Escolar Documentos
Profissional Documentos
Cultura Documentos
5IF4POHPG"TIUBWBLSB
USBOTMBUJPOCZ+PIO3JDIBSET KO!KISGTOFUDPVL
QVCMJDEPNBJOEPDVNFOU
+BOBLBVW¡DB
+BOBLB
,BUIBK¡OBNBW¡QOPUJLBUIBNVLUJSCIBWJºZBUJ
7BJS¡HZBDBLBUIBQS¡QUBNFUBECS¦IJNBNBQSBCIP
)PXJTPOFUPBDRVJSFLOPXMFEHF )PXJTPOFUPBUUBJOMJCFSBUJPO "OEIPXJTPOFUPSFBDI
EJTQBTTJPO 5FMMNFUIJT
TJS
"º²¡WBLSBVW¡DB
"TIUBWBLSB
.VLUJNJDDIBTJDFUU¡UBWJºBZ¡OWJºBWBUUZBKB
,ºBN¡SKBWBEBZ¡UPºBTBUZBQ¤Z¦ºBWBECIBKB
*GZPVBSFTFFLJOHMJCFSBUJPO
NZTPO
BWPJEUIFPCKFDUTPGUIFTFOTFTMJLFQPJTPO
BOEDVMUJWBUF
UPMFSBODF
TJODFSJUZ
DPNQBTTJPO
DPOUFOUNFOUBOEUSVUIGVMOFTTBTUIFBOUJEPUF
/BQ¨UIW¤OBKBMBO¡HOJSOBW¡ZVSEZBVSOBW¡CIBW¡O
&º¡T¡LºJ¶BN¡UN¡OBDJES¦QBWJEEIJNVLUBZF
:PVEPOPUDPOTJTUPGBOZPGUIFFMFNFOUTFBSUI
XBUFS
GJSF
BJSPSFWFOFUIFS5PCFMJCFSBUFE
LOPX
ZPVSTFMGBTDPOTJTUJOHPGDPOTDJPVTOFTT
UIFXJUOFTTPGUIFTF
:BEJEFIBQ¨UIBLL¨UZBDJUJWJ¸S¡NZBUJº²IBTJ
"EIVOBJWBTVLI¤¸¡OUPCBOEIBNVLUPCIBWJºZBTJ
*GPOMZZPVXJMMSFNBJOSFTUJOHJODPOTDJPVTOFTT
TFFJOHZPVSTFMGBTEJTUJODUGSPNUIFCPEZ
UIFOFWFO
OPXZPVXJMMCFDPNFIBQQZ
QFBDFGVMBOEGSFFGSPNCPOET
/BUWBWJQS¡EJLPWBS¶PO¡¸SBN¤O¡LºBHPDBSB¾
"TB°HPTJOJS¡L¡SPWJ¸WBT¡Lº¤TVLI¤CIBWB
:PVEPOPUCFMPOHUPUIFCSBINJOPSBOZPUIFSDBTUF
ZPVBSFOPUBUBOZTUBHF
OPSBSFZPVBOZUIJOH
UIBUUIFFZFDBOTFF:PVBSFVOBUUBDIFEBOEGPSNMFTT
UIFXJUOFTTPGFWFSZUIJOHTPCFIBQQZ
%IBSN¡EIBSNBVTVLIBEV¾LIBN¡OBT¡OJOBUFWJCIP
/BLBSU¡TJOBCIPLU¡TJNVLUBFW¡TJTBSWBE¡
3JHIUFPVTOFTTBOEVOSJHIUFPVTOFTT
QMFBTVSFBOEQBJOBSFQVSFMZPGUIFNJOEBOEBSFOPDPODFSOPG
ZPVST:PVBSFOFJUIFSUIFEPFSOPSUIFSFBQFSPGUIFDPOTFRVFODFT
TPZPVBSFBMXBZTGSFF
&LPESBº²¡TJTBSWBTZBNVLUBQS¡ZPTJTBSWBE¡
"ZBNFWBIJUFCBOEIPESBº²¡SBQB¸ZBT¤UBSBN
:PVBSFUIFPOFXJUOFTTPGFWFSZUIJOH
BOEBSFBMXBZTDPNQMFUFMZGSFF5IFDBVTFPGZPVSCPOEBHFJT
UIBUZPVTFFUIFXJUOFTTBTTPNFUIJOHPUIFSUIBOUIJT
"IBLBSUFUZBIBN¡OBNBI¡L¨º¶¡IJEB¸JUB¾
/¡IBLBSUFUJWJ¸W¡T¡N¨UBQ¤UW¡TVLI¤CIBWB
4JODFZPVIBWFCFFOCJUUFOCZUIFCMBDLTOBLF
UIFPQJOJPOBCPVUZPVSTFMGUIBU*BNUIFEPFS
ESJOL
UIFBOUJEPUFPGGBJUIJOUIFGBDUUIBU*BNOPUUIFEPFS
BOECFIBQQZ
&LPWJ¸VEEIBCPEIPIBNJUJOJ¸DBZBWBIOJO¡
1SBKW¡MZ¡K¡OBHBIBOBW¤UBTPLB¾TVLI¤CIBWB
#VSOEPXOUIFGPSFTUPGJHOPSBODFXJUIUIFGJSFPGUIFVOEFSTUBOEJOHUIBU*BNUIFPOFQVSF
BXBSFOFTT
BOECFIBQQZBOEGSFFGSPNEJTUSFTT
:BUSBWJ¸WBNJEBCI¡UJLBMQJUBSBKKVTBSQBWBU
£OBOEBQBSBN¡OBOEB¾TBCPEIBTUWBTVLIBCIBWB
5IBUJOXIJDIBMMUIJTBQQFBSTJNBHJOFEMJLFUIFTOBLFJOBSPQF
UIBUKPZ
TVQSFNFKPZBOEBXBSFOFTT
JTXIBUZPVBSF
TPCFIBQQZ
.VLU¡CIJN¡O¤NVLUPIJCBEEIPCBEEI¡CIJN¡OZBQJ
,JWBEBOU¤IBTBUZFZBZ¡NBUJ¾T¡HBUJSCIBWFU
*GPOFUIJOLTPGPOFTFMGBTGSFF
POFJTGSFF
BOEJGPOFUIJOLTPGPOFTFMGBTCPVOE
POFJTCPVOE)FSF
UIJTTBZJOHJTUSVF
5IJOLJOHNBLFTJUTP
£UN¡T¡Lº¤WJCIV¾Q¦S¶BFLPNVLUB¸DJEBLSJZB¾
"TB°HPOJTQ¨IB¾¸¡OUPCISBN¡UTBT¡SBW¡OJWB
:PVSSFBMOBUVSFJTBTUIFPOFQFSGFDU
GSFF
BOEBDUJPOMFTTDPOTDJPVTOFTT
UIFBMMQFSWBEJOHXJUOFTT
VOBUUBDIFEUPBOZUIJOH
EFTJSFMFTTBOEBUQFBDF*UJTGSPNJMMVTJPOUIBUZPVTFFNUPCFJOWPMWFEJO
TBNTBSB
,¦²BTUIBCPEIBNBEWBJUBN¡UN¡OBQBSJCI¡WBZB
£CI¡TPIBCISBNBNVLUW¡CI¡WBC¡IZBNBUI¡OUBSB
.FEJUBUFPOZPVSTFMGBTNPUJPOMFTTBXBSFOFTT
GSFFGSPNBOZEVBMJTN
HJWJOHVQUIFNJTUBLFOJEFBUIBU
ZPVBSFKVTUBEFSJWBUJWFDPOTDJPVTOFTT
PSBOZUIJOHFYUFSOBMPSJOUFSOBM
%FI¡CIJN¡OBQ¡¸FOBDJSBCBEEIPTJQVUSBLB
#PEIPIBK¡OBLIB°HFOBUBOOJL¨UZBTVLI¤CIBWB
:PVIBWFMPOHCFFOUSBQQFEJOUIFTOBSFPGJEFOUJGJDBUJPOXJUIUIFCPEZ4FWFSJUXJUIUIFLOJGFPGUIF
LOPXMFEHFUIBU*BNBXBSFOFTT
BOECFIBQQZ
NZTPO
/J¾TB°HPOJºLSJZPTJUWBTWBQSBL¡¸POJSBKBOB¾
"ZBNFWBIJUFCBOEIB¾TBN¡EIJNBOVUJº²IBTJ
:PVBSFSFBMMZVOCPVOEBOEBDUJPOMFTT
TFMGJMMVNJOBUJOHBOETQPUMFTTBMSFBEZ5IFDBVTFPGZPVS
CPOEBHFJTUIBUZPVBSFTUJMMSFTPSUJOHUPTUJMMJOHUIFNJOE
5WBZ¡WZ¡QUBNJEBWJ¸WBUWBZJQSPUBZBUI¡SUIBUB¾
¹VEEEIBCVEEIBTWBS¦QBTUWB
N¡HBNB¾LºVESBDJUUBU¡N
"MMPGUIJTJTSFBMMZGJMMFECZZPVBOETUSVOHPVUJOZPV
GPSXIBUZPVDPOTJTUPGJTQVSFBXBSFOFTTTP
EPOUCFTNBMMNJOEFE
/JSBQFLºPOJSWJL¡SPOJSCIBSB¾¸¤UBM¡¸BZB¾
"H¡EIBCVEEIJSBLºVCEIPCIBWBDJON¡USBW¡TBOB¾
:PVBSFVODPOEJUJPOFEBOEDIBOHFMFTT
GPSNMFTTBOEJNNPWBCMF
VOGBUIPNBCMFBXBSFOFTTBOE
VOQFSUVSCBCMF
TPIPMEUPOPUIJOHCVUDPOTDJPVTOFTT
4¡L¡SBNBO¨UBWJEEIJOJS¡L¡SBUVOJ¸DBMBN
&UBUUBUUWPQBEF¸FOBOBQVOBSCIBWBTBNCIBWB¾
3FDPHOJTFUIBUUIFBQQBSFOUJTVOSFBM
XIJMFUIFVONBOJGFTUJTBCJEJOH5ISPVHIUIJTJOJUJBUJPOJOUP
USVUIZPVXJMMFTDBQFGBMMJOHJOUPVOSFBMJUZBHBJO
:BUIBJW¡EBS¸BNBEIZBTUIFS¦QFOUB¾QBSJUBTUVTB¾
5BUIBJW¡TNJO¸BS¤SFOUB¾QBSJUB¾QBSBNF¸WBSB¾
+VTUBTBNJSSPSFYJTUTFWFSZXIFSFCPUIXJUIJOBOEBQBSUGSPNJUTSFGMFDUFEJNBHFT
TPUIF4VQSFNF
-PSEFYJTUTFWFSZXIFSFXJUIJOBOEBQBSUGSPNUIJTCPEZ
&LBTBSWBHBUBWZPNBCBIJSBOUBSZBUI¡HIB²F
/JUZBOJSBOUBSBCSBINBTBSWBCI¦UBHB¶FUBUI¡
+VTUBTPOFBOEUIFTBNFBMMQFSWBEJOHTQBDFFYJTUTJOTJEFBOEPVUTJEFBKBS
TPUIFFUFSOBM
FWFSMBTUJOH
(PEFYJTUTJOUIFXIPMFVOJWFSTF
+BOBLBVW¡DB
+BOBLB
"IPOJSBKBOB¾¸¡OUPCPEIPIBQSBL¨UF¾QBSB¾
&U¡WBOUBNBIBL¡MBNPIFOBJWBWJ´BNCJUB¾
5SVMZ*BNTQPUMFTTBOEBUQFBDF
UIFBXBSFOFTTCFZPOEDBVTBMJUZ"MMUIJTUJNF*IBWFCFFOBGGMJDUFECZ
EFMVTJPO
:BUI¡QSBL¡¸BZ¡NZFLPEFIBNFOBUBUI¡KBHBU
"UPNBNBKBHBUTBSWBNBUIBW¡OBDBLJDBOB
"T*BMPOFHJWFMJHIUUPUIJTCPEZ
TP*EPUPUIFXPSME"TBSFTVMUUIFXIPMFXPSMEJTNJOF
PS
BMUFSOBUJWFMZOPUIJOHJT
4BS¤SBNBIPWJ¸WBQBSJUZBKZBNBZ¡EIVO¡
,VUB¸DJULBV¸BM¡EFWBQBSBN¡UN¡WJMPLZBUF
4POPXUIBU*IBWFBCBOEPOFEUIFCPEZBOEFWFSZUIJOHFMTF
CZHPPEGPSUVOFNZUSVFTFMGCFDPNFT
BQQBSFOU
:BUI¡OBUPZBUPCIJOO¡TUBSB°H¡¾QIFOBCVECVE¡¾
£UNBOPOBUBUI¡CIJOOBWJ¸WBN¡UNBWJOJSHBUBN
8BWFT
GPBNBOECVCCMFTBSFOPPUIFSUIBOXBUFS*OUIFTBNFXBZ
BMMUIJTXIJDIIBTFNBOBUFEGSPN
NZTFMG
JTOPPUIFSUIBONZTFMG
5BOUVN¡USPCIBWFEFWBQB²PZBEWBEWJD¡SJUB¾
£UNBUBONBUSBNFWFEBUBEWBEWJ¸WBWJD¡SJUBN
8IFOZPVBOBMZTFJU
DMPUIJTGPVOEUPCFKVTUUISFBE*OUIFTBNFXBZ
XIFOUIFVOJWFSTFJTBOBMZTFEJU
JTGPVOEUPCFOPPUIFSUIBOPOFTFMG
:BUIBJWFLºVSBTFLMBQU¡UFOBWZ¡QUBJWB¸BSLBS¡
5BUI¡WJ¸WBNBZJLMBQUBNBZ¡WZ¡QUBOJSBOUBSBN
5IFTVHBSQSPEVDFEGSPNUIFKVJDFPGUIFTVHBSDBOFJTUISPVHIPVUGJMMFEXJUIUIFTBNFUBTUF*OUIF
TBNFXBZ
UIFVOJWFSTF
QSPEVDFEPVUPGNF
JTDPNQMFUFMZGVMMPGNZTFMG
£UN¡K¡O¡KKBHBECI¡UJ¡UNBK¡O¡OOBCI¡TBUF
3BKKWBK¡O¡EBIJSCI¡UJ
UBKK¡O¡ECI¡TBUFOBIJ
'SPNJHOPSBODFPGPOFTFMG
UIFXPSMEBQQFBST
BOECZLOPXMFEHFPGPOFTFMGJUBQQFBSTOPMPOHFS'SPN
JHOPSBODFPGUIFSPQFJUBQQFBSTUPCFBTOBLF
BOECZLOPXMFEHFPGJUJUEPFTTPOPMPOHFS
1SBL¡¸PNFOJKBS¦QBO¡UJSJLUPTNZBIBUBUB¾
:BE¡QSBL¡¸BUFWJ¸WBUBE¡IBNCI¡TBFWBIJ
4IJOJOHJTNZFTTFOUJBMOBUVSF
BOE*BNOPUIJOHPUIFSUIBOUIBU8IFOUIFXPSMETIJOFTGPSUI
JUJT
POMZNFUIBUJTTIJOJOHGPSUI
"IPWJLBMQJUBWJ¸WBNBK¡O¡ONBZJCI¡TBUF
3¦QZB¸VLUBVQIB¶¤SBKKBVW¡SJT¦SZZBLBSFZBUI¡
"MMUIJTBQQFBSTJONFJNBHJOFEEVFUPJHOPSBODF
KVTUBTBTOBLFBQQFBSTJOUIFSPQF
UIFNJSBHFPG
XBUFSJOUIFTVOMJHIU
BOETJMWFSJONPUIFSPGQFBSM
.BUUPWJOJSHBUBWJ¸WBNBZZFWBMBZBNFºZBUJ
.¨EJLVNCIPKBMFW¤DJ¾LBOBLFLB²BLBZBUI¡
"MMUIJT
XIJDIIBTPSJHJOBUFEPVUPGNF
JTSFTPMWFECBDLJOUPNFUPP
MJLFBKVHCBDLJOUPDMBZ
BXBWF
JOUPXBUFS
BOEBCSBDFMFUJOUPHPME
"IPBIBOBNPNBIZB
WJO¡¸PZBTZBO¡TUJNF
#SBIN¡EJTUBNCBQBSZBOUBKBHBOO¡¸PQJUJº²IJUB¾
)PXXPOEFSGVM*BN(MPSZUPNF
GPSXIPNUIFSFJTOPEFTUSVDUJPO
SFNBJOJOHFWFOCFZPOEUIF
EFTUSVDUJPOPGUIFXPSMEGSPN#SBINBEPXOUPUIFMBTUDMVNQPGHSBTT
"IPBIBOBNPNBIZBFLPIBEFIBW¡OBQJ
,WBDJOOBHBOU¡O¡HBOU¡WZ¡QZBWJ¸WBNBWBTUIJUB¾
)PXXPOEFSGVM*BN(MPSZUPNF
TPMJUBSZFWFOUIPVHIXJUIBCPEZ
OFJUIFSHPJOHPSDPNJOH
BOZXIFSF
*XIPBCJEFGPSFWFS
GJMMJOHBMMUIBUJT
"IPBIBOBNPNBIZBEBLºPO¡TU¤IBNBUTBNB¾
"TBTQ¨¸ZB¸BS¤SF¶BZFOBWJ¸WBDJSBEI¨UBN
)PXXPOEFSGVM*BN(MPSZUPNF5IFSFJTOPPOFTPDMFWFSBTNF*XIPIBWFCPSOFBMMUIBUJT
GPSFWFS
XJUIPVUFWFOUPVDIJOHJUXJUINZCPEZ
"IPBIBOBNPNBIZBZBTZBNFO¡TUJLJODBOB
"UIBW¡ZBTZBNFTBSWBZBEW¡°NBOBTBHPDBSBN
)PXXPOEFSGVM*BN(MPSZUPNF*XIPQPTTFTTOPUIJOHBUBMM
PSBMUFSOBUJWFMZQPTTFTTFWFSZUIJOH
UIBUTQFFDIBOENJOEDBOSFGFSUP
+¡OBKFZBUBUI¡K¡U¡USJUBZBO¡TUJW¡TUBWBN
"K¡O¡ECI¡UJZBUSFEBTPIBNBTNJOJSBKBOB¾
,OPXMFEHF
XIBUJTUPCFLOPXO
BOEUIFLOPXFSUIFTFUISFFEPOPUFYJTUJOSFBMJUZ*BNUIFTQPUMFTT
SFBMJUZJOXIJDIUIFZBQQFBSCFDBVTFPGJHOPSBODF
%WBJUBN¦MBNBIPEV¾LIBO¡OZBUUBTZ¡TUJCIFºBKBN
%¨¸ZBNFUBON¨º¡TBSWBFLPIBDJESBTPNBMBN
5SVMZEVBMJTNJTUIFSPPUPGTVGGFSJOH5IFSFJTOPPUIFSSFNFEZGPSJUUIBOUIFSFBMJTBUJPOUIBUBMMUIJT
UIBUXFTFFJTVOSFBM
BOEUIBU*BNUIFPOFTUBJOMFTTSFBMJUZ
DPOTJTUJOHPGDPOTDJPVTOFTT
