"TJBO1BDJGJD+PVSOBMPG5SPQJDBM.FEJDJOF
$POUFOUTMJTUTBWBJMBCMFBU4DJFODF%JSFDU
"TJBO1BDJGJD+PVSOBMPG5SPQJDBM.FEJDJOF KPVSOBMIPNFQBHFXXXFMTFWJFSDPNMPDBUFBQKUN
%PDVNFOUIFBEJOHEPJ4
&YQSFTTJPOTPGPODPHFOFTDGPTBOEDNZDJOTLJOMFTJPOPGDVUBOFPVT TRVBNPVTDFMMDBSDJOPNB :BO;IFOH (VP3POH8BOH +JO+JOH+JB 4V+V-VP )BP8BOH 4IFOH9JBOH9JBP %FQBSUNFOUPG%FSNBUPMPHZ UIF4FDPOE"GGJMJBUFE)PTQJUBMPG9J’BO+JBPUPOH6OJWFSTJUZ 9J’BO 4IBBOYJ1SPWJODF $IJOB
" 3 5 * $ - & * / ' 0 " # 4 5 3 " $ 5 "SUJDMFIJTUPSZ 3FDFJWFE.BZ 3FDFJWFEJOSFWJTFEGPSN+VOF "DDFQUFE+VMZ "WBJMBCMFPOMJOF0DUPCFS
,FZXPSET
0ODPHFOFQSPUFJODGPT 0ODPHFOFQSPUFJODNZD 4RVBNPVTDFMMDBSDJOPNB %FSNBUPNB
0CKFDUJWF 5PFYQMPSFUIFFYQSFTTJPOTPGDGPTBOEDNZDJOTLJOMFTJPOPGDVUBOFPVTTRVBNPVT DFMMDBSDJOPNB $4$$ .FUIPET 6TJOHSFUSPTQFDUJWFBOBMZTJT DBTFTPG $4$$XFSFTFMFDUFE GSPN%FQBSUNFOUPG%FSNBUPMPHZ UIF4FDPOE"GGJMJBUFE)PTQJUBMPG9J’BO+JBPUPOH6OJWFSTJUZ XIJDI XFSFSFNPWFECFUXFFO +BOVBSZ BOE +BOVBSZ *UXBTDPOTJEFSFEBTFYQFSJNFOUBMHSPVQ .FBOXIJMF DBTFTPGOPSNBMTLJOTQFDJNFOTPGOPOUVNPSQBUJFOUTXFSFTFMFDUFEBTDPOUSPMHSPVQ 5IFFYQSFTTJPOMFWFMPGDGPTBOEDNZDXBTDPNQBSFEJOUIFUXPHSPVQT3FTVMUT5IFFYQSFTTJPOT PGDGPTBOEDNZDJOFYQFSJNFOUBMHSPVQXFSFTUBUJTUJDBMMZ TJHOJGJDBOU 1 DPNQBSFEXJUIDPOUSPMHSPVQ &YQSFTTJPOPGDNZDQSPUFJOXBTOFHBUJWFMZ SFMBUFEUPEJGGFSFOUJBUJPOPG $4$$ 5IFEJGGFSFODFXBTTUBUJTUJDBMMZTJHOJGJDBOU ມ 1 ਖ 8IJMFFYQSFTTJPOPGDGPTQSPUFJOXBTQPTJUJWFMZSFMBUFEUPEJGGFSFOUJBUJPOPG$4$$ XIJDIXBT TUBUJTUJDBMMZTJHOJGJDBOU ມ 1 ਖ $PODMVTJPOT5IFFYQSFTTJPOMFWFMPGDGPTBOE DNZDDBOCFVTFEBTBOJNQPSUBOUJOEJDBUPSPG$4$$EJGGFSFOUJBUJPO BOEJUIBTDMPTFMZDPOOFDUJPO XJUIUIFEJGGFSFOUJBUFEEFHSFF XIJDIDBOHVJEFDMJOJDBMQSPHOPTJT
*OUSPEVDUJPO
.BUFSJBMTBOENFUIPET
$ VUBOFPVT TRVBNPVT DFMM DBSDJOPNB $4$$ JT BMTP DBMMFE EFSNPJE DBODFS 4 UBSUJOH GSPN UIF TRVBNPVT FQJUIFMJVN PG UIF TLJO JU JT NPTU GPVOE JO QBMQFCSBM NBSHJO UIF KVODUJPO PG TLJO BOE DPOKVODUJWB $4$$ EFWFMPQT GBTU BOE IBT EFTUSVDUJWF FGGFDU "DDPSEJOH UP UIF FYJTUJOH EBUB UIF JODJEFODF SBUF PG $4$$ BDDPVOUT GPS PG NBMJHOBOU TLJO UVNPST QPTJOH B TFSJPVT UISFBU UP IVNBO CPEZ IFBMUI 5IF QSFTFOU TUVEZ BJNFE UPFYQMPSFUIFFYQSFTTJPOTPGPODPHFOFDGPTBOEDNZD QSPUFJO JO TLJO MFTJPO PG $4$$ " UPUBM PG DBTFT PG $4$$TQFDJNFOTBOE DBTFTPGOPSNBMTLJOTQFDJNFOT XFSFTFMFDUFEBTUIFPCKFDUPGUIJTTUVEZ
.BUFSJBMT
$PSSFTQPOEJOH BVUIPS 4IFOH9JBOH 9JBP %FQBSUNFOU PG %FSNBUPMPHZ UIF 4FDPOE "GGJMJBUFE)PTQJUBMPG9JBO+JBPUPOH6OJWFSTJUZ 9J’BO 4IBBOYJ1SPWJODF $IJOB 5FM &NBJMYJBP@TY!DPN 'PVOEBUJPO1SPKFDU4VQQPSUFECZ/BUVSBM4DJFODF'PVOEBUJPOPG4IBBOYJ1SPWJODF (SBOU /P
