9--0:.1:4<3;
=COMOBCLGLE ?DS?JPQMDDCLFCDDGLE ECKCCLQC -PQCL #!#!
@VLMY^MYX0 5IO[MSMVQVO0 2OMVLIV\UUMY0
EMYWYLMVQVO IN]I:Z[WNNMVPMNNQVO OMUMMV[M2Z[MV (&(&
'& LMKMUJMY (&'/ '/$'($'&
5MYIIL ]IV LM OMUMMV[M2Z[MV1
OMTM`MV PM[]WWYZ[MT ]IV PM[KWTTMOM ]IV J\YOMUMMZ[MYMV ^M[PW\LMYZ ]IV '- WS[WJMY(&'/1 OMPWWYL PM[IL]QMZ]IV LM4WUUQZZQM2TOMUMVM GISMV MV 4WV[YWT ]IV (. VW]MUJMY(&'/1 OMTM[ WXIY[QSMT ((/" IIVPMN" MMYZ[M TQL" WVLMYLMTMVI MV J]IVLM 8MUMMV[M^M[MV
IY[QSMT '+$)) ]IV LM FM[UQTQM\JMPMMY1 JMZT\Q[0
]IZ[[M Z[MTTMV LMEMYWYLMVQVO IN]ITZ[WNNMVPMNNQVOOMUMMV[M 2Z[MV (&(&$
-OQGICJ " 0CDGLGQGCP
EWWY LM[WMXIZZQVO ]IV LM`M ]MYWYLMVQVO ^WYL[]MYZ[IIV WVLMY0
I$ KWV[IQVMY0 MMV ]IV^MOMLM OMUMMV[M \Q[OM`M[[M WXPIITJISUM[ MMV JMXIITL ]WT\UM1 J$ MUUMY0 MMV ]IV^MOM LM OMUMMV[M ]MYZ[YMS[MMUUMYUM[MMV JMXIITL]WT\UM1 K$ ON[#IN]IT0 OYWMV[M" NY\Q[# MV[\QVIN]IT1
L$ YMZ[IN]IT0 P\QZPW\LMTQRS IN]IT VQM[ `QRVLMON[#IN]IT1
M$ UQTQM\Z[YII[0 MMV OMUMMV[MTQRSQV`IUMTX\V[]WWYXIY[QK\TQMYMV ]IV IN]ITZ[WNNMV ]IV P\QZPW\LMVZ \Q[LMOMUMMV[M 2Z[MV$
-OQGICJ #-?OB S?LBC @CJ?PQGLE CL @CJ?PQ@??ODCGQ
'$ @VLMY LM VIIU IN]ITZ[WNNMVPMNNQVO ^WYL[ MMV LQYMK[M JMTIZ[QVO OMPM]MV ITZ JMLWMTL QV IY[QSMT '+0)) ]IV LM FM[UQTQM\JMPMMY$
($ 5MIN]ITZ[WNNMVPMNNQVO ITZ JMLWMTL QVLM`M ]MYWYLMVQVO MV LM LIIYJQR JMPWYMVLM [IYQM]MV[IJMT ^WYL[ VIIYIN`WVLMYTQRSM OYWVLZTIOMV OMPM]MV [MY`ISM ]IV PM[ OMJY\QS ]IV MMV XMYKMMT [MV IIV`QMV ^IIY]IV SYIKP[MVZIY[QSMT '&$(' MV '&$(( ]IV LMFM[
UQTQM\JMPMMYMMV]MYXTQKP[QVO [W[ PM[QV`IUMTMV ]IV P\QZPW\LMTQRSMIN]ITZ[WNNMV OMTL[$
-OQGICJ $ .CJ?PQGLENJGAFQ
'$ 5MIN]ITZ[WNNMVPMNNQVO ^WYL[ OMPM]MV ]IV LMOMVMLQM QVLM OMUMMV[MOMJY\QS UIIS[ ]IV MMV XMYKMMT[MV IIV`QMV ^IIY]IV QVOM]WTOMIY[QSMT '&$(' MV '&$(( ]IV LM FM[
UQTQM\JMPMMYMMV ]MYXTQKP[QVO[W[ PM[QV`IUMTMV ]IV P\QZPW\LMTQRSMIN]ITZ[WNNMV OMTL[$
