/WNVK%QOC2NCVHQTOHQTVJG&GUKIP CPFVJG'XCNWCVKQPQH+PVGTCEVKXG5[UVGOU
#RRNKECVKQPVQ4GUKFGPVKCN)CVGYC[U CPF*QOG5GTXKEGU ,GCP%CGNGPL'XGN[PG/KNNKGP
GTPUGP =? ENCKOU +V KU C YGNNTGEQIPKUGF HCEV VJCV VJG RTQFWEVKQP QH C PGY UQHVYCTG GPIKPGGTKPI VQQN QT OGVJQF KU FKHHKEWNV CPF VKOG EQPUWOKPI 6JG FKHHKEWNVKGU NKG PQV QPN[ KP VJG KPKVKCN EQPEGRVKQP QH HQT KPUVCPEG C PGY VQQN QT KP VQQN FTCHVKPI CPF GCTN[ KPJQWUG VGUVKPI 'XGP KH VJGUG UVCIGU [KGNF GPEQWTCIKPI TGUWNVU VJGTG KU C NQPI YC[ VQ IQ DGHQTG VJG VQQN ECP UVCPF QP KVU QYP CPF DG WUGF CU CP KPVGITCN RCTV QH DGUV RTCEVKEG KP VJG HKGNF 1PG EGPVTCN TGCUQP YJ[ VJKU KU VJG ECUG KU VJG RTQDNGO QH IGPGTCNKUCVKQP # VQQN YJKEJ QPN[ YQTMU QT KU QPN[ MPQYP VQ YQTM QP C UKPING U[UVGO KP C JKIJN[ TGUVTKEVGF FQOCKP QH CRRNKECVKQP QT KP URGEKCN EKTEWOUVCPEGU KU QH NKVVNG KPVGTGUV VQ QVJGT FGXGNQRGTU +PJQWUG VGUVKPI YKNN KPGXKVCDN[ DG OCFG QP C NKOKVGF PWODGT QH U[UVGOU CPF CRRNKECVKQP FQOCKPU CPF QHVGP KU UWDLGEV VQ QVJGT NKOKVCVKQPU QH UEQRG CU YGNN 6Q CEJKGXG CPF FGOQPUVTCVG CP CEEGRVCDNG FGITGG QH IGPGTCNKV[ VJG VQQN OWUV DG KVGTCVKXGN[
FGXGNQRGF CPF VGUVGF QP U[UVGOU CPF CRRNKECVKQP FQOCKPU CPF KP EKTEWOUVCPEGU VJCV CTG UKIPKHKECPVN[ FKHHGTGPV HTQO VJQUG CXCKNCDNG KPJQWUG
#EJKGXGOGPV QH IGPGTCNKV[ VJGTGHQTG TGSWKTGU CEEGUU VQ QVJGT U[UVGOU EQTRQTC CPFQT FGXGNQROGPV RTQEGUUGU 5WEJ CEEGUU KU PQVQTKQWUN[ FKHHKEWNV VQ QDVCKP HQT UGXGTCN TGCUQPU KPENWFKPI EQOOGTEKCN EQPHKFGPVKCNKV[
RTQVGEVKQP QH KPJQWUG MPQYJQY CPF RTQVGEVKQP QH FGXGNQRGTU VKOG # UGEQPF TGCUQP YJ[ UQHVYCTG GPIKPGGTKPI VQQN QT OGVJQF FGXGNQROGPV KU
$
1DLGVU EQOOWPKECPVU .%0 Pu
FKHHKEWNV CPF VKOG EQPUWOKPI KU VJG RTQDNGO QH QDLGEVKXKV[ +V KU PQV UWHHKEKGPV VJCV UQOG OGVJQF QT VQQN JCU DGGP VTCKNGF QP OCP[ FKHHGTGPV ECUGU CPF KP YKFGN[ FKHHGTGPV EQPFKVKQPU +V OWUV CNUQ JCXG DGGP UJQYP VJCV FKHHGTGPV FGXGNQRGTU CTG CDNG VQ WUG VJG PGY OGVJQF QT VQQN YKVJ CRRTQZKOCVGN[ VJG UCOG TGUWNV QP VJG UCOG EQTRWU U[UVGO QT FGXGNQROGPV RTQEGUU 6JG DGPGHKVU HTQO WUKPI C PGY VQQN QT OGVJQF UJQWNF CVVCEJ VQ VJCV VQQN QT OGVJQF TCVJGT VJCP VQ KVU QTKIKPCVQTU
5KPEG OCP[ [GCTU VJG FGUKIPGTU QH KPVGTCEVKXG U[UVGOU PGGF VQQNU CPF OGVJQFU HQT VJG FGUKIP CPF VJG GXCNWCVKQP 6JKU RQKPV KU ETWEKCN KP VJG KPFWUVTKCN EQPVGZV YJGTG VJG EQPUVTCKPVU CTG JCTF VQ UCVKUH[ FWG VQ VJG XCTKGV[ QH TGUQWTEGU VQ EQNNGEV KP VJG CTGC QH JWOCP HCEVQTU GTIQPQOKEU CPF UQEKQNQI[
6JG CECFGOKE TGUGCTEJ VGCOU CTG UQWIJV HTGSWGPVN[ D[ VJG KPFWUVT[ HQT UVWFKGU QP VJG WUGT PGGFU CPF QP VJG U[UVGO GXCNWCVKQP YKVJ WUGTU +V KU KORQTVCPV VQ PQVKEG VJKU TGEGPV GXQNWVKQP KP VJG RCUV VJG GXCNWCVKQP YCU FQPG CV VJG GPF QH VJG FGXGNQROGPV E[ENG PQY VJG WUCDKNKV[ CEVKXKVKGU CTG TGCNKUGF EQPVKPWQWUN[ FWTKPI VJG NKHGE[ENG QH VJG U[UVGO 5Q VJG KPFWUVT[
CUMU VQ CECFGOKE VGCOU CDQWV PGY UGTXKEGU QT EQORGVGPEKGU CU FGUKIP UVWFKGU CPF WUCDKNKV[ UVWFKGU
+V YQWNF DG OQTG DGPGHKEKCN VQ ETGCVG C EQOOQP RNCVHQTO HQT DQVJ RCTVPGTU =? 6JG RNCVHQTO YQWNF DG FGHKPGF CU C UGTXKEG EGPVTG FGXQVGF VQ VJG GZRGTKOGPVCVKQP 6JG CECFGOKE QT KPFWUVTKCN KPUVKVWVKQPU DGKPI ENKGPVU QH VJKU UGTXKEG EGPVTG $CUGF QP VJKU FGHKPKVKQP VJG RNCVHQTO OWUV KPENWFG C EQORNGVG WUCDKNKV[ NCD C UGV QH QDUGTXCVKQP TQQOU CPF UQOG VQQNU HQT ECRVWTKPI CPF CPCN[UKPI VJG WUGT DGJCXKQWT
6JG GPXKUKQPGF KPFWUVTKCN DGPGHKVU QH VJKU RNCVHQTO CTG
L 2TQITGUU VQYCTFU VJG KPVGITCVKQP QH U[UVGOU DGUV RTCEVKEG KPVQ UQHVYCTG GPIKPGGTKPI
L +ORTQXGF HGCUKDKNKV[ CUUWTCPEG QH FGXGNQROGPV RTQLGEVU TKUM OKPKOKUCVKQP CPF OQTG GZCEV HGCUKDKNKV[ CUUGUUOGPV
L +ORTQXGF RTQEGFWTGU OGVJQFU EQPEGRVU CPF UQHVYCTG VQQNU
L 4GFWEGF FGXGNQROGPV EQUVU CPF VKOG KORTQXGF OCKPVGPCPEG CPF TGWUCDKNKV[
L +ORTQXGF RTQFWEV SWCNKV[ CPF KPETGCUGF HNGZKDKNKV[ CPF CFCRVCDKNKV[
L 2TQITGUU VQYCTFU VJG GUVCDNKUJOGPV QH UQHVYCTG GPIKPGGTKPI UVCPFCTFU L +ORTQXGF IWCTCPVGGU VQ GPFWUGTU VJCV C RTQFWEV JCU DGGP FGXGNQRGF HQNNQYKPI DGUV UQHVYCTG CPF EQIPKVKXG GPIKPGGTKPI RTCEVKEG 'PCDNKPI GPF WUGTU VQ QDLGEVKXGN[ CUUGUU FKHHGTGPV U[UVGOU CPF EQORQPGPVU VGEJPQNQIKGU
L
L L
L L L
L
! "#$ %$" "& % "
' ( !
( (
L ' ' (
) (
L * L &
L ' '(
L + ' '
'(
,- #'. ' , . #$
!