5 IF TUVEZ XBT QFSGPSNFE UISPVHI SFUSPTQFDUJWF BOBMZTJT $4$$ TQFDJNFOT PG DBTFT XFSF TFMFDUFE GSPN %FQBSUNFOU PG %FSNBUPMPHZ UIF 4FDPOE "GGJMJBUFE ) PTQJUBM PG 9 J’BO + JBPUPOH 6 OJWFSTJUZ XIJDI XFSF SFNPWFE CFUXFFO + BOVBSZ BOE + BOVBSZ * U XBT DPOTJEFSFE BT FYQFSJNFOUBM HSPVQ " NPOH UIFN XFSF NBMF BOE XFSF GFNBMF BHJOH ZFBST XJUIUIFBWFSBHFBHFPG ± ZFBST .FBOXIJMF DBTFT PG OPSNBM TLJO TQFDJNFOT PG OPSNBM IFBMUIZ TVCKFDUT XFSF TFMFDUFE BT DPOUSPM HSPVQ JODMVEJOH NBMFTBOE GFNBMFT BHJOH ZFBSTXJUIUIFBWFSBHF BHF PG ± ZFBST 5 IF CBTFMJOF JOGPSNBUJPO PG CPUI HSPVQT IBE OP TJHOJGJDBOU EJGGFSFODF BOE XBT DPNQBSBCMF
:BO;IFOHFUBM"TJBO1BDJGJD+PVSOBMPG5SPQJDBM.FEJDJOF
.FUIPET 1BSBGGJOTBNQMFTXFSFTFMFDUFE5IFTQFDJNFOTXFSFGJYFE XJUIQBSBGGJOBOEQSFQBSFEJOUPQBUIPMPHJDBMTMJDFT'PMMPXFE CZDPOWFOUJPOBMEFXBYJOHBOEIZESBUJPO UIFZXFSFSFTUPSFE XJUINJDSPXBWFBOUJHFO 5IFTMJDFTXFSFJODVCBUFEXJUI SBCCJUBOUJIVNBODGPTBOEDNZDQPMZDMPOBMBOUJCPEZ #FJKJOH ;IPOH 4IBO (PMEFO #SJEHF #JPUFDIOPMPHZ $P -UE BOETUBJOFEXJUI %"# 1IPTQIBUFCVGGFSFETBMJOFXBTVTFE GPSOFHBUJWFDPOUSPM
&YQSFTTJPOPGDGPTQSPUFJOXBTQPTJUJWFMZSFMBUFEUP $4$$ EJGGFSFOUJBUJPO 8JUI UIF EFDSFBTF PG EJGGFSFOUJBUJPO UIF FYQSFTTJPOEFDSFBTFEBTXFMM5IFEJGGFSFODFXBTTUBUJTUJDBMMZ TJHOJGJDBOU ມ 1 5BCMF
0VUDPNFNFBTVSFT 4UBOEBSEPGQPTJUJWFFYQSFTTJPOJTUIBUQPTJUJWFQBSUJDMFTPG PODPHFOFTDGPTBOEDNZDBSFMPDBUFEXJUIJOUIFOVDMFVT BOEDZUPQMBTN BOEQBSUJDMFTBSFCSPXOUPEBSLCSPXO "DDPSEJOHUPUIFDFMMQJHNFOUBUJPO UIFFYQSFTTJPOTPG DGPTBOEDNZDBSFEJWJEFEJOUPOFHBUJWF
QPTJUJWF BOEQPTJUJWF 4UBOEBSEPGOFHBUJWF OPCSPXOUPEBSL CSPXOQBSUJDMFTBSFTFFOJODFMMOVDMFVT TUBOEBSEPGQPTJUJWF CSPXO QBSUJDMFT BSF MFTT UIBO JO DFMM OVDMFVT TUBOEBSEPGQPTJUJWF CSPXOQBSUJDMFTBSFNPSFUIBO JODFMMOVDMFVT 5IFTQFDJNFOTPGUXPHSPVQTXFSFQMBDFE VOEFSIJHIQPXFSMFOT BOE WJFXTXFSFTFMFDUFESBOEPNMZ UPPCTFSWFSBUFPGQPTJUJWFQBSUJDMFTJOUPUBMDFMMT
'JHVSF&YQSFTTJPOPGDGPTJO$4$$ 41 ×
4UBUJTUJDBMBOBMZTJT %BUBXFSFBOBMZ[FEVTJOHTUBUJTUJDBMTPGUXBSF 4144 $IJTRVBSF UFTU XBT VTFE 1 XBT DPOTJEFSFE BT TUBUJTUJDBMMZTJHOJGJDBOU
3FTVMUT
'JHVSF&YQSFTTJPOPGDGPTJO$4$$ 41 ×
&YQSFTTJPOTPGDGPTBOEDNZDQSPUFJOT "NPOH DBTFTPG TQFDJNFOTJOFYQFSJNFOUBMHSPVQ XFSFUIFFYQSFTTJPOPGPODPHFOFDGPT BOE XFSFDNZDQSPUFJO 5IFUXPQSPUFJOFYQSFTTJPOT
XFSFOPUGPVOEBNPOHUIFTQFDJNFOTPG DBTFTJODPOUSPM HSPVQ5IFEJGGFSFODFXBTTUBUJTUJDBMMZTJHOJGJDBOU ມ 1 ມ 1 'JHVSFT 5IFDPSSFMBUJPOCFUXFFOPODPHFOFQSPUFJOTBOE$4$$ EJGGFSFOUJBUJPO &YQSFTTJPOPGDNZDQSPUFJOXBTOFHBUJWFMZSFMBUFEUP $4$$EJGGFSFOUJBUJPO 8JUIUIFEFDSFBTFPGEJGGFSFOUJBUJPO UIF FYQSFTTJPO JODSFBTFE BDDPSEJOHMZ 5 IF EJGGFSFODF XBT TUBUJTUJDBMMZ TJHOJGJDBOU ມ 1