($ EWWYLM [WMXIZZQVO]IV PM[ MMYZ[M TQL ^WYL[ ITZOMJY\QSMYIIVOMUMYS[0
I$ LMOMVM LQM VIIYLM WUZ[IVLQOPMLMV JMWWYLMMTL IT LIV VQM[ SYIKP[MVZMQOMVLWU"
JM`Q[ WNJMXMYS[ YMKP[WNXMYZWWVTQRSYMKP[OMJY\QS UIIS[]IV MMV XMYKMMT1 J$ QVOM]IT MMV OMLMMT[M]IV MMV XMYKMMT [MV OMJY\QSQZINOMZ[IIV0 LMOMVM LQMLI[
OMLMMT[M[MV OMJY\QSMV PMMN[INOMZ[IIV$
-OQGICJ % 5??QPQ?DS?L FCDDGLECL @CJ?PQGLEQ?OGCD
5MIN]ITZ[WNNMVPMNNQVO ^WYL[ OMPM]MV IIV LM PIVL ]IV MV VIIY LM UII[Z[I]MV MV LM [IYQM]MV WXOMVWUMV QV LM JQR LM`M]MYWYLMVQVO JMPWYMVLM [IYQM]MV[IJMT$
-OQGICJ & .CJ?PQGLEH??O
9M[ JMTIZ[QVORIIY QZOMTQRSIIV PM[ SITMVLMYRIIY$
-OQGICJ ' >GHUCS?L FCDDGLE
'$ 5M JMTIZ[QVO JMLWMTL QV PWWNLZ[\S ' ]IV LM [IYQM]MV[IJMT^WYL[ JQR ^MOM ]IV IIVZTIO OMPM]MV$
($ 5M JMTIZ[QVO JMLWMTL QV PWWNLZ[\S (]IV LM [IYQM]MV[IJMT^WYL[ OMPM]MV LWWYUQLLMT ]IV MMV UWVLMTQVOMLIV ^MT MMV ZKPYQN[MTQRSM SMVVQZOM]QVO$ 9M[OM]WYLMYLM JMLYIO ^WYL[
UWVLMTQVO" LIV ^MT LWWY[WM`MVLQVO WN\Q[YMQSQVO ]IV LMZKPYQN[MTQRSM SMVVQZOM]QVO IIV JMTIZ[QVOZKP\TLQOM JMSMVLOMUIIS[$
-OQGICJ( 7LQPQ??LS?L BC @CJ?PQGLEPAFRJB CL FCDDGLE L??OQGHBPECJ?LE
'$ 5M JMTIZ[QVO JMLWMTL QV PWWNLZ[\S ' ]IV LM[IYQM]MV[IJMT QZ]MYZKP\TLQOL JQR PM[ JMOQV ]IV PM[ JMTIZ[QVORIIY WN"`W LQ[TI[MY QZ" JQR LMIIV]IVO ]IV LM JMTIZ[QVOXTQKP[$
($ :VLQMV LM JMTIZ[QVOXTQKP[QV LM TWWX]IV PM[ JMTIZ[QVORIIYIIV]IVO[" QZLMJMTIZ[QVO ]MYZKP\TLQOL ]WWY`W]MMT [^IITNLMOMLMMT[MV ]IV LM]WWY LI[RIIY]MYZKP\TLQOLM JMTIZ[QVO ITZ MY QVLI[RIIY" VI LM IIV]IVO ]IV LM JMTIZ[QVOXTQKP[ VWO ]WTTM SITMVLMYUIIVLMV W]MYJTQR]MV$
)$ :VLQMV LM JMTIZ[QVOXTQKP[QV LM TWWX]IV PM[JMTIZ[QVORIIY MQVLQO[" JMZ[II[ IIVZXYIIS WX WV[PMNNQVO ]WWY`W]MMT[^IITNLM OMLMMT[MV ]IV LM ]WWYLI[RIIY]MYZKP\TLQOLM JMTIZ[QVO ITZ MY QVLI[RIIY" VI PM[MQVLM]IV LM JMTIZ[QVOXTQKP[" VWO ]WTTM
SITMVLMYUIIVLMV W]MYJTQR]MV$