'( ! '
6JG RNCVHQTO RTQXKFGU CP CNNKPENWUKXG WUCDKNKV[ GXCNWCVKQP GPXKTQPOGPV
=? +V EQPUKUVU QH C UGV QH VQQNU FGUKIPGF VQ HCEKNKVCVG CPF CEEGNGTCVG VJG WUCDKNKV[ GXCNWCVKQP RTQEGUU 6JG VQQNU UWRRQTV VJG WUCDKNKV[ URGEKCNKUV D[
CWVQOCVKPI C IQQF RCTV QH VJG TGEQTFKPI CPF CPCN[UKU YQTM 6JG VQQNU EQPUKUV QH
L .QIIKPI VQQNU VQ TGEQTF JWOCPEQORWVGT KPVGTCEVKQP 6JGUG VQQNU TCPIG HTQO GXGPV NQIIKPI VQ XKFGQ TGEQTFKPI 9JGP OWNVKRNG TGEQTFKPI UVTGCOU CTG WUGFVJG[ CTG CWVQOCVKECNN[ U[PEJTQPKUGF DCUGF QP VJGKT VKOGUVCORU
L #PCN[UKU VQQNU VQ CPCN[UG VJG TGEQTFGF KPVGTCEVKQP 6JGUG VQQNU IQ DG[QPF VJG VTCFKVKQPCN UVCVKUVKECN CPCN[UKU D[ NQQMKPI CV WUCDKNKV[ GXCNWCVKQP PGGFU CPF KORNGOGPVKPI DQVJ VTCFKVKQPCN CPF KPPQXCVKXG WUCDKNKV[ OGVTKEU
L 8KUWCNKUCVKQP VQQNU VQ FKURNC[ VJG TGUWNVU QH VJG NQIU CPF QH VJG CPCN[UKU KP CFGSWCVG HQTOU 1WT XKUWCNKUCVKQP VQQNU KPENWFG VQQNU VQ FKURNC[ CPCN[UKU TGUWNVU KP EQPVGZVWCN HQTOUCPF VQQNU VQ EQODKPG CPF U[PEJTQPKUG XCTKQWU UGVU QH TGUWNVU CPF NQIU VQ TGRNC[ QT CUUKUV VJG CPCN[UKU QH WUCDKNKV[ UGUUKQPU
6JG RNCVHQTO KU TWPPKPI WPFGT /KETQUQHV 9KPFQYU CPF : 9KPFQYU U[UVGOU #NVJQWIJ PQV GXGT[ VQQN KU CXCKNCDNG HQT GXGT[ U[UVGOVJG VQQNU GZEJCPIG FCVC KP VJG UCOG HQTOCV 6JGTGHQTG[QW EQWNFHQT GZCORNGTGEQTF C UGUUKQP QP C /CEKPVQUJCPCN[UG KV QP C 7PKZ U[UVGOCPF XKGY VJG TGUWNVU QP C 2% TWPPKPI 9KPFQYU 1WT EWTTGPV FGXGNQROGPV GHHQTV EQPEGPVTCVGU QP VJG /KETQUQHV 9KPFQYU U[UVGOKP TGURQPUG VQ QWT KPFWUVTKCN RCTVPGTU TGSWGUV
/WNVK%QO KU DGKPI FGXGNQRGF D[ WPKXGTUKV[ TGUGCTEJGTU KP C TGUGCTEJ GPXKTQPOGPV 9G NKUVGP VQ QWT EQTRQTCVG RCTVPGTU VQ CUUGUU VJGKT PGGFUCPF VJGP QWT VGCO QH UEKGPVKUVU HCEWNV[ CPF ITCFWCVG UVWFGPVU FGXGNQR CPF XCNKFCVG PGY OGVJQFU CPF VQQNU VQ RTQXKFG QTKIKPCN UQNWVKQPU HQT QWT RCTVPGTU +V U C YKPYKP EQODKPCVKQP VJG KPFWUVTKCN RCTVPGTU IGV NGCFKPI GFIG VQQNU CPF OGVJQFU HQT WUCDKNKV[CPF QWT HCEWNV[ CPF UVWFGPVU RWTUWG VJGKT TGUGCTEJ KPVGTGUVU
/GVJQFQNQI[
!"
#
L
L $ %&
L
Q'R ( )" *
#
L L $ + ,+ %&
L
L
6JG FGUKIP E[ENG
! "
1DLGVU EQOOWPKECPVU .%0 Pu
! "
# $ % &
#
% &
& %#
$ '
%
" (
) ( % % !
( )
* + &
, * - .
/ ( 0 + % 1 *
2 ( .
3 &
' $
&
& # &
$ " )
/WNVK%QO & ( 0 & 1
.) % &
& .)
-+7/
6JKU UVWF[ KU VCMKPI RNCEG CV C XGT[ GCTN[ UVCIG QH CP 'WTQRGCP RTQLGEV KP VJG FQOCKP QH 4GUKFGPVKCN )CVGYC[U 4) CPF *QOG 5GTXKEGU *5 6JG TGUKFGPVKCN ICVGYC[ KU C PGVYQTMKPI FGXKEG KPEQTRQTCVKPI C UGV QH VGEJPKECN HWPEVKQPU +V RTQXKFGU EQPPGEVKXKV[ DGVYGGP FKHHGTGPV JQOG FGXKEGU GPCDNKPI VJGO VQ KPVGTCEV YKVJ QPG CPQVJGT CU YGNN CU EQPPGEVKXKV[ DGVYGGP KPVGTPCN JQOG PGVYQTMU CPF GZVGTPCN PGVYQTMU 6JTQWIJ 4) C YKFG UGV QH EQOOWPKECVKQP DCUGF *QOG 5GTXKEGU ECP DG FGNKXGTGF KPVQ VJG JQOG D[
UGTXKEG RTQXKFGTU
6JG 'WTQRGCP 5+4.#0 5GEWTGF +PHTCUVTWEVWTG HQT %QOOGTEKCN CPF 4GUKFGPVKCN .QECN #TGC 0GVYQTM RTQLGEV CKOU VQ ETGCVG C 6QQNMKV 2NCVHQTO HQT VJG FGXGNQROGPV QH 4) CPF *5 KP C UGEWTGF EQOOWPKECVKQP KPHTCUVTWEVWTG
'ZCORNGU QH *QOG 5GTXKEGU KPENWFG *QOG UGEWTKV[ JQOG OGFKECN ECTG CRRNKCPEG OQPKVQTKPI GPGTI[ OCPCIGOGPV JQOG CWVQOCVKQP CPF EQPVTQN JQOG PGVYQTMKPI +PVGTPGV CEEGUU UJCTKPI TGUQWTEG UJCTKPI GPVGTVCKPOGPV 8KFGQ#WFKQ EQPXGTIGPEG TGCNVKOG OWNVKRNC[GT KPVGTCEVKQPICOKPI EQOOWPKECVKQP OWNVKRNG RJQPG NKPGU OGUUCIKPI TGOQVG OQPKVQTKPI GVE
6JG OCTMGV QH 4) KU C ITQYKPI OCTMGV YGTG KPFWUVTKCN GHHQTVU CTG KPVGPUKH[KPI CNN QXGT VJG YQTNF 7R VQ PQY GHHQTVU YGTG NCTIGN[ FKTGEVGF VQYCTFU VGEJPKECN EJCNNGPIGU DWV NKVVNG YQTM JCU DGGP TGRQTVGF QP WPFGTUVCPFKPI WUGT PGGFU CPF DGJCXKQT KP VGTOU QH VCUMU CPF EQTTGURQPFKPI 7+VQ UWRRQTV VJGUG VCUMU
1DLGVU EQOOWPKECPVU .%0 Pu
1DLGEVKXGU
6JKU UVWF[ CKOU VQ DGVVGT WPFGTUVCPF HWVWTG WUGT GZRGEVCVKQPU 9G RTQRQUGF VQ
L KFGPVKH[ VJG RCTVKEWNCT CURGEVU QH VJG 4) CPF *5 EQPVGZV VJCV OC[
KPHNWGPEG VJG WUGT KPVGTHCEG FGUKIP
L KFGPVKH[ VJG OCKP VCUMU VJCV WUGTU OC[ GZGEWVG YJKNG WUKPI UGTXKEGU L KFGPVKH[ VJG UVTGPIVJU CPF YGCMPGUUGU QH RQVGPVKCNN[ KPVGTGUVKPI KPVGTCEVKQP FGXKEGU CICKPUV VJGUG VCUMU
6JG WNVKOCVG IQCN KU VQ RTQXKFG VJG GPIKPGGTU QH VJG RTQLGEV YKVJ UQOG FKTGEVKQPU EQPEGTPKPI VJG FGUKIP QH VJG HWVWTG 4) WUGT KPVGTHCEGU CPF VQ RQKPV QWV VJG CURGEVU HQT YJKEJ OQTG KPXGUVKICVKQP KU PGGFGF KP VJG HQNNQYKPI UVGRU QH VJG RTQLGEV
/GVJQF
9G CFQRVGF CP GZRNQTCVQT[ CRRTQCEJ KP YJKEJ YG ETGCVGF C UKOWNCVGF GPXKTQPOGPV CU ENQUG CU RQUUKDNG VQ C TGUKFGPVKCN GPXKTQPOGPV CPF CUMGF UQOG UWDLGEVU VQ KPVGTCEV YKVJ VJKU GPXKTQPOGPV D[ GZGEWVKPI UEGPCTKQU EQXGTKPI FKHHGTGPV *5
(KTUV YG HQTOWNCVGF UQOG J[RQVJGUGU EQPEGTPKPI RQVGPVKCNN[ KPVGTGUVKPI UGTXKEGU V[RKECN EQPVGZVU QH WUG WUGT VCUMU CPF KPVGTCEVKQP UV[NGU CPF FGXKEGU VJCV DGUV UWRRQTV VJGUG VCUMU 1WT J[RQVJGUKU YGTG DCUGF QP KPHQTOCVKQP EQNNGEVGF HTQO DTCKPUVQTOKPI UGUUKQPU YKVJ TGRTGUGPVCVKXGU HTQO HQNNQYKPI ITQWRUWUCDKNKV[ CPF OCTMGVKPI URGEKCNKUVU UQEKQNQIKUVU RTQLGEV GPIKPGGTU CPF WUGTU CU YGNN CU GZVGTPCN UQWTEGU
L 2TGXKQWU TGUGCTEJ YQTM ECTTKGF QWV KP VJG GCTN[ PKPGVKGU CTQWPF UEJGFWNKPI JQOG FGXKEGU 1PG TGCNK\GF D[ *%+ .CD CV 7PKXGTUKV[ QH /CT[NCPF =? CPF QPG TGCNK\GF CV +04+# =?