'JHVSF/POFYQSFTTJPOPGDGPTJOOPSNBMTLJO 41 ×
:BO;IFOHFUBM"TJBO1BDJGJD+PVSOBMPG5SPQJDBM.FEJDJOF
%JTDVTTJPO
'JHVSF&YQSFTTJPOPGDNZDJO$4$$ 41 ×
'JHVSF&YQSFTTJPOPGDNZDJO$4$$ 41 ×
'JHVSF/POFYQSFTTJPOPGDNZDJOOPSNBMTLJO 41 × 5BCMF 5IFDPSSFMBUJPOCFUXFFOUIFFYQSFTTJPOTDNZDBOEDGPTQSPUFJOTBOE $4$$EJGGFSFOUJBUJPO O 0ODPHFOF
$NZD
$GPT
%JGGFSFOUJBUJPO &YQSFTTJPO )JHI .PEFSBUF -PX 5PUBM )JHI .PEFSBUF -PX 5PUBM
&YQSFTTJPO
5PUBM
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
:BO;IFOHFUBM"TJBO1BDJGJD+PVSOBMPG5SPQJDBM.FEJDJOF
$POGMJDUPGJOUFSFTUTUBUFNFOU
GJCSPTJTBOEQPUFOUJBMUIFSBQFVUJDUBSHFU$VSS0QJO3IFVNBUPM
8FEFDMBSFUIBUXFIBWFOPDPOGMJDUPGJOUFSFTU
.P+ :BOH" $IFO; 4IBP5 ;IBOH: $IFO2/FVSPOPTUBUJO BNFMJPSBUFTTPEJVNUBVSPDIPMBUFJOEVDFEBDVUFQBODSFBUJUJTJO SBUT%JH%JT4DJ
"DLOPXMFEHFNFOUT
1BUFSOJUJ* .B[[PO& 3JDDBSEJ- (BMVQQP. *NQFMMJ[[FSJ% &TQPTJUP& FUBM1FSPYJTPNFQSPMJGFSBUPSBDUJWBUFESFDFQUPS ຌ
5IJTXPSLXBTTVQQPSUFECZ /BUVSBM 4DJFODF 'PVOEBUJPO PG4IBBOYJ1SPWJODF (SBOU/P
ຎBHPOJTU(8BNFMJPSBUFTDFSVMFJOBOEUBVSPDIPMBUF JOEVDFEBDVUFQBODSFBUJUJTJONJDF4VSHFSZ $V[[PDSFB4 1JTBOP# %VHP- *BOBSP" #SJUUJ% 1BUFM/4
3FGFSFODFT
FU BM 3PTJHMJUB[POF B MJHBOE PGUIFQFSPYJTPNFQSPMJGFSBUPS BDUJWBUFESFDFQUPSHBNNB SFEVDFTBDVUFQBODSFBUJUJTJOEVDFE
1BUFM +) .D.BIPO 4# 5BSHFUJOH PG .J[ JT FTTFOUJBM GPS .ZDNFEJBUFE BQPQUPTJT+ #JPM $IFN
CZDFSVMFJO*OUFOTJWF$BSF.FE 1JO[4 6OTFS4 #SVFHHFNBOO4 #FTM& "M3JGBJ/ 1FULFT)
3FJTTNBOO15 FUBM&YQSFTTJPOQBUUFSOTPGJNNFEJBUJFFBSMZ
FUBM5IFTZOUIFUJD CSPNP’ ’UFUSBNFUIPYZDIBMDPOF #S5.$ JOIJCJUTUIF+",45"5TJHOBMJOHQBUIXBZ1-P4 0OF F
USBOTDSJQUJPOGBDUPSTJOIVNBOOPOTNBMMDFMMMVOHDBODFS5IF
ŁBTUPXTLB. "M"GHIBOJ) "M#BMPPM)) 4IFUI) .FSDFS
-FWJO 8+ 1SFTT .' (BZOPS 3# 4VLIBUNF 71 #PPOF 5$
-VOH$BODFS4UVEZ(SPVQ0ODPHFOF 8BUTPO+7 4UFXBSU+ &WBO(* 3JUTPO" 4JLPSB,5IFDMJOJDBM TJHOJGJDBODFPGGMPXDZUPNFUSJDDNZDPODPQSPUFJORVBOUJUBUJPO JOUFTUJDVMBSDBODF#S+$BODFS )F$ )V) #SBSFO3 'POH4: 5SVNQQ" $BSMTPO53 FUBM $NZDJOUIFIFNBUPQPJFUJDMJOFBHFJTHSVDJBMGPSJUTBOHJPHFOJD GVODUJPO JO UIFNPVTF FNCSZPM %FWFMPQNFOU .BSJOLPWJD% .BSJOLPWJD5 ,PLBJ& #BSUI5 .öMMFS1 8JSUI
& $PYIFBE+. FUBM*EFOUJGJDBUJPOPGBOFVSPOBMUSBOTDSJQUJPO GBDUPSOFUXPSLJOWPMWFEJONFEVMMPCMBTUPNBEFWFMPQNFOU"DUB /FVSPQBUIPM$PNNVO ,PTP) 5TVIBLP" -ZPOT& 8BSE+. 3VTU"( "EBNT%+ FU BM*EFOUJGJDBUJPOPG'PY3BTBOPODPHFOFJONFEVMMPCMBTUPNB $BODFS3FT ) VBOH #$ )VBOH :5 -VP $: -V )4 -POH 9% +$MJO&YQ1BUIPM $IJOFTF
JOMZNQIPNBHFOFTJT/VDMFJD"DJET3FT
,BOEB: /JTIJZBNB: 4IJNBEB: *NBNVSB. /PNVSB)