*$ 9M[[^MMLM MV PM[LMYLM TQL `QRV VQM[]IV[WMXIZZQVO QVLQMV LM JMTIZ[QVOXTQKP[QOM JQVVMV LMOMUMMV[M ]MYP\QZ[MV ITLIIY]IV MMV IVLMY XMYKMMT OMJY\QSUIIS[$
+$ 5M JMTIZ[QVO JMLWMTL QV PWWNLZ[\S (]IV LM[IYQM]MV[IJMT QZ]MYZKP\TLQOL JQR LM IIV]IVO ]IV LM LQMVZ[]MYTMVQVO$
-OQGICJ );COKGHLCL S?L @CQ?JGLE
'$ :V IN^QRSQVO ]IV IY[QSMT /" MMYZ[M TQL" ]IV LM:V]WYLMYQVOZ^M[ '//& UWM[ MV! LM
IIVZTIO MV! ^WYLMV JM[IITL QV[^MM OMTQRSM[MYUQRVMV ^IIY]IV LMMMYZ[M[MYUQRV ]MY]IT[
WX LM TII[Z[MLIO ]IV LM UIIVL ]WTOMVL WXLM UIIVL LQM QV LM LIO[MSMVQVO ]IV PM[
IIVZTIOJQTRM[ QZ ]MYUMTLMV LM[^MMLM[^MM UIIVLMV TI[MY$
($ :VIN^QRSQVO ]IV PM[MMYZ[M TQL UWM[MV" QVLQMV MMV UIKP[QOQVO ]WWYI\[WUI[QZKPM QVKIZZW QZINOMOM]MV MV `WTIVO LM]MYZKP\TLQOLM JMLYIOMV ]QI I\[WUI[QZKPM QVKIZZW S\VVMV
^WYLMV INOMZKPYM]MV" LM IIVZTIO MV! MV LMJMZ[\\YTQRSM JWM[M Z! ^WYLMV JM[IITL QV[QMV OMTQRSMUIIVLMTQRSZM[MYUQRVMV ^IIY]IV LM MMYZ[M]MY]IT[ WXLM TII[Z[M LIO ]IV LM UIIVL ]WTOMVL WXLQM]IV LM LIO[MSMVQVO ]IV PM[ IIVZTIOJQTRM[MV LM ]WTOMVLM [MYUQRVMV[MTSMVZ MMV UIIVL TI[MY$
)$ :V IN^QRSQVO]IV PM[[^MMLM TQL QZ JM[ITQVO ]QI I\[WUI[QZKPM QVKIZZW ITTMMV UWOMTQRS ]WWY
`W]MY PM[ [W[IITJMLYIO ]IVLM WX aaV IIVZTIOJQTRM[ ]MYMVQOLM JMTIZ[QVOIIVZTIOMV MV JMZ[\\YTQRSM JWM[MZ UQVLMYQZ LIVe +$&&&"&&$
*$ 5M IN]ITZ[WNNMVPMNNQVO UWM[ ^WYLMV JM[IITL QVOM]IT LM SMVVQZOM]QVO ITZ JMLWMTL QV IY[QSMT ," [^MMLM TQL0
I$ UWVLMTQVO ^WYL[ OMLIIV" WX PM[UWUMV[ ]IV PM[LWMV ]IV LM SMVVQZOM]QVO1 J$ ZKPYQN[MTQRS^WYL[ OMLIIV" WX PM[ UWUMV[]IV \Q[YMQSMV ]IV LM SMVVQZOM]QVO ]IV
LM SMVVQZOM]QVO$
+$ 5M2TOMUMVM DMYUQRVMV^M[ QZVQM[ ]IV [WMXIZZQVO WXLM QV LM]WWYOIIVLM TMLMV OMZ[MTLM [MYUQRVMV$
-OQGICJ * 6?BCOC OCECJPBMMO FCQ 0?ECJGHIP.CPQRRO
9M[ 5IOMTQRSZ 3MZ[\\Y]IV LM 3MTIZ[QVOZIUMV^MYSQVO@WZ[#3YIJIV[ SIV VILMYMYMOMTZ OM]MV UM[ JM[YMSSQVO [W[ LM PMNNQVO MV LM QV]WYLMYQVO]IV LM IN]ITZ[WNNMVPMNNQVO$