#PEIBN¡USPIBNBK¡O¡EVQBEIJ¾LBMQJUPNBZ¡
&WBWJN¨¸BUPOJUZBOJSWJLBMQFTUIJUJSNBNB
*BNQVSFBXBSFOFTTUIPVHIUISPVHIJHOPSBODF*IBWFJNBHJOFENZTFMGUPIBWFBEEJUJPOBMBUUSJCVUFT
#ZDPOUJOVBMMZSFGMFDUJOHMJLFUIJT
NZEXFMMJOHQMBDFJTJOUIF6OJNBHJOFE
/BNFCBOEIPTUJNPLºPW¡CIS¡OUJ¾¸¡OU¡OJS¡¸SBZ¡
"IPNBZJTUIJUBWJ¸WBWBTUVUPOBNBZJTUIJUBN
'PSNFIFSFJTOFJUIFSCPOEBHFOPSMJCFSBUJPO5IFJMMVTJPOIBTMPTUJUTCBTJTBOEDFBTFE5SVMZBMMUIJT
FYJTUTJONF
UIPVHIVMUJNBUFMZJUEPFTOPUFWFOFYJTUJONF
4B¸BS¤SBNJEBWJ¸WBOBLJDJEJUJOJ¸DJUBN
¹VEEIBDJON¡USB¡UN¡DBUBULBTNJOLBMQBO¡EIVO¡
3FDPHOJTJOHUIBUUIFVOJWFSTFBOENZCPEZUPPBSFOPUIJOH
XIJMFNZUSVFTFMGJTOPUIJOHCVUQVSF
DPOTDJPVTOFTT
XIBUJTUIFSFMFGUGPSUIFJNBHJOBUJPOUPXPSLPOOPX
¹BS¤SBTWBSHBOBSBLBVCBOEIBNPLºBVCIBZBUBUI¡
,BMQBO¡N¡USBNFWBJUBULJNNFL¡SZBDJE¡UNBOB¾
5IFCPEZ
IFBWFOBOEIFMM
CPOEBHFBOEMJCFSBUJPO
BOEGFBSUPP
BMMUIJTJTQVSFJNBHJOBUJPO8IBUJT
UIFSFMFGUUPEPGPSNFXIPTFWFSZOBUVSFJTDPOTDJPVTOFTT
"IPKBOBTBN¦IFQJOBEWBJUBQB¸ZBUPNBNB
"SB¶ZBNJWBTBW¨UUBLWBSBUJLBSBW¡¶ZBIBN
*EPOPUFWFOTFFEVBMJTNJOBDSPXEPGQFPQMF
TPXIBUEP*HBJOJGJUJTSFQMBDFECZBEFTFSU
/¡IBNEFIPOBNFEFIPK¤WPO¡IBN
BIBIJDJU
"ZBNFWBIJNFCBOEIB¡T¤UZ¡K¤WJUFTQ¨I¡
*BNOPUUIFCPEZ
OPSJTUIFCPEZNJOF*BNOPUBMJWJOHCFJOH*BNDPOTDJPVTOFTT*UXBTNZUIJSTU
GPSMJWJOHUIBUXBTNZCPOEBHF
"IPCIVWBOBLBMMPMBJSWJDJUSBJSES¡LTBNVUUIJUBN
.BZZBOBOUBNBI¡NCIPEIBVDJUUBW¡UFTBNVEZBUF
5SVMZJUJTJOUIFJOGJOJUFPDFBOPGNZTFMG
UIBU
TUJNVMBUFECZUIFDPMPVSGVMXBWFTPGUIFXPSME
FWFSZUIJOHTVEEFOMZBSJTFTJOUIFXJOEPGUIPVHIU
.BZZBOBOUBNBI¡NCIPEIBVDJUUBW¡UFQSB¸¡NZBUJ
"CI¡HZ¡KK¤WBWB¶JKPKBHBUQPUPWJOB¸WBSB¾
*OUIFJOGJOJUFPDFBOPGNZTFMG
UIFXJOEPGUIPVHIUTVCTJEFT
BOE*GJOENZTFMG
BTBTFQBSBUF
PSHBOJTN
MJLFBUSBEFSXIPTFCPBU
UIFXPSME
IBTCFFOXSFDLFEGSPNMBDLPGDBSHP
.BZZBOBOUBNBI¡NCIPEIBWB¸DBSZBK¤WBW¤DBZB¾
6EZBOUJHIOBOUJLIFMBOUJQSBWJ¸BOUJTWBCI¡WBUB¾
)PXXPOEFSGVMJUJTUIBUJOUIFJOGJOJUFPDFBOPGNZTFMGUIFXBWFTPGMJWJOHCFJOHTBSJTF
DPMMJEF
QMBZ
BOEEJTBQQFBS
JOBDDPSEBODFXJUIUIFJSPXOOBUVSF
"º²¡WBLSBVW¡DB
"TIUBWBLSB
"WJO¡¸JOBN¡UN¡OBNFLBWJK¡ZBUBUUWBUB¾
5BW¡UNBKBTZBEI¤SBTZBLBUIBNBSUI¡SKBOFSBUJ¾
,OPXJOHZPVSTFMGBTUSVMZPOFBOEJOEFTUSVDUJCMF
IPXDPVMEBXJTFNBOQPTTFTTJOHTFMGLOPXMFEHF
MJLFZPVGFFMBOZQMFBTVSFJOBDRVJSJOHXFBMUI
£UN¡K¡O¡EBIPQS¤UJSWJºBZBCISBNBHPDBSF
¹VLUFSBK¡OBUPMPCIPZBUI¡SBKBUBWJCISBNF
5SVMZ
XIFOPOFEPFTOPULOPXPOFTFMG
POFUBLFTQMFBTVSFJOUIFPCKFDUTPGNJTUBLFOQFSDFQUJPO
KVTU
BTHSFFEBSJTFTGPSUIFTVQQPTFETJMWFSJOPOFXIPEPFTOPUSFDPHOJTFJUBTPOMZNPUIFSPGQFBSM
7J¸WBTQIVSBUJZBUSFEBUBSB°H¡JWBT¡HBSF
4PIBNBTN¤UJWJK¡ZB
LJE¤OBJWBEI¡WBTJ
5IFVOJWFSTFXFMMTVQMJLFXBWFTJOUIFTFB3FDPHOJTJOH
*BN5IBU
XIZSVOBSPVOEMJLFTPNFPOF
JOOFFEPGTPNFUIJOH
¹SVUW¡QJ¸VEEIBDBJUBOZ¡UN¡OBNBUJTVOEBSBN
6QBTUIFUZBOUBTBTBLUPN¡MJOZBNBEIJHBDDIBUJ
"GUFSIFBSJOHPGPOFTFMGBTQVSFDPOTDJPVTOFTTBOEUIFTVQSFNFMZCFBVUJGVM
JTPOFUPHPPOMVTUJOH
BGUFSTPSEJETFYVBMPCKFDUT
4BSWBCI¦UFºVD¡UN¡OBTBSWBCI¦U¡OJD¡UNBOJ
.VOFSK¡OBUB¡¸DBSZBNBNBUWBNBOVWBSUBUF
8IFOUIFTBHFIBTSFBMJTFEUIBUIFIJNTFMGJTJOBMMCFJOHT
BOEBMMCFJOHTBSFJOIJN
JUJTBTUPOJTIJOH
UIBUUIFTFOTFPGJOEJWJEVBMJUZTIPVMECFBCMFUPDPOUJOVF
£TUIJUB¾QBSBN¡EWBJUBNPLº¡SUIFQJWZBWBTUIJUB¾
£DBSZBL¡NBWB¸BHPWJLBMB¾LFMJ¸JLºBZ¡
*UJTBTUPOJTIJOHUIBUBNBOXIPIBTSFBDIFEUIFTVQSFNFOPOEVBMTUBUFBOEJTJOUFOUPOUIFCFOFGJUTPG
MJCFSBUJPOTIPVMETUJMMCFTVCKFDUUPMVTUBOEJOCPOEBHFUPTFYVBMBDUJWJUZ
6ECI¦UBK¡OBEVSNJUSBNBWBEI¡SZ¡UJEVSCBMB¾
£¸DBSZBL¡NBN¡L¡°LºFUL¡MBNBOUBNBOV¸SJUB¾
*UJTBTUPOJTIJOHUIBUPOFBMSFBEZWFSZEFCJMJUBUFE
BOELOPXJOHWFSZXFMMUIBUJUTBSPVTBMJTUIFFOFNZ
PGLOPXMFEHFTIPVMETUJMMIBOLFSBGUFSTFOTVBMJUZ
FWFOXIFOBQQSPBDIJOHIJTMBTUEBZT
*I¡NVUSBWJSBLUBTZBOJUZ¡OJUZBWJWFLJOB¾
£¸DBSZBNPLºBL¡NBTZBNPLº¡EFWBWJCI¤ºJL¡
*UJTBTUPOJTIJOHUIBUPOFXIPJTVOBUUBDIFEUPUIFUIJOHTPGUIJTXPSMEPSUIFOFYU
XIPEJTDSJNJOBUFT
CFUXFFOUIFQFSNBOFOUBOEUIFJNQFSNBOFOU
BOEXIPMPOHTGPSMJCFSBUJPO
TIPVMETUJMMCFBGSBJEPG
MJCFSBUJPO
%I¤SBTUVCIPKZBN¡OPQJQ¤´ZBN¡OPQJTBSWBE¡
£UN¡OBLFWBMBQB¸ZBOOBUVºZBUJOBLVQZBUJ
8IFUIFSGFUFEPSUPSNFOUFE
UIFXJTFNBOJTBMXBZTBXBSFPGIJTTVQSFNFTFMGOBUVSFBOEJTOFJUIFS
QMFBTFEOPSEJTBQQPJOUFE
$Fº²BN¡OB¸BS¤SBTWBQB¸ZBUZBOZB¸BS¤SBWBU
4BTUBWFD¡QJOJOE¡Z¡LBUIBLºVCIZFUNBI¡¸BZB¾
5IFHSFBUTPVMFEQFSTPOTFFTFWFOIJTPXOCPEZJOBDUJPOBTJGJUXFSFTPNFPOFFMTFT
TPIPXTIPVME
IFCFEJTUVSCFECZQSBJTFPSCMBNF
.¡Z¡N¡USBNJEBWJ¸WBQB¸ZBOWJHBUBLBVUVLB¾
"QJTBOOJIJUFN¨UZBVLBUIBUSBTZBUJEI¤SBEI¤¾
4FFJOHUIJTXPSMEBTQVSFJMMVTJPO
BOEEFWPJEPGBOZJOUFSFTUJOJU
IPXTIPVMEUIFTUSPOHNJOEFE
QFSTPO
GFFMGFBS
FWFOBUUIFBQQSPBDIPGEFBUI
/J¾TQ¨IBN¡OBTBZBTZBOBJS¡¸ZFQJNBI¡UNBOB¾
5BTZ¡UNBK¡OBU¨QUBTZBUVMBO¡LFOBK¡ZBUF
8IPDBOCFDPNQBSFEUPUIFHSFBUTPVMFEQFSTPOXIPTFNJOEJTGSFFGSPNEFTJSFFWFOJO
EJTBQQPJOUNFOU
BOEXIPIBTGPVOETBUJTGBDUJPOJOTFMGLOPXMFEHF
4WBCI¡W¡EFWBK¡O¡OPE¨¸ZBNFUBOOBLJDBOB
*EBHS¡IZBNJEBUZ¡KZBTBLJQB¸ZBUJEI¤SBEI¤¾
)PXTIPVMEBTUSPOHNJOEFEQFSTPOXIPLOPXTUIBUXIBUIFTFFTJTCZJUTWFSZOBUVSFOPUIJOH
DPOTJEFSPOFUIJOHUPCFHSBTQFEBOEBOPUIFSUPCFSFKFDUFE
"OUBTUZBLUBLBº¡ZBTZBOJSEWBOEWBTZBOJS¡¸JºB¾
:BE¨DDIBZ¡HBUPCIPHPOBEV¾LI¡ZBOBUVº²BZF
"OPCKFDUPGFOKPZNFOUUIBUDPNFTPGJUTFMGJTOFJUIFSQBJOGVMOPSQMFBTVSBCMFGPSTPNFPOFXIPIBT
FMJNJOBUFEBUUBDINFOU
BOEXIPJTGSFFGSPNEVBMJTNBOEGSPNEFTJSF
"º²¡WBLSBVW¡DB
"TIUBWBLSB
)BOU¡UNBKBTZBEI¤SBTZBLIFMBUPCIPHBM¤MBZ¡
/BIJTBT¡SBW¡I¤LBJSN¦´BJ¾TBIBTBN¡OBU¡
5IFXJTFQFSTPOPGTFMGLOPXMFEHF
QMBZJOHUIFHBNFPGXPSMEMZFOKPZNFOU
CFBSTOPSFTFNCMBODF
XIBUFWFSUPTBNTBSBTCFXJMEFSFECFBTUTPGCVSEFO
:BUQBEBQSFQTBWPE¤O¡¾¸BLS¡EZ¡¾TBSWBEFWBU¡¾
"IPUBUSBTUIJUPZPH¤OBIBSºBNVQBHBDDIBUJ
5SVMZUIFZPHJGFFMTOPFYDJUFNFOUFWFOBUCFJOHFTUBCMJTIFEJOUIBUTUBUFXIJDIBMMUIF%FWBTGSPN
*OESBEPXOZFBSOGPSEJTDPOTPMBUFMZ
5BKKBTZBQV¶ZBQ¡Q¡CIZ¡¾TQBS¸PIZBOUBSOBK¡ZBUF
/BIZ¡L¡¸BTZBEI¦NFOBE¨¸ZBN¡O¡QJTB°HBUJ
)FXIPIBTLOPXO5IBUJTVOUPVDIFEXJUIJOCZHPPEEFFETPSCBE
KVTUBTTQBDFJTOPUUPVDIFECZ
TNPLF
IPXFWFSNVDIJUNBZBQQFBSUPCF
£UNBJWFEBKBHBUTBSWBK¡UBZFOBNBI¡UNBO¡
:BE¨DDIBZ¡WBSUUBN¡OBUBOJºFEEIVLºBNFUBLB¾
8IPDBOQSFWFOUUIFHSFBUTPVMFEQFSTPOXIPIBTLOPXOUIJTXIPMFXPSMEBTIJNTFMGGSPNMJWJOHBT
IFQMFBTFT
£CSBINBTUBNCBQBSZBOUFCI¦UBHS¡NFDBUVSWJEIF
7JKBTZBJWBIJT¡NBSUIZBNJDDI¡OJDDI¡WJWBSKBOF
0GBMMGPVSDBUFHPSJFTPGCFJOHT
GSPN#SBINBEPXOUPUIFMBTUDMVNQPGHSBTT
POMZUIFNBOPG
LOPXMFEHFJTDBQBCMFPGFMJNJOBUJOHEFTJSFBOEBWFSTJPO
£UN¡OBNBEWBZBLB¸DJKK¡O¡UJKBHBE¤¸WBSB
:BEWFUUJUBUTBLVSVUFOBCIBZBUBTZBLVUSBDJU
3BSFJTUIFNBOXIPLOPXTIJNTFMGBTUIFOPOEVBM-PSEPGUIFXPSME
BOEIFXIPLOPXTUIJTJTOPU
BGSBJEPGBOZUIJOH
"º²¡WBLSBVW¡DB
"TIUBWBLSB
/BUFTB°HPTUJLFO¡QJLJ¸VEEIBTUZBLUVNJDDIBTJ
4B°HI¡UBWJMBZBLVSWBOOFWBNFWBMBZBWSBKB
:PVBSFOPUCPVOECZBOZUIJOH8IBUEPFTBQVSFQFSTPOMJLFZPVOFFEUPSFOPVODF 1VUUJOHUIF
DPNQMFYPSHBOJTNUPSFTU
ZPVDBOGJOEQFBDF
6EFUJCIBWBUPWJ¸WBW¡SJEIFSJWBCVECVEB¾
*UJKBUWBJLBN¡UN¡OBNFWBNFWBMBZBWSBKB
5IFVOJWFSTFBSJTFTPVUPGZPV
MJLFBCVCCMFPVUPGUIFTFB,OPXJOHZPVSTFMGTJOHMFJOUIJTXBZ
ZPV
DBOGJOEQFBDF
1SBUZBLºBNBQZBWBTUVUWBEWJ¸WBO¡TUZBNBMFUWBZJ
3BKKVTBSQBJWBWZBLUBNFWBNFWBMBZBWSBKB
*OTQJUFPGCFJOHJOGSPOUPGZPVSFZFT
BMMUIJT
CFJOHJOTVCTUBOUJBM
EPFTOPUFYJTUJOZPV
TQPUMFTTBT
ZPVBSF*UJTBOBQQFBSBODFMJLFUIFTOBLFJOBSPQF
TPZPVDBOGJOGQFBDF
4BNBEV¾LIBTVLIB¾Q¦S¶B¡¸¡OBJS¡¸ZBZP¾TBNB¾
4BNBK¤WJUBN¨UZV¾TBOOFWBNFWBMBZBWSBKB
&RVBMJOQBJOBOEJOQMFBTVSF
FRVBMJOIPQFBOEJOEJTBQQPJOUNFOU
FRVBMJOMJGFBOEJOEFBUI
BOE
DPNQMFUFBTZPVBSF
ZPVDBOGJOEQFBDF
"º²¡WBLSBVW¡DB
"TIUBWBLSB
£L¡¸BWBEBOBOUPIBHIB²BWBUQSBL¨UBKBHBU
*UJK¡OBUBUIBJUBTZBOBUZ¡HPOBHSBIPMBZB¾
*BNJOGJOJUFMJLFTQBDF
BOEUIFOBUVSBMXPSMEJTMJLFBKBS5PLOPXUIJTJTLOPXMFEHF
BOEUIFOUIFSF
JTOFJUIFSSFOVODJBUJPO
BDDFQUBODFPSDFTTBUJPOPGJU
.BIPEBEIJSJW¡IBTBQSBQBDPW¤DJTBOOJEIB¾
*UJK¡OBUBUIBJUBTZBOBUZ¡HPOBHSBIPMBZB¾
*BNMJLFUIFPDFBO
BOEUIFNVMUJQMJDJUZPGPCKFDUTJTDPNQBSBCMFUPBXBWF5PLOPXUIJTJT
LOPXMFEHF
BOEUIFOUIFSFJTOFJUIFSSFOVODJBUJPO
BDDFQUBODFPSDFTTBUJPOPGJU
"IBTB¸VLUJTB°L¡¸PS¦QZBWBEWJ¸WBLBMQBO¡
*UJK¡OBUBUIBJUBTZBOBUZ¡HPOBHSBIPMBZB¾
*BNMJLFUIFNPUIFSPGQFBSM
BOEUIFJNBHJOFEXPSMEJTMJLFUIFTJMWFS5PLOPXUIJTJTLOPXMFEHF
BOEUIFOUIFSFJTOFJUIFSSFOVODJBUJPO
BDDFQUBODFPSDFTTBUJPOPGJU
"IBW¡TBSWBCI¦UFºVTBSWBCI¦U¡OZBUIPNBZJ
*UJK¡OBUBUIBJUBTZBOBUZ¡HPOBHSBIPMBZB¾
"MUFSOBUJWFMZ
*BNJOBMMCFJOHT