4JLPSB, $IBO4 &WBO( (BCSB) .BSLIBN/ 4UFXBSU+ FU BM $NZD PODPHFOF FYQSFTTJPO JO DPMPSFDUBM DBODFS $BODFS )ZEFS4. 4UBODFM(. -PPTF.JUDIFMM%44UFSJPJEIPSNPOF
)JBJ) FUBM"OBMZTJTPGHFOFBNQMJGJDBUJPOBOEPWFSFYQSFTTJPO JOIVNBOFTPQIBHFBMDBSDJOPNBDFMMMJOFT*OU+$BODFS $VJ 9- 4IFO , ;IBP 34 ;IBOH %; )F 4( + $IJO .FE 6OJW
3FW&VLBSZPU(FOF&YQS
5BVDIJ , 5TVUTVNJ : )PSJ 4 :PTIJNVSB 4 0TBNVSB 3:
-JV%. 8V9 .FE +
QSPUFJOJOIVNBOCSFBTUDBODFSBOJNNVOPIJTUPDIFNJDBMTUVEZ +QO+$MJO0ODPM - FDI , "OEFSTPO , #SFOU 3 %/"CPVOE 'PT QSPUFJOT BDUJWBUFUSBOTDSJQUJPOJOZFBTU$FMM .JMMB-" "SSPT" &TQJOP[B/ 3FNLF. ,PPM. 5BZMPS.% FUBM/FPHFOJOJTB4POJD)FEHFIPHUBSHFUJONFEVMMPCMBTUPNB BOEJTOFDFTTBSZGPSDFMMDZDMFQSPHSFTTJPO*OU+$BODFS
-JBPOJOH $IJOFTF , BOF 4 1SFOUJDF ." .BSJBOP +. $VUUJUUB ' +BLPXMFX 4# %JGGFSFOUJBM JOEVDUJPO PG FBSMZ SFTQPOTF HFOFT CZ BESFOPNFEVMMJOBOEUSBOTGPSNJOHHSPXUIGBDUPSCFUBJOIVNBO MVOHDBODFSDFMMT"OUJDBODFS3FT ,POTBWBHF 8. +S :PDIVN (4 5IF .ZD ’ XOU SFTQPOTJWF FMFNFOUTVQQSFTTFTDPMPOJDUVNPSJHFOFTJT.PM$FMM#JPM
,PDI4 /BWB1 "EEJT$ ,JN8 %FOOJOH5- -J- FUBM5IF
, POTBWBHF 8. +S 3PQFS +/ *TINBFM '5 :PDIVN (4
8OUBOUBHPOJTU%LLSFHVMBUFTJOUFTUJOBMFQJUIFMJBMIPNFPTUBTJT
5IF .ZD ’ 8OU SFTQPOTJWF FMFNFOU SFHVMBUFT OFVUSPQIJM SFDSVJUNFOUBGUFSBDVUFDPMPOJDJOKVSZJONJDF%JH%JT4DJ
BOEXPVOESFQBJS(BTUSPFOUFSPMPHZ -BN"1 (PUUBSEJ$+ຌDBUFOJOTJHOBMJOHBOPWFMNFEJBUPSPG
$POUFOUTMJTUTBWBJMBCMFBU4DJFODF%JSFDU
"TJBO1BDJGJD+PVSOBMPG5SPQJDBM.FEJDJOF KPVSOBMIPNFQBHFXXXFMTFWJFSDPNMPDBUFBQKUN
%PDVNFOUIFBEJOHEPJ4
&YQSFTTJPOTPGPODPHFOFTDGPTBOEDNZDJOTLJOMFTJPOPGDVUBOFPVT TRVBNPVTDFMMDBSDJOPNB :BO;IFOH (VP3POH8BOH +JO+JOH+JB 4V+V-VP )BP8BOH 4IFOH9JBOH9JBP %FQBSUNFOUPG%FSNBUPMPHZ UIF4FDPOE"GGJMJBUFE)PTQJUBMPG9J’BO+JBPUPOH6OJWFSTJUZ 9J’BO 4IBBOYJ1SPWJODF $IJOB
" 3 5 * $ - & * / ' 0 " # 4 5 3 " $ 5 "SUJDMFIJTUPSZ 3FDFJWFE.BZ 3FDFJWFEJOSFWJTFEGPSN+VOF "DDFQUFE+VMZ "WBJMBCMFPOMJOF0DUPCFS
,FZXPSET
0ODPHFOFQSPUFJODGPT 0ODPHFOFQSPUFJODNZD 4RVBNPVTDFMMDBSDJOPNB %FSNBUPNB
0CKFDUJWF 5PFYQMPSFUIFFYQSFTTJPOTPGDGPTBOEDNZDJOTLJOMFTJPOPGDVUBOFPVTTRVBNPVT DFMMDBSDJOPNB $4$$ .FUIPET 6TJOHSFUSPTQFDUJWFBOBMZTJT DBTFTPG $4$$XFSFTFMFDUFE GSPN%FQBSUNFOUPG%FSNBUPMPHZ UIF4FDPOE"GGJMJBUFE)PTQJUBMPG9J’BO+JBPUPOH6OJWFSTJUZ XIJDI XFSFSFNPWFECFUXFFO +BOVBSZ BOE +BOVBSZ *UXBTDPOTJEFSFEBTFYQFSJNFOUBMHSPVQ .FBOXIJMF DBTFTPGOPSNBMTLJOTQFDJNFOTPGOPOUVNPSQBUJFOUTXFSFTFMFDUFEBTDPOUSPMHSPVQ 5IFFYQSFTTJPOMFWFMPGDGPTBOEDNZDXBTDPNQBSFEJOUIFUXPHSPVQT3FTVMUT5IFFYQSFTTJPOT PGDGPTBOEDNZDJOFYQFSJNFOUBMHSPVQXFSFTUBUJTUJDBMMZ TJHOJGJDBOU 1 DPNQBSFEXJUIDPOUSPMHSPVQ &YQSFTTJPOPGDNZDQSPUFJOXBTOFHBUJWFMZ SFMBUFEUPEJGGFSFOUJBUJPOPG $4$$ 5IFEJGGFSFODFXBTTUBUJTUJDBMMZTJHOJGJDBOU ມ 1 ਖ 8IJMFFYQSFTTJPOPGDGPTQSPUFJOXBTQPTJUJWFMZSFMBUFEUPEJGGFSFOUJBUJPOPG$4$$ XIJDIXBT TUBUJTUJDBMMZTJHOJGJDBOU ມ 1 ਖ $PODMVTJPOT5IFFYQSFTTJPOMFWFMPGDGPTBOE DNZDDBOCFVTFEBTBOJNQPSUBOUJOEJDBUPSPG$4$$EJGGFSFOUJBUJPO BOEJUIBTDMPTFMZDPOOFDUJPO XJUIUIFEJGGFSFOUJBUFEEFHSFF XIJDIDBOHVJEFDMJOJDBMQSPHOPTJT