L 5VWFKGU CDQWV VJG KPVGITCVKQP QH PGY FGXKEGU KPVQ VJG JQWUG HQT GZCORNG KP VJG EQPVGZV QH VJG KPVGTCEVKXG 68 CPF 9GD 68 =?[] CPF CDQWV 9GD 6CDNGV =?
L 5QEKQNQIKECN UVWF[ =? PGYUITQWRU OCTMGVKPI TGRQTVU
6JGUG J[RQVJGUGU QTKGPVGF VJG GNCDQTCVKQP QH VJG GZRGTKOGPVCN GPXKTQPOGPV
9G UGNGEVGF UQOG TGRTGUGPVCVKXG UGTXKEGUJQOG UGEWTKV[ TGOQVG XKFGQ UWTXGKNNCPEG JQOG CWVQOCVKQP CPF EQPVTQN TGOQVG OCKPVGPCPEG QH JQOG
GSWKROGPV YGD KPHQTOCVKQP CUUKUVCPV GPVGTVCKPOGPV JQOG CUUKUVCPV CIGPFC CPF OGUUCIG OCPCIGOGPV ITQEGT[ NKUV GVE
9G UWRRQUGF VJCV PQ KPVGTCEVKQP FGXKEG EQWNF CRRTQRTKCVGN[ UWRRQTV CNN WUGT VCUMU CPF EQPVGZVU QH WUG CPF VJCV KP EQPUGSWGPEG UGXGTCN FGXKEGU YQWNF DG PGEGUUCT[ VQ EQPUVKVWVG VJG 7+ VQ VJG 4) 9G EJQQUG VJGUG FGXKEGU VQ EQXGT FKHHGTGPV KPVGTCEVKQP UV[NGU CPF FKHHGTGPV EQORNGZKV[ NGXGNU QH KPVGTCEVKQP CPF VQ DG GCUKN[ KPVGITCVGF KP VJG JQOG GPXKTQPOGPV
#OQPI CNN RQUUKDNG WUGT VCUMU YG KFGPVKHKGF VJG QPGU DGKPI EQOOQP VQ CNN UGTXKEGUUGNGEVKPI CPF UWDUETKDKPI VQ C UGTXKEG HQNNQYWR ECPEGN C UGTXKEG RC[OGPV GVE 9G OCFG VJG J[RQVJGUKU VJCV VJGUG VCUMU EQWNF DG TGCNK\GF VJTQWIJ C WPKSWG 7+ CPF YG GNCDQTCVGF C QIGPGTKE VCUMR OQFGN VQ UGTXG CU VJG DCUKU HQT VJG FGUKIP QH VJKU 7+ VJKU OQFGN JCXKPI VQ DG XCNKFCVGF D[ VJG GZRGTKOGPV
9G VJGP DWKNV CP GZRGTKOGPVCN RNCVHQTO CU TGCNKUVKE CU RQUUKDNG YJKEJ YQWNF UGTXG VQ XCNKFCVG VJG RTGXKQWUN[ GPQWPEGF J[RQVJGUKU CPF VQ EQNNGEV PGY KPHQTOCVKQP VJTQWIJ GZRNQTCVKQP QH UGTXKEGU YKVJ WUGTU 9G RTQEGGFGF CEEQTFKPI VQ VJG HQNNQYKPI UVGRU
L 9TKVG UEGPCTKQU EQXGTKPI VJG WUG QH VJG UGNGEVGF UGTXKEGU KP FKHHGTGPV EQPVGZVU KPUKFG VJG JQWUG CPF HTQO QWVUKFG VJTQWIJ +PVGTPGV QT VGNGRJQPG
L 5GNGEV UWKVCDNG KPVGTCEVKQP FGXKEGU CXCKNCDNG QP VJG OCTMGV 6JG TGUWNVKPI UGV KPENWFGUYCNN OQWPVGF DWVVQP MG[RCFU C R VQWEJ UETGGP RQUUKDN[
YCNN OQWPVGF C TGOQVG R VQWEJ RCF C UOCTV ECTF TGCFGT C OKETQRJQPG CPF UKOWNCVKQP QH URGGEJ TGEQIPKVKQP C VGNGRJQPG C 68 UETGGP NQWFURGCMGTU # UVCPFCTF QUETGGP OQWUG MG[DQCTFR KPVGTHCEG UKOWNCVKPI QHHKEG EQPVGZV CPF C RGTUQPCN VGNGRJQPG YGTG WUGF HQT FKUVCPV KPVGTCEVKQP
L &GUKIP FKHHGTGPV OQEMWRU UWRRQTVKPI VJG CPVKEKRCVGF WUGT VCUMU CPF EQPVGZVU QH WUG VJTQWIJ XCTKQWU FGXKEGU (QT GZCORNG QPG YCU FGFKECVGF VQ UWDUETKRVKQP CPF RC[OGPV QH UQOG UGTXKEGU TGOQVG XKFGQ UWTXGKNNCPEG YGD KPHQTOCVKQP CPF GPVGTVCKPOGPV 1PG UGTXGF HQT UGEWTKV[ CPF JQOG CUUKUVCPEG UGTXKEGU QVJGTU HQT JQOG CWVQOCVKQP CPF EQPVTQN VJTQWIJ VQWEJ UETGGP CPF VJTQWIJ TGOQVG EQPVTQN FGXKEG 1PG UWRRQTVGF JQOG GSWKROGPV RTQITCOOKPI CPQVJGT QPG VJG FKUVCPV WUG QH JQOG EQPVTQN UGTXKEG VJTQWIJ VJG YGD GVE
L 5QHVYCTG JCTFYCTG CPF JQOG GSWKROGPV KPENWFKPI NKIJVU JGCVKPI GNGOGPV ECOGTC EQHHGG OCEJKPG 68 8%4 GVE YGTG WUGF VQ UKOWNCVG C JQOG PGVYQTM .#0 CPF VJG ICVGYC[ KVUGNH 2QYGT NKPG CPF +4 VGEJPQNQIKGU YGTG WUGF HQT VJG .#0 EQOOWPKECVKQP 9K\CTF QH 1\ VGEJPKSWG UGTXGF VQ UKOWNCVG UQOG WPKORNGOGPVGF CEVKQPU UWEJ CU CWVQOCVKE OQVKQP FGVGEVKQP
CNCTO PQVKHKECVKQP CRRQKPVOGPV TGOKPFGT QT VJG GZGEWVKQP QH URQMGP EQOOCPFU
'KIJVGGP UWDLGEVU EJQUGP VQ DG TGRTGUGPVCVKXG QH VJG HWVWTG UGV QH WUGTU RCTVKEKRCVGF VQ VJG GZRGTKOGPVUGXGP OGP CPF GNGXGP YQOGP HTQO VQ [GCTU QNF 6YQ UWDLGEVU YGTG ITCFWCVG UVWFGPVU VYGNXG UWDLGEVU JCF C RTQHGUUKQPCN CEVKXKV[ CPF HQWT UWDLGEVU YGTG TGVKTGF 0QPG QH VJG UWDLGEVU YCU TGNWEVCPV VQ PGY VGEJPQNQIKGU DWV UQOG QH VJGO YGTG OQTG KPVGTGUVGF VJCP QVJGTU /QUV QH VJGO CNTGCF[ WUGF +PVGTPGV VGEJPQNQI[ CV FKHHGTGPV NGXGNU QEECUKQPCNN[ QT TGIWNCTN[ 6JTGG QH VJGO YGTG KP YJGGNEJCKTU
5GUUKQPU CDQWV VYQ JQWTU GCEJ VQQM RNCEG KP VJG GZRGTKOGPVCN GPXKTQPOGPV #HVGT JCXKPI RTGUGPVGF VJG JQOG UGTXKEG CPF VJG 4) EQPEGRVU YG CUM GCEJ UWDLGEV VQ GZGEWVG UEGPCTKQU EQXGTKPI VYQ FKHHGTGPV UGTXKEGU
&WTKPI VJG UGUUKQP CP KPVGTXKGYGT UVC[GF YKVJ VJG UWDLGEVU VQ QDUGTXG VJGO CPF GPEQWTCIG VJGO VQ GZRNQTG VJG WUG QH VJG UGTXKEG QWVUKFG VJG GZGEWVGF UEGPCTKQ CPF VQ GZRTGUU VJGKT KORTGUUKQPU CPF UWIIGUVKQPU
9JGP CRRTQRTKCVG UWDLGEVU YGTG GPEQWTCIGF VQ KPVGTCEV YKVJ FKHHGTGPV FGXKEGU HQT GZGEWVKPI VJG UCOG VCUM (QT GZCORNG VJG[ YGTG KPXKVGF VQ GPVGT CP KFGPVKHKECVKQP EQFG WUKPI C VQWEJ UETGGP QT C YCNN OQWPVGF MG[RCF QT VQ EQPVTQN JQOG GSWKROGPV WUKPI VJG VQWEJ UETGGP VJG VQWEJ TGOQVG EQPVTQN RJ[UKECN DWVVQPU QT XQKEG EQOOCPFU #V VJG GPF QH VJG UGUUKQP VJG[ YGTG CUMGF VQ VGNN YJCV VJG[ NKMGF QT FKF PQV NKMG KP WUKPI GCEJ FGXKEG
#HVGT VJG UGUUKQP VJG[ YGTG CUMGF VQ HKNN KP C SWGUVKQPPCKTG CDQWV VJGKT KPVGTGUVU EQPEGTPU CPF GZRGEVCVKQPU EQPEGTPKPI *5 CPF 4)
4GUWNVU
6JG HKTUV UGV QH TGUWNVU EQPEGTPU VJG KFGPVKHKECVKQP QH UQOG CURGEVU URGEKHKE VQ VJG EQPVGZV QH 4) CPF *5 CUMKPI HQT EQTTGURQPFKPI 7+ FGUKIP UQNWVKQPU
