOTM KT IUTYOTZbYKOY [GT JK \GGWJKWOTM# NKLLOTM KT OTTOTM [GT MKSKKTYKROPQK$ KT \GYKWXINGVXHKRGXYOTMKT YK MGWGTJKWKT% 8T \KR YKMKT _U RGGM SUMKROPQK QUXYKT%
=?P D??K SA B??NRLLN BLCK
$168,..(/,1*(1
8W JUKT _OIN JK QUSKTJK PGWKT UTY\OQQKROTMKT [UUW JOK OT[RUKJ NKHHKT UV JK HKJWOPLX[UKWOTM [GT 5C@5 [UUW JK PGWKT )')' KT [KWJKW% :OKWHOP OX UTJKWXINKOJ YK SGQKT OT JK [URMKTJK IGYKMUWOKaT1
c =GTJKROPQK UTY\OQQKROTMKT !\KYYKROPQK WKMKROTMKT"
c @TY\OQQKROTMKT OT JK HKJWOPLX[UKWOTM c 4GTVGXXOTMKT \KWQVWUIKXXKT
!1'(9(4,1*
AWORXSZYGYRKX U[KWNKOJXIUTXZSVYOK )'(/$)')' !IUTLUWS XKVYKSHKWIOWIZRGOWK )'(/"
)'(/ #!"& )')' #!#"
?KYYU SGYKW OKRK IUTXZSVYOK (#+ " %' " $' (#+
=UTKT KT XGRGWOXXKT )#+ *#+ *#- *F'
"256(17(4'((,0(6+2'(
7K JKKRTKSKWX NKHHKT GGTMKMK[KT HKNUKLYK YK NKHHKT GGT KKT K[KTYZKRK NKWOPQOTM [GT JK HKXYGGTJK QUXYKT[KWJKKOSKYNUJK%
8W OX HKNUKLYK GGT
$ KKT SKKW WKINY K[KTWKJOMK [KWJKROTM [GT JK ZOY[UKWOTMXQUXYKT U[KW JK VWUIKXXKT1 \GGWJKWKT#
NKLLKT KT OTTKT% @V HGXOX [GT VWUIKXGGTYGRRKT VKW JKKRTKSKW JK QUXYKT YK [KWJKRKT%
$ SKKW WKINYSGYOMK [KWJKROTM [GT JK OT[UWJKWOTMXUVHWKTMXYKT2
7K OT[UWJKWOTMXUVHWKTMXYKT !U%G% GGTSGTOTMX$ KT J\GTMHK[KRQUXYKT" YUK RGYKT QUSKT GGT JK JKKRTKSKWX JOK NKY HKYWKLY2
$ YK [URJUKT GGT JK BOPQXHKRGXYOTMJOKTXY !OT NKY QGJKW [GT JK D5A VROINY" JGY JK \OP_K _UGRX 5C@5 JOK [UUWXYGGY JK KTOM PZOXYK \OP_K OX US JK OT[UWJKWOTMXUVHWKTMXYKT KT JK QUXYKT VKW JKKRTKSKW YK [KWJKRKT%
;T JK [KWMGJKWOTM [GT ). XKVYKSHKW NKKLY NKY 4RMKSKKT 5KXYZZW JK TOKZ\K QUXYKT[KWJKKOSKYNUJK [GXYMKXYKRJ% 7K MK[URMKT [UUW JK HKMWUYOTM KT JK HOPJWGMKT VKW OTJO[OJZKRK JKKRTKSKW _OPT
ZOYMK\KWQY OT JK GGTMKVGXYK HKMWUYOTM )'(0 !OT NKY 45 [GT JKIKSHKW )'(/"%
7OY NKKLY GRX MK[URM JGY OT KKWXYK OTXYGTYOK JK HOPJWGMKT [GT JK OTJO[OJZKRK JKKRTKSKWX [KWNUUMJ _ZRRKT MGGT \UWJKT% 8W _GR UV * SUSKTYKT GGTJGINY _OPT [UUW JK ZOYQUSXYKT [GT JK
QUXYKT[KWJKKOSKYNUJK%
4RX [UUWHKKRJ NUK JK HKMWUYOTM KT HOPHKNUWKTJK HOPJWGMKT VKW JKKRTKSKW [UUW )'(0 [GXYMKXYKRJ
\UWJKT2
g)K [KWMGJKWI^IRZX )'(/2 [GXYXYKRRKT HKMWUYOTM )'(0 UV HGXOX [GT GRRK VWUJZIYOKGGTYGRRKT KT HKWKQKTOTM VWUIKX \GGWJKWOTM [GT )'(.