BOEBMMCFJOHTBSFJONF5PLOPXUIJTJTLOPXMFEHF
BOEUIFOUIFSF
JTOFJUIFSSFOVODJBUJPO
BDDFQUBODFPSDFTTBUJPOPGJU
+BOBLBVW¡DB
+BOBLB
.BZZBOBOUBNBI¡NCIPEIBVWJ¸WBQPUBJUBTUBUB¾
#ISBNBUJTW¡OUBW¡UFOBOBNBN¡TUZBTBIJº¶VU¡
*OUIFJOGJOJUFPDFBOPGNZTFMGUIFXPSMECPBUESJGUTIFSFBOEUIFSF
NPWFECZJUTPXOJOOFSXJOE*BN
OPUQVUPVUCZUIBU
.BZZBOBOUBNBI¡NCIPEIBVKBHBEW¤DJ¾TWBCI¡WBUB¾
6EFUVWBTUBN¡Z¡UVOBNFW¨EEIJSOBDBLºBUJ¾
8IFUIFSUIFXPSMEXBWFPGJUTPXOOBUVSFSJTFTPSEJTBQQFBSTJOUIFJOGJOJUFPDFBOPGNZTFMG
*OFJUIFS
HBJOOPSMPTFBOZUIJOHCZUIBU
.BZZBOBOUBNBI¡NCIPEIBVWJ¸WBO¡NBWJLBMQBO¡
"UJ¸¡OUPOJS¡L¡SBFUBEFW¡IBN¡TUIJUB¾
*UJTJOUIFJOGJOJUFPDFBOPGNZTFMGUIBUUIFNJOEDSFBUJPODBMMFEUIFXPSMEUBLFTQMBDF*BNTVQSFNFMZ
QFBDFGVMBOEGPSNMFTT
BOE*SFNBJOBTTVDI
/¡UN¡CI¡WFºVOPCI¡WBTUBUS¡OBOUFOJSBOKBOF
*UZBTBLUPTQ¨IB¾¸¡OUBFUBEFW¡IBN¡TUJUB¾
.ZUSVFOBUVSFJTOPUDPOUBJOFEJOPCKFDUT
OPSEPFTBOZPCKFDUFYJTUJOJU
GPSJUJTJOGJOJUFBOETQPUMFTT
4PJUJTVOBUUBDIFE
EFTJSFMFTTBOEBUQFBDF
BOE*SFNBJOBTTVDI
"IPDJON¡USBNFW¡IBNJOESBK¡MPQBNBKBHBE
*UJNBNBLBUIBLVUSBIFZPQ¡EFZBLBMQBO¡
*BNQVSFDPOTDJPVTOFTT
BOEUIFXPSMEJTMJLFBNBHJDJBOTTIPX)PXDPVME*JNBHJOFUIFSFJT
BOZUIJOHUIFSFUPUBLFVQPSSFKFDU
"ºU¡WBLSBVW¡DB
"TIUBWBLSB
5BE¡CBOEIPZBE¡DJUUBLJODJEW¡DIBUJºPDBUJ
,JDJONVDBUJH¨I¶¡UJLJDJEW¨ºZBUJLVQZBUJ
#POEBHFJTXIFOUIFNJOEMPOHTGPSTPNFUIJOH
HSJFWFTBCPVUTPNFUIJOH
SFKFDUTTPNFUIJOH
IPMETPO
UPTPNFUIJOH
JTQMFBTFEBCPVUTPNFUIJOHPSEJTQMFBTFEBCPVUTPNFUIJOH
5BE¡NVLUJSZBE¡DJUUBOBW¡DIBUJOB¸PDBUJ
/BNVDBUJOBH¨¶¡UJOBI¨ºZBUJOBLVQZBUJ
-JCFSBUJPOJTXIFOUIFNJOEEPFTOPUMPOHGPSBOZUIJOH
HSJFWFBCPVUBOZUIJOH
SFKFDUBOZUIJOH
PSIPME
POUPBOZUIJOH
BOEJTOPUQMFBTFEBCPVUBOZUIJOHPSEJTQMFBTFEBCPVUBOZUIJOH
5BE¡CBOEIPZBE¡DJUUBTBLUBL¡TWBQJE¨º²JºV
5BE¡NPLºPZBE¡DJUUBNBTBLUBTBSWBE¨º²JºV
#POEBHFJTXIFOUIFNJOEJTUBOHMFEJOPOFPGUIFTFOTFT
BOEMJCFSBUJPOJTXIFOUIFNJOEJTOPU
UBOHMFEJOBOZPGUIFTFOTFT
:BE¡O¡IBUBE¡NPLºPZBE¡IBCBOEIBOBUBE¡
.BUWFUJIFMBZ¡LJDJUN¡H¨I¡¶BWJNVDBN¡
8IFOUIFSFJTOPNFUIBUJTMJCFSBUJPO
BOEXIFOUIFSFJTNFUIFSFJTCPOEBHF$POTJEFSUIJT
DBSFGVMMZ
BOEOFJUIFSIPMEPOUPBOZUIJOHOPSSFKFDUBOZUIJOH
"º²¡WBLSBVW¡DB
"TIUBWBLSB
,¨U¡L¨UFDBEWBOEW¡OJLBE¡¸¡OU¡OJLBTZBW¡
&WBK¡UWFIBOJSWFE¡ECIBWBUZ¡HBQBSPWSBU¤
,OPXJOHXIFOUIFEVBMJTNPGUIJOHTEPOFBOEVOEPOFIBTCFFOQVUUPSFTU
PSUIFQFSTPOGPSXIPN
UIFZPDDVSIBT
UIFOZPVDBOIFSFBOEOPXHPCFZPOESFOVODJBUJPOBOEPCMJHBUJPOTCZJOEJGGFSFODFUP
TVDIUIJOHT
,BTZ¡QJU¡UBEIBOZBTZBMPLBDFº²¡WBMPLBO¡U
+¤WJUFDDI¡CVCIVLº¡DBCVCIVUTPQB¸BNB¾HBU¡¾
3BSFJOEFFE
NZTPO
JTUIFMVDLZNBOXIPTFPCTFSWBUJPOPGUIFXPSMETCFIBWJPVSIBTMFEUPUIF
FYUJODUJPOPGIJTUIJSTUGPSMJWJOH
UIJSTUGPSQMFBTVSFBOEUIJSTUGPSLOPXMFEHF
"OJUZBTBSWBNFWFEBU¡QBUSBZBE¦ºJUBN
"TBSBOJOEJUBIFZBNJUJOJ¸DJUZB¸¡NZBUJ
"MMUIJTJTUSBOTJFOUBOETQPJMUCZUIFUISFFTPSUTPGQBJO,OPXJOHJUUPCFJOTVCTUBOUJBM
JHOPCMFBOEGJU
POMZGPSSFKFDUJPO
POFBUUBJOTQFBDF
,PTBVL¡MPWBZB¾LJW¡ZBUSBEWBOEW¡OJOPO¨¶¡N
5¡OZVQFLºZBZBUI¡QS¡QUBWBSU¤TJEEIJNBW¡QOVZ¡U
8IFOXBTUIBUBHFPSUJNFPGMJGFXIFOUIFEVBMJTNPGFYUSFNFTEJEOPUFYJTUGPSNFO "CBOEPOJOH
UIFN
BQFSTPOXIPJTIBQQZUPUBLFXIBUFWFSDPNFTBUUBJOTQFSGFDUJPO
/¡O¡NBUBNBIBSº¤º¡T¡EI¦O¡ZPHJO¡UBUI¡
%¨º²W¡OJSWFEBN¡QBOOB¾LPOB¸¡NZBUJN¡OBWB¾
8IPEPFTOPUFOEVQXJUIJOEJGGFSFODFUPTVDIUIJOHTBOEBUUBJOQFBDFXIFOIFIBTTFFOUIF
EJGGFSFODFTPGPQJOJPOTBNPOHUIFHSFBUTBHFT
TBJOUTBOEZPHJT
,¨UW¡N¦SUJQBSJK¡OBDBJUBOZBTZBOBLJHVSV¾
/JSWFEBTBNBU¡ZVLUZ¡ZBTU¡SBZBUJTBT¨UF¾
*TIFOPUBHVSVXIP
FOEPXFEXJUIEJTQBTTJPOBOEFRVBOJNJUZ
BDIJFWFTGVMMLOPXMFEHFPGUIFOBUVSF
PGDPOTDJPVTOFTT
BOEMFBETPUIFSTPVUPGTBNTBSB
1B¸ZBCI¦UBWJL¡S¡TUWBCI¦UBN¡US¡OZBUI¡SUIBUB¾
5BULºB¶¡ECBOEIBOJSNVLUB¾TWBS¦QBTUIPCIBWJºZBTJ
*GZPVXPVMEKVTUTFFUIFUSBOTGPSNBUJPOTPGUIFFMFNFOUTBTOPUIJOHNPSFUIBOUIFFMFNFOUT
UIFOZPV
XPVMEJNNFEJBUFMZCFGSFFEGSPNBMMCPOETBOEFTUBCMJTIFEJOZPVSPXOOBUVSF
7¡TBO¡FWBTBT¡SBJUJTBSW¡WJNVDBU¡¾
5BUUZ¡HPW¡TBO¡UZ¡H¡UTUIJUJSBEZBZBUI¡UBUI¡
0OFTEFTJSFTBSFTBNTBSB,OPXJOHUIJT
BCBOEPOUIFN5IFSFOVODJBUJPOPGUIFNJTUIFSFOVODJBUJPO
PGJU/PXZPVDBOSFNBJOBTZPVBSF
"º²¡WBLSBVW¡DB
"TIUBWBLSB
7JI¡ZBWBJSJ¶BL¡NBNBSUIBD¡OBSUIBTB°LVMBN
%IBSNBNBQZFUBZPSIFUVTBSWBUS¡O¡EBSBLVSV
"CBOEPOJOHEFTJSF
UIFFOFNZ
BMPOHXJUIHBJO
JUTFMGTPGVMMPGMPTT
BOEUIFHPPEEFFETXIJDIBSFUIF
DBVTFPGUIFPUIFSUXPQSBDUJDFJOEJGGFSFODFUPFWFSZUIJOH
4WBQOFOESBK¡MBWBUQB¸ZBEJO¡OJUS¤¶JQBDBW¡
.JUSBLºFUSBEIBO¡H¡SBE¡SBE¡Z¡EJTBNQBEB¾
-PPLPOTVDIUIJOHTBTGSJFOET
MBOE
NPOFZ
QSPQFSUZ
XJGF
BOECFRVFTUTBTOPUIJOHCVUBESFBNPSB
NBHJDJBOTTIPXMBTUJOHUISFFPSGJWFEBZT
:BUSBZBUSBCIBWFUU¨º¶¡
TBT¡SBWJEEIJUBUSBWBJ
1SBV´IBWBJS¡NZBN¡¸SJUZBW¤UBU¨º¶B¾TVLI¤CIBWB
8IFSFWFSBEFTJSFPDDVST
TFFTBNTBSBJOJU&TUBCMJTIJOHZPVSTFMGJOGJSNEJTQBTTJPO
CFGSFFPG
QBTTJPOBOEIBQQZ
5¨º¶¡N¡US¡UNBLPCBOEIBT
UBOO¡¸PNPLºBVDZBUF
#IBW¡TBTBLUJN¡USF¶BQS¡QUJUVº²JSNVIVSNVIV¾
5IFFTTFOUJBMOBUVSFPGCPOEBHFJTOPUIJOHPUIFSUIBOEFTJSF
BOEJUTFMJNJOBUJPOJTLOPXOBT
MJCFSBUJPO*UJTTJNQMZCZOPUCFJOHBUUBDIFEUPDIBOHJOHUIJOHTUIBUUIFFWFSMBTUJOHKPZPGBUUBJONFOU
JTSFBDIFE
5WBNFLBTDFUBOB¾¸VEEIP
KB´BWJ¸WBNBTBUUBUI¡
"WJEZ¡QJOBLJDJUT¡L¡CVCIVUT¡UBUI¡QJUF
:PVBSFPOF
DPOTDJPVTBOEQVSF
XIJMFBMMUIJTJTJOFSUOPOCFJOH*HOPSBODFJUTFMGJTOPUIJOH
TPXIBU
JTUIFQPJOUPGXBOUJOHUPVOEFSTUBOE
3¡KZBTVU¡¾LBMBUS¡¶J¸BS¤S¡¶JTVLI¡OJDB
4BTBLUBTZ¡QJOBº²¡OJUBWBKBONBOJKBONBOJ
,JOHEPNT
DIJMESFO
XJWFT
CPEJFT
QMFBTVSFTUIFTFIBWFBMMCFFOMPTUUPZPVMJGFBGUFSMJGF
BUUBDIFEUP
UIFNUIPVHIZPVXFSF
"MBNBSUIFOBL¡NFOBTVL¨UFO¡QJLBSNB¶¡
&CIZB¾TBT¡SBLBOU¡SFOBWJ¸S¡OUBNBCI¦ONBOB¾
&OPVHIPGXFBMUI
TFOTVBMJUZBOEHPPEEFFET*OUIFGPSFTUPGTBNTBSBUIFNJOEIBTOFWFSGPVOE
TBUJTGBDUJPOJOUIFTF
,¨UBOBLBUJKBON¡OJL¡ZFOBNBOBT¡HJS¡
%V¾LIBN¡Z¡TBEBLBSNBUBEBEZ¡QZVQBSBNZBU¡N
)PXNBOZCJSUITIBWFZPVOPUEPOFIBSEBOEQBJOGVMMBCPVSXJUICPEZ
NJOEBOETQFFDI/PXBUMBTU
TUPQ
"º²¡WBLSBVW¡DB
"TIUBWBLSB
#I¡W¡CI¡WBWJL¡SB¸DBTWBCI¡W¡EJUJOJ¸DBZ¤
/JSWJL¡SPHBUBLMF¸B¾TVLIFOBJWPQB¸¡NZBUJ
6ONPWFEBOEVOEJTUSFTTFE
SFBMJTJOHUIBUCFJOH
OPOCFJOHBOEDIBOHFBSFPGUIFWFSZOBUVSFPGUIJOHT
POFFBTJMZGJOETQFBDF
]¸WBSB¾TBSWBOJSN¡U¡OFI¡OZBJUJOJ¸DBZ¤
"OUBSHBMJUBTBSW¡¸B¾¸¡OUB¾LW¡QJOBTBKKBUF
"UQFBDF
IBWJOHTIFEBMMEFTJSFTXJUIJO
BOESFBMJTJOHUIBUOPUIJOHFYJTUTIFSFCVUUIF-PSE
UIF
$SFBUPSPGBMMUIJOHT
POFJTOPMPOHFSBUUBDIFEUPBOZUIJOH
£QBEB¾TBNQBEB¾L¡MFEBJW¡EFWFUJOJ¸DBZ¤
5¨QUB¾TWBTUIFOESJZPOJUZBOBW¡DIBUJOB¸PDBUJ
3FBMJTJOHUIBUNJTGPSUVOFBOEGPSUVOFDPNFJOUIFJSPXOUJNFGSPNGPSUVOF
POFJTDPOUFOUFE
POFT
TFOTFTVOEFSDPOUSPM
BOEEPFTOPUMJLFPSEJTMJLF
4VLIBEV¾LIFKBONBN¨UZ¦EBJW¡EFWFUJOJ¸DBZ¤
4¡EIZ¡EBS¸¤OJS¡Z¡TB¾LVSWBOOBQJOBMJQZBUF
3FBMJTJOHUIBUQMFBTVSFBOEQBJO
CJSUIBOEEFBUIBSFGSPNEFTUJOZ
BOEUIBUPOFTEFTJSFTDBOOPUCF
BDIJFWFE
POFSFNBJOTJOBDUJWF
BOEFWFOXIFOBDUJOHEPFTOPUHFUBUUBDIFE
$JOUBZ¡K¡ZBUFEV¾LIBO¡OZBUIFIFUJOJ¸DBZ¤
5BZ¡I¤OB¾TVLI¤¸¡OUB¾TBSWBUSBHBMJUTQSIB¾
3FBMJTJOHUIBUTVGGFSJOHBSJTFTGSPNOPUIJOHPUIFSUIBOUIPVHIU
ESPQQJOHBMMEFTJSFTPOFSJETPOFTFMGPG
JU
BOEJTIBQQZBOEBUQFBDFFWFSZXIFSF
/¡IBEFIPOBNFEFIPCPEIPIBNJUJOJ¸DBZ¤
,BJWBMZBNJWBTBQS¡QUPOBTNBSBUZBL¨UBL¨UBN
3FBMJTJOH
*BNOPUUIFCPEZ
OPSJTUIFCPEZNJOF*BNBXBSFOFTT
POFBUUBJOTUIFTVQSFNFTUBUF
BOEOPMPOHFSSFNFNCFSTUIJOHTEPOFPSVOEPOF
£CSBINBTUBNCBQBSZBOUBNBIBNFWFUJOJ¸DBZ¤
/JSWJLBMQB¾¸VDJ¾¸¡OUB¾QS¡QU¡QS¡QUBWJOJSW¨UB¾
3FBMJTJOH
*BMPOFFYJTU
GSPN#SBINBEPXOUPUIFMBTUDMVNQPGHSBTT
POFCFDPNFTGSFFGSPN
VODFSUBJOUZ
QVSF
BUQFBDFBOEVODPODFSOFEBCPVUXIBUIBTCFFOBUUBJOFEPSOPU
/¡O¡¸DBSZBNJEBWJ¸WBOBLJDJEJUJOJ¸DBZ¤
/JSW¡TBOB¾TQI¦SUJN¡USPOBLJDJEJWB¸¡NZBUJ
3FBMJTJOHUIBUBMMUIJTWBSJFEBOEXPOEFSGVMXPSMEJTOPUIJOH
POFCFDPNFTQVSFSFDFQUJWJUZ
GSFFGSPN
JODMJOBUJPOT
BOEBTJGOPUIJOHFYJTUFE
POFGJOETQFBDF
+BOBLBVW¡DB
+BOBLB
,¡ZBL¨UZ¡TBIB¾Q¦SWBUBUPW¡HWJTUBS¡TBIB¾
"UIBDJOU¡TBIBTUBTN¡EFWBNFW¡IBN¡TUIJUB¾
'JSTUPGBMM*XBTBWFSTFUPQIZTJDBMBDUJWJUZ
UIFOUPMFOHUIZTQFFDI
BOEGJOBMMZUPUIPVHIUJUTFMG
XIJDI
JTXIZ*BNOPXFTUBCMJTIFE
1S¤UZBCI¡WFOB¸BCE¡EFSBE¨¸ZBUWFOBD¡UNBOB¾
7JLºFQBJL¡HSBI¨EBZBFWBNFW¡IB¡TUIJUB¾
*OUIFBCTFODFPGEFMJHIUJOTPVOEBOEUIFPUIFSTFOTFT
BOECZUIFGBDUUIBU*BNNZTFMGOPUBOPCKFDU
PGUIFTFOTFT
NZNJOEJTGPDVTFEBOEGSFFGSPNEJTUSBDUJPOXIJDIJTXIZ*BNOPXFTUBCMJTIFE
4BN¡EIZ¡T¡EJWJLºJQUBVWZBWBI¡SB¾TBN¡EIBZF
&WBWJMPLZBOJZBNBNFWBNFW¡IBN¡TUIJUB¾
0XJOHUPUIFEJTUSBDUJPOPGTVDIUIJOHTBTXSPOHJEFOUJGJDBUJPO
POFJTESJWFOUPTUSJWFGPSNFOUBM