1PG QH VJGO KU VJG WUG QH UGTXKEGU QP C HCOKNKCN DCUG YJKEJ JCU UQOG KORCEVU QP VJG UGTXKEG CEEGUU CPF UWDUETKRVKQP RTQEGUU VJG RC[OGPV QT VJG UGTXKEG EQPHKIWTCVKQP (QT GZCORNG UQOG WUGTU GZRGEVGF VQ DG CDNG VQ TGUVTKEV VJG CEEGUU VQ UQOG UGTXKEGU HQT VJGKT EJKNFTGP UQOG WUGTU TGSWKTGF C WUGT KFGPVKHKECVKQP HQT GCEJ OGODGT QH VJG HCOKN[ KP QTFGT VQ RTQVGEV GCEJ QPG QYP GPXKTQPOGPV /QUV WUGTU CITGGF VJCV C WUGT RTQHKNG HQT GCEJ OGODGT QH
VJG HCOKN[ YQWNF DG C WUGHWN HGCVWTG DWV QPN[ HGY QH VJGO HGGN CV GCUG YKVJ VJG OCPCIGOGPV RTQEGUU QH VJGUG RTQHKNGU
6JG JQWUG GPXKTQPOGPV KVUGNH RTGUGPVU UQOG EJCNNGPIGU HQT 7+ FGUKIP OQDKNKV[ QH WUGTU FKHHGTGPV XQECVKQP HQT GCEJ TQQO PQPVTCFKVKQPCN RJ[UKECN RQUKVKQPU GZ YCNMKPI EQOHQTVCDN[ UGCVGF QP C EQWEJ OWNVKVCUMKPI CEVKXKVKGU GZ YCVEJKPI 68 EQQMKPI 6JG NQECVKQP QH VJG 7+ YCU RCTVKEWNCTN[
KORQTVCPV (QT GZCORNG VJG WUGTU EQWNF WUG VJG VQWEJ UETGGP COQPI QVJGT VJKPIU HQT CEVKXCVKQP CPF FGCEVKXCVKQP QH UGEWTKV[ U[UVGO HQT GSWKROGPV EQPVTQN CPF UEJGFWNKPI CPF HQT JQOG CUUKUVCPV UGTXKEG VCUM KPRWV QH CRRQKPVOGPVU IGV OGUUCIGU GVE 6JGTG YCU CNYC[U C VCUM HQT YJKEJ VJG UETGGP NQECVKQP YCU PQV CRRTQRTKCVG (QT KPUVCPEG KH KV YCU NQECVGF KP VJG MKVEJGP VQ UWRRQTV VJG CUUKUVCPV UGTXKEG VCUMU KV YCU PQV WUGHWN HQT CEEGUUKPI VJG UGEWTKV[ HWPEVKQPU LWUV DGHQTG NGCXKPI VJG JQWUG 6JG WUGT RTGHGTGPEG HQT FGXKEGU CEEQTFKPI VQ JKU RJ[UKECN RQUKVKQP YCU CNUQ ENGCT (QT GZCORNG YJGP VJG[ YGTG UGCVGF QP VJG EQWEJ YCVEJKPI 68 VJG[ RTGHGTTGF VQ WUG VJG TGOQVG FGXKEG GURGEKCNN[ VQ EQPVTQN GSWKROGPV QT HQT IGVVKPI KPHQTOCVKQP UWEJ CU JQOG UVCVWU +P OCP[ UKVWCVKQPU WUGTU GZRTGUUGF C PGGF HQT UGXGTCN 7+ FKUVTKDWVGF KP VJG JQWUG
9G QDUGTXGF UKOKNCT FKUVKPEVKQP DGVYGGP WUGT CVVKVWFG VQYCTF JQOG FGXKEGU CPF EQORWVGT VJCP VJG QPGU TGRQTVGF KP =? EQPEGTPKPI +PVGTCEVKXG 68 KP HTQPV QH C EQORWVGT WUGTU IGPGTCNN[ VT[ VQ NGCTP VJG U[UVGOOU TWNGU CPF VQ EQORN[ YKVJ GPXKTQPOGPV UVCPFCTFU +P JQWUG GPXKTQPOGPV WUGTU VGPF VQ EQPUKFGT KPVGTCEVKQP FGXKEGU NKMG DGKPI RCTV QH VJG JQOG CEEGUUQTKGU CPF VJG[
GZRGEV VJG KPVGTCEVKQP VQ DG ENQUG VQ TGCN NKHG CEVKXKVKGU 6JG[ CNUQ VGPF VQ DG OQTG UGPUKVKXG VQ WUCDKNKV[ ETKVGTKC
6JG PQVKQP QH *5 TCKUGF UQOG EQPEGTPU HTQO WUGTU CDQWV UGEWTKV[
EQPHKFGPVKCNKV[ RTGUGTXCVKQP QH VJGKT RTKXCVG GPXKTQPOGPV QT SWCNKV[ QH UGTXKEG (QT GZCORNG VJG[ TGSWKTGF UQOG EQPVTQN QXGT CEEGUU VQ JQWUG KPHQTOCVKQP HTQO VJG QWVUKFG YJGP VJG UGTXKEG KPXQNXGU CP GZVGTPCN RGTUQP UWEJ CU HQT TGOQVG OCKPVGPCPEG QH JQOG GSWKROGPV UGTXKEG QT TGOQVG XKFGQ OQPKVQTKPI UGTXKEG 6JG[ YGTG CNUQ TGNWEVCPV VQ UGPF VJGKT ECTF PWODGT VJTQWIJ VJG PGVYQTM
1DLGVU EQOOWPKECPVU .%0 Pu
+P VJG EQPVGZV QH QWT RTQLGEV *5 QT RCEMCIGU QH UGTXKEGU CTG GZRGEVGF VQ EQOG HTQO FKHHGTGPV RTQXKFGTU (QT GZCORNG YJGP C WUGT UWDUETKDGU VQ C UGTXKEG VJG PGEGUUCT[ CRRNKECVKQPU CPF 7+ CTG FQYPNQCFGF QP VJG 4) HTQO C FKUVCPV UGTXGT #U C EQPUGSWGPEG GCEJ UGTXKEG EQOGU YKVJ KVU QYP UGRCTCVG KPVGTHCEG
*QYGXGT YG QDUGTXGF UQOG UKVWCVKQPU YJGTG WUGTU PGGFGF VQ EQODKPG HWPEVKQPU HTQO FKHHGTGPV UGTXKEGU (QT GZCORNG FGHKPKPI UQOG QRGTUQPCN EQOOCPFUR UWEJ CU Q+ CO NGCXKPIR VJCV VJG[ EQWNF NCWPEJ HTQO C UKPING CEVKQP VQ RWV VJG GPGTI[ OCPCIGOGPV KP CDUGPV OQFG CEVKXCVG VJG UGEWTKV[
HWPEVKQPU VJG XQKEG OCKN TGEQTFKPI QT ECNN TGFKTGEVKQP VQ CP CRRTQRTKCVG PWODGT GVE
+P QVJGT UKVWCVKQP WUGTU PGGF C TCRKF CEEGUU VQ UQOG UGTXKEG HWPEVKQPU (QT GZCORNG FWTKPI VJG GZGEWVKQP QH VJG UEGPCTKQU WUGTU JCF VQ NCWPEJ CP GOGTIGPE[ ECNN ECVEJ CP CNCTO PQVKHKECVKQP EQPUWNV OGUUCIGU YJGP VJG[
EQOG JQOG QT CEMPQYNGFIG C U[UVGO TGOKPFGT EQPEGTPKPI CP GXGPV +P CNN VJGUG ECUGU VJG[ GZRGEVGF VQ DG CDNG VQ TGCEJ VJG HWPEVKQP YKVJQWV JCXKPI VQ UGNGEV VJG UGTXKEG CPF PCXKICVG VJTQWIJ VJG 7+
$GECWUG VJG IQCN QH C 4) KU VQ RTQXKFG C EQOOWPKECVKQP DTKFIG DGVYGGP VJG JQWUG CPF VJG QWVUKFG YQTNF VJG KPVGTCEVKQP HTQO VJG QWVUKFG KU CP KORQTVCPV HGCVWTG VQ EQPUKFGT
6JG UEGPCTKQU EQXGTGF UKOWNCVGF UKVWCVKQPU UWEJ CU EQOOWPKECVKPI HTQO YQTM HTQO VJG ECT GVE +P RTCEVKEG WUGTU YGTG KP C UGRCTCVG TQQO GSWKRRGF YKVJ C EQORWVGT CPF C VGNGRJQPG 6JG[ EQWNF KPVGTCEV VJTQWIJ C QYGD UV[NGR EQORWVGT 7+ TGRTGUGPVKPI VJG JQWUG QT VJTQWIJ C UKORNG OGPW RTQVQEQN YKVJ RTGTGEQTFGF OGUUCIGU HQT VJG VGNGRJQPG 7+ KP QTFGT VQ UGPF EQOOCPFU CPF TGEGKXG KPHQTOCVKQP 9G YGTG KPVGTGUVGF KP HKPFKPI VJG UKVWCVKQPU TGSWKTKPI FKUVCPV EQOOWPKECVKQP CPF VJG RTGHGTTGF EQOOWPKECVKQP OGVJQF 6JG OQTG HTGSWGPV UKVWCVKQPU EQXGT
L DGKPI PQVKHKGF QH CNCTOU QT CP[ WPWUWCN GXGPVU CPF DGKPI CDNG VQ IGV JQOG CPF GSWKROGPV UVCVWU KU VJGTG UQOGQPG CV JQOG! KU GXGT[VJKPI 1-!