c ;K [KWMGJKWI^IRZX )'(02 ;K HKMWUYOTMX\OP_OMOTM )'(0 GGTVGXXKT TGGW GGTRKOJOTM [GT JK JGT HKQKTJK VWUJZIYOKGGTYGRRKT )'(/ KT HKWKQKTOTM VWUIKX \GGWJKWKT U[KW )'(/
c ;K [KWMGJKWI^IRZX )')'1 [GXYXYKRRKT PGGWWKQKTOTM )'(0 UV HGXOX [GT JK \KWQKROPQK VWUJZIYOK GGTYGRRKT KT QUXYKT [GT NKY VWUIKX \GGWJKWKT U[KW )'(0
7GY HKYKQKTY JGY KW * [KWXINORRKTJK JKKRTKSKWXHOPJWGMKT _ZRRKT UTYXYGGT% 8KT [UUWRUVOMK [UUW JK HKMWUYOTM [GT GRRK JKKRTKSKWX# KKT Y\KKJK TGGW GGTVGXXOTM [GT JK TOKZ\K VWUJZIYOKGGTYGRRKT
!)'(/" KT KKT JKWJK TGGW GGTRKOJOTM [GT JK JKLOTOYOK[K VWUJZIYOKGGTYGRRKT !)'(0"# JK JKLOTOYOK[K PGGWWKQKTOTM"%
/*(0(1( 4(5(47(#8((456%1'57(402*(1
4RX 5C@5 _OIN [KWJKW HROPLY UTY\OQQKRKT YUY KKT WUHZZXYK# KLLOIOaTYK UWMGTOXGYOK JOK YKMKT _U RGGM SUMKROPQK SGGYXINGVVKROPQK QUXYKT \KWQY# \ORRKT KW SUMKROPQ SKKW JKKRTKSKWX SKK JUKT% 7K YUKYWKJOTM [GT KKT TOKZ\K JKKRTKSKW [WGGMY KKT OT[KXYKWOTM% 8KT WKXKW[K JOK NOKW[UUW QGT \UWJKT OTMK_KY# SGGQY NKY SUMKROPQ US VUYKTYOaRK YUKYWKJKWX KKWJKW U[KW JK XYWKKV YK YWKQQKT% ;T NKY 4RMKSKKT 5KXYZZW )/ PZTO )'(/ OX [GXYMKXYKRJ JGY KW KKT HKXYKSSOTMXWKXKW[K SGM \UWJKT OTMKWOINY# SKY GRX KTOMK KT ZTOKQK JUKR# NKY HOPJWGMKT OT JK YWGTXOYOKQUXYKT [GT KKT VUYKTYOaRK TOKZ\K JKKRTKSKW% 7GY HKYKQKTY JGY PGGWROPX _GR \UWJKT HKVGGRJ \KRQ HKJWGM _GR QZTTKT \UWJKT YUKMK[UKMJ GGT JK_K HKXYKSSOTMXWKXKW[K KT UUQ OTIOJKTYKKR _GR \UWJKT MKQKQKT \KRQ MKJKKRYK
[UUW \KRQK TOKZ\K VUYKTYOaRK JKKRTKSKW SGM \UWJKT OTMK_KY% 7K HK[UKMJNKOJ NOKW[UUW OX MKJKRKMKKWJ GGT NKY 7GMKROPQX 5KXYZZW%
5LDCIFGHC ?IPCNK?PFCRCK
?OKY [GT YUKVGXXOTM%
8FOFAL O
7K WOXOIU X _OPT# [UUW _U[KW [GT YUKVGXXOTM# [KW\UUWJ OT JK QGJKWTUYG%
6USSZTOIGYOK
:KY XYGTJVZTY [GT JK WGGJ _GR JUUW SOJJKR [GT KKT HWOKL QKTHGGW \UWJKT MKSGGQY GGT 5C@5%
=?P J?D ECP HLOPCK
7K OTJK]KWOTM [GT JK HOPJWGMK _GR SKKMKTUSKT \UWJKT HOP NKY UVXYKRRKT [GT JK HKMWUYOTM )')'%
-FGI?DC K!$PCN FKT?DC FKAI# ,9:"KN!
)'(0''*,,+ <GJKWTUYG )')' 5C@5 )'(0''00.' 5WOKL GGT 5C@5
O%7KKWROTGX3GXYKT%TR