TUJMMOFTT3FDPHOJTJOHUIJTQBUUFSO*BNOPXFTUBCMJTIFE
)FZPQ¡EFZBWJSBI¡EFWBIBSºBWJº¡EBZP¾
"CI¡W¡EBEZBIFCSBINBOOFWBNFW¡IBN¡TUIJUB¾
#ZSFMJORVJTIJOHUIFTFOTFPGSFKFDUJPOBOEBDDFQUBODF
BOEXJUIQMFBTVSFBOEEJTBQQPJOUNFOUDFBTJOH
UPEBZ
CSBINJO*BNOPXFTUBCMJTIFE
£¸SBN¡O¡¸SBNBEIZ¡OBDJUUBTW¤L¨UBWBSKBOBN
7JLBMQBNBNBW¤LºZBFUBJSFWBNFW¡IBN¡TUIJUB¾
-JGFJOBDPNNVOJUZ
UIFOHPJOHCFZPOETVDIBTUBUF
NFEJUBUJPOBOEUIFFMJNJOBUJPOPGNJOENBEF
PCKFDUTCZNFBOTPGUIFTF*IBWFTFFONZFSSPS
BOE*BNOPXFTUBCMJTIFE
,BSN¡OVº²I¡OBNBK¡O¡EZBUIBJWPQBSBNBTUBUI¡
#VEIW¡TBNZBHJEBUBUUWBNFWBNFW¡IBN¡TUIJUB¾
+VTUBTUIFQFSGPSNBODFPGBDUJPOTJTEVFUPJHOPSBODF
TPUIFJSBCBOEPONFOUJTUPP#ZGVMMZ
SFDPHOJTJOHUIJTUSVUI
*BNOPXFTUBCMJTIFE
"DJOUZBDJOUZBN¡OPQJDJOU¡S¦QBCIBKBUZBTBV
5ZBLUW¡UBECI¡WBOBUBTN¡EFWBNFW¡IBN¡TUIJUB¾
5SZJOHUPUIJOLUIFVOUIJOLBCMF
JTEPJOHTPNFUIJOHVOOBUVSBMUPUIPVHIU"CBOEPOJOHTVDIBQSBDUJDF
UIFSFGPSF
*BNOPXFTUBCMJTIFE
&WBNFWBL¨UBZFOBTBL¨U¡SUIPCIBWFEBTBV
&WBNFWBTWBCI¡WPZB¾TBL¨U¡SUIPCIBWFEBTBV
)FXIPIBTBDIJFWFEUIJTIBTBDIJFWFEUIFHPBMPGMJGF)FXIPJTPGTVDIBOBUVSFIBTEPOFXIBUIBT
UPCFEPOF
+BOBLBVW¡DB
+BOBLB
"LJDBOBCIBWBTW¡TUIBLBVQ¤OBUWFQJEVSMBCIBN
5Z¡H¡E¡OFWJI¡Z¡TN¡EBIBN¡TFZBUI¡TVLIBN
5IFJOOFSGSFFEPNPGIBWJOHOPUIJOHJTIBSEUPBDIJFWF
FWFOXJUIKVTUBMPJODMPUI
CVU*MJWFBT*
QMFBTFBCBOEPOJOHCPUISFOVODJBUJPOBOEBDRVJTJUJPO
,VUS¡QJLIFEB¾L¡ZBTZB
KJIW¡LVUS¡QJLIFEZBUF
.BOB¾LVUS¡QJUBUUZBLUW¡QVSVº¡SUIFTUIJUB¾TVLIBN
4PNFUJNFTPOFFYQFSJFODFTEJTUSFTTCFDBVTFPGPOFTCPEZ
TPNFUJNFTCFDBVTFPGPOFTTQFFDI
BOE
TPNFUJNFTCFDBVTFPGPOFTNJOE"CBOEPOJOHBMMPGUIFTF
*MJWFBT*QMFBTFJOUIFHPBMPGIVNBOMJGF
,¨UBLJNBQJOBJWBTZ¡EJUJTBDJOUZBUBUUWBUB¾
:BE¡ZBULBSUUVN¡Z¡UJUBUL¨UW¡TFZBUI¡TVLIBN
3FDPHOJTJOHUIBUJOSFBMJUZOPBDUJPOJTFWFSDPNNJUUFE
*MJWFBT*QMFBTF
KVTUEPJOHXIBUQSFTFOUT
JUTFMGUPCFEPOF
,BSNBOBJºLBSNZBOJSCBOEIBCI¡W¡EFIBTUIBZPHJOB¾
4BZPH¡ZPHBWJSBI¡EBIBN¡TFZBUI¡TVLIBN
:PHJTXIPJEFOUJGZUIFNTFMWFTXJUIUIFJSCPEJFTBSFJOTJTUFOUPOGVMGJMMJOHBOEBWPJEJOHDFSUBJO
BDUJPOT
CVU*MJWFBT*QMFBTFBCBOEPOJOHBUUBDINFOUBOESFKFDUJPO
"SUI¡OBSUIBVOBNFTUIJUZ¡HBUZ¡OB¸BZBOFOBW¡
5Jº²IBOBHBDDIBOBTWBQBOUBTN¡EBIBN¡TFZBUI¡TVLIBN
/PCFOFGJUPSMPTTDPNFTUPNFCZTUBOEJOH
XBMLJOHPSMZJOHEPXO
TPDPOTFRVFOUMZ*MJWFBT*QMFBTF
XIFUIFSTUBOEJOH
XBMLJOHPSTMFFQJOH
4WBQBUPO¡TUJNFI¡OJ¾TJEEIJSZBUOBWBUPOBW¡
/¡¸PMM¡TBVWJI¡Z¡TN¡EBIBN¡TFZBUI¡TVLIBN
*MPTFOPUIJOHCZTMFFQJOHBOEHBJOOPUIJOHCZFGGPSU
TPDPOTFRVFOUMZ*MJWFBT*QMFBTF
BCBOEPOJOH
TVDDFTTBOEGBJMVSF
4VLI¡EJS¦Q¡OJZBNBCI¡WFºW¡MPLZBCI¦SJ¸B¾
¹VCI¡¸VCIFWJI¡Z¡TN¡EBIBN¡TFZBUI¡TVLIBN
$POUJOVBMMZPCTFSWJOHUIFESBXCBDLTPGTVDIUIJOHTBTQMFBTBOUPCKFDUT
*MJWFBT*QMFBTF
BCBOEPOJOH
UIFQMFBTBOUBOEVOQMFBTBOU
+BOBLBVW¡DB
+BOBLB
1SBL¨UZ¡¸¦OZBDJUUPZB¾QSBN¡E¡ECI¡WBCI¡WBOB¾
/JESJUPCPEIJUBJWBLº¤¶BTBTNBSB¶PIJTB¾
)FXIPCZOBUVSFJTFNQUZNJOEFE
BOEXIPUIJOLTPGUIJOHTPOMZVOJOUFOUJPOBMMZ
JTGSFFEGSPN
EFMJCFSBUFSFNFNCFSJOHMJLFPOFBXBLFOFEGSPNBESFBN
,WBEIBO¡OJLWBNJUS¡¶JLWBNFWJºBZBEBTZBWB¾
,WB¸¡TUSBLWBDBWJK¡OBZBE¡NFHBMJU¡TQ¨I¡
8IFONZEFTJSFIBTCFFOFMJNJOBUFE
*IBWFOPXFBMUI
GSJFOET
SPCCFSTFOTFT
TDSJQUVSFTPS
LOPXMFEHF
7JK¡UFT¡LºJQVSVºFQBSBN¡UNBOJDF¸WBSF
/BJS¡¸ZFCBOEIBNPLºFDBOBDJOU¡NVLUBZFNBNB
3FBMJTJOHNZTVQSFNFTFMGOBUVSFJOUIF1FSTPOPGUIF8JUOFTT
UIF-PSE
BOEUIFTUBUFPG
EFTJSFMFTTOFTTJOCPOEBHFPSMJCFSBUJPO
*GFFMOPJODMJOBUJPOGPSMJCFSBUJPO
"OUBSWJLBMQB¸¦OZBTZBCBIJ¾TWBDDIBOEBD¡SJ¶B¾
#IS¡OUBTZFWBEB¸¡TU¡TU¡TU¡E¨¸¡FWBK¡OBUF
5IFWBSJPVTTUBUFTPGPOFXIPJTGSFFPGVODFSUBJOUZXJUIJO
BOEXIPPVUXBSEMZXBOEFSTBCPVUBTIF
QMFBTFTMJLFBOJEJPU
DBOPOMZCFLOPXOCZTPNFPOFJOUIFTBNFDPOEJUJPO
"º²¡WBLSBVW¡DB
"TIUBWBLSB
:BUI¡UBUIPQBEF¸FOBL¨U¡SUIB¾TBUUWBCVEEIJN¡O
£K¤WBNBQJKJK¡TV¾QBSBTUBUSBWJNVIZBUJ
8IJMFBNBOPGQVSFJOUFMMJHFODFNBZBDIJFWFUIFHPBMCZUIFNPTUDBTVBMPGJOTUSVDUJPO
BOPUIFSNBZ
TFFLLOPXMFEHFBMMIJTMJGFBOETUJMMSFNBJOCFXJMEFSFE
.PLºPWJºBZBWBJSBTZBCBOEIPWBJºBZJLPSBTB¾
&U¡WBEFWBWJK¡OBZBUIFDDIBTJUBUI¡LVSV
-JCFSBUJPOJTEJTUBTUFGPSUIFPCKFDUTPGUIFTFOTFT#POEBHFJTMPWFPGUIFTFOTFT5IJTJTLOPXMFEHF
/PXEPBTZPVXJTI
7¡HNJQS¡KBNBIPEZPHBKBOBN¦LBKB´¡MBTBN
,BSPUJUBUUWBCPEIPZBNBUBTUZBLUPCVCIVLºBCIJ¾
5IJTBXBSFOFTTPGUIFUSVUINBLFTBOFMPRVFOU
DMFWFSBOEFOFSHFUJDNBOEVNC
TUVQJEBOEMB[Z
TPJU
JTBWPJEFECZUIPTFXIPTFBJNJTFOKPZNFOU
/BUWBEFIPOBUFEFIPCIPLU¡LBSUU¡OBW¡CIBW¡O
$JES¦QPTJTBE¡T¡Lº¤OJSBQFLºB¾TVLIBDBSB
:PVBSFOPUUIFCPEZ
OPSJTUIFCPEZZPVST
OPSBSFZPVUIFEPFSPGBDUJPOTPSUIFSFBQFSPGUIFJS
DPOTFRVFODFT:PVBSFFUFSOBMMZQVSFDPOTDJPVTOFTT
UIFXJUOFTT
JOOFFEPGOPUIJOHTPMJWFIBQQJMZ
3¡HBEWFºBVNBOPEIBSNBVOBNBOBTUFLBE¡DBOB
/JSWJLBMQPTJCPEI¡UN¡OJSWJL¡SB¾TVLIBDBSB
%FTJSFBOEBOHFSBSFPCKFDUTPGUIFNJOE
CVUUIFNJOEJTOPUZPVST
OPSFWFSIBTCFFO:PVBSF
DIPJDFMFTT
BXBSFOFTTJUTFMGBOEVODIBOHJOHTPMJWFIBQQJMZ
4BSWBCI¦UFºVD¡UN¡OBTBSWBCI¦U¡OJD¡UNBOJ
7JK¡ZBOJSBIBL¡SPOJSNBNBTUWBTVLI¤CIBWB
3FDPHOJTJOHPOFTFMGJOBMMCFJOHT
BOEBMMCFJOHTJOPOFTFMG
CFIBQQZ
GSFFGSPNUIFTFOTFPG
SFTQPOTJCJMJUZBOEGSFFGSPNQSFPDDVQBUJPOXJUINF
7JºWBTQIVSBUJZBUSFEBUBSB°H¡JWBT¡HBSF
5BUUWBNFWBOBTBOEFIB¸DJON¦SUFWJKWBSPCIBWB
:PVSOBUVSFJTUIFDPOTDJPVTOFTT
JOXIJDIUIFXIPMFXPSMEXFMMTVQ
MJLFXBWFTJOUIFTFB5IBUJT
XIBUZPVBSF
XJUIPVUBOZEPVCU
TPCFGSFFPGEJTUVSCBODF
¹SBEEIBTWBU¡UB¸SBEEIBTWBO¡USBNPIBLVSVºWBCIP¾
+¡OBTWBS¦QPCIBHBW¡O¡UN¡UWBQSBL¨UF¾QBSB¾
)BWFGBJUI
NZTPO
IBWFGBJUI%POUMFUZPVSTFMGCFEFMVEFEJOUIJT:PVBSFZPVSTFMGUIF-PSE
XIPTF
WFSZOBUVSFJTLOPXMFEHF
BOEZPVBSFCFZPOEOBUVSBMDBVTBUJPO
(V¶BJ¾TBWFº²JUPEFIBTUJº²IBUZ¡Z¡UJZ¡UJDB
£UN¡OBHBOU¡O¡HBOU¡LJNFOBNBOV¸PDBTJ
5IFCPEZJOWFTUFEXJUIUIFTFOTFTTUBOETTUJMM
BOEDPNFTBOEHPFT:PVZPVSTFMGOFJUIFSDPNFOPSHP
TPXIZCPUIFSBCPVUUIFN
%FIBTUJº²IBUVLBMQ¡OUBHBDDIBUWBEZBJWBW¡QVOB¾
,WBW¨EEIJ¾LWBDBW¡I¡OJTUBWBDJON¡USBS¦QJ¶B¾
-FUUIFCPEZMBTUUPUIFFOEPGUIF"HF
PSMFUJUDPNFUPBOFOESJHIUOPX8IBUIBWFZPVHBJOFEPS
MPTU
XIPDPOTJTUPGQVSFDPOTDJPVTOFTT
5WBZZBOBOUBNBI¡NCIPEIBVWJ¸WBW¤DJ¾TWBCI¡WBUB¾
6EFUVW¡TUBN¡Z¡UVOBUFW¨EEIJSOBW¡LºBUJ¾
-FUUIFXPSMEXBWFSJTFPSTVCTJEFBDDPSEJOHUPJUTPXOOBUVSFJOZPV
UIFHSFBUPDFBO*UJTOPHBJOPS
MPTTUPZPV
5¡UBDJON¡USBS¦QPTJOBUFCIJOOBNJEBKBHBE
"UB¾LBTZBLBUIBLVUSBIFZPQ¡EFZBLBMQBO¡
.ZTPO
ZPVDPOTJTUPGQVSFDPOTDJPVTOFTT
BOEUIFXPSMEJTOPUTFQBSBUFGSPNZPV4PXIPJTUP
BDDFQUPSSFKFDUJU
BOEIPX
BOEXIZ
&LBTNJOOBWZBZF¸¡OUFDJE¡L¡¸FNBMFUWBZJ
,VUPKBONBLVUB¾LBSNBLVUPIBL¡SBFWBDB
)PXDBOUIFSFCFFJUIFSCJSUI
LBSNBPSSFTQPOTJCJMJUZJOUIBUPOFVODIBOHJOH
QFBDFGVM
VOCMFNJTIFE
BOEJOGJOJUFDPOTDJPVTOFTTXIJDIJTZPV
:BUUWBQB¸ZBTJUBUSBJLBTUWBNFWBQSBCI¡TBTF
,JQ¨UIBLCI¡TBUFTWBS¶¡ULB²BL¡°HBEBO¦QVSBN
8IBUFWFSZPVTFF
JUJTZPVBMPOFNBOJGFTUJOJU)PXDBOCSBDFMFUT
BSNMFUTBOEBOLMFUTCFEJGGFSFOU
GSPNUIFHPMEUIFZBSFNBEFPG
"ZBTPIBNBZBNO¡IBWJCI¡HBNJUJTBOUZBKB
4BSWBN¡UNFUJOJ¸DJUZBOJ¾TB°LBMQB¾TVLI¤CIBWB
(JWJOHVQTVDIEJTUJODUJPOTBT)FJTXIBU*BN
BOE*BNOPUUIBU
SFDPHOJTFUIBU&WFSZUIJOHJT
NZTFMG
BOECFXJUIPVUEJTUJODUJPOBOEIBQQZ
5BWBJW¡K¡OBUPWJ¸WBUWBNFLB¾QBSBN¡SUIBUB¾
5WBUUPOZPO¡TUJTBT¡S¤O¡TBT¡S¤DBLB¸DBOB
*UJTUISPVHIZPVSJHOPSBODFUIBUBMMUIJTFYJTUT*OSFBMJUZZPVBMPOFFYJTU"QBSUGSPNZPVUIFSFJTOP
POFXJUIJOPSCFZPOETBNTBSB
#IS¡OUJN¡USBNJEBWJ¸WBOBLJDJEJUJOJ¸DBZ¤
/JSW¡TBOB¾TQI¦SUJN¡USPOBLJDJEJWB¸¡NZBUJ
,OPXJOHUIBUBMMUIJTJTKVTUBOJMMVTJPO
POFCFDPNFTGSFFPGEFTJSF
QVSFSFDFQUJWJUZBOEBUQFBDF
BTJG
OPUIJOHFYJTUFE
&LBFWBCIBW¡NCIPEI¡W¡T¤EBTUJCIBWJºZBUJ
/BUFCBOEIPTUJNPLºPW¡L¨UBL¨UZB¾TVLIBDBSB
0OMZPOFUIJOHIBTFYJTUFE
FYJTUTBOEXJMMFYJTUJOUIFPDFBOPGCFJOH:PVIBWFOPCPOEBHFPS
MJCFSBUJPO-JWFIBQQJMZBOEGVMGJMMFE
.¡TB°LBMQBWJLBMQ¡CIZ¡DJUUBLºPCIBZBDJONBZB
6QB¸¡NZBTVLIBUJº²IBTW¡UNBOZ¡OBOEBWJHSBIF
#FJOHQVSFDPOTDJPVTOFTT
EPOPUEJTUVSCZPVSNJOEXJUIUIPVHIUTPGGPSBOEBHBJOTU#FBUQFBDFBOE
SFNBJOIBQQJMZJOZPVSTFMG
UIFFTTFODFPGKPZ
5ZBKBJWBEIZ¡OBTBSWBUSBN¡LJDJEI¨EJEI¡SBZB
£UN¡UWBNVLUBFW¡TJLJWJN¨¸ZBLBSJºZBTJ
(JWFVQNFEJUBUJPODPNQMFUFMZCVUEPOUMFUUIFNJOEIPMEPOUPBOZUIJOH:PVBSFGSFFCZOBUVSF
TP
XIBUXJMMZPVBDIJFWFCZGPSDJOHUIFNJOE
"º²¡WBLSBVW¡DB
"TIUBWBLSB
£DBLºWB¸¨¶VW¡U¡UBO¡O¡¸¡TUS¡¶ZBOFLB¸B¾
5BUI¡QJOBUBWBTW¡TUIZBTBSWBWJTNBSB¶¡E¨UF
.ZTPO
ZPVNBZSFDJUFPSMJTUFOUPDPVOUMFTTTDSJQUVSFT
CVUZPVXJMMOPUCFFTUBCMJTIFEXJUIJOVOUJM
ZPVDBOGPSHFUFWFSZUIJOH
#IPHBLBSNBTBN¡EIJW¡LVSVWJKBUBUI¡QJUF
$JUUBOJSBTUBTBSW¡¸BNBUZBSUIBSPDBZJºZBUJ