L UGPF EQOOCPFU VQ GSWKROGPV HQT GZCORNG EWV ICU QT RQYGT ENQUG YKPFQY DNKPFU RTGRCTG JQOG EQOGDCEM JGCVKPI NKIJVU GVE TGEQTF 68QT TCFKQ RTQITCOU UVCTV UVQR CPF RTQITCO YJKVG IQQFU
/WNVK%QO L OCPCIG CIGPFC IGV CRRQKPVOGPV PQVKHKECVKQPU VCMG OGUUCIGU EJGEM CPF IGV VJG ITQEGT[ NKUV KP QTFGT VQ DG CDNG VQ UVQR CV VJG ITQEGT[ YJKNG IQKPI DCEM JQOG HTQO YQTM HQT KPUVCPEG
%QPEGTPKPI VJG FGXKEGU WUGTU VGPF VQ CUUQEKCVG VGNGRJQPG VQ OQDKNG EQPVGZV KP VJG ECT QT QVJGT VTCPURQTV HQT GZ $GECWUG QH VJG NKOKVGF KPVGTHCEG VJG[ WUGF KV QPN[ HQT TGEGKXKPI UJQTV PQVKHKECVKQPU CPF JQOG UVCVWU PQV HQT EQORNGZ KPVGTCEVKQP $GECWUG QH VJG XQKEG EQOOWPKECVKQP ECRCDKNKV[ VJG[
WUGF KV HQT IGVVKPI XQKEG OCKNU CPF UGPF GSWKROGPV XQKEG EQOOCPFU
6JG EQORWVGT YCU CUUQEKCVGF VQ UVCVKE EQPVGZV UWEJ CU VJG QHHKEG UGEQPFCT[ TGUKFGPEG JQVGN GVE $GECWUG QH VJG NCTIGT UETGGP CPF VJG ITCRJKECN 7+ KV YCU RTGHGTTGF HQT EQORNGZ KPVGTCEVKQP GURGEKCNN[ HQT EQOOWPKECVKPI XKUWCN KPHQTOCVKQP UWEJ CU FGVCKNGF TGRQTV CDQWV JQOG UVCVWU QT OCPCIKPI CIGPFC
6JG QVJGT OCKP TGUWNV QH VJKU UVWF[ EQPEGTPU VJG VCUMU KPXQNXGF KP VJG WUG QH *5 6JG HKTUV ITQWR FGUETKDGF JGTG EQXGTU VJG 3IGPGTKE VCUMU4 KFGPVKHKGF VJTQWIJ VJG J[RQVJGUKU GNCDQTCVKQP RTQEGUU 6JG GZRGTKOGPV CNNQYGF WU VQ XCNKFCVG VJG 3IGPGTKE VCUM4 OQFGN NGCFKPI VQ VJG JKIJNGXGN JKGTCTEJKECN OQFGN KNNWUVTCVGF D[ (KIWTG /QTG VCUM CPCN[UKU YQWNF DG PGEGUUCT[ VQ IGV C FGVCKNGF OQFGN HQT UQOG UWDVCUMU UWEJ CU WUGT KFGPVKHKECVKQP UGTXKEG RC[OGPV GVE *QYGXGT KPVGTGUVKPI KPHQTOCVKQP GOGTIGF HTQO VJG GZRNQTCVKQP QH VJGUG VCUMU YKVJ VJG WUGTU KP VJG EQWTUG QH VJG UEGPCTKQ GZGEWVKQP 6JKU KPHQTOCVKQP YKNN JGNR VJG RTQLGEV GPIKPGGTU VQ QTKGPV VJG VGEJPKECN CPF FGUKIP EJQKEGU
7UGT KFGPVKHKECVKQP 7UGT KFGPVKHKECVKQP HQT CEEGUUKPI QT UWDUETKDKPI VQ C UGTXKEG ECP VCMG RNCEG KP FKHHGTGPV EQPVGZVU ECNNKPI HQT FKHHGTGPV 7+ VGEJPKECN UQNWVKQPU (QT GZCORNG YJGP WUGTU JCXG VQ KFGPVKH[ HQT UGEWTKV[ TGCUQPU PGY UWDUETKRVKQP VQ C UGTXKEG CEEGUUKPI C UGTXKEG HTQO QWVUKFG GVE VJG[ RTGHGT OGVJQFU KP YJKEJ VJG[ CTG EQPHKFGPV UWEJ CU C RGTUQPCN EQFG CPF C RCUUYQTF 7UGTU OGPVKQPGF UGXGTCN NKOKVCVKQPU VQ VJG WUG QH C UOCTV ECTF GCU[ VQ NQQUG PGGF QH C RGTUQPCN EQFG CP[YC[ VQ DG UGEWTG GVE
+P UKVWCVKQPU YJGTG UGEWTKV[ FQGU PQV OCVVGT HQT GZCORNG YKVJKP C HCOKN[
EQPVGZV YJGTG GCEJ OGODGT JCU C HTGG CEEGUU VQ JKU QYP UGTXKEG QT KP ECUG QH TGUVTKEVGF EJKNFTGP CEEGUU VQ UQOG KPHQTOCVKQP WUGTU TGSWKTG UKORNG CPF OQTG UVTCKIJVHQTYCTF OGVJQFU GURGEKCNN[ GCU[ VQ WUG D[ EJKNFTGP 6JG[
KPENWFG RGTUQPCN NQIQU QT PKEMPCOGU HQT HTGG CEEGUU CPF HKPIGTRTKPV QT XQKEG TGEQIPKVKQP HQT RTQVGEVGF CEEGUU
1DLGVU EQOOWPKECPVU .%0 Pu
6JG GZRGTKOGPV JGNRGF WU VQ DGVVGT WPFGTUVCPF YJCV KPHQTOCVKQP WUGTU PGGF YJGP VJG[ NQQM HQT C UGTXKEG CPF QP YJCV ETKVGTKC VJG[ UGNGEV QPG (QT GZCORNG CNN VJG WUGTU HQWPF WUGHWN VJCV UGTXKEGU VQ YJKEJ VJG[ CNTGCF[ UWDUETKDGF YGTG ENGCTN[ KFGPVKHKGF COQPI RTQRQUGF UGTXKEGU 5QOG QH VJGO CNUQ TGSWKTGF VQ DG CDNG VQ KFGPVKH[ PGY QHHGTGF UGTXKEGU QT OQTG YKFGN[ WUGF D[ QVJGT EWUVQOGTU CU YGNN CU DGKPI CDNG VQ UGCTEJ HQT C UGTXKEG IKXGP UQOG MG[YQTFU
+PHQTOCVKQP EQPEGTPKPI VJG UWDUETKRVKQP RTQEGFWTG YCU CNUQ EQNNGEVGF UWEJ CU VJG MG[ HCEVQTU KPHNWGPEKPI WUGT FGEKUKQP VJG GZRGEVGF HGGFDCEM GVE (QT GZCORNG UQOG KPHQTOCVKQP UWEJ CU VJG RTQXKFGT KFGPVKHKECVKQP CPF GXGPVWCNN[ EGTVKHKECVKQP KU GUUGPVKCN HQT VTWUVKPI VJG UGTXKEG -PQYKPI VJG RTKEG QH VJG UGTXKEG KU QH EQWTUG CP KORQTVCPV KUUWG DWV WUGTU CNUQ PGGF VQ WPFGTUVCPF YJCV CTG VJG HCEVQTU KPHNWGPEKPI VJG RTKEG 1PG WUGT UWIIGUVGF JCXKPI C UKOWNCVKQP VQQN VQ DG CDNG VQ EJCPIG VJG RCTCOGVGTU CPF UGG VJG CEEQTFKPI RTKEG XCT[ F[PCOKECNN[ 6JG GZCEV VGTOU QH VJG EQPVTCEV VJG RQUUKDNG UWDUETKRVKQP OQFGU CPF VJG TGPGYCN QT ECPEGNKPI EQPFKVKQPU CTG GUUGPVKCN KPHQTOCVKQP HQT WUGTU DGHQTG VJG[ UWDUETKDG VQ C UGTXKEG #U C UWDUETKRVKQP TGUWNV WUGTU GZRGEV VQ TGEGKXG CV NGCUV C UWOOCT[ QH VJG EJQUGP QRVKQPU VJG FGVCKNGF EQUV QH VJG UWDUETKRVKQP QT GXGPVWCNN[ C YTKVVGP SWQVCVKQP KP EGTVCKP ECUGU
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
# YKFG TCPIG QH WUGT VCUMU KU KPXQNXGF KP VJG WUG QH *5 +P QTFGT VQ UGNGEV VJG TKIJV KPVGTHCEG FGXKEGU VQ UWRRQTV CFGSWCVGN[ VJGUG VCUMU YG JCXG CPCN[\GF CPF ENCUUKHKGF VJGUG VCUMU QP VJG DCUKU QH
L VJG VCUM EQORNGZKV[ V[RG CPF PWODGT QH CEVKQPU L VJG PCVWTG CPF SWCPVKV[ QH VJG KPHQTOCVKQP GZEJCPIGF