*OUSPEVDUJPO
.BUFSJBMTBOENFUIPET
$ VUBOFPVT TRVBNPVT DFMM DBSDJOPNB $4$$ JT BMTP DBMMFE EFSNPJE DBODFS 4 UBSUJOH GSPN UIF TRVBNPVT FQJUIFMJVN PG UIF TLJO JU JT NPTU GPVOE JO QBMQFCSBM NBSHJO UIF KVODUJPO PG TLJO BOE DPOKVODUJWB $4$$ EFWFMPQT GBTU BOE IBT EFTUSVDUJWF FGGFDU "DDPSEJOH UP UIF FYJTUJOH EBUB UIF JODJEFODF SBUF PG $4$$ BDDPVOUT GPS PG NBMJHOBOU TLJO UVNPST QPTJOH B TFSJPVT UISFBU UP IVNBO CPEZ IFBMUI 5IF QSFTFOU TUVEZ BJNFE UPFYQMPSFUIFFYQSFTTJPOTPGPODPHFOFDGPTBOEDNZD QSPUFJO JO TLJO MFTJPO PG $4$$ " UPUBM PG DBTFT PG $4$$TQFDJNFOTBOE DBTFTPGOPSNBMTLJOTQFDJNFOT XFSFTFMFDUFEBTUIFPCKFDUPGUIJTTUVEZ
.BUFSJBMT
$PSSFTQPOEJOH BVUIPS 4IFOH9JBOH 9JBP %FQBSUNFOU PG %FSNBUPMPHZ UIF 4FDPOE "GGJMJBUFE)PTQJUBMPG9JBO+JBPUPOH6OJWFSTJUZ 9J’BO 4IBBOYJ1SPWJODF $IJOB 5FM &NBJMYJBP@TY!DPN 'PVOEBUJPO1SPKFDU4VQQPSUFECZ/BUVSBM4DJFODF'PVOEBUJPOPG4IBBOYJ1SPWJODF (SBOU /P
5 IF TUVEZ XBT QFSGPSNFE UISPVHI SFUSPTQFDUJWF BOBMZTJT $4$$ TQFDJNFOT PG DBTFT XFSF TFMFDUFE GSPN %FQBSUNFOU PG %FSNBUPMPHZ UIF 4FDPOE "GGJMJBUFE ) PTQJUBM PG 9 J’BO + JBPUPOH 6 OJWFSTJUZ XIJDI XFSF SFNPWFE CFUXFFO + BOVBSZ BOE + BOVBSZ * U XBT DPOTJEFSFE BT FYQFSJNFOUBM HSPVQ " NPOH UIFN XFSF NBMF BOE XFSF GFNBMF BHJOH ZFBST XJUIUIFBWFSBHFBHFPG ± ZFBST .FBOXIJMF DBTFT PG OPSNBM TLJO TQFDJNFOT PG OPSNBM IFBMUIZ TVCKFDUT XFSF TFMFDUFE BT DPOUSPM HSPVQ JODMVEJOH NBMFTBOE GFNBMFT BHJOH ZFBSTXJUIUIFBWFSBHF BHF PG ± ZFBST 5 IF CBTFMJOF JOGPSNBUJPO PG CPUI HSPVQT IBE OP TJHOJGJDBOU EJGGFSFODF BOE XBT DPNQBSBCMF
:BO;IFOHFUBM"TJBO1BDJGJD+PVSOBMPG5SPQJDBM.FEJDJOF
.FUIPET 1BSBGGJOTBNQMFTXFSFTFMFDUFE5IFTQFDJNFOTXFSFGJYFE XJUIQBSBGGJOBOEQSFQBSFEJOUPQBUIPMPHJDBMTMJDFT'PMMPXFE CZDPOWFOUJPOBMEFXBYJOHBOEIZESBUJPO UIFZXFSFSFTUPSFE XJUINJDSPXBWFBOUJHFO 5IFTMJDFTXFSFJODVCBUFEXJUI SBCCJUBOUJIVNBODGPTBOEDNZDQPMZDMPOBMBOUJCPEZ #FJKJOH ;IPOH 4IBO (PMEFO #SJEHF #JPUFDIOPMPHZ $P -UE BOETUBJOFEXJUI %"# 1IPTQIBUFCVGGFSFETBMJOFXBTVTFE GPSOFHBUJWFDPOUSPM
&YQSFTTJPOPGDGPTQSPUFJOXBTQPTJUJWFMZSFMBUFEUP $4$$ EJGGFSFOUJBUJPO 8JUI UIF EFDSFBTF PG EJGGFSFOUJBUJPO UIF FYQSFTTJPOEFDSFBTFEBTXFMM5IFEJGGFSFODFXBTTUBUJTUJDBMMZ TJHOJGJDBOU ມ 1 5BCMF
