Hasselblad XPAN II User manual

6TFSNBOVBM

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oBOFXXBZPGTFFJOH
5IBOLZPVGPSDIPPTJOHB)BTTFMCMBE91BO**5IJTDBNFSBJODPSQPSBUFTBOJOOPWBUJWFEVBMGPSNBU
GBDJMJUZQSPWJEJOHBYNNGPSNBUoGVMMQBOPSBNBoBTXFMMBTBDPOWFOUJPOBMYNN
GPSNBUPOUIFTBNFGJMN5IJTNFBOTZPVDBOIBWFBMMUIFDPOWFOJFODFBOEBEWBOUBHFTPGUIF
NNGPSNBUCVUDBOQSPEVDFBOJNBHFXJUIPOFTJEFXJEFSUIBOUIFYDNGPSNBU1VUTJNQMZ
oNFEJVNGPSNBUQBOPSBNBRVBMJUZGSPNBNNDBNFSBXIJMFTUJMMQSPWJEJOHUIFPQUJPOPG
UIFDPOWFOUJPOBMGPSNBU
*UGPMMPXTPOJOUIFXFMMFTUBCMJTIFE)BTTFMCMBEUSBEJUJPOPGTVQFSCDSBGUTNBOTIJQGPVOEFE
POJOUFOTJWFEFWFMPQNFOUXIJDIIBTIFMQFEDSFBUFUIFXPSMEGBNPVTOBNF5IFRVBMJUZBOE
SFMJBCJMJUZPG)BTTFMCMBEFRVJQNFOUXBTDMFBSMZXJUOFTTFEXIFOJUXBTDIPTFOCZ/"4"GPSUIF
MVOBSNJTTJPOT
5IF)BTTFMCMBE91BO**JTBGFBUVSFQBDLFEBOEIJHIMZQSPGFTTJPOBMUPPM*UJODMVEFTCPUIBVUP
NBUJDGBDJMJUJFTBOEUPUBMNBOVBMPWFSSJEFGPSDPNQMFUFDPOUSPMUPTVJUBMMTJUVBUJPOTBOEXPSLJOH
NFUIPET"VUPFYQPTVSFBVUPCSBDLFUJOHDPVQMFESBOHFGJOEFSBOEQSFXJOEBSFKVTUTPNFPGUIF
BEWBOUBHFPVTGFBUVSFT
5IFDBNFSBCPEZJTSPCVTUMZCVJMUGSPNBMVNJOJVNBOEUJUBOJVNGPSUIFMPOHXPSLJOHMJGF
FYQFDUFEGSPNTVDIBDBNFSB5IFJOUFSDIBOHFBCMF)BTTFMCMBEMFOTFTBSFNBEFUPUIFNPTU
FYBDUJOHTUBOEBSETQSPEVDJOHFYDFMMFOUDPWFSBHFBOEASB[PSTIBSQOFTTGPSUPQRVBMJUZJNBHFT
%JHJUBMUFDIOPMPHZDPOUSPMTBIPTUPGGVODUJPOTNBLJOHDBNFSBVTFTJNQMJDJUZJUTFMGTPZPVDBO
DPODFOUSBUFNPSFPODPNQPTJUJPOBOEJNBHFNBLJOH
5IJTJOTUSVDUJPONBOVBMEFTDSJCFTJOEFUBJMIPXUPPQFSBUFZPVS91BO**TPQMFBTFSFBEJUDBSFGVMMZ
*GZPVIBWFBRVFSZQMFBTFEPOPUIFTJUBUFUPDPOUBDUZPVSEFBMFSoXFXBOUZPVUPCF
TBUJTGJFE:PVSEFBMFSDBOBMTPQSPWJEFZPVXJUIUIFMBUFTUJOOFXTBOEUFDIOJDBMEFWFMPQNFOUT
GSPN)BTTFMCMBE"RVBSUFSMZNBHB[JOFo'036.oJTQVCMJTIFEXJUIUIFFNQIBTJTPOQIPUP
HSBQIJDJNBHFSZGFBUVSJOHQIPUPHSBQIFSTGSPNBMMPWFSUIFXPSMEUPQSPWJEFZPVXJUIJOTQJSBUJPO