:PVNBZ
BTBMFBSOFENBO
JOEVMHFJOXFBMUI
BDUJWJUZBOENFEJUBUJPO
CVUZPVSNJOEXJMMTUJMMMPOH
GPSUIBUXIJDIJTUIFDFTTBUJPOPGEFTJSF
BOECFZPOEBMMHPBMT
£Z¡T¡UTBLBMPEV¾LI¤OBJOBK¡O¡UJLB¸DBOB
"OFOBJWPQBEF¸FOBEIBOZB¾QS¡QOPUJOJSW¨UJN
&WFSZPOFJTJOQBJOCFDBVTFPGUIFJSTUSJWJOHUPBDIJFWFTPNFUIJOH
CVUOPPOFSFBMJTFTJU#ZOPNPSF
UIBOUIJTJOTUSVDUJPO
UIFGPSUVOBUFPOFBUUBJOTUSBORVJMMJUZ
7Z¡Q¡SFLIJEZBUFZBTUVOJNFºPONFºBZPSBQJ
5BTZ¡MBTZBEIVS¤¶BTZBTVLIBO¡OZBTZBLBTZBDJU
)BQQJOFTTCFMPOHTUPOPPOFCVUUIBUNBTUFSPGMB[JOFTTGPSXIPNFWFOPQFOJOHBOEDMPTJOHIJTFZFT
JTBCPUIFS
*EBL¨UBNJEBOFUJEWBOEWBJSNVLUBZBE¡NBOB¾
%IBSN¡SUIBL¡NBNPLºFºVOJSBQFLºBUBE¡CIBWFU
8IFOUIFNJOEJTGSFFEGSPNTVDIQBJSTPGPQQPTJUFTBT
*IBWFEPOFUIJT
BOE*IBWFOPUEPOFUIBU
JUCFDPNFTJOEJGGFSFOUUPNFSJU
XFBMUI
TFOTVBMJUZBOEMJCFSBUJPO
7JSBLUPWJºBZBEWFº²¡S¡H¤WJºBZBMPMVQB¾
(SBIBNPLºBWJI¤OBTUVOBWJSBLUPOBS¡HBW¡O
0OFNBOJTBCTUFNJPVTBOEBWFSTFUPUIFTFOTFT
BOPUIFSJTHSFFEZBOEBUUBDIFEUPUIFN
CVUIFXIPJT
GSFFGSPNCPUIUBLJOHBOESFKFDUJOHJTOFJUIFSBCTUFNJPVTOPSHSFFEZ
)FZPQ¡EFZBU¡U¡WBUTBT¡SBWJ²BQ¡°LVSB¾
4Q¨I¡K¤WBUJZ¡WBEWBJOJSWJD¡SBEB¸¡TQBEBN
4PMPOHBTEFTJSF
UIFTUBUFPGMBDLPGEJTDSJNJOBUJPO
SFNBJOT
UIFTFOTFPGSFWVMTJPOBOEBUUSBDUJPO
XJMMSFNBJO
XIJDIJTUIFSPPUBOECSBODIPGTBNTBSB
1SBW¨UUBVK¡ZBUFS¡HPOJSW¨UUBVEWFºBFWBIJ
/JSEWBOEWPC¡MBWBEEI¤N¡OFWBNFWBWZBWBTUIJUB¾
%FTJSFTQSJOHTGSPNVTBHF
BOEBWFSTJPOGSPNBCTUFOTJPO
CVUUIFXJTFNBOJTGSFFGSPNUIFQBJSTPG
PQQPTJUFTMJLFBDIJME
BOECFDPNFTFTUBCMJTIFE
)¡UVNJDDIBUJTBT¡SBS¡H¤EV¾LIBKJI¡TBZ¡
7¤UBS¡HPIJOJSEV¾LIBTUBTNJOOBQJOBLIFEZBUJ
5IFQBTTJPOBUFNBOXBOUTUPFMJNJOBUFTBNTBSBTPBTUPBWPJEQBJO
CVUUIFEJTQBTTJPOBUFNBOJTGSFF
GSPNQBJOBOEGFFMTOPEJTUSFTTFWFOJOJU
:BTZ¡CIJN¡OPNPLºFQJEFIFQJNBNBU¡UBUI¡
/BDBK¡O¤OBW¡ZPH¤LFWBMBEV¾LIBCI¡HBTBV
)FXIPJTQSPVEBCPVUFWFOMJCFSBUJPOPSIJTPXOCPEZ
BOEGFFMTUIFNIJTPXO
JTOFJUIFSBTFFSOPSB
ZPHJ)FJTTUJMMKVTUBTVGGFSFS
)BSPZBEZVQBEFº²¡UFIBSJ¾LBNBMBKPQJW¡
5BUI¡QJOBUBWBTW¡UIZBTBSWBWJTNBSB¶¡E¨UF
*GFWFO4IJWB
7JTIOVPSUIFMPUVTCPSO#SBINBXFSFZPVSJOTUSVDUPS
VOUJMZPVIBWFGPSHPUUFO
FWFSZUIJOHZPVDBOOPUCFFTUBCMJTIFEXJUIJO
"º²¡WBLSBVW¡DB
"TIUBWBLUB
5FOBK¡OBQIBMBQS¡QUBZPH¡CIZ¡TBQIBMBUBUI¡
5¨QUB¾TWBDDIFOESJZPOJUZBNFLBL¤SBNBUFUVZB¾
)FXIPJTDPOUFOU
XJUIQVSJGJFETFOTFT
BOEBMXBZTFOKPZTTPMJUVEF
IBTHBJOFEUIFGSVJUPGLOPXMFEHF
BOEUIFGSVJUPGUIFQSBDUJDFPGZPHBUPP
/BLBE¡DJKKBHBUZBTNJOUBUUWBK¡IBOUBLIJEZBUJ
:BUBFLFOBUFOFEBQ¦S¶BCSBIN¡¶´BNB¶´BMBN
5IFLOPXFSPGUSVUIJTOFWFSEJTUSFTTFEJOUIJTXPSME
GPSUIFXIPMFSPVOEXPSMEJTGVMMPGIJNTFMG
BMPOF
/BK¡UVWJºBZ¡¾LFQJTW¡S¡NBIBSºBZBOUZBN¤
4BMMBL¤QBMMBWBQS¤UBNJWFCIBOJNCBQBMMBW¡¾
/POFPGUIFTFTFOTFTQMFBTFBNBOXIPIBTGPVOETBUJTGBDUJPOXJUIJO
KVTUBT/JNCBMFBWFTEPOPU
QMFBTFUIFFMFQIBOUUIBUIBTBDRVJSFEUIFUBTUFGPS4BMMBLJMFBWFT
:BTUVCIPHFºVCIVLUFºVOBCIBWBUZBEIJW¡TJU¡
"CIVLUFºVOJS¡L¡°Lº¤UBE¨¸PCIBWBEVSMBCIB¾
5IFNBOJTSBSFXIPJTOPUBUUBDIFEUPUIFUIJOHTIFIBTFOKPZFE
BOEEPFTOPUIBOLFSBGUFSUIFUIJOHT
IFIBTOPUFOKPZFE
#VCIVLºVSJIBTBT¡SFNVNVLºVSBQJE¨¸ZBUF
#IPHBNPLºBOJS¡L¡°Lº¤WJSBMPIJNBI¡¸¡ZB¾
5IPTFXIPEFTJSFQMFBTVSFBOEUIPTFXIPEFTJSFMJCFSBUJPOBSFCPUIGPVOEJOTBNTBSB
CVUUIFHSFBU
TPVMFENBOXIPEFTJSFTOFJUIFSQMFBTVSFOPSMJCFSBUJPOJTSBSFJOEFFE
%IBSN¡SUIBL¡NBNPLºFºVK¤WJUFNBSB¶FUBUI¡
,BTZ¡QZVE¡SBDJUUBTZBIFZPQ¡EFZBU¡OBIJ
*UJTPOMZUIFOPCMFNJOEFEXIPJTGSFFGSPNBUUSBDUJPOPSSFQVMTJPOUPSFMJHJPO
XFBMUI
TFOTVBMJUZ
BOE
MJGFBOEEFBUIUPP
7¡DI¡OBWJ¸WBWJMBZFOBEWFºBTUBTZBDBTUIJUBV
:BUI¡K¤WJLBZ¡UBTN¡EEIBOZB¡TUFZBUI¡TVLIB
)FGFFMTOPEFTJSFGPSUIFFMJNJOBUJPOPGBMMUIJT
OPSBOHFSBUJUTDPOUJOVJOH
TPUIFGPSUVOBUFNBOMJWFT
IBQQJMZXJUIXIBUFWFSTVTUJOFODFQSFTFOUTJUTFMG
,¨U¡SUIPOFOBK¡OFOFUZFWBHBMJUBEI¤¾L¨U¤
1B¸ZBO¸¨¶WBOTQ¨¸BOKJHISBOOB¸OBOOBTUFZBUI¡TVLIB
5IVTGVMGJMMFEUISPVHIUIJTLOPXMFEHF
DPOUFOUFEBOEXJUIUIFUIJOLJOHNJOEFNQUJFE
IFMJWFTIBQQJMZ
KVTUTFFJOH
IFBSJOH
GFFMJOH
TNFMMJOHBOEUBTUJOH
¹¦OZ¡E¨º²JSW¨UI¡DFº²¡WJLBM¡O¤OESJZ¡¶JDB
/BTQ¨I¡OBWJSBLUJSW¡Lº¤¶BTBT¡SBT¡HBSF
8IFOUIFPDFBOPGTBNTBSBIBTESJFEVQJOBNBO
OFJUIFSBUUBDINFOUOPSBWFSTJPOJTMFGU)JTHB[FJT
WBDBOU
IJTCFIBWJPVSBJNMFTT
BOEIJTTFOTFTVOFNQMPZFE
/BKBHBSUJOBOJES¡UJOPON¤MBUJOBN¤MBUJ
"IPQBSBEB¸¡LW¡QJWBSUBUFNVLUBDFUBTB¾
4VSFMZUIFTVQSFNFTUBUFJTFWFZXIFSFGPSUIFMJCFSBUFENJOE)FJTOFJUIFSBXBLFOPSBTMFFQ
BOEIF
OFJUIFSPQFOTOPSDMPTFTIJTFZFT
4BSWBUSBE¨¸ZBUFTWBTUIB¾TBSWBUSBWJNBM¡¸BZB¾
4BNBTUBW¡TBO¡NVLUPNVLUB¾TBSWBUSBS¡KBUF
5IFMJCFSBUFENBOJTSFTQMFOEFOUFWFSZXIFSF
GSFFGSPNBMMEFTJSFT&WFSZXIFSFIFBQQFBSTTFMG
QPTTFTTFEBOEQVSFPGIFBSU
1B¸ZBO¸¨¶WBOTQ¨¸BOKJHISBOOB¸OBOH¨I¶BOWBEBOWSBKBO
]IJU¡O¤IJUBJSNVLUPNVLUBFWBNBI¡¸BZB¾
4FFJOH
IFBSJOH
GFFMJOH
TNFMMJOH
UBTUJOH
TQFBLJOHBOEXBMLJOHBCPVU
UIFHSFBUTPVMFENBOXIPJT
GSFFEGSPNUSZJOHUPBDIJFWFPSBWPJEBOZUIJOHJTGSFFJOEFFE
/BOJOEBUJOBDBTUBVUJOBI¨ºZBUJOBLVQZBUJ
/BEBE¡UJOBH¨I¶¡UJNVLUB¾TBSWBUSBOJSBTB¾
5IFMJCFSBUFENBOJTGSFFGSPNEFTJSFTFWFSZXIFSF)FOFJUIFSCMBNFT
QSBJTFT
SFKPJDFT
JT
EJTBQQPJOUFE
HJWFTOPSUBLFT
4¡OVS¡H¡TUSJZBE¨º²W¡N¨UZVW¡TBNVQBTUIJUBN
"WJIWBMBNBO¡¾TWBTUIPNVLUBFWBNBI¡¸BZB¾
8IFOBHSFBUTPVMFEPOFJTFRVBMMZVOQFSUVSCFE
BOETFMGQPTTFTTFEBUUIFTJHIUPGBOBSPVTFEXPNBO
PSUIFQSFTFODFPGEFBUI
IFJTUSVMZMJCFSBUFE
4VLIFEV¾LIFOBSFO¡SZ¡TBNQBUTVWJQBUTVDB
7J¸FºPOBJWBEI¤SBTZBTBSWBUSBTBNBEBS¸JOB¾
5IFSFJTOPEJTUJODUJPOCFUXFFOQMFBTVSFBOEQBJO
NBOBOEXPNBO
TVDDFTTBOEGBJMVSFGPSUIFXJTF
NBOXIPMPPLTPOFWFSZUIJOHBTFRVBM
/BIJT¡OBJWBL¡SV¶ZBOBVEEIBUZBOBDBE¤OBU¡
/¡¸DBSZBOBJWBDBLºPCIB¾Lº¤¶BTBTBSB¶FOBSF
5IFSFJTOPBHHSFTTJPOOPSDPNQBTTJPO
OPQSJEFOPSIVNJMJUZ
OPXPOEFSOPSDPOGVTJPOGPSUIFNBO
XIPTFEBZTPGTBNTBSBBSFPWFS
/BNVLUPWJºBZBEWFº²¡OBW¡WJºBZBMPMVQB¾
"TBTBLUBNBO¡OJUZBQS¡QU¡QS¡QUBNVQ¡¸OVUF
5IFMJCFSBUFENBOJTOPUBWFSTFUPUIFTFOTFTBOEOPSJTIFBUUBDIFEUPUIFN)FFOKPZTIJOTFMG
DPOUJOVBMMZXJUIBOVOBUUBDIFENJOEJOCPUITVDDFTTBOEGBJMVSF
4BN¡EI¡O¡TBN¡EI¡OBIJU¡IJUBWJLBMQBO¡¾
¹¦OZBDJUUPOBK¡O¡UJLBJWBMZBNJWBTBTUIJUB¾
0OFFTUBCMJTIFEJOUIF"CTPMVUFTUBUFXJUIBOFNQUZNJOEEPFTOPULOPXUIFBMUFSOBUJWFTPGJOOFS
TUJMMOFTTBOEMBDLPGJOOFSTUJMMOFTT
BOEPGHPPEBOEFWJM
/JSNBNPOJSBIB°L¡SPOBLJDJEJUJOJ¸DJUB¾
"OUBSHBMJUBTBSW¡¸B¾LVSWBOOBQJLBSPUJOB
"NBOGSFFPGNFBOENJOFBOEPGBTFOTFPGSFTQPOTJCJMJUZ
BXBSFUIBU/PUIJOHFYJTUT
XJUIBMM
EFTJSFTFYUJOHVJTIFEXJUIJO
EPFTOPUBDUFWFOJOBDUJOH
.BOB¾QSBL¡¸BTBNNPIBTWBQOBK¡´ZBWJWBSKJUB¾
%B¸¡L¡NBQJTBQS¡QUPCIBWFEHBMJUBN¡OBTB¾
)FXIPTFUIJOLJOHNJOEJTEJTTPMWFEBDIJFWFTUIFJOEFTDSJCBCMFTUBUFBOEJTGSFFGSPNUIFNFOUBM
EJTQMBZPGEFMVTJPO
ESFBNBOEJHOPSBODF
"º²¡WBLSBVW¡DB
"TIUBWBLSB
:BTZBCPEIPEBZFU¡WBUTWBQOBWBECIBWBUJCISBNB¾
5BTNBJTVLIBJLBS¦Q¡ZBOBNB¾¸¡OU¡ZBUFKBTF
1SBJTFCFUP5IBUCZUIFBXBSFOFTTPGXIJDIEFMVTJPOJUTFMGCFDPNFTESFBNMJLF
UPUIBUXIJDIJTQVSF
IBQQJOFTT
QFBDFBOEMJHIU
"SKBZJUW¡LIJM¡OBSUI¡OCIPH¡O¡QOPUJQVºLBM¡O
/BIJTBSWBQBSJUZ¡KBNBOUBSF¶BTVLI¤CIBWFU
0OFNBZHFUBMMTPSUTPGQMFBTVSFCZUIFBDRVJTJUJPOPGWBSJPVTPCKFDUTPGFOKPZNFOU
CVUPOFDBOOPUCF
IBQQZFYDFQUCZUIFSFOVODJBUJPOPGFWFSZUIJOH
,BSUUBWZBEV¾LIBN¡SUB¶´BKW¡M¡EBHEI¡OUBS¡UNBOB¾
,VUB¾QSB¸BNBQ¤Z¦ºBEI¡S¡T¡SBN¨UFTVLIBN
)PXDBOUIFSFCFIBQQJOFTT
GPSPOFXIPIBTCFFOCVSOUJOTJEFCZUIFCMJTUFSJOHTVOPGUIFQBJOPG
UIJOLJOHUIBUUIFSFBSFUIJOHTUIBUTUJMMOFFEEPJOH
XJUIPVUUIFSBJOPGUIFOFDUBSPGQFBDF
#IBWPZBCI¡WBO¡N¡USPOBLJDJUQBSBNBSUIBUB¾
/¡TUZBCI¡WB¾TWBCI¡WBO¡CI¡W¡CI¡WBWJCI¡WJO¡N
5IJTFYJTUFODFJTKVTUJNBHJOBUJPO*UJTOPUIJOHJOSFBMJUZ
CVUUIFSFJTOPOPOCFJOHGPSOBUVSFTUIBU
LOPXIPXUPEJTUJOHVJTICFJOHGSPNOPOCFJOH
/BE¦SBOBDBTB°LPD¡MMBCEIBNFW¡UNBOB¾QBEBN
/JSWJLBMQBOJS¡Z¡TBOJSWJL¡SBOJSBKBOBN
5IFSFBMNPGPOFTTFMGJTOPUGBSBXBZ
BOEOPSDBOJUCFBDIJFWFECZUIFBEEJUJPOPGMJNJUBUJPOTUPJUT
OBUVSF*UJTVOJNBHJOBCMF
FGGPSUMFTT
VODIBOHJOHBOETQPUMFTT
7Z¡NPIBN¡USBWJSBUBVTWBS¦Q¡E¡OBN¡USBUB¾
7¤UB¸PL¡WJS¡KBOUFOJS¡WBSB¶BE¨º²BZB¾
#ZUIFTJNQMFFMJNJOBUJPOPGEFMVTJPOBOEUIFSFDPHOJUJPOPGPOFTUSVFOBUVSF
UIPTFXIPTFWJTJPOJT
VODMPVEFEMJWFGSFFGSPNTPSSPX
4BNBTUBLBMQBO¡N¡USBN¡UN¡NVLUB¾TBO¡UBOB¾
*UJWJK¡ZBEI¤SPIJLJNBCIZBTZBUJC¡MBWBU
,OPXJOHFWFSZUIJOHBTKVTUJNBHJOBUJPO
BOEIJNTFMGBTFUFSOBMMZGSFF
IPXTIPVMEUIFXJTFNBO
CFIBWFMJLFBGPPM
£UN¡CSBINFUJOJ¸DJUZBCI¡W¡CI¡WBVDBLBMQJUBV
/JºL¡NB¾LJWJK¡O¡UJLJCS¦UFDBLBSPUJLJ
,OPXJOHIJNTFMGUPCF(PEBOECFJOHBOEOPOCFJOHKVTUJNBHJOBUJPO
XIBUTIPVMEUIFNBOGSFFGSPN
EFTJSFMFBSO