0VUDPNFNFBTVSFT 4UBOEBSEPGQPTJUJWFFYQSFTTJPOJTUIBUQPTJUJWFQBSUJDMFTPG PODPHFOFTDGPTBOEDNZDBSFMPDBUFEXJUIJOUIFOVDMFVT BOEDZUPQMBTN BOEQBSUJDMFTBSFCSPXOUPEBSLCSPXO "DDPSEJOHUPUIFDFMMQJHNFOUBUJPO UIFFYQSFTTJPOTPG DGPTBOEDNZDBSFEJWJEFEJOUPOFHBUJWF
QPTJUJWF BOEQPTJUJWF 4UBOEBSEPGOFHBUJWF OPCSPXOUPEBSL CSPXOQBSUJDMFTBSFTFFOJODFMMOVDMFVT TUBOEBSEPGQPTJUJWF CSPXO QBSUJDMFT BSF MFTT UIBO JO DFMM OVDMFVT TUBOEBSEPGQPTJUJWF CSPXOQBSUJDMFTBSFNPSFUIBO JODFMMOVDMFVT 5IFTQFDJNFOTPGUXPHSPVQTXFSFQMBDFE VOEFSIJHIQPXFSMFOT BOE WJFXTXFSFTFMFDUFESBOEPNMZ UPPCTFSWFSBUFPGQPTJUJWFQBSUJDMFTJOUPUBMDFMMT
'JHVSF&YQSFTTJPOPGDGPTJO$4$$ 41 ×
4UBUJTUJDBMBOBMZTJT %BUBXFSFBOBMZ[FEVTJOHTUBUJTUJDBMTPGUXBSF 4144 $IJTRVBSF UFTU XBT VTFE 1 XBT DPOTJEFSFE BT TUBUJTUJDBMMZTJHOJGJDBOU
3FTVMUT
'JHVSF&YQSFTTJPOPGDGPTJO$4$$ 41 ×
&YQSFTTJPOTPGDGPTBOEDNZDQSPUFJOT "NPOH DBTFTPG TQFDJNFOTJOFYQFSJNFOUBMHSPVQ XFSFUIFFYQSFTTJPOPGPODPHFOFDGPT BOE XFSFDNZDQSPUFJO 5IFUXPQSPUFJOFYQSFTTJPOT
XFSFOPUGPVOEBNPOHUIFTQFDJNFOTPG DBTFTJODPOUSPM HSPVQ5IFEJGGFSFODFXBTTUBUJTUJDBMMZTJHOJGJDBOU ມ 1 ມ 1 'JHVSFT 5IFDPSSFMBUJPOCFUXFFOPODPHFOFQSPUFJOTBOE$4$$ EJGGFSFOUJBUJPO &YQSFTTJPOPGDNZDQSPUFJOXBTOFHBUJWFMZSFMBUFEUP $4$$EJGGFSFOUJBUJPO 8JUIUIFEFDSFBTFPGEJGGFSFOUJBUJPO UIF FYQSFTTJPO JODSFBTFE BDDPSEJOHMZ 5 IF EJGGFSFODF XBT TUBUJTUJDBMMZ TJHOJGJDBOU ມ 1
'JHVSF/POFYQSFTTJPOPGDGPTJOOPSNBMTLJO 41 ×
:BO;IFOHFUBM"TJBO1BDJGJD+PVSOBMPG5SPQJDBM.FEJDJOF
%JTDVTTJPO
'JHVSF&YQSFTTJPOPGDNZDJO$4$$ 41 ×
'JHVSF&YQSFTTJPOPGDNZDJO$4$$ 41 ×
'JHVSF/POFYQSFTTJPOPGDNZDJOOPSNBMTLJO 41 × 5BCMF 5IFDPSSFMBUJPOCFUXFFOUIFFYQSFTTJPOTDNZDBOEDGPTQSPUFJOTBOE $4$$EJGGFSFOUJBUJPO O 0ODPHFOF
$NZD
$GPT
%JGGFSFOUJBUJPO &YQSFTTJPO )JHI .PEFSBUF -PX 5PUBM )JHI .PEFSBUF -PX 5PUBM
&YQSFTTJPO
5PUBM
$4$$ CFMPOHFEUPNBMJHOBODZ EFWFMPQTGBTUBOEIBT TFSJPVTJOGMVFODFPOUIFQBUJFOUT5IFSFGPSF JUJTTJHOJGJDBOU UP TUSFOHUIFO FBSMZ EJBHOPTJT BOE USFBUNFOU 1SPUP PODPHFOFJTBLJOEPGIPVTFLFFQJOHHFOFGPSSFHVMBUJPOPG DFMMQSPMJGFSBUJPOBOEEJGGFSFOUJBUJPOJOOPSNBMDFMMT 0OMZ VOEFSUIFJOGMVFODFPGWBSJPVTGBDUPST JUXJMMBDUJWBUFBOE HFUPVUPGDPOUSPMUPDBVTFHFOFUJDNVUBUJPOBOEUSBOTGPSN OPSNBM DFMMT JOUP NBMJHOBOU DFMMT 5 IF SFMBUJPOTIJQ CFUXFFOQSPUPPODPHFOFOVDMFPQSPUFJODGPTBOEDNZDPG USBOTDSJQUJPOGBDUPSJOOVDMFPQSPUFJOPODPHFOFBOEUVNPVS IBTCFFOIPUUPQJDTPGUIFNFEJDBMSFTFBSDI $GPT HFOF CFMPOHFE UP UIF PODPHFOF PG FODPEJOH OVDMFPQSPUFJO JT B NFNCFS PG JNNFEJBUF FBSMZ HFOFT XIJDIJTDPNQPTFEPGGJWFFYPOT 8IFOHFOFTBSFBGGFDUFE CZDIFNJTUSZ CJPMPHZ QIZTJDT FUD USBOTDSJQUJPOGBDUPSTBSF HFOFSBUFEBOEXJMMNBLFFGGFDUPOOPSNBMDFMMT$GPT