L VJG FKTGEVKQP QH VJG KPHQTOCVKQP EQOKPI HTQO QT IQKPI VQ VJG WUGT 9G JCXG VJGP KFGPVKHKGF GCEJ FGXKEG UVTGPIVJ CPF YGCMPGUU EQORCTGF VQ VJGUG ECVGIQTKGU
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
6JKU KPENWFGU EQOOCPFU TGSWKTKPI C UJQTV FKCNQI YKVJ VJG WUGT DGHQTG VJGKT GZGEWVKQP +V EQWNF DG VJCV WUGT JCU VQ EJQQUG DGVYGGP FKHHGTGPV QRVKQPU JCU VQ OQFKH[ UQOG RCTCOGVGTU QP VJG HN[
RTQXKFG C EQPHKTOCVKQP GVE (QT GZCORNG YJKNG NCWPEJKPI VJG 3+CO NGCXKPI4 EQOOCPF4 WUGTU JCF VQ UGV CP QRVKQP VQ TGFKTGEV VJG RJQPG ECNNU KPUVGCF QH NGCXKPI VJG FGHCWNV QRVKQP YJKEJ YCU VQ TGEQTF VJG OGUUCIGU +P VJCV ECUG
VJG FGXKEG NQECVKQP YCU KORQTVCPV JGTG ENQUG VQ VJG FQQT DWV CNUQ VJG FGXKEG CDKNKV[ VQ UWRRQTV VJG FKCNQI OCKPN[ RTQXKFKPI CRRTQRTKCVG HGGFDCEM HQT KPUVCPEG JGTG VJG EJQUGP QRVKQP
6JKU KPENWFGU EQOOCPFU GZGEWVGF CHVGT C IKXGP VKOG RGTKQF QT CV C IKXGP VKOG QH VJG FC[ (QT GZCORNG VQ UEJGFWNG VJG 8%4 HQT TGEQTFKPI C IKXGP 68 RTQITCO WUGTU RTGHGTTGF VJG VQWEJ RCPGN OCKPN[
DGECWUG VJG[ EQWNF 3FTCI CPF FTQR4 VJG 68 RTQITCO VQ VJG 8%4 KOCIG
*QYGXGT VQ UGV VJG YCUJKPI OCEJKPG VQ DG UVCTVGF CV PKIJV OQUV WUGTU OGPVKQPGF VJCV VJG[ YQWNF RTGHGT VQ RTQITCO VJG GZGEWVKQP FKTGEVN[ QP VJG YCUJKPI OCEJKPG # VQWEJ RCPGN RTGHGTCDN[ NQECVGF KP VJG MKVEJGP YQWNF DG WUGF KH VJG[ JCF VQ UGV UGXGTCN CRRNKCPEGU CV VJG UCOG VKOG
6JKU KPENWFGU RTQITCOOKPI CPF EQPHKIWTCVKQP QH UGTXKEG HWPEVKQPU CPF JQOG GSWKROGPV +V OC[ EQPUKUV KP UEJGFWNKPI GSWKROGPV UWEJ CU JGCVKPI DCUGF QP VKOG EQPUVTCKPVU QT GZVGTPCN GXGPVU QT FGHKPKPI CEVKQPU VQ GZGEWVG QP FKHHGTGPV GSWKROGPV (QT GZCORNG WUGTU YGTG KPXKVGF VQ FGHKPG C OCETQ EQOOCPF 39CMG WR4 D[ FGHKPKPI CEVKQPU QP JQWUG FGXKEGU UWEJ CU YKPFQY DNKPF TCFKQ EQHHGG OCEJKPG GVE CV FKHHGTGPV VKOGU QP YGGMFC[ CPF YGGMGPF 2TQITCOOKPI KU PQV C VCUM RGTHQTOGF XGT[ QHVGP DWV KV IGPGTCNN[ VCMGU VKOG (QT VJKU TGCUQP VJG RQUKVKQP QH VJG FGXKEG OQTG VJCP VJG NQECVKQP KU CP KORQTVCPV KUUWG 1PN[
VJG VQWEJ RCPGN YCU RTQRQUGF HQT VJKU VCUM DWV YG EQNNGEVGF WUGT EQOOGPVU EQPEGTPKPI VJGKT GZRGTKGPEG YKVJ QVJGT FGXKEGU VQ TGCNK\G UKOKNCT VCUMU JGCVKPI U[UVGO RTQITCOOKPI HQT KPUVCPEG /QUV QH VJG TGRQTVGF RTQDNGOU EQPEGTP VKOGFC[ UGVVKPI RQQT HGGFDCEM CPF NCEM QH INQDCN XKGY QH TGUWNVKPI UEJGFWNG /QUV WUGTU CRRTGEKCVGF VJG FKTGEV OCPKRWNCVKQP UV[NG CPF VJG XKUWCN HGGFDCEM QH VJG VQWEJ UETGGP
6JKU KPENWFGU KPHQTOCVKQP EQOOWPKECVGF VQ VJG WUGT URQPVCPGQWUN[ HTQO CP CRRNKECVKQP UGTXKEG (QT GZCORNG CNCTO EQPFKVKQPU FGVGEVGF GSWKROGPV HCWNV YCVGT NGGM KPVTWUKQP GVE CPQOCN[
WPNQEMGF FQQT CRRQKPVOGPVU QT VJKPIU VQ FQ KORQTVCPV GXGPV GVE 6JG IQCN QH VJG PQVKHKECVKQP KU VQ TGCEJ VJG WUGT YJGTGXGT JG KU CV VJG TKIJV VKOG CPF VQ GPUWTG VJCV JG JCU DGGP PQVKHKGF +P ECUG QH CNCTOU HQT GZCORNG DQVJ XKUWCN CPF CWFKVQT[ UKIPCNU UGPV VQIGVJGT UGGO PGEGUUCT[ VQ ECRVWTG WUGT CVVGPVKQP +P ECUG QH NGUU WTIGPV UKVWCVKQPU UWEJ CU TGOKPFGT HWPEVKQP NGUU KPVTWUKXG OGVJQFU CTG RTGHGTTGF XQECN OGUUCIGU QT C DNKPMGT RNCEGF QP VJG FGXKEG IKXKPI CEEGUU VQ C XQECN QT YTKVVGP OGUUCIG QP FGOCPF 9JGP CYC[
HTQO JQOG GOCKN CPF VGNGRJQPG CTG VJG RTGHGTTGF OGVJQFU (QT VJKU VCUM ECVGIQT[ OCKPN[ VJG FKUVTKDWVGF CURGEV QH VJG 7+ KU KORQTVCPV
6JKU KPENWFGU CNN VJG VCUMU VJG WUGTU GZGEWVG VQ IGV UQOG KPHQTOCVKQP HTQO C IKXGP UGTXKEG QT HWPEVKQP (QT GZCORNG EQPUWNVKPI JQOG UVCVWU TGRQTV QT EWNVWTCN GXGPVU UEJGFWNG IGVVKPI PGY OGUUCIGU YJGP EQOKPI JQOG OQPKVQTKPI C EJKNFTGP TQQO GVE 6JG PCVWTG QH VJG KPHQTOCVKQP EQPFKVKQPU VJG HQTO WPFGT YJKEJ KV KU RTGUGPVGF VGZV VCDNGU ITCRJKEU KOCIGU XKFGQ UQWPF URQMGP OGUUCIG GVE CPF VJG QWVRWV FGXKEG UQOG DGKPI OQTG CFCRVGF VJCP QVJGTU (QT GZCORNG WUGTU NKMG VJG 68 UETGGP HQT XKFGQ OQPKVQTKPI 7UGTU CNUQ VGPF VQ TGRNKECVG VJG WUG QH HCOKNKCT FGXKEGU UWEJ CU CPUYGTKPI OCEJKPG HQT IGVVKPI XQKEG OCKN YCNN ECNGPFCT HQT HCOKN[ VKOG UEJGFWNG QT CIGPFC HQT RGTUQPCN CRRQKPVOGPVU GVE
6JKU KPENWFGU VJG VCUMU VJCV VJG WUGTU GZGEWVG VQ RTQXKFG FCVC VQ C UGTXKEG #U HQT QWVRWV VJG PCVWTG QH VJG FCVC EQPFKVKQPU VJG RQUUKDNG KPRWV HQTOCV XQKEG YTKVVGP VGZV PWOGTKE XCNWGU GVE DWV VJG WUGT DGJCXKQT CNUQ RNC[U CP KORQTVCPV TQNG 6JG[ WUWCNN[ CFQRV VJG NGCUV GHHQTV UVTCVGI[ (QT GZCORNG YJGP KPXKVGF VQ CFF CP CRRQKPVOGPV VQ VJGKT CIGPFC OQUV QH VJGO RTGHGT TGEQTFKPI C XQECN OGUUCIG VJCP WUKPI C VQWEJ RCF YKVJ C XKTVWCN MG[DQCTF 5QOG URGEKHKE FGXKEGU UWEJ CU ECOGTC UECPPGT UOCTV ECTF GVE OC[ CNUQ DG CFQRVGF (QT GZCORNG C DCT EQFG TGCFGT YQWNF DG WUGF VQ CFF KVGOU VQ VJG ITQEGT[ NKUV