TBZPSEP
"ZBTPIBNBZBO¡IBNJUJLº¤¶¡WJLBMQBO¡
4BSWBN¡UNFUJOJ¸DJUZBU¦º¶¤NCI¦UBTZBZPHJOB¾
$POTJEFSBUJPOTMJLF*BNUIJTPS*BNOPUUIJTBSFGJOJTIFEGPSUIFZPHJXIPIBTHPOFTJMFOU
SFBMJTJOH&WFSZUIJOHJTNZTFMG
/BWJLºFQPOBDBJL¡HSZBO¡UJCPEIPOBN¦´IBU¡
/BTVLIBOBDBW¡EV¾LIBNVQB¸¡OUBTZBZPHJOB¾
'PSUIFZPHJXIPIBTGPVOEQFBDF
UIFSFJTOPEJTUSBDUJPOPSPOFQPJOUFEOFTT
OPIJHIFSLOPXMFEHFPS
JHOPSBODF
OPQMFBTVSFBOEOPQBJO
4W¡S¡KZFCIBJLºBW¨UUBVDBM¡CI¡M¡CIFKBOFWBOF
/JSWJLBMQBTWBCI¡WBTZBOBWJºFTPTUJZPHJOB¾
5IFEPNJOJPOPGIFBWFOPSCFHHBSZ
HBJOPSMPTT
MJGFBNPOHNFOPSJOUIFGPSFTU
UIFTFNBLFOP
EJGGFSFODFUPBZPHJXIPTFOBUVSFJUJTUPCFGSFFGSPNEJTUJODUJPOT
,WBEIBSNB¾LWBDBW¡L¡NB¾LWBD¡SUIB¾LWBWJWFLJU¡
*EBL¨UBNJEBOFUJEWBOEWBJSNVLUBTZBZPHJOB¾
5IFSFJTOPSFMJHJPVTPCMJHBUJPOT
XFBMUI
TFOTVBMJUZPSEJTDSJNJOBUJPOGPSBZPHJGSFFGSPNTVDI
PQQPTJUFTBT*IBWFEPOFUIJT
BOE*IBWFOPUEPOFUIBU
,¨UZBLJNBQJOBJW¡TUJOBL¡QJI¨EJSBKBO¡
:BUI¡K¤WBOBNFWFIBK¤WBONVLUBTZBZPHJOB¾
5IFSFJTOPUIJOHOFFEJOHUPCFEPOF
PSBOZBUUBDINFOUJOIJTIFBSUGPSUIFZPHJMJCFSBUFEXIJMFTUJMM
BMJWF5IJOHTUIJOHTXJMMMBTUKVTUUPUIFFOEPGMJGF
,WBNPIB¾LWBDBW¡WJ¸WBLWBUBEEIZ¡OBLWBNVLUBU¡
4BSWBTB°LBMQBT¤N¡Z¡WJ¸S¡OUBTZBNBI¡UNBOB¾
5IFSFJTOPEFMVTJPO
XPSME
NFEJUBUJPOPO5IBU
PSMJCFSBUJPOGPSUIFQBDJGJFEHSFBUTPVM"MMUIFTF
UIJOHTBSFKVTUUIFSFBMNPGJNBHJOBUJPO
:FOBWJ¸WBNJEBE¨º²BTBO¡TU¤UJLBSPUVWBJ
/JSW¡TBOB¾LJLVSVUFQB¸ZBOOBQJOBQB¸ZBUJ
)FCZXIPNBMMUIJTJTTFFONBZXFMMNBLFPVUJUEPFTOUFYJTU
CVUXIBUJTUIFEFTJSFMFTTPOFUPEP
&WFOJOTFFJOHJUIFEPFTOPUTFFJU
:FOBE¨º²BQBSBCSBINBTPIBCSBINFUJDJOUBZFU
,JDJOUBZBUJOJ¸DJOUPEWJU¤ZBZPOBQB¸ZBUJ
)FCZXIPNUIF4VQSFNF#SBINBJTTFFONBZUIJOL*BN#SBINB
CVUXIBUJTIFUPUIJOLXIPJT
XJUIPVUUIPVHIU
BOEXIPTFFTOPEVBMJUZ
%¨º²PZFO¡UNBWJLºFQPOJSPEIBLVSVUFUWBTBV
6E¡SBTUVOBWJLºJQUB¾T¡EIZ¡CI¡W¡ULBSPUJLJN
)FCZXIPNJOOFSEJTUSBDUJPOJTTFFONBZQVUBOFOEUPJU
CVUUIFOPCMFPOFJTOPUEJTUSBDUFE8IFO
UIFSFJTOPUIJOHUPBDIJFWFXIBUJTIFUPEP
%I¤SPMPLBWJQBSZBTUPWBSUUBN¡OPQJMPLBWBU
/PTBN¡EIJOBWJLºFQBOBMPQBTWBTZBQB¸ZBUJ
5IFXJTFNBO
VOMJLFUIFXPSMEMZNBO
EPFTOPUTFFJOOFSTUJMMOFTT
EJTUSBDUJPOPSGBVMUJOIJNTFMG
FWFO
XIFOMJWJOHMJLFBXPSMEMZNBO
#I¡W¡CI¡WBWJI¤OPZBTU¨QUPOJSW¡TBOPCVEIB¾
/BJWBLJDJUL¨UBUFOBMPLBE¨º²Z¡WJLVSWBU¡
/PUIJOHJTEPOFCZIJNXIPJTGSFFGSPNCFJOHBOEOPOCFJOH
XIPJTDPOUFOUFE
EFTJSFMFTTBOEXJTF
FWFOJGJOUIFXPSMETFZFTIFEPFTBDU
1SBW¨UUBVW¡OJSW¨UUBVW¡OBJWBEI¤SBTZBEVSHSBIB¾
:BE¡ZBULBSUUVN¡Z¡UJUBUL¨UW¡UJº²IBUB¾TVLIBN
5IFXJTFNBOXIPKVTUHPFTPOEPJOHXIBUQSFTFOUTJUTFMGGPSIJNUPEP
FODPVOUFSTOPEJGGJDVMUZJO
FJUIFSBDUJWJUZPSJOBDUJWJUZ
/JSW¡TBOPOJS¡MBNCB¾TWBDDIBOEPNVLUBCBOEIBOB¾
,ºJQUB¾TBTL¡SBW¡UFOBDFº²BUF¸VºLBQBS¶BWBU
)FXIPJTEFTJSFMFTT
TFMGSFMJBOU
JOEFQFOEFOUBOEGSFFPGCPOETGVODUJPOTMJLFBEFBEMFBGCMPXOBCPVU
CZUIFXJOEPGDBVTBMJUZ
"TBT¡SBTZBUVLW¡QJOBIBSºPOBWJº¡EJU¡
4B¸¤UBMBIBNBO¡OJUZBWJEFIBJWBS¡KBZF
5IFSFJTOFJUIFSKPZOPSTPSSPXGPSPOFXIPIBTUSBOTDFOEFETBNTBSB8JUIBQFBDFGVMNJOEIFMJWFTBT
JGXJUIPVUBCPEZ
,VUS¡QJOBKJI¡T¡TUJO¡¸PW¡QJOBLVUSBDJU
£UN¡S¡NBTZBEI¤SBTZB¸¤UBM¡DDIBUBS¡UNBOB¾
)FXIPTFKPZJTJOIJNTFMG
BOEXIPJTQFBDFGVMBOEQVSFXJUIJOIBTOPEFTJSFGPSSFOVODJBUJPOPS
TFOTFPGMPTTJOBOZUIJOH
1SBL¨UZ¡¸¦OZBDJUUBTZBLVSWBUPTZBZBE¨DDIBZ¡
1S¡L¨UBTZFWBEI¤SBTZBOBN¡OPO¡WBN¡OBU¡
'PSUIFNBOXJUIBOBUVSBMMZFNQUZNJOE
EPJOHKVTUBTIFQMFBTFT
UIFSFJTOPTVDIUIJOHBTQSJEFPS
GBMTFIVNJMJUZ
BTUIFSFJTGPSUIFOBUVSBMNBO
,¨UBEFIFOBLBSNFEBOBNBZ¡¸VEEIBS¦QJ¶B¾
*UJDJOU¡OVSPEI¤ZB¾LVSWBOOBQJLBSPUJOB
5IJTBDUJPOXBTEPOFCZUIFCPEZCVUOPUCZNF5IFQVSFOBUVSFEQFSTPOUIJOLJOHMJLFUIJT
JTOPU
BDUJOHFWFOXIFOBDUJOH
"UBEW¡E¤WBLVSVUFOBCIBWFEBQJC¡MJ¸B¾
+¤WBONVLUB¾TVLI¤¸S¤N¡OTBTBSBOOBQJ¸PCIBUF
)FXIPBDUTXJUIPVUCFJOHBCMFUPTBZXIZ
CVUJTOPUUIFSFCZBGPPM
IFJTPOFMJCFSBUFEXIJMFTUJMM
BMJWF
IBQQZBOECMFTTFE)FJTIBQQZFWFOJOTBNTBSB
/¡O¡WJD¡SBTV¸S¡OUPEI¤SPWJ¸S¡OUJN¡HBUB¾
/BLBMQBUFOBK¡O¡UJOB¸¨¶PUJOBQB¸ZBUJ
)FXIPIBTIBEFOPVHIPGFOEMFTTDPOTJEFSBUJPOTBOEIBTBUUBJOFEUPQFBDF
EPFTOPUUIJOL
LOPX
IFBSPSTFF
"TBN¡EIFSBWJLºFQ¡OOBNVNVLºVSOBDFUBSB¾
/J¸DJUZBLBMQJUBQB¸ZBOCSBINBJW¡TUFNBI¡¸BZB¾
)FXIPJTCFZPOENFOUBMTUJMMOFTTBOEEJTUSBDUJPO
EPFTOPUEFTJSFFJUIFSMJCFSBUJPOPSJUTPQQPTJUF
3FDPHOJTJOHUIBUUIJOHTBSFKVTUDPOTUSVDUJPOTPGUIFJNBHJOBUJPO
UIBUHSFBUTPVMMJWFTBT(PEIFSFBOE
OPX
:BTZ¡OUB¾TZ¡EBIB°L¡SPOBLBSPUJLBSPUJTB¾
/JSBIB°L¡SBEI¤SF¶BOBLJDJEBL¨UBL¨UBN
)FXIPGFFMTSFTQPOTJCJMJUZXJUIJO
BDUTFWFOXIFOEPJOHOPUIJOH
CVUUIFSFJTOPTFOTFPGEPOFPS
VOEPOFGPSUIFXJTFNBOXIPGSFFGSPNUIFTFOTFPGSFTQPOTJCJMJUZ
/PEWJHOBOBDBTBOUVº²BNBLBSUU¨TQBOEBWBSKJUBN
/JS¡¸BHBUBTBOEFIBDJUUBNVLUBTZBS¡KBUF
5IFNJOEPGUIFMJCFSBUFENBOJTOPUVQTFUPSQMFBTFE*UTIJOFTVONPWJOH
EFTJSFMFTT
BOEGSFFGSPN
EPVCU
/JSEIZ¡UVDFº²JUVW¡QJZBDDJUUBOBQSBWBSUUBUF
/JSOJNJUUBNJEBLJOUVOJSEIZ¡ZFUJWJDFº²BUF
)FXIPTFNJOEEPFTOPUTFUPVUUPNFEJUBUFPSBDU
TUJMMNFEJUBUFTBOEBDUTCVUXJUIPVUBOPCKFDU
5BUUWBZBUI¡SUIBN¡LBS¶ZBNBOEB¾QS¡QOPUJN¦´IBU¡N
"UIBW¡Z¡UJTB°LPDBNBN¦´IB¾LPQJN¦´IBWBU
"TUVQJENBOJTCFXJMEFSFEXIFOIFIFBSTUIFVMUJNBUFUSVUI
XIJMFFWFOBDMFWFSNBOJTIVNCMFECZJU
KVTUMJLFUIFGPPM
&L¡HSBU¡OJSPEIPW¡N¦´IBJSBCIZBTZBUFCI¨¸BN
%I¤S¡¾L¨UZBOBQB¸ZBOUJTVQUBWBUTWBQBEFTUIJU¡¾
5IFJHOPSBOUNBLFBHSFBUFGGPSUUPQSBDUJTFPOFQPJOUFEOFTTBOEUIFTUPQQJOHPGUIPVHIU
XIJMFUIF
XJTFTFFOPUIJOHUPCFEPOFBOESFNBJOJOUIFNTFMWFTMJLFUIPTFBTMFFQ
"QSBZBUO¡UQSBZBUO¡EW¡N¦´IPO¡QOPUJOJSW¨UJN
5BUUWBOJ¸DBZBN¡USF¶BQS¡KOPCIBWBUJOJSW¨UB¾
5IFTUVQJEEPFTOPUBUUBJODFTTBUJPOXIFUIFSIFBDUTPSBCBOEPOTBDUJPO
XIJMFUIFXJTFNBOGJOEQFBDF
XJUIJOTJNQMZCZLOPXJOHUIFUSVUI
¹VEEIBCVEEIBQSJZBQ¦S¶BOJºQSBQBDBOJS¡NBZBN
£UN¡OBUBOBK¡OBOUJUBUS¡CIZ¡TBQBS¡KBO¡¾
1FPQMFDBOOPUDPNFUPLOPXUIFNTFMWFTCZQSBDUJDFTQVSFBXBSFOFTT
DMFBS
DPNQMFUF
CFZPOE
NVMUJQMJDJUZBOEGBVMUMFTTUIPVHIUIFZBSF
/¡QOPUJLBSNB¶¡NPLºBWJN¦´IPCIZ¡TBS¦QJ¶¡
%IBOZPWJK¡OBN¡USF¶BNVLUBTUJº²IBUZBWJLSJZB¾
5IFTUVQJEEPFTOPUBDIJFWFMJCFSBUJPOFWFOUISPVHISFHVMBSQSBDUJDF
CVUUIFGPSUVOBUFSFNBJOTGSFF
BOEBDUJPOMFTTTJNQMZCZVOEFSTUBOEJOH
.¦´IPO¡QOPUJUBECSBINBZBUPCIBWJUVNJDDIBUJ
"OJDDIBOOBQJEI¤SPIJQBSBCSBINBTWBS¦QBCI¡L
5IFTUVQJEEPFTOPUBUUBJO(PEIFBECFDBVTFIFXBOUTJU
XIJMFUIFXJTFNBOFOKPZTUIF4VQSFNF
(PEIFBEXJUIPVUFWFOXBOUJOHJU
/JS¡EI¡S¡HSBIBWZBHS¡N¦´I¡¾TBT¡SBQPºBL¡¾
&UBTZ¡OBSUIBN¦MBTZBN¦MBDDIFEB¾L¨UPCVEIBJ¾
&WFOXIFOMJWJOHXJUIPVUBOZTVQQPSUBOEFBHFSGPSBDIJFWFNFOU
UIFTUVQJEBSFTUJMMOPVSJTIJOH
TBNTBSB
XIJMFUIFXJTFIBWFDVUBUUIFWFSZSPPUPGJUTVOIBQQJOFTT
/B¸¡OUJMBCIBUFN¦´IPZBUB¾¸BNJUVNJDDIBUJ
%I¤SBTUBUUWBWJOJ¸DJUZBTBSWBE¡¸¡OUBN¡OBTB¾
5IFTUVQJEEPFTOPUGJOEQFBDFCFDBVTFIFEFTJSFTJU
XIJMFUIFXJTFEJTDSJNJOBUJOHUIFUSVUIJTBMXBZT
QFBDFGVMNJOEFE
,W¡UNBOPEBS¸BOBUBTZBZBEE¨º²BNBWBMBNCBUF
%I¤S¡TUBUBOBQB¸ZBOUJQB¸ZBOUZ¡UN¡OBNBWZBZBN
)PXDBOUIFSFCFTFMGLOPXMFEHFGPSIJNXIPTFLOPXMFEHFEFQFOETPOXIBUIFTFFT5IFXJTFEPOPU
TFFUIJTBOEUIBU
CVUTFFUIFNTFMWFTBTJOGJOJUF
,WBOJSPEIPWJN¦´IBTZBZPOJSCBOEIBLBSPUJWBJ
4W¡S¡NBTZBJWBEI¤SBTZBTBSWBE¡T¡WBL¨USJNB¾
)PXDBOUIFSFCFDFTTBUJPOPGUIPVHIUGPSUIFNJTHVJEFEXIPJTTUSJWJOHGPSJU:FUJUJTUIFSFBMXBZT
OBUVSBMMZGPSUIFXJTFNBOEFMJHIUJOHJOIJNTFMG
#I¡WBTZBCI¡WBLB¾LB¸DJOOBLJDJECI¡WBLPQBSB¾
6CIBZ¡CI¡WBLB¾LB¸DJEFWBNFWBOJS¡LVMB¾
4PNFUIJOLUIBUTPNFUIJOHFYJTUT
BOEPUIFSTUIBUOPUIJOHEPFT3BSFJTUIFNBOXIPEPFTOPUUIJOL
FJUIFS
BOEJTUIFSFCZGSFFGSPNEJTUSBDUJPO
¹VEEIBNBEWBZBN¡UN¡OBCI¡WBZBOUJLVCVEEIBZB¾
/BUVK¡OBOUJTBNPI¡EZ¡WBKK¤WBNBOJSW¨U¡¾
5IPTFPGXFBLJOUFMMJHFODFUIJOLPGUIFNTFMWFTBTQVSFOPOEVBMJUZ
CVUCFDBVTFPGUIFJSEFMVTJPOEP
OPUSFBMMZLOPXUIJT
BOETPSFNBJOVOGVMGJMMFEBMMUIFJSMJWFT
.VNVLºPSCVEEIJS¡MBNCBNBOUBSF¶BOBWJEZBUF
/JS¡MBNCBJWBOJºL¡N¡CVEEIJSNVLUBTZBTBSWBE¡
5IFNJOEPGUIFNBOTFFLJOHMJCFSBUJPODBOGJOEOPSFTUJOHQMBDFXJUIJO
CVUUIFNJOEPGUIFMJCFSBUFE
NBOJTBMXBZTGSFFGSPNEFTJSFCZUIFWFSZGBDUPGCFJOHXJUIPVUBSFTUJOHQMBDF
7JºBZBEW¤QJOPW¤LºZBDBLJU¡¾¸BSB¶¡SUIJOB¾
7J¸BOUJKIB²JUJLSP´BOJSPEIBJL¡HSBTJEEIBZF
4FFJOHUIFUJHFSTPGUIFTFOTFTUIFGSJHIUFOFESFGVHFTFFLFSTBUPODFFOUFSUIFDBWFJOTFBSDIPG
DFTTBUJPOPGUIPVHIUBOEPOFQPJOUFEOFTT
/JSW¡TBOBIBSJE¨º²W¡U¦º¶¤WJºBZBEBOUJOB¾
1BM¡ZBOUFOB¸BLU¡TUFTFWBOUFL¨UBD¡²BWB¾
4FFJOHUIFEFTJSFMFTTMJPOUIFFMFQIBOUTPGUIFTFOTFTTJMFOUMZSVOBXBZ
PS
JGUIBUJTJNQPTTJCMF
TFSWF
IJNMJLFDPVSUJFST
/BNVLUJL¡SJL¡EIBUUFOJ¾¸B°LPZVLUBN¡OBTB¾
1B¸ZBO¸¨¶WBOTQ¨¸BOKJHISBOOB¸OBOO¡TUFZBUI¡TVLIBN