-OQGICJ "!3LTCOIGLEQOCBGLE
'$ 5MEMYWYLMVQVO 2N]ITZ[WNNMVPMNNQVO OMUMMV[M2Z[MV (&'/]IV '' LMKMUJMY (&'. ^WYL[
QVOM[YWSSMV UM[ QVOIVO ]IV LMQV PM[LMYLM TQL OMVWMULM LI[\U ]IV QVOIVO]IV LM PMNNQVO" UM[ LQMV]MYZ[IVLM LI[`QR]IV [WMXIZZQVO JTQRN[WX LM JMTIZ[JIYMNMQ[MVLQM `QKP ]WWY LQMLI[\U PMJJMV]WWYOMLIIV$
($ 5M`M]MYWYLMVQVO [YMML[QV^MYSQVO UM[QVOIVO ]IV LM MMYZ[MLIO VI LQM ]IV LM JMSMVLUISQVO$
)$ 5M LI[\U ]IV QVOIVO ]IV PMNNQVO QZ 'RIV\IYQ (&(&$
*$ 5M`M ]MYWYLMVQVO SIV ^WYLMV IIVOMPIITL ITZ EMYWYLMVQVOIN]ITZ[WNNMVPMNNQVO OMUMMV[M 2Z[MV (&(& $
2TL\Z ]IZ[OMZ[MTL QV LM WXMVJIYM]MYOILMYQVO ]IV LMYIIL ]IV LM OMUMMV[M 2Z[MV ]IV '& LMKMUJMY(&'/$
5MYIIL ]WWYVWMUL$
OYINNQMY$
YRV $ [2>$E;$ ]IV 6YX#CWVVMUIVZ
]WWY`Q[[MY"
UY$ 9$8$ EWZ
;?OGCSCLQ?@CJ
@CFMOCLBC @GH BC =COMOBCLGLE ?DS?JPQMDDCLFCDDGLE ECKCCLQC -PQCL #!#!
2TOMUMMV
5M JMLYIOMV QV LM`M[IJMT`QRV QVKT\ZQMNWU`M[JMTIZ[QVO QVLQMV LM`M]MYZKP\TLQOL QZ$
9WWNLZ[\S '
>II[Z[I]MV MV [IYQM]MV ]WWYPM[ XMYQWLQMS QV`IUMTMV ]IV P\QZPW\LMTQRSM IN]ITZ[WNNMV '$' 5M JMTIZ[QVO JMLYIIO[ XMYXMYKMMT XMYJMTIZ[QVORIIY e ,.",*
'$( @V]MYUQVLMYL PM[JMXIITLM QV '$'$ JMLYIIO[ LMJMTIZ[QVO]WWYPM[
WX IIV]YIIO WU^QZZMTMV ]IV MMV UQVQKWV[IQVMYWNPM[]MYZ[YMSSMV ]IV MMV M_[YI UQVQKWV[IQVMY" XMYUQVQKWV[IQVMY
e '/"&&
:VLQMV PM[WU^QZZMTMV]IV MMV UQVQKWV[IQVMY^WYL[ IIVOM]YIIOL JQVVMV [^MM UIIVLMV" VILI[MMV VQM\^MOMJY\QSMYZ[II[
OMYMOQZ[YMMYL JQR MMV XMYKMMT" LIV ^WYL[ LQ[ JMLYIO VQM[QV YMSMVQVO OMJYIKP[
'$) @V]MYUQVLMYL PM[JMXIITLM QV '$'$ MV '$($ JMLYIIO[ LM JMTIZ[QVO XMY IIVJQMLQVO ]IV
'$)$' MMV KWV[IQVMY]IV '*& TQ[MYJMZ[MUL ]WWYYMZ[IN]IT e ''",(
'$)$( MMV KWV[IQVMY]IV '*& TQ[MYJMZ[MUL ]WWY87D#IN]IT e &"&&
'$)$) MMV MUUMY]IV *&TQ[MYJMZ[MUL ]WWYYMZ[IN]IT e ,"&.