91BOJNBHFTOPXSFHVMBSMZBQQFBS0VSJOUFSOFUTJUFoXXXIBTTFMCMBEDPNoJTBTPVSDFPG
HFOFSBMBOEUFDIOJDBMJOGPSNBUJPODPODFSOJOH)BTTFMCMBEQSPEVDUT:PVDBOBMTPFNBJMVT
oJOGP!IBTTFMCMBETFoGPSGVSUIFSJORVJSJFT
8FBSFTVSFZPVIBWFNBEFBXJTFDIPJDFXJUIUIJTFYDJUJOHDBNFSB)BTTFMCMBEIBWFQSPWJEFE
UIFQPTTJCJMJUZJUTOPXVQUPZPVUPDSFBUFUIFJNBHFT
8FXJTIZPVHPPEMVDLBOEMPPLGPSXBSEUPTFFJOHUIFSFTVMUT
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oBOFXXBZPGTFFJOH
5IBOLZPVGPSDIPPTJOHB)BTTFMCMBE91BO**5IJTDBNFSBJODPSQPSBUFTBOJOOPWBUJWFEVBMGPSNBU
GBDJMJUZQSPWJEJOHBYNNGPSNBUoGVMMQBOPSBNBoBTXFMMBTBDPOWFOUJPOBMYNN
GPSNBUPOUIFTBNFGJMN5IJTNFBOTZPVDBOIBWFBMMUIFDPOWFOJFODFBOEBEWBOUBHFTPGUIF
NNGPSNBUCVUDBOQSPEVDFBOJNBHFXJUIPOFTJEFXJEFSUIBOUIFYDNGPSNBU1VUTJNQMZ
oNFEJVNGPSNBUQBOPSBNBRVBMJUZGSPNBNNDBNFSBXIJMFTUJMMQSPWJEJOHUIFPQUJPOPG
UIFDPOWFOUJPOBMGPSNBU
*UGPMMPXTPOJOUIFXFMMFTUBCMJTIFE)BTTFMCMBEUSBEJUJPOPGTVQFSCDSBGUTNBOTIJQGPVOEFE
POJOUFOTJWFEFWFMPQNFOUXIJDIIBTIFMQFEDSFBUFUIFXPSMEGBNPVTOBNF5IFRVBMJUZBOE
SFMJBCJMJUZPG)BTTFMCMBEFRVJQNFOUXBTDMFBSMZXJUOFTTFEXIFOJUXBTDIPTFOCZ/"4"GPSUIF
MVOBSNJTTJPOT
5IF)BTTFMCMBE91BO**JTBGFBUVSFQBDLFEBOEIJHIMZQSPGFTTJPOBMUPPM*UJODMVEFTCPUIBVUP
NBUJDGBDJMJUJFTBOEUPUBMNBOVBMPWFSSJEFGPSDPNQMFUFDPOUSPMUPTVJUBMMTJUVBUJPOTBOEXPSLJOH
NFUIPET"VUPFYQPTVSFBVUPCSBDLFUJOHDPVQMFESBOHFGJOEFSBOEQSFXJOEBSFKVTUTPNFPGUIF
BEWBOUBHFPVTGFBUVSFT
5IFDBNFSBCPEZJTSPCVTUMZCVJMUGSPNBMVNJOJVNBOEUJUBOJVNGPSUIFMPOHXPSLJOHMJGF
FYQFDUFEGSPNTVDIBDBNFSB5IFJOUFSDIBOHFBCMF)BTTFMCMBEMFOTFTBSFNBEFUPUIFNPTU
FYBDUJOHTUBOEBSETQSPEVDJOHFYDFMMFOUDPWFSBHFBOEASB[PSTIBSQOFTTGPSUPQRVBMJUZJNBHFT
%JHJUBMUFDIOPMPHZDPOUSPMTBIPTUPGGVODUJPOTNBLJOHDBNFSBVTFTJNQMJDJUZJUTFMGTPZPVDBO
DPODFOUSBUFNPSFPODPNQPTJUJPOBOEJNBHFNBLJOH