5IFNBOXIPJTGSFFGSPNEPVCUTBOEXIPTFNJOEJTGSFFEPFTOPUCPUIFSBCPVUNFBOTPGMJCFSBUJPO
8IFUIFSTFFJOH
IFBSJOH
GFFMJOHTNFMMJOHPSUBTUJOH
IFMJWFTBUFBTF
7BTUV¸SBWB¶BN¡USF¶B¸VEEIBCVEEIJSOJS¡LVMB¾
/BJW¡D¡SBNBO¡D¡SBNBVE¡TZBW¡QSBQB¸ZBUJ
)FXIPTFNJOEJTQVSFBOEVOEJTUSBDUFEGSPNKVTUIFBSJOHPGUIF5SVUIEPFTOPUTFFBOZUIJOHUPEPPS
BOZUIJOHUPBWPJEPSFWFOBDBVTFGPSJOEJGGFSFODF
:BE¡ZBULBSUUVN¡Z¡UJUBE¡UBULVSVUF¨KV¾
¹VCIBW¡QZB¸VCIBW¡QJUBTZBDFº²¡IJC¡MBWBU
5IFVQSJHIUQFSTPOEPFTXIBUFWFSQSFTFOUTJUTFMGUPCFEPOF
HPPEPSCBE
GPSIJTBDUJPOTBSFMJLFUIPTF
PGBDIJME
4W¡UBOUSZ¡UTVLIBN¡QOPUJTW¡UBOUSZ¡MMBCIBUFQBSBN
4W¡UBOUSZ¡OOJSW¨UJHBDDIFUTW¡UBOUSZ¡UQBSBNBQBEBN
#ZJOOFSGSFFEPNPOFBUUBJOTIBQQJOFTT
CZJOOFSGSFFEPNPOFSFBDIFTUIF4VQSFNF
CZJOOFSGSFFEPN
POFDPNFTUPBCTFODFPGUIPVHIU
CZJOOFSGSFFEPNUPUIF6MUJNBUF4UBUF
"LBSUU¨UWBNBCIPLU¨UWBTW¡UNBOPNBOZBUFZBE¡
5BE¡Lº¤¶¡CIBWBOUZFWBTBNBTU¡¸DJUUBW¨UUBZB¾
8IFOPOFTFFTPOFTFMGBTOFJUIFSUIFEPFSOPSUIFSFBQFSPGUIFDPOTFRVFODFT
UIFOBMMNJOEXBWFT
DPNFUPBOFOE
6DDI¨°LIBM¡QZBL¨UJL¡TUIJUJSEI¤SBTZBS¡KBUF
/BUVTBTQ¨IBDJUUBTZB¸¡OUJSN¦´IBTZBL¨USJN¡
5IFTQPOUBOFPVTVOBTTVNJOHCFIBWJPVSPGUIFXJTFJTOPUFXPSUIZ
CVUOPUUIFEFMJCFSBUFQVSQPTFGVM
TUJMMOFTTPGUIFGPPM
7JMBTBOUJNBI¡CIPHBJSWJ¸BOUJHJSJHBIWBS¡O
/JSBTUBLBMQBO¡EI¤S¡BCBEEI¡NVLUBCVEEIBZB¾
5IFXJTFXIPBSFSJEPGJNBHJOBUJPO
VOCPVOEBOEXJUIVOGFUUFSFEBXBSFOFTTNBZFOKPZUIFNTFMWFTJO
UIFNJETUPGNBOZHPPET
PSBMUFSOBUJWFMZHPPGGUPNPVOUBJODBWFT
¹SPUSJZBEFWBU¡U¤SUIBNB°HBO¡CI¦QBUJQSJZBN
%¨º²W¡TBNQ¦KZBEI¤SBTZBOBL¡QJI¨EJW¡TBO¡
5IFSFJTOPBUUBDINFOUJOUIFIFBSUPGBXJTFNBOXIFUIFSIFTFFTPSQBZTIPNBHFUPBMFBSOFE
CSBINJO
BDFMFTUJBMCFJOH
BIPMZQMBDF
BXPNBO
BLJOHPSBGSJFOE
#I¨UZBJ¾QVUSBJ¾LBMBUSBJ¸DBEBVIJUSBJ¸D¡QJHPUSJKBJ¾
7JIBTZBEIJLL¨UPZPH¤OBZ¡UJWJL¨UJNBO¡L
"ZPHJJTOPUJOUIFMFBTUQVUPVUFWFOXIFOIVNJMJBUFECZUIFSJEJDVMFPGTFSWBOUT
TPOT
XJWFT
HSBOEDIJMESFOPSPUIFSSFMBUJWFT
4BOUVº²PQJOBTBOUVº²B¾LIJOOPQJOBDBLIJEZBUF
5BTZ¡¸DBSZBEB¸¡U¡U¡U¡E¨¸¡FWBK¡OBUF
&WFOXIFOQMFBTFEIFJTOPUQMFBTFE
OPUTVGGFSJOHFWFOXIFOJOQBJO0OMZUIPTFMJLFIJNDBOLOPX
UIFXPOEFSGVMTUBUFPGTVDIBNBO
,BSUBWZBUBJWBTBT¡SPOBU¡QB¸ZBOUJT¦SBZB¾
¹¦OZ¡L¡S¡OJS¡L¡S¡OJSWJL¡S¡OJS¡NBZ¡¾
*UJTUIFGFFMJOHUIBUUIFSFJTTPNFUIJOHUIBUOFFETUPCFBDIJFWFEXIJDIJTTBNTBSB5IFXJTFXIPBSF
PGUIFGPSNPGFNQUJOFTT
GPSNMFTT
VODIBOHJOHBOETQPUMFTTTFFOPUIJOHPGUIFTPSU
"LVSWBOOBQJTBLºPCI¡EWZBHSB¾TBSWBUSBN¦´IBEI¤¾
,VSWBOOBQJUVL¨UZ¡OJLV¸BMPIJOJS¡LVMB¾
&WFOXIFOEPJOHOPUIJOHUIFGPPMJTBHJUBUFECZSFTUMFTTOFTT
XIJMFBTLJMGVMNBOSFNBJOTVOEJTUVSCFE
FWFOXIFOEPJOHXIBUUIFSFJTUPEP
4VLIBN¡TUFTVLIB¸FUFTVLIBN¡Z¡UJZ¡UJDB
4VLIBWBLUJTVLIBCV°LUFWZBWBI¡SFQJ¸¡OUBEI¤¾
)BQQZIFTUBOET
IBQQZIFTJUT
IBQQZTMFFQTBOEIBQQZIFDPNFTBOEHPFT)BQQZIFTQFBLT
BOE
IBQQZIFFBUT5IJTJTUIFMJGFPGBNBOBUQFBDF
4WBCI¡W¡EZBTZBOBJW¡SUJSMPLBWBEWZBWBI¡SJ¶B¾
.BI¡ISBEBJW¡LºPCIZPHBUBLMF¸B¾TV¸PCIBUF
)FXIPPGIJTWFSZOBUVSFGFFMTOPVOIBQQJOFTTJOIJTEBJMZMJGFMJLFXPSMEMZQFPQMF
SFNBJOT
VOEJTUVSCFEMJLFBHSFBUMBLF
DMFBSFEPGEFGJMFNFOU
/JW¨UUJSBQJN¦´IBTZBQSBW¨UUJSVQBK¡ZBUF
1SBW¨UUJSBQJEI¤SBTZBOJW¨UUJQIBMBN¡HJO¤
&WFOBCTUFOUJPOGSPNBDUJPOIBTUIFFGGFDUPGBDUJPOJOBGPPM
XIJMFFWFOUIFBDUJPOPGUIFXJTFNBO
CSJOHTUIFGSVJUTPGJOBDUJPO
1BSJHSBIFºVWBJS¡HZBQS¡ZPN¦´IBTZBE¨¸ZBUF
%FIFWJHBMJU¡¸BTZBLWBS¡HB¾LWBWJS¡HBU¡
"GPPMPGUFOTIPXTBWFSTJPOUPXBSETIJTCFMPOHJOHT
CVUGPSIJNXIPTFBUUBDINFOUUPUIFCPEZIBT
ESPQQFEBXBZ
UIFSFJTOFJUIFSBUUBDINFOUOPSBWFSTJPO
#I¡WBO¡CI¡WBO¡TBLU¡E¨º²JSN¦´IBTZBTBSWBE¡
#I¡WZBCI¡WBZ¡T¡UVTWBTUIBTZ¡E¨º²JS¦QJ¶¤
5IFNJOEPGUIFGPPMJTBMXBZTDBVHIUJOUIJOLJOHPSOPUUIJOLJOH
CVUUIFXJTFNBOTJTPGUIFOBUVSF
PGOPUIPVHIUCFDBVTFIFUIJOLTXIBUJTBQQSPQSJBUF
4BSW¡SBNCIFºVOJºL¡NPZB¸DBSFEC¡MBWBONVOJ¾
/BMFQBTUBTZB¸VEEIBTZBLSJZBN¡¶PQJLBSNB¶J
'PSUIFTFFSXIPCFIBWFTMJLFBDIJME
XJUIPVUEFTJSFJOBMMBDUJPOT
UIFSFJTOPBUUBDINFOUGPSTVDIB
QVSFPOFFWFOJOQFSGPSNJOHBDUJPOT
4BFWBEIBOZB¡UNBKB¾TBSWBCI¡WFºVZB¾TBNB¾
1B¸ZBO¸¨¶WBOTQ¨¸BOKJHISBOOB¸OBOOJTUBSºBN¡OBTB¾
#MFTTFEJTIFXIPLOPXTIJNTFMGBOEJTUIFTBNFJOBMMTUBUFT
XJUIBNJOEGSFFGSPNDSBWJOHXIFUIFS
IFJTTFFJOH
IFBSJOH
GFFMJOH
TNFMMJOHPSUBTUJOH
,WBTBT¡SB¾LWBD¡CI¡TB¾LWBT¡EIZBLWBDBT¡EIBOBN
£L¡¸BTUIFWBEI¤SBTZBOJSWJLBMQBTZBTBSWBE¡
5IFSFJTOPPOFTVCKFDUUPTBNTBSB
OPTFOTFPGJOEJWJEVBMJUZ
HPBMPSNFBOTUPUIFHPBMJOUIFFZFTPG
UIFXJTFNBOXIPJTBMXBZTGSFFGSPNJNBHJOBUJPOT
BOEVODIBOHJOHMJLFTQBDF
4BKBZBUZBSUIBTBOZ¡T¤Q¦S¶BTWBSBTBWJHSBIB¾
"L¨USJNPOBWBDDIJOOFTBN¡EIJSZBTZBWBSUBUF
(MPSJPVTJTIFXIPIBTBCBOEPOFEBMMHPBMTBOEJTUIFJODBSOBUJPOPGUIFTBUJTGBDUJPO
XIJDIJTIJTWFSZ
OBUVSF
BOEXIPTFJOOFSGPDVTPOUIF6ODPOEJUJPOFEJTRVJUFTQPOUBOFPVT
#BIVO¡USBLJNVLUFOBK¡UBUBUUWPNBI¡¸BZB¾
#IPHBNPLºBOJS¡L¡Lº¤TBE¡TBSWBUSBO¤SBTB¾
*OCSJFG
UIFHSFBUTPVMFENBOXIPIBTDPNFUPLOPXUIF5SVUIJTXJUIPVUEFTJSFGPSFJUIFSQMFBTVSFPS
MJCFSBUJPO
BOEJTBMXBZTBOEFWFSZXIFSFGSFFGSPNBUUBDINFOU
.BIBE¡EJKBHBEEWBJUBO¡NBN¡USBWJK¨NCIJUBN
7JI¡ZB¸VEEIBCPEIBTZBLJL¨UZBNBWB¸JºZBUF
8IBUSFNBJOTUPCFEPOFCZUIFNBOXIPJTQVSFBXBSFOFTTBOEIBTBCBOEPOFEFWFSZUIJOHUIBUDBOCF
FYQSFTTFEJOXPSETGSPNUIFIJHIFTUIFBWFOUPUIFFBSUIJUTFMG
#ISBNBCI¨UBNJEBTBSWBLJDJOO¡TU¤UJOJ¸DBZ¤
"MBLºZBTQI¦SB¶B¾¸VEEIB¾TWBCI¡WFOBJWB¸¡NZBUJ
5IFQVSFNBOXIPIBTFYQFSJFODFEUIF*OEFTDSJCBCMFBUUBJOTQFBDFCZWJSUVFPGIJTWFSZOBUVSF
SFBMJTJOHUIBUBMMUIJTJTOPUIJOHCVUJMMVTJPO
BOEUIBUOPUIJOHJT
¹VEEIBTQIVSB¶BS¦QBTZBE¨¸ZBCI¡WBNBQB¸ZBUB¾
,WBWJEIJ¾LWBWBJS¡HZBLWBUZ¡HB¾LWB¸BNPQJW¡
5IFSFBSFOPSVMFT
EJTQBTTJPO
SFOVODJBUJPOPSNFEJUBUJPOGPSPOFXIPJTQVSFSFDFQUJWJUZCZOBUVSF
BOEBENJUTOPLOPXBCMFGPSNPGCFJOH
4QIVSBUPOBOUBS¦QF¶BQSBL¨UJDBOBQB¸ZBUB¾
,WBCBOEIB¾LWBDBW¡NPLºB¾LWBIBSºB¾LWBWJº¡EJU¡
'PSIJNXIPTIJOFTXJUIUIFSBEJBODFPG*OGJOJUZBOEJTOPUTVCKFDUUPOBUVSBMDBVTBMJUZUIFSFJTOFJUIFS
CPOEBHF
MJCFSBUJPO
QMFBTVSFOPSQBJO
#VEEIJQBSZBOUBTBT¡SFN¡Z¡N¡USBWJWBSUBUF
/JSNBNPOJSBIB°L¡SPOJºL¡NB¾¸PCIBUFCVEIB¾
1VSFJMMVTJPOSFJHOTJOTBNTBSBXIJDIXJMMDPOUJOVFVOUJMTFMGSFBMJTBUJPO
CVUUIFFOMJHIUFOFENBOMJWFT
JOUIFCFBVUZPGGSFFEPNGSPNNFBOENJOF
GSPNUIFTFOTFPGSFTQPOTJCJMJUZBOEGSPNBOZBUUBDINFOU
"LºBZBHBUBTBOU¡QBN¡UN¡OBQB¸ZBUPNVOF¾
,WBWJEZ¡DBLWBW¡WJ¸WBLWBEFIPIBNBNFUJW¡
'PSUIFTFFSXIPLOPXTIJNTFMGBTJNQFSJTIBCMFBOECFZPOEQBJOUIFSFJTOFJUIFSLOPXMFEHF
BXPSME
OPSUIFTFOTFUIBU*BNUIFCPEZPSUIFCPEZNJOF
/JSPEI¡E¤OJLBSN¡¶JKBI¡UJKB´EI¤SZBEJ
.BOPSBUI¡OQSBM¡Q¡¸DBLBSUVN¡QOPUZBUBULºB¶¡U
/PTPPOFSEPFTBNBOPGMPXJOUFMMJHFODFHJWFVQBDUJWJUJFTMJLFUIFFMJNJOBUJPOPGUIPVHIUUIBOIF
GBMMTJOUPNJOESBDJOHBOEDIBUUFS
.BOEB¾¸SVUW¡QJUBEWBTUVOBKBI¡UJWJN¦´IBU¡N
/JSWJLBMQPCBIJSZBUO¡EBOUBSWJºBZBM¡MBTB¾
"GPPMEPFTOPUHFUSJEPGIJTTUVQJEJUZFWFOPOIFBSJOHUIFUSVUI)FNBZBQQFBSPVUXBSEMZGSFFGSPN
JNBHJOBUJPOT
CVUJOTJEFIFJTTUJMMIBOLFSJOHBGUFSUIFTFOTFT
+¡O¡EHBMJUBLBSN¡ZPMPLBE¨º²Z¡QJLBSNBL¨U
/¡QOPUZBWBTBSBLBSNBWBLUVNJWBOBLJDBOB
5IPVHIJOUIFFZFTPGUIFXPSMEIFJTBDUJWF
UIFNBOXIPIBTTIFEBDUJPOUISPVHILOPXMFEHFGJOETOP
NFBOTPGEPJOHPSTQFBLJOHBOZUIJOH
,WBUBNB¾LWBQSBL¡¸PW¡I¡OBLWBDBOBLJDBOB
/JSWJL¡SBTZBEI¤SBTZBOJS¡UB°LBTZBTBSWBE¡
'PSUIFXJTFNBOXIPJTBMXBZTVODIBOHJOHBOEGFBSMFTTUIFSFJTOFJUIFSEBSLOFTTOPSMJHIUOPS
EFTUSVDUJPO
OPSBOZUIJOH
,WBEIBJSZBLWBWJWFLJUWBLWBOJS¡UB°LBU¡QJW¡
"OJSW¡DZBTWBCI¡WBTZBOJ¾TWBCI¡WBTZBZPHJOB¾
5IFSFJTOFJUIFSGPSUJUVEF
QSVEFODFOPSDPVSBHFGPSUIFZPHJXIPTFOBUVSFJTCFZPOEEFTDSJQUJPOBOE
GSFFPGJOEJWJEVBMJUZ
/BTWBSHPOBJWBOBSBLPK¤WBONVLUJSOBDBJWBIJ
#BIVO¡USBLJNVLUFOBZPHBE¨º²Z¡OBLJDBOB
5IFSFJTOFJUIFSIFBWFOOPSIFMMOPSFWFOMJCFSBUJPOEVSJOHMJGF*OBOVUTIFMM
JOUIFTJHIUPGUIFTFFS
OPUIJOHFYJTUTBUBMM
/BJWBQS¡SUIBZBUFM¡CIBO¡M¡CIFO¡OV¸PDBUJ
%I¤SBTZB¸¤UBMBDJUUBNBN¨UFOBJWBQ¦SJUBN
)FOFJUIFSMPOHTGPSQPTTFTTJPOTOPSHSJFWFTBUUIFJSBCTFODF5IFDBMNNJOEPGUIFTBHFJTGVMMPGUIF
OFDUBSPGJNNPSUBMJUZ
/B¸¡OUBTUBVUJOJºL¡NPOBEVº²BNBQJOJOEBUJ
4BNBEV¾LIBTVLIBTU¨QUB¾LJDJUL¨UZBOBQB¸ZBUJ
5IFEJTQBTTJPOBUFNBOEPFTOPUQSBJTFUIFHPPEPSCMBNFUIFXJDLFE$POUFOUBOEFRVBMJOQBJOBOE
QMFBTVSF
IFTFFTOPUIJOHUIBUOFFEJOHEPJOH
%I¤SPOBEWFº²JTBT¡SBN¡UN¡OBOBEJE¨LºBUJ
)BSº¡NBSºBWJOJSNVLUPOBN¨UPOBDBK¤WBUJ
5IFXJTFNBOJTOPUBWFSTFUPTBNTBSB
OPSEPFTIFTFFLUPLOPXIJNTFMG'SFFGSPNQMFBTVSFBOE
JNQBUJFODF
IFJTOPUEFBEBOEIFJTOPUBMJWF
/J¾TOFIB¾QVUSBE¡S¡EBVOJºL¡NPWJºBZFºVDB
/J¸DBOUB¾TWB¸BS¤SFQJOJS¡¸B¾¸PCIBUFCVEIB¾
5IFXJTFNBOFYDFMTCZCFJOHGSFFGSPNBOUJDJQBUJPO