'$)$* MMV MUUMY]IV (+ TQ[MYJMZ[MUL ]WWY87D#IN]IT e&"&&
'$* 9M[QV OM]IT ]IV ]MYTQMZ WNQV WVOMYMLMOMYISMV ]IV MMV XIZRM ]WWY LM UQTQM\Z[YII[JMLYIIO[ PM[[IYQMN]WWYLMIIV]YIIO ]IV MMV VQM\^ XIZRM
e,"&&
9WWNLZ[\S (
>II[Z[I]MV MV W]MYQOM [IYQM]MV IN]ITZ[WNNMVPMNNQVO
($' @V]MYUQVLMYL PM[ JMXIITLM QV PWWNLZ[\S '$ JMLYIIO[ LM JMTIZ[QVO ]WWY PM[ WX IIV]YIIO QV`IUMTMV]IV OYW]M P\QZPW\LMTQRSM
IN]ITZ[WNNMV
($'$' EWWYLM MMYZ[M S\JQMSM UM[MY XMYIIV]YIIO e -&"&&
($'$( 6TSM ]WTOMVLM S\JQMSM UM[MY XMYIIV]YIIO e (("&&
($( @V]MYUQVLMYL PM[ JMXIITLM QV PM[ PQMY]WWYOIIVLM JMLYIIO[LM JMTIZ[QVO ]WWYPM[ IIVJQMLMV ]IV P\QZPW\LMTQRSMIN]ITZ[WNNMV" WX MMV LIIY[WM ]IV OMUMMV[M^MOM[MYJMZKPQSSQVO OMZ[MTLM XTII[Z0
8MMOQQ?OGCSCL 5GJGCRPQO??Q
/?QCEMOGC" /?QCEMOGC# /?QCEMOGC$ /?QCEMOGC%
FQ[#MVJY\QVOWML0 SWMTSIZ[MV" LQMX]YQM`MYZ"
[MTM]QZQMM$L$
<ILI]MYZ]IVSTMQVM P\QZLQMYMV
2ZJMZ[)+U(
2NOM^MYS[MUW[WYWTQM UI_$ '&TQ[MY!
BM[W\YOTIZ NTMZZMV M$L$!
ETISOTIZ AIXQMYMVSIY[WV DM_[QMT
<YQVOTWWXOWMLMYMV 7MYYWMVVWVNMYYW UI[MYQITMV
=\QMYZ
<TMQV4PMUQZKP2N]IT ATIZ[QK]MYXISSQVOMV FQ[ZKPWWV[MUXM_
7YQ[\\Y]M[MVWTQM 2\[WJIVLMV`WVLMY]MTO UI_$ +Z[\SZ!
5YIVSMVSIY[WVZ 8IZNTMZZMV
9IYLMS\VZ[Z[WNNMVHHHHHH
3TILMVOYIZ CVWMQPW\[MV OYWN[\QVIN]IT
8YWNP\QZPW\LMTQRS YMZ[IN]IT
2%3%4PW\[
CKPWWVX\QV 8QXZX\QV
8MUMVOLJW\^#MV ZTWWXIN]IT
5ISTMMY ETWMYJMLMSSQVO
?QM[KPMUQZKP ]MYWV[YMQVQOMVLM OYWVL
;?OGCD! ,EO?QGP ;?OGCD ",/& !! ;?OGCD # ,W## !!KV ;?OGCD$,/&! !!K'
2RGPSRGJ+
5?QO?P *!AK@OCCB 5?QO?P @OCBCOB?L*!AK
/ & !!NCOU?I / & !!NCOPQRI /"! !!NCOPQRI
3MPWYMVLM JQR YIILZJMZT\Q[ ]IV '& LMKMUJMY (&'/$
[MVL"
bMY"
)$F$ ]IV 6YX#CWVVMUIVZ