5IJTJOTUSVDUJPONBOVBMEFTDSJCFTJOEFUBJMIPXUPPQFSBUFZPVS91BO**TPQMFBTFSFBEJUDBSFGVMMZ
*GZPVIBWFBRVFSZQMFBTFEPOPUIFTJUBUFUPDPOUBDUZPVSEFBMFSoXFXBOUZPVUPCF
TBUJTGJFE:PVSEFBMFSDBOBMTPQSPWJEFZPVXJUIUIFMBUFTUJOOFXTBOEUFDIOJDBMEFWFMPQNFOUT
GSPN)BTTFMCMBE"RVBSUFSMZNBHB[JOFo'036.oJTQVCMJTIFEXJUIUIFFNQIBTJTPOQIPUP
HSBQIJDJNBHFSZGFBUVSJOHQIPUPHSBQIFSTGSPNBMMPWFSUIFXPSMEUPQSPWJEFZPVXJUIJOTQJSBUJPO
91BOJNBHFTOPXSFHVMBSMZBQQFBS0VSJOUFSOFUTJUFoXXXIBTTFMCMBEDPNoJTBTPVSDFPG
HFOFSBMBOEUFDIOJDBMJOGPSNBUJPODPODFSOJOH)BTTFMCMBEQSPEVDUT:PVDBOBMTPFNBJMVT
oJOGP!IBTTFMCMBETFoGPSGVSUIFSJORVJSJFT
8FBSFTVSFZPVIBWFNBEFBXJTFDIPJDFXJUIUIJTFYDJUJOHDBNFSB)BTTFMCMBEIBWFQSPWJEFE
UIFQPTTJCJMJUZJUTOPXVQUPZPVUPDSFBUFUIFJNBHFT
8FXJTIZPVHPPEMVDLBOEMPPLGPSXBSEUPTFFJOHUIFSFTVMUT

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$POUFOUT
 $POUFOUT
 *OUSPEVDUJPO
 1BSUTDPNQPOFOUT
 1BSUTEFTDSJQUJPO
(&55*/(45"35&%
 "UUBDIJOHUIFTUSBQ
 -PBEJOHUIFCBUUFSJFT
 #BUUFSZDIFDL
 1PXFS
-&/4&4
 -FOTDBTF
 -FOTDBQ
 "UUBDIJOHMFOTFT
 3FNPWJOHMFOTFT
 -FOTDPNQPOFOUT
 'JMUFST
 -FOTTIBEF
 'PDVTJOH
 3BOHFGJOEFSGPDVTJOH
 %FQUIPGGJFME
7*&8'*/%&3
 $IBOHJOHUIFWJFXGJOEFSFZFQJFDF
'03."5
 4UBOEBSE
 1BOPSBNB
130(3"..*/(
'*-.
 'JMNTQFFE*40TFUUJOH
 'JMNMPBEJOH
 &YQPTVSFDPVOUFS
&910463&$0/530-
 "VUPNBUJD
 .BOVBM
 &YQPTVSFDPNQFOTBUJPO
 "VUPCSBDLFUJOH
'*-."%7"/$&
(&/&3"-
 -$%JMMVNJOBUJPO
 $MPTFSBOHFQIPUPHSBQIZ
 'JMNQMBOFJOEFY
 4FMGUJNFS
 .VMUJFYQPTVSF
 *OGSBSFEQIPUPHSBQIZ
 'MBTI
 3FNPUFSFMFBTF
 .JESPMMSFXJOE
 &YQPTVSFIJTUPSZ
 'JMNQSPDFTTJOH
"$$&4403*&4
 2VJDLDPVQMJOHQMBUF
 4QJSJUMFWFM
 674LZGJMUFS
 $FOUSFGJMUFS91BOGPSNN
5*143&.*/%&34
 7JFXGJOEFSFZFQJFDFTFMFDUJPO
5FDIOJDBMTQFDJGJDBUJPOT
 5SPVCMFTIPPUJOH
 &RVJQNFOUDBSFTFSWJDFBOE
HVBSBOUFF
)BTTFMCMBE91BO**
#FDPNFGBNJMJBSXJUIUIFWBSJPVTDPNQPOFOUTPO