XJUIPVUBUUBDINFOUUPTVDIUIJOHTBTDIJMESFOPS
XJWFT
GSFFGSPNEFTJSFGPSUIFTFOTFT
BOEOPUFWFODPODFSOFEBCPVUIJTPXOCPEZ
5Vº²J¾TBSWBUSBEI¤SBTZBZBUI¡QBUJUBWBSUJOB¾
4WBDDIBOEBDBSBUPEF¸¡OZBUS¡TUBNJUB¸¡ZJOB¾
5IFXJTFNBO
XIPMJWFTPOXIBUFWFSIBQQFOTUPDPNFUPIJN
SPBNJOHXIFSFWFSIFQMFBTFT
BOE
TMFFQJOHXIFSFWFSUIFTVOIBQQFOTUPTFU
JTBUQFBDFFWFSZXIFSF
1BUBU¦EFUVW¡EFIPO¡TZBDJOU¡NBI¡UNBOB¾
4WBCI¡WBCI¦NJWJ¸S¡OUJWJTN¨U¡¸FºBTBT¨UF¾
8IFUIFSIJTCPEZSJTFTPSGBMMT
UIFHSFBUTPVMFEPOFHJWFTJUOPUIPVHIU
IBWJOHGPSHPUUFOBMMBCPVU
TBNTBSBJODPNJOHUPSFTUPOUIFHSPVOEPGIJTUSVFOBUVSF
"LJDBOB¾L¡NBD¡SPOJSEWBOEWB¸DIJOOBTB¸BZB¾
"TBLUB¾TBSWBCI¡WFºVLFWBMPSBNBUFCVEIB¾
5IFXJTFNBOIBTUIFKPZPGCFJOHDPNQMFUFJOIJNTFMGBOEXJUIPVUQPTTFTTJPOT
BDUJOHBTIFQMFBTFT
GSFFGSPNEVBMJUZBOESJEPGEPVCUT
BOEXJUIPVUBUUBDINFOUUPBOZDSFBUVSF
/JSNBNB¾¸PCIBUFEI¤SB¾TBNBMPº²¡¸NBL¡DBOB¾
4VCIJOOBI¨EBZBHSBOUIJSWJOJSEI¦UBSBKBTUBNB¾
5IFXJTFNBOFYDFMTJOCFJOHXJUIPVUUIFTFOTFPGNF&BSUI
BTUPOFPSHPMEBSFUIFTBNFUPIJN
5IFLOPUTPGIJTIFBSUIBWFCFFOSFOUBTVOEFS
BOEIFJTGSFFEGSPNHSFFEBOECMJOEOFTT
4BSWBUS¡OBWBEI¡OBTZBOBLJDJEW¡TBO¡I¨EJ
.VLU¡UNBOPWJU¨QUBTZBUVMBO¡LFOBK¡ZBUF
8IPDBODPNQBSFXJUIUIBUDPOUFOUFE
MJCFSBUFETPVMXIPQBZTOPSFHBSEUPBOZUIJOHBOEIBTOPEFTJSF
MFGUJOIJTIFBSU
+¡OBOOBQJOBK¡O¡UJQB¸ZBOOBQJOBQB¸ZBUJ
#SVWBOOBQJOBDBCS¦UFLPOZPOJSW¡TBO¡E¨UF
8IPCVUUIFVQSJHIUNBOXJUIPVUEFTJSFLOPXTXJUIPVULOPXJOH
TFFTXJUIPVUTFFJOHBOETQFBLT
XJUIPVUTQFBLJOH
#IJLºVSW¡CI¦QBUJSW¡QJZPOJºL¡NB¾TB¸PCIBUF
#I¡WFºVHBMJU¡ZBTZB¸PCIBO¡¸PCIBO¡NBUJ¾
#FHHBSPSLJOH
IFFYDFMTXIPJTXJUIPVUEFTJSF
BOEXIPTFPQJOJPOPGUIJOHTJTSJEPGHPPEBOE
CBE
,WBTW¡DDIBOEZBLWBTB°LPDB¾LWBW¡UBUUWBWJOJ¸DBZB¾
/JSWZ¡K¡SKBWBCI¦UBTZBDBSJU¡SUIBTZBZPHJOB¾
5IFSFJTOFJUIFSEJTTPMVUFCFIBWJPVSOPSWJSUVF
OPSFWFOEJTDSJNJOBUJPOPGUIFUSVUIGPSUIFTBHFXIP
IBTSFBDIFEUIFHPBMBOEJTUIFWFSZFNCPEJNFOUPGHVJMFMFTTTJODFSJUZ
£UNBWJ¸S¡OUJU¨QUFOBOJS¡¸FOBHBU¡SUJO¡
"OUBSZBEBOVCI¦ZFUBUBULBUIBLBTZBLBUIZBUF
5IBUXIJDIJTFYQFSJFODFEXJUIJOCZPOFEFTJSFMFTTBOEGSFFGSPNQBJO
BOEDPOUFOUUPSFTUJOIJNTFMG
IPXDPVMEJUCFEFTDSJCFE
BOEPGXIPN
4VQUPQJOBTVºVQUBVDBTWBQOFQJ¸BZJUPOBDB
+¡HBSFQJOBK¡HBSUJEI¤SBTU¨QUB¾QBEFQBEF
5IFXJTFNBOXIPJTDPOUFOUFEJOBMMDJSDVNTUBODFTJTOPUBTMFFQFWFOJOEFFQTMFFQ
OPUTMFFQJOHJOB
ESFBN
OPSXBLJOHXIFOIFJTBXBLF
+B¾TBDJOUPQJOJ¸DJOUB¾TFOESJZPQJOJSJOESJZB¾
4VCVEEIJSBQJOJSCVEEIJ¾T¡IB°L¡SPOBIB°L¨UJ¾
5IFTFFSJTXJUIPVUUIPVHIUTFWFOXIFOUIJOLJOH
XJUIPVUTFOTFTBNPOHUIFTFOTFT
XJUIPVU
VOEFSTUBOEJOHFWFOJOVOEFSTUBOEJOHBOEXJUIPVUBTFOTFPGSFTQPOTJCJMJUZFWFOJOUIFFHP
/BTVLI¤OBDBW¡EV¾LI¤OBWJSBLUPOBTB°HBW¡O
/BNVNVLºVSOBW¡NVLU¡OBLJDJOOOBDBLJDBOB
/FJUIFSIBQQZOPSVOIBQQZ
OFJUIFSEFUBDIFEOPSBUUBDIFE
OFJUIFSTFFLJOHMJCFSBUJPOOPSMJCFSBUFE
IF
JTOFJUIFSTPNFUIJOHOPSOPUIJOH
7JLºFQFQJOBWJLºJQUB¾TBN¡EIBVOBTBN¡EIJN¡O
+¡´ZFQJOBKB´PEIBOZB¾Q¡¶´BUZFQJOBQB¶´JUB¾
/PUEJTUSBDUFEJOEJTUSBDUJPO
JONFOUBMTUJMMOFTTOPUQPJTFE
JOTUVQJEJUZOPUTUVQJE
UIBUCMFTTFEPOFJT
OPUFWFOXJTFJOIJTXJTEPN
.VLUPZBUI¡TUIJUJTWBTUIB¾L¨UBLBSUBWZBOJSW¨UB¾
4BNB¾TBSWBUSBWBJU¨º¶Z¡OOBTNBSBUZBL¨UBL¨UBN
5IFMJCFSBUFENBOJTTFMGQPTTFTTFEJOBMMDJSDVNTUBODFTBOEGSFFGSPNUIFJEFBPGEPOFBOETUJMMUP
EP)FJTUIFTBNFXIFSFWFSIFJTBOEXJUIPVUHSFFE)FEPFTOPUEXFMMPOXIBUIFIBTEPOFPSOPU
EPOF
/BQS¤ZBUFWBOEZBN¡OPOJOEZBN¡OPOBLVQZBUJ
/BJWPEWJKBUJNBSB¶FK¤WBOFO¡CIJOBOEBUJ
)FJTOPUQMFBTFEXIFOQSBJTFEOPSVQTFUXIFOCMBNFE)FJTOPUBGSBJEPGEFBUIOPSBUUBDIFEUPMJGF
/BEI¡WBUJKBO¡L¤S¶BO¡SB¶ZBNVQB¸¡OUBEI¤¾
:BUI¡UBUI¡ZBUSBUBUSBTBNBFW¡WBUJº²IBUF
"NBOBUQFBDFEPFTOPUSVOPGGUPQPQVMBSSFTPSUTPSUPUIFGPSFTU8IBUFWFSBOEXIFSFWFS
IFSFNBJOT
UIFTBNF
+BOBLBVW¡DB
+BOBLB
5BUUWBWJK¡OBTBOEB¸BN¡E¡ZBI¨EBZPEBS¡U
/¡O¡WJEIBQBS¡NBS¸B¸BMZPEEI¡SB¾L¨UPNBZ¡
6TJOHUIFUXFF[FSTPGUIFLOPXMFEHFPGUIFUSVUI*IBWFNBOBHFEUPFYUSBDUUIFQBJOGVMUIPSOPG
FOEMFTTPQJOJPOTGSPNUIFSFDFTTFTPGNZIFBSU
,WBEIBSNB¾LWBDBW¡L¡NB¾LWBD¡SUIB¾LWBWJWFLJU¡
,WBEWBJUBLWBDBW¡EWBJUBTWBNBIJNOJTUIJUBTZBNF
'PSNF
FTUBCMJTIFEJONZPXOHMPSZ
UIFSFBSFOPSFMJHJPVTPCMJHBUJPOT
TFOTVBMJUZ
QPTTFTTJPOT
QIJMPTPQIZ
EVBMJUZPSFWFOOPOEVBMJUZ
,WBCI¦UBLWBCIBWJºZBEW¡WBSUBN¡OBNBQJLWBW¡
,WBEF¸B¾LWBDBW¡OJUZBTWBNBIJNOJTUIJUBTZBNF
'PSNFFTUBCMJTIFEJONZPXOHMPSZ
UIFSFJTOPQBTU
GVUVSFPSQSFTFOU5IFSFJTOPTQBDFPSFWFO
FUFSOJUZ
,WBD¡UN¡LWBDBW¡O¡UN¡LWB¸VCIBLW¡TVCIBZBUI¡
,WBDJOU¡LWBDBW¡DJOU¡TWBNBIJNOJTUIJUBTZBNF
'PSNFFTUBCMJTIFEJONZPXOHMPSZ
UIFSFJTOPTFMGPSOPOTFMG
OPHPPEPSFWJM
OPUIPVHIUPSFWFO
BCTFODFPGUIPVHIU
,WBTWBQOB¾LWBTVºVQUJSW¡LWBDBK¡HBSB¶BUBUI¡
,WBUVSJZBCIBZBW¡QJTWBNBIJNOJTUIJUBTZBNF
'PSNFFTUBCMJTIFEJONZPXOHMPSZ
UIFSFJTOPESFBNJOHPSEFFQTMFFQ
OPXBLJOHOPSGPVSUITUBUF
CFZPOEUIFN
BOEDFSUBJOMZOPGFBS
,WBE¦SBLWBTBN¤QBW¡CBIZBLW¡CIZBOUBSBLWBW¡
,WBTUI¦MBLWBDBW¡T¦LºNBTWBNBIJNOJTUIJUBTZBNF
'PSNFFTUBCMJTIFEJONZPXOHMPSZ
UIFSFJTOPUIJOHGBSBXBZBOEOPUIJOHOFBS
OPUIJOHXJUIJOPS
XJUIPVU
OPUIJOHMBSHFBOEOPUIJOHTNBMM
,WBN¨UZVSK¤WJUBW¡LWBMPL¡¾LW¡TZBLWBMBVLJLBN
,WBMBZB¾LWBTBN¡EIJSW¡TWBNBIJNOJTUIJUBTZBNF
'PSNFFTUBCMJTIFEJONZPXOHMPSZ
UIFSFJTOPMJGFPSEFBUI
OPXPSMETPSUIJOHTPGUIJTXPSME
OP
EJTUSBDUJPOBOEOPTUJMMOFTTPGNJOE
"MBUSJWBSHBLBUIBZ¡ZPHBTZBLBUIBZ¡QZBMBN
"MBWJK¡OBLBUIBZ¡WJ¸S¡OUBTZBNBN¡UNBOJ
'PSNFSFNBJOJOHJONZTFMG
UIFSFJTOPOFFEGPSUBMLPGUIFUISFFHPBMTPGMJGF
PGZPHBPSPG
LOPXMFEHF
+BOBLBVW¡DB
+BOBLB
,WBCI¦U¡OJLWBEFIPW¡LWFOESJZ¡¶JLWBW¡NBOB¾
,WB¸¦OZBLWBDBOBJS¡¸ZBNBUTWBS¦QFOJSBKBOF
*ONZVOCMFNJTIFEOBUVSFUIFSFBSFOPFMFNFOUT
OPCPEZ
OPGBDVMUJFTOPNJOE5IFSFJTOPWPJEBOE
OPEFTQBJS
,WB¸¡TUSBLW¡UNBWJK¡OBLWBW¡OJSWJºBZBNBOB¾
,WBU¨QUJ¾LWBWJU¨º¶BUWBHBUBEWBOEWBTZBNFTBE¡
'PSNF
GSFFGSPNUIFTFOTFPGEVBMJTN
UIFSFBSFOPTDSJQUVSFT
OPTFMGLOPXMFEHF
OPNJOEGSFFGSPN
BOPCKFDU
OPTBUJTGBDUJPOBOEOPGSFFEPNGSPNEFTJSF
,WBWJEZ¡LWBDBW¡WJEZ¡LW¡IBLWFEBNBNBLWBW¡
,WBCBOEIB¾LWBDBW¡NPLºB¾TWBS¦QBTZBLWBS¦QJU¡
5IFSFJTOPLOPXMFEHFPSJHOPSBODF
OPNF
UIJTPSNJOF
OPCPOEBHF
OPMJCFSBUJPO
BOEOP
QSPQFSUZPGTFMGOBUVSF
,WBQS¡SBCEI¡OJLBSN¡¶JK¤WBONVLUJSBQJLWBW¡
,WBUBEWJEFIBLBJWBMZBOJSWJ¸FºBTZBTBSWBE¡
'PSIJNXIPJTBMXBZTGSFFGSPNJOEJWJEVBMDIBSBDUFSJTUJDTUIFSFJTOPBOUFDFEFOUDBVTBMBDUJPO
OP
MJCFSBUJPOEVSJOHMJGF
BOEOPGVMGJMNFOUBUEFBUI
,WBLBSU¡LWBDBW¡CIPLU¡OJºLSJZBTQIVSB¶BLWBW¡
,W¡QBSPLºBQIBMBW¡LWBOJ¾TWBCI¡WBTZBNFTBE¡
'PSNF
GSFFGSPNJOEJWJEVBMJUZ
UIFSFJTOPEPFSBOEOPSFBQFSPGUIFDPOTFRVFODFT
OPDFTTBUJPOPG
BDUJPO
OPBSJTJOHPGUIPVHIU
OPJNNFEJBUFPCKFDU
BOEOPJEFBPGSFTVMUT
,WBMPLBLWBNVNVLºVSW¡LWBZPH¤K¡OBW¡OLWBW¡
,WBCBEEIB¾LWBDBW¡NVLUB¾TWBTWBS¦QFIBNBEWBZF
5IFSFJTOPXPSME
OPTFFLFSGPSMJCFSBUJPO
OPZPHJ
OPTFFS
OPPOFCPVOEBOEOPPOFMJCFSBUFE*
SFNBJOJONZPXOOPOEVBMOBUVSF
,WBT¨ºUJ¾LWBDBTBI¡SB¾LWBT¡EIZBLWBDBT¡EIBOBN
,WBT¡EIBLB¾LWBTJEEIJSW¡TWBTWBS¦QFIBNBEWBZF
5IFSFJTOPFNBOBUJPOPSSFUVSO
OPHPBM
NFBOT
TFFLFSPSBDIJFWFNFOU*SFNBJOJONZPXOOPOEVBM
OBUVSF
,WBQSBN¡U¡QSBN¡¶BW¡LWBQSBNFZBLWBDBQSBN¡
,WBLJDJULWBOBLJDJEW¡TBSWBE¡WJNBMBTZBNF
'PSNFXIPBNGPSFWFSVOCMFNJTIFE
UIFSFJTOPBTTFTTPS
OPTUBOEBSE
OPUIJOHUPBTTFTT
BOEOP
BTTFTTNFOU
,WBWJLºFQB¾LWBDBJLBHSZBLWBOJSCPEIB¾LWBN¦´IBU¡
,WBIBSºB¾LWBWJº¡EPW¡TBSWBE¡OJºLSJZBTZBNF
'PSNFXIPBNGPSFWFSBDUJPOMFTT
UIFSFJTOPEJTUSBDUJPOPSPOFQPJOUFEOFTTPGNJOE
OPMBDLPG
VOEFSTUBOEJOH
OPTUVQJEJUZ
OPKPZBOEOPTPSSPX
,WBDBJºBWZBWBI¡SPW¡LWBDBT¡QBSBN¡SUIBU¡
,WBTVLIBLWBDBW¡EVLIBOJSWJNBS¸BTZBNFTBE¡
'PSNFXIPBNBMXBZTGSFFGSPNEFMJCFSBUJPOTUIFSFJTOFJUIFSDPOWFOUJPOBMUSVUIOPSBCTPMVUFUSVUI
OPIBQQJOFTTBOEOPTVGGFSJOH
,WBN¡Z¡LWBDBTBT¡SB¾LWBQS¤UJSWJSBUJ¾LWBW¡
,WBK¤WB¾LWBDBUBECSBINBTBSWBE¡WJNBMBTZBNF
'PSNFXIPBNGPSFWFSQVSFUIFSFJTOPJMMVTJPO
OPTBNTBSB
OPBUUBDINFOUPSEFUBDINFOU
OPMJWJOH
PSHBOJTN
BOEOP(PE
,WBQSBW¨UUJSOJSW¨UUJSW¡LWBNVLUJ¾LWBDBCBOEIBOBN
,¦²BTUIBOJSWJCI¡HBTZBTWBTUIBTZBNBNBTBSWBE¡
'PSNFXIPBNGPSFWFSVONPWBCMFBOEJOEJWJTJCMF
FTUBCMJTIFEJONZTFMG
UIFSFJTOPBDUJWJUZPS
JOBDUJWJUZ
OPMJCFSBUJPOBOEOPCPOEBHF
,WPQBEF¸B¾LWBW¡¸¡TUSBLWB¸JºZB¾LWBDBW¡HVSV¾
,WBD¡TUJQVSVº¡SUIPW¡OJSVQ¡EIF¾¸JWBTZBNF
'PSNFXIPBNCMFTTFEBOEXJUIPVUMJNJUBUJPO
UIFSFJTOPJOJUJBUJPOPSTDSJQUVSF
OPEJTDJQMFPS
UFBDIFS
BOEOPHPBMPGIVNBOMJGF
,WBD¡TUJLWBDBW¡O¡TUJLW¡TUJDBJLBLWBDBEWBZBN
#BIVO¡USBLJNVLUFOBLJDJOOPUUJº²IBUFNBNB
5IFSFJTOPCFJOHPSOPOCFJOH
OPVOJUZPSEVBMJTN8IBUNPSFJTUIFSFUPTBZ 5IFSFJTOPUIJOH
PVUTJEFPGNF
&OE