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
6JKU KPENWFGU CNN TGCN VKOG QT TGEQTFGF EQOOWPKECVKQP )GPGTCNN[ WUGTU CTG XGT[ KPVGTGUVGF KP WUKPI VJG 4) CU C EQOOWPKECVKQP VQQN DGVYGGP OGODGTU QH VJG HCOKN[ HQT GZCORNG NGCXKPI OGUUCIGU VQ GCEJ QVJGT URQMGP QT YTKVVGP OGUUCIGU UJQTV XKFGQU QP VJG RTKPEKRNG QH VJG RQUVKV QT EQOOWPKECVG VJTQWIJ KPVGTEQO HCEKNKV[ GVE +P VJCV ECUG WUGTU RTGHGT FGXKEGU FKUVTKDWVGF VJTQWIJ VJG JQWUG CPF UWRRQTVKPI 3PCVWTCN4 EQOOWPKECVKQP XQKEG JCPFYTKVKPI GVE UWEJ CU OKETQRJQPGU NQWFURGCMGTU ECOGTC QT GNGEVTQPKE PQVGRCF KPEQTRQTCVGF KP JQOG GSWKROGPV
#V VJG NKIJV QH VJG RTGXKQWU TGUWNVU YG RTQXKFG UQOG TGEQOOGPFCVKQPU CPF UQNWVKQPU KP QTFGT VQ QTKGPV VJG FGUKIP EJQKEGU HQT VJG HWVWTG 4) KPVGTHCEGU
4) CPF *5 EQPVGZV
6Q CFFTGUU VJG HCOKNKCN WUG QH UGTXKEGU YG UWIIGUV VJCV WUGT RTQHKNGU EQWNF DG FGHKPGF CPF OCPCIGF YKVJKP VJG HCOKN[ EQPVGZV 'CEJ WUGT RTQHKNG FGHKPGU UQOG IGPGTCN 4) RCTCOGVGTU UWEJ CU CEEGUU TKIJVU CPF WUGT RTGHGTGPEGU CU YGNN CU UGTXKEG RCTCOGVGTU (QT GZCORNG KV UGTXGU VQ FGVGTOKPG VJG RTGHGTTGF RC[OGPV OGVJQFU UQ VJCV QPN[ CRRNKECDNG OGVJQFU CTG RTQRQUGF CV VJG RC[OGPV UVGR EJGEMQT DCPMKPI ECTF QRVKQPU FQ PQV CRRN[ VQ EJKNFTGP /GEJCPKUOU VQ FGHKPG CPF OCPCIG VJGUG RTQHKNGU JCXG VQ DG GCU[ VQ WUG HQT PQPGZRGTV WUGTU
&KUVTKDWVGF 7+
6Q CFFTGUU VJG JQWUG GPXKTQPOGPV KUUWGU YG UWIIGUV VJCV VJG 4) KPVGTHCEG DG OCFG WR QH UGXGTCN KPVGTCEVKQP FGXKEGU FKUVTKDWVGF VJTQWIJ VJG JQWUG EQOOWPKECVKPI VQIGVJGT CPF YKVJ VJG 4) EGPVTCN RTQEGUUQT 6JKU DTKPIU UQNWVKQP VQ WUGT OQDKNKV[ KP VJG JQOG GPXKTQPOGPV CPF EQPVTKDWVGU VQ UWRRQTV CEVKXKVKGU YJGTG VJG[ IGPGTCNN[ VCMG RNCEG (QT GZCORNG KV YQWNF DG WUGHWN VQ KPVGITCVG C 7+ VQ GCEJ OCKP JQOG CRRNKCPEG YJKVG IQQFU JGCVKPI U[UVGO GVE GXGP KH C 3EGPVTCN 7+4 GZKUVU
6JG 7+ FGUKIP UJQWNF CNUQ VCMG KPVQ CEEQWPV WUGT GXGT[FC[ TGHGTGPEGU (QT GZCORNG KP OQUV HCOKNKGU VJG MKVEJGP CPF GURGEKCNN[ VJG HTKFIG KU WUGF VQ NGCXG RQUVKV OGUUCIGU ITQEGT[ NKUV GVE 6JKU UWIIGUV VJCV VJGUG NQECVKQPU CTG IQQF ECPFKFCVGU HQT C 7+ FGFKECVGF VQ 3JQOG CUUKUVCPEG4 CPF 3HCOKN[
OGUUCIKPI4 VCUMU
# FKUVTKDWVGF 7+ CNTGCF[ 3PGVYQTMGF4 KP VJG JQWUG CNUQ HCEKNKVCVGU VJG KPVGITCVKQP QH RGTUQPCN FGXKEGU VJCV VJG WUGTU CTG CNTGCF[ HCOKNKCT YKVJ 2&# RGTUQPCN EQORWVGTU RGTUQPCN RJQPGU GVE D[ CNNQYKPI VJGUG FGXKEGU VQ GCUKN[ EQPPGEV VQ VJG GZKUVKPI PGVYQTM
0GGFU CPF RTGHGTGPEGU KP VGTOU QH 7+ XCT[ HTQO QPG WUGT VQ CPQVJGT DWV OC[ CNUQ GXQNXG KP VKOG HQT C IKXGP WUGT +V EQWNF DG DGECWUG JG UWDUETKDGU VQ PGY UGTXKEGU DGECWUG JKU RJ[UKECN GPXKTQPOGPV EJCPIGU DGECWUG JG YCPVU PGY KPVGTCEVKQP ECRCDKNKVKGU GVE 6Q OGGV VJKU FGOCPF YG UWIIGUVGF VJCV VJG FGUKIP QH VJG 4) UWRRQTV VJKU RQUUKDNG GXQNWVKQP (QT GZCORNG C 4)
3RCEMCIG4 KPENWFGU C DCUKE EQTG CPF QRVKQPCN 7+ GNGOGPVU VJCV VJG WUGT ECP RTQITGUUKXGN[ KPVGITCVG CU JKU PGGFU GXQNXG
5GTXKEG KPFGRGPFGPEG EJCNNGPIG
6Q OGGV VJG EQPUVTCKPV QH MGGRKPI GCEJ 7+ UGTXKEG KPFGRGPFGPV YJKNG CFFTGUUKPI VJG RTQDNGOU TGNCVGF VQ VJKU EQPUVTCKPV UGG UGEVKQP YG UWIIGUV VJCV C OGEJCPKUO GPCDNGU VJG WUGT VQ FGHKPG CPF EQPHKIWTG UQOG 3RGTUQPCN EQOOCPFU4 3)QQF PKIJV4 3+ CO NGCXKPI4 GVE KPFGRGPFGPV HTQO CP[
UGTXKEG # UKOKNCT OGEJCPKUO CNUQ GPCDNGU VJG WUGT VQ FGHKPG UJQTVEWVU VQ UQOG UGTXKEG HWPEVKQPU 3'OGTIGPE[ ECNN4 HWPEVKQP 6JG WUGT ECP FGEKFG JQY VJG EQOOCPF KU NCWPEJGF CWVQOCVKECNN[ CEEQTFKPI VQ VKOG EQPUVTCKPVU QT GZVGTPCN GXGPV QT QP C IKXGP WUGT CEVKQP UWEJ CU XQKEG EQOOCPF RWUJ 3 4 4
! " 3#4
$%
& 3'4 3'(4 % " " "
1DLGVU EQOOWPKECPVU .%0 Pu
6JKU EQPUVTCKPV QH JCXKPI KPFGRGPFGPV UGTXKEGU KP CFFKVKQP VQ C NCTIG XCTKGV[ QH KPVGTCEVKQP FGXKEGU DTKPIU CPQVJGT EJCNNGPIG KP VJG *5 EQPVGZV OCKPVCKP 7+ EQPUKUVGPE[
#U C HKTUV UVGR VQYCTFU VJKU IQCN YG KFGPVKH[ VJG OQUV KORQTVCPV 7+
GNGOGPVU HQT YJKEJ C EQJGTGPV CURGEV CPF DGJCXKQT KU PGEGUUCT[
L 6GTOKPQNQI[ WUGF HWPEVKQP PCOGU VGTOU VQ FGUKIPCVG QDLGEVU KPUVTWEVKQPU GVE
L )TCRJKECN GNGOGPVU CPF KNNWUVTCVKQPU GURGEKCNN[ VJQUG TGRTGUGPVKPI JQOG GPXKTQPOGPV
L )GPGTCN RTQEGFWTGU CPF EQTTGURQPFKPI QDLGEVU UWEJ CU UGNGEVKQP EQPHKTOCVKQP ECPEGNNCVKQP PCXKICVKQP UCXKPI UETQNNKPI GVE