HFOFJTBOJNQPSUBOUDPNQPOFOUPG'PTHFOFQSPUFJOT BOE JUTFYQSFTTJPOQSPEVDUFYJTUTJODFMMOVDMFVT$NZDJTB JOUSBOVDMFBSUSBOTDSJQUJPOGBDUPS DPOTJTUJOHPG FYPOTBOE JOUSPOT *UJTBMNPTUOPUFYQSFTTFEBUTUBUJDTUBHF CVUUIF FYQSFTTJPOXJMMJODSFBTFBDDPSEJOHMZVOEFSUIFJOGMVFODFPG WBSJPVTGBDUPST "DDPSEJOHUPSFMFWBOUTUVEJFT DNZD JTJOWPMWFEJOUIFJOJUJBUJPOPGWBSJFUZPGHFOFFYQSFTTJPOT BOETJHOBMUSBOTNJTTJPOT XIJDICFMPOHTUPSFHVMBUPSZHFOF 3FTFBSDIFSTSFQPSUFEUIBUDNZDHFOFDPOUSJCVUFTUPDFMM EJGGFSFOUJBUJPOJOSFDUVNUVNPS DPMPOUVNPS UFTUJTUVNPS BOEPUIFSNBMJHOBOUUVNPST#VUTPGBS MJUUMFJTLOPXO BCPVU FYQSFTTJPO PG DNZD QSPUFJO JO $4$$ 5IFSFGPSF UIFQSFTFOUTUVEZJTPGHSFBUTJHOJGJDBODFGPSFYQSFTTJPOPG DNZDBOEDGPTQSPUFJOTJO$4$$ *O UIF QSFTFOU TUVEZ FYQSFTTJPO MFWFMT PGDNZD BOE DGPT QSPUFJOT XFSF EFUFDUFE CZ JNNVOPIJTUPDIFNJDBM NFUIPE *UXBTGPVOEUIBUDNZDBOEDGPTQSPUFJOTXFSF OPUFYQSFTTFEJOOPSNBMTLJOUJTTVF CVUUIFFYQSFTTJPO SBUFTJO $4$$XFSF BOE SFTQFDUJWFMZ 5IJT FWJEFODFTVHHFTUFEUIBUUIFPDDVSSFODFBOEEFWFMPQNFOU PG TLJO DBODFS DFMMT BSF DMPTFMZ DPSSFMBUFE XJUI DNZD BOEDGPTQSPUFJOT XIJDIXBTDPOTJTUFOUXJUIUIFSFMBUFE SFQPSUT *OBEEJUJPO PVSTUVEZBMTPGPVOEUIBUFYQSFTTJPO PG DNZD QSPUFJO XBT OFHBUJWFMZ SFMBUFE UP $4$$ EJGGFSFOUJBUJPO FYQSFTTJPOPGDGPTQSPUFJOXBTQPTJUJWFMZ SFMBUFEUP $4$$EJGGFSFOUJBUJPO 4PDNZDBOEDGPTDBOCF SFHBSEFEBTBOJNQPSUBOUJOEJDBUPSPG $4$$EJGGFSFOUJBUJPO GPSFBSMZEJBHOPTJT 5IFQSFTFOUTUVEZGVSUIFSJMMVTUSBUFE UIBUMFWFMTPGDGPTBOEDNZDQSPUFJOTDBOCFSFHBSEFEBT BOJNQPSUBOUJOEJDBUPSPG $4$$EJGGFSFOUJBUJPO XIJDIXBT DPOTJTUFOUXJUISFMBUFESFQPSUT * O DPODMVTJPO UIF FYQSFTTJPO MFWFMT PG DGPT BOE DNZD DBO CF VTFE BT BO JNQPSUBOU JOEJDBUPS PG $4$$ EJGGFSFOUJBUJPO BOE JU IBT DMPTFMZ DPOOFDUJPO XJUI UIF EJGGFSFOUJBUFEEFHSFF XIJDIDBOHVJEFDMJOJDBMQSPHOPTJT
:BO;IFOHFUBM"TJBO1BDJGJD+PVSOBMPG5SPQJDBM.FEJDJOF
$POGMJDUPGJOUFSFTUTUBUFNFOU
GJCSPTJTBOEQPUFOUJBMUIFSBQFVUJDUBSHFU$VSS0QJO3IFVNBUPM
8FEFDMBSFUIBUXFIBWFOPDPOGMJDUPGJOUFSFTU
.P+ :BOH" $IFO; 4IBP5 ;IBOH: $IFO2/FVSPOPTUBUJO BNFMJPSBUFTTPEJVNUBVSPDIPMBUFJOEVDFEBDVUFQBODSFBUJUJTJO SBUT%JH%JT4DJ
"DLOPXMFEHFNFOUT
1BUFSOJUJ* .B[[PO& 3JDDBSEJ- (BMVQQP. *NQFMMJ[[FSJ% &TQPTJUP& FUBM1FSPYJTPNFQSPMJGFSBUPSBDUJWBUFESFDFQUPS ຌ
5IJTXPSLXBTTVQQPSUFECZ /BUVSBM 4DJFODF 'PVOEBUJPO PG4IBBOYJ1SPWJODF (SBOU/P
ຎBHPOJTU(8BNFMJPSBUFTDFSVMFJOBOEUBVSPDIPMBUF JOEVDFEBDVUFQBODSFBUJUJTJONJDF4VSHFSZ $V[[PDSFB4 1JTBOP# %VHP- *BOBSP" #SJUUJ% 1BUFM/4
3FGFSFODFT
FU BM 3PTJHMJUB[POF B MJHBOE PGUIFQFSPYJTPNFQSPMJGFSBUPS BDUJWBUFESFDFQUPSHBNNB SFEVDFTBDVUFQBODSFBUJUJTJOEVDFE