L 8KTVWCN QDLGEVU CPF OGVCRJQTU GURGEKCNN[ QDLGEVU HQT FCVC KPRWV UWEJ CU MG[DQCTF MG[RCF ECNEWNCVQT XQKEG TGEQTFGT GVE
L %QPVTQN GNGOGPVU UWEJ CU VKOG CPF FCVG UGVVKPI KPVGPUKV[ NGXGN UGVVKPI 101(( 5VCTV5VQR UGVVKPI GVE
L %QFKPI GNGOGPVU UWEJ CU QH EQNQT EQFKPI DNKPMKPI UQWPF GVE L 2TQORVKPI HGGFDCEM PQVKHKECVKQP RTQEGFWTGU
L (WPEVKQP CEVKXCVKQP QT FGCEVKXCVKQP RTQEGFWTGU
# HWTVJGT UVGR VQYCTF VJKU FKTGEVKQP YQWNF DG VQ YTKVG C UV[NG IWKFG FGHKPKPI VJG FGUKIP RTKPEKRNGU HQT VJG 7+ QH CNN UGTXKEGU RTQXKFGF KP VJG 5+4.#0 GPXKTQPOGPV
+P QTFGT VQ QTKGPV VJG EJQKEG QH KPVGTCEVKQP FGXKEGU EQPUVKVWVKPI VJG 7+ YG CPCN[\GF GCEJ FGXKEG QT KPVGTCEVKQP UV[NG KP VGTO QH UVTGPIVJU CPF YGCMPGUUGU CICKPUV WUGT VCUMU CPF EQPVGZVU QH WUG 6JG CPCN[UKU EQXGTU VJG HQNNQYKPI FGXKEGU 4 VQWEJ RCPGN UOCNN VQWEJ RCPGN CDQWV 4 TGOQVG VQWEJ EQPVTQN GNGEVTQPKE PQVGRCF 68 UETGGP VGNGRJQPG XQKEG +1 DWVVQP MG[RCF CPF QVJGT RJ[UKECN EQPVTQNU DWVVQPU UNKFGTU FKOOGTU GVE
0Q FGXKEG YCU KFGPVKHKGF CU UCVKUH[KPI VQ CNN VCUMU CPF UKVWCVKQPU DWV YG UJQYGF JQY KPVGTHCEG YGCMPGUU OC[ DG EQORGPUCVGF D[ EQODKPKPI KV YKVJ QVJGTU QT D[ CFFKPI UQOG GZVGTPCN HWPEVKQPCNKV[ (QT GZCORNG QPG OCLQT FTCYDCEM QH C YCNN OQWPVGF VQWEJ RCPGN KU KVU HKZGF RQUKVKQP UQ VJCV KV OC[
PQV DG YKVJKP TGCEJ YJGP PGEGUUCT[ # TGOQVG VQWEJ EQPVTQN HQT FKTGEV EQPVTQN QT CP GNGEVTQPKE PQVGRCF HQT EQOOWPKECVKQP EQORGPUCVGU HQT VJKU FTCYDCEM #EEGUUQTKGU UWEJ CU UOCTV ECTF TGCFGT EQFG DCT TGCFGT UECPPGT
/WNVK%QO
! ! !
"
#
7UGT 4GUGCTEJ $ $ !
7UGT +PVGTHCEG &GUKIP $ %
7UCDKNKV[ +PURGEVKQPU $ &
!
7UCDKNKV[ 6GUVKPI $ ' ! ! '
5CHGV[ 4GXKGYU CPF +PURGEVKQPU
1DLGVU EQOOWPKECPVU .%0 Pu
! "
VJG 4) CPF *5 EQPVGZV VJG OCKP WUGT VCUMU KPXQNXGF CPF UQOG TGEQOOGPFCVKQPU HQT VJG 7+ FGUKIP QH VJG HWVWTG 4)
6JG UVWF[ QP JQOG FQOCKP CNUQ RQKPVGF UQOG EJCNNGPIGU VQ CFFTGUU KP QTFGT VQ OGGV WUGT PGGFU HQT VJG KPVTQFWEVKQP QH 4) KP VJG JQWUG $GUKFG PGZV UVGRU KP VJG RTQLGEV YJKEJ KPENWFG VJG XCNKFCVKQP QH VJG RTQRQUGF 7+
UQNWVKQPU HWTVJGT YQTM KPENWFGU
L &GHKPKPI PGY UVCPFCTFU HQT *5 KP QTFGT VQ CFFTGUU VJG RTQDNGO QH 7+
EQPUKUVGPE[ DGVYGGP UGTXKEGU
L )Q HWTVJGT KPVQ WUCDKNKV[ VGUVKPI QH PGY KPVGTCEVKQP UV[NGU CPF FGXKEGU KP QTFGT VQ XCNKFCVG VJG UQNWVKQPU CFFTGUUKPI VJG HGCVWTGU QH VJG JQWUG GPXKTQPOGPV OQDKNKV[ XCTKQWU RJ[UKECN RQUKVKQPU CPF OWNVKVCUMKPI CEVKXKVKGU YJKNG KPVGITCVKPI CU HCT CU RQUUKDNG VJG KPVGTCEVKQP FGXKEGU KP VJG JQWUG GPXKTQPOGPV
L 'ZRNQTG VGEJPKECN UQNWVKQPU VQ CFFTGUU VJG EJCNNGPIGU RTGUGPVGF D[ VJG EQOOWPKECVKQP CPF U[PEJTQPK\CVKQP DGVYGGP CNN 7+ FGXKEGU QH VJG 4) CU YGNN CU VJG EQPPGEVKQP YKVJ GZVGTPCN RGTUQPCN FGXKEGU
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
"/0/6/2-/7
! ""
# $% & '( )*+ ,-- .
, ""/
0 ( .- ""/
/ 1 2' -' ' 3 ' 3- 42 5
4,* 2' 6742 2 ' 824 7- % 9
!
$ %WTVKU CPF $ *GHNG n # 9+/20Q /QTG 6JG /CVWTKPI QH 7UGT +PVGTHCEG 'PIKPGGTKPI #%/ +PVGTCEVKQPU R ,CPWCT[
& *KZ CPF * 4 *CTVUQP &GXGNQRKPI 7UGT +PVGTHCEGU 'PUWTKPI 7UCDKNKV[ 6JTQWIJ 2TQFWEV CPF 2TQEGUU ,QJP 9KNG[ 5QPU 0GY ;QTM
. /CECWNC[ % (QYNGT / -KTD[ CPF # *WVV n 756/ # 0GY #RRTQCEJ VQ 4GSWKTGOGPVU 5RGEKHKECVKQP +PVGTCEVKPI YKVJ %QORWVGTU
, 0KGNUGP *GWTKUVKE GXCNWCVKQP KP 0KGNUGP , CPF /CEM 4 . 'FU 7UCDKNKV[
+PURGEVKQP /GVJQFU ,QJP 9KNG[ 5QPU 0GY ;QTM 0; %
$ 2NCKUCPV , 5JPGKFGTOCP , $CVVCINKC n 5EJGFWNKPI JQOGEQPVTQN FGXKEGU C ECUG UVWF[ QH VJG VTCPUKVKQP HTQO VJG TGUGCTEJ RTQLGEV VQ C RTQFWEV *WOCP (CEVQTU KP 2TCEVKEG %QORWVGT 5[UVGOU 6GEJPKECN )TQWR *WOCP (CEVQTU 5QEKGV[ 5CPVC /QPKEC
%# &GEGODGT
5 5GDKNNQVVG .GU CEVKQPU GV NGU EQPEGRVU IÃPÃTCWZ FOCEVKXKVÃU FCPU NOWVKNKUCVKQP FOCRRCTGKNU FQOGUVKSWGU 4CRRQTV FG TGEJGTEJG Pu 2TQITCOOG
%QOOWPKECVKQP *QOOG/CEJKPG OCTU
5 6WTEQVVG 5 6GNNKGT 4CRRQTV FG XGKNNG UVTCVÃIKSWG .C 6ÃNÃXKUKQP +PVGTCEVKXG GV NC
%QPXGTIGPEG 6ÃNÃXKUKQP+PVGTPGV 6GEJPQNQIKGU GZRÃTKOGPVCVKQPU HCEVGWTU FG UWEEÂU GV OKNKGW %GPVTG FG 4GEJGTEJG +PHQTOCVKSWG FG /QPVTÃCN
, 0KGNUGP 9GD68 7UCDKNKV[ 4GXKGY #NGTVDQZ (GDTWCT[
JVVRYYYWUGKVEQOCNGTVDQZ
/E%NCTF 2 5QOGTU n 7PNGCUJGF 9GD 6CDNGV +PVGITCVKQP KPVQ VJG *QOG KP
%*+O #RTKN
&CTF % .CWOQPKGT 2 /CNNGKP GV ; 6QWUUCKPV n 4ÃUGCWZ FG EQOOWPKECVKQP GV UGTXKEGU TÃUKFGPVKGNU %CJKGTU FW %56$ ECJKGT OCTU
) %CNXCT[ , %QWVC\ & 6JGXGPKP n # 7PKH[KPI 4GHGTGPEG (TCOGYQTM HQT VJG
&GXGNQROGPV QH 2NCUVKE 7UGT +PVGTHCEGU 'PIKPGGTKPI *WOCP %QORWVGT +PVGTCEVKQP '*%+