1BUFM +) .D.BIPO 4# 5BSHFUJOH PG .J[ JT FTTFOUJBM GPS .ZDNFEJBUFE BQPQUPTJT+ #JPM $IFN
CZDFSVMFJO*OUFOTJWF$BSF.FE 1JO[4 6OTFS4 #SVFHHFNBOO4 #FTM& "M3JGBJ/ 1FULFT)
3FJTTNBOO15 FUBM&YQSFTTJPOQBUUFSOTPGJNNFEJBUJFFBSMZ
FUBM5IFTZOUIFUJD CSPNP’ ’UFUSBNFUIPYZDIBMDPOF #S5.$ JOIJCJUTUIF+",45"5TJHOBMJOHQBUIXBZ1-P4 0OF F
USBOTDSJQUJPOGBDUPSTJOIVNBOOPOTNBMMDFMMMVOHDBODFS5IF
ŁBTUPXTLB. "M"GHIBOJ) "M#BMPPM)) 4IFUI) .FSDFS
-FWJO 8+ 1SFTT .' (BZOPS 3# 4VLIBUNF 71 #PPOF 5$
-VOH$BODFS4UVEZ(SPVQ0ODPHFOF 8BUTPO+7 4UFXBSU+ &WBO(* 3JUTPO" 4JLPSB,5IFDMJOJDBM TJHOJGJDBODFPGGMPXDZUPNFUSJDDNZDPODPQSPUFJORVBOUJUBUJPO JOUFTUJDVMBSDBODF#S+$BODFS )F$ )V) #SBSFO3 'POH4: 5SVNQQ" $BSMTPO53 FUBM $NZDJOUIFIFNBUPQPJFUJDMJOFBHFJTHSVDJBMGPSJUTBOHJPHFOJD GVODUJPO JO UIFNPVTF FNCSZPM %FWFMPQNFOU .BSJOLPWJD% .BSJOLPWJD5 ,PLBJ& #BSUI5 .öMMFS1 8JSUI
& $PYIFBE+. FUBM*EFOUJGJDBUJPOPGBOFVSPOBMUSBOTDSJQUJPO GBDUPSOFUXPSLJOWPMWFEJONFEVMMPCMBTUPNBEFWFMPQNFOU"DUB /FVSPQBUIPM$PNNVO ,PTP) 5TVIBLP" -ZPOT& 8BSE+. 3VTU"( "EBNT%+ FU BM*EFOUJGJDBUJPOPG'PY3BTBOPODPHFOFJONFEVMMPCMBTUPNB $BODFS3FT ) VBOH #$ )VBOH :5 -VP $: -V )4 -POH 9% +$MJO&YQ1BUIPM $IJOFTF
JOMZNQIPNBHFOFTJT/VDMFJD"DJET3FT
,BOEB: /JTIJZBNB: 4IJNBEB: *NBNVSB. /PNVSB)
4JLPSB, $IBO4 &WBO( (BCSB) .BSLIBN/ 4UFXBSU+ FU BM $NZD PODPHFOF FYQSFTTJPO JO DPMPSFDUBM DBODFS $BODFS )ZEFS4. 4UBODFM(. -PPTF.JUDIFMM%44UFSJPJEIPSNPOF
)JBJ) FUBM"OBMZTJTPGHFOFBNQMJGJDBUJPOBOEPWFSFYQSFTTJPO JOIVNBOFTPQIBHFBMDBSDJOPNBDFMMMJOFT*OU+$BODFS $VJ 9- 4IFO , ;IBP 34 ;IBOH %; )F 4( + $IJO .FE 6OJW
3FW&VLBSZPU(FOF&YQS
5BVDIJ , 5TVUTVNJ : )PSJ 4 :PTIJNVSB 4 0TBNVSB 3:
-JV%. 8V9 .FE +
QSPUFJOJOIVNBOCSFBTUDBODFSBOJNNVOPIJTUPDIFNJDBMTUVEZ +QO+$MJO0ODPM - FDI , "OEFSTPO , #SFOU 3 %/"CPVOE 'PT QSPUFJOT BDUJWBUFUSBOTDSJQUJPOJOZFBTU$FMM .JMMB-" "SSPT" &TQJOP[B/ 3FNLF. ,PPM. 5BZMPS.% FUBM/FPHFOJOJTB4POJD)FEHFIPHUBSHFUJONFEVMMPCMBTUPNB BOEJTOFDFTTBSZGPSDFMMDZDMFQSPHSFTTJPO*OU+$BODFS
-JBPOJOH $IJOFTF , BOF 4 1SFOUJDF ." .BSJBOP +. $VUUJUUB ' +BLPXMFX 4# %JGGFSFOUJBM JOEVDUJPO PG FBSMZ SFTQPOTF HFOFT CZ BESFOPNFEVMMJOBOEUSBOTGPSNJOHHSPXUIGBDUPSCFUBJOIVNBO MVOHDBODFSDFMMT"OUJDBODFS3FT ,POTBWBHF 8. +S :PDIVN (4 5IF .ZD ’ XOU SFTQPOTJWF FMFNFOUTVQQSFTTFTDPMPOJDUVNPSJHFOFTJT.PM$FMM#JPM
,PDI4 /BWB1 "EEJT$ ,JN8 %FOOJOH5- -J- FUBM5IF
, POTBWBHF 8. +S 3PQFS +/ *TINBFM '5 :PDIVN (4
8OUBOUBHPOJTU%LLSFHVMBUFTJOUFTUJOBMFQJUIFMJBMIPNFPTUBTJT
5IF .ZD ’ 8OU SFTQPOTJWF FMFNFOU SFHVMBUFT OFVUSPQIJM SFDSVJUNFOUBGUFSBDVUFDPMPOJDJOKVSZJONJDF%JH%JT4DJ
BOEXPVOESFQBJS(BTUSPFOUFSPMPHZ -BN"1 (PUUBSEJ$+ຌDBUFOJOTJHOBMJOHBOPWFMNFEJBUPSPG