UIFDBNFSBCZDIFDLJOHUIFNBHBJOTUGJHToBOE
UIFDPNQPOFOUMJTU"WPJEUPVDIJOHUIFMFOTTVSGBD
FTBOEUBLFDBSFSFHBSEJOHUIFGPDBMQMBOFTIVUUFS
BOEGPSNBUCMJOEXIFOPQFOJOHUIFDBNFSBCBDL
#FHJOCZMPBEJOHUIFCBUUFSJFTTPUIBUZPVDBOHP
UISPVHIBMMUIFDBNFSBTGVODUJPOT5IF91BO**JTB
WFSZTJNQMFDBNFSBUPPQFSBUFGPMMPXJOHXFMMFT
UBCMJTIFESPVUJOFTBOENPTUQIPUPHSBQIFSTTIPVME
CFBCMFUPTVDDFTTGVMMZPQFSBUFJUTUSBJHIUBXBZ
XJUIPVUBOZQSPCMFNT
5IFNPEFTFMFDUPSTXJUDIJTUIFNBJO0/0''
DPOUSPMXIJDIBDUJWBUFTUIFDBNFSB*OGPSNBUJPO
JTQSPWJEFECZUXP-$%QBOFMTBOEBO-$%EJTQMBZ
JOUIFWJFXGJOEFS3FBERVJDLMZUISPVHIUIFNBJO
JUFNTJOUIJTNBOVBMGPSBHFOFSBMPWFSWJFXPG
UIFJOGPSNBUJPOTZTUFNBOEUIFNFDIBOJDTPG
UIFDBNFSB5IFOSFBEBHBJONPSFDBSFGVMMZUIF
SFMFWBOUTFDUJPOTUPHBJOBGJSNFSVOEFSTUBOEJOH
PGJOEJWJEVBMQSPDFEVSFT'MVFODZJOPQFSBUJPOPG
UIFDBNFSBXJMMBMMPXZPVUPDPODFOUSBUFNPSFPO
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 4IVUUFSSFMFBTFCVUUPO
 &YQPTVSFDPVOUFS-$%FYQ-$%
 4IPPUJOHNPEFTFMFDUPS
 4IPPUJOHNPEFTFMFDUPSMPDL
 4IPPUJOHNPEFTFMFDUPSMFWFS
1BSUT%FTDSJQUJPO
5IFGPMMPXJOHJTBDPODJTFJOUSPEVDUPSZEFTDSJQUJPO
PGUIFNBKPSQBSUTPGUIFDBNFSBUIFGJHVSFTSFGFS
UPUIFJMMVTUSBUJPOTo%FUBJMTPGGVODUJPOTBOE
QSPDFEVSFTDBOCFGPVOEVOEFSUIFBQQSPQSJBUFTFD
UJPOTBOEIFBEJOHTGVSUIFSPOJOUIJTNBOVBM4FF
UIFNBJOJOEFYGPSEFUBJMT
 1$nBTIUFSNJOBM
o GPSëBTIDPOOFDUJPOWJBDPSE
 4FMGUJNFSMBNQ
m DPVOUEPXOUJNFSGPSTIVUUFSSFMFBTFXIFOTFU
BUTFMGUJNFSNPEF
 )PUTIPF
mBDDFTTPSZTIPFXJUIEJSFDUDPOUBDUGPSGMBTI
VOJUT
 'PSNBUTFMFDUPSLOPC
oGPSTUBOEBSEBOEQBOPSBNBGPSNBU
 7JFXmOEFS-$%EJTQMBZ
o 3FGFSSFEUPJOUIFUFYUBTWJFX-$%
 $BCMFSFMFBTFTPDLFU
o GPSWJCSBUJPOGSFFPSSFNPUFTIVUUFSSFMFBTF
 'JMNUZQFXJOEPX
m GPSDPOêSNBUJPOPGXIFUIFSDBNFSBJTMPBEFE
BOEêMNUZQF
 .BJO-$%EJTQMBZQBOFM
o NBJOJOGPSNBUJPOQBOFM3FGFSSFEUPJOUIF
UFYUBTDBN-$%
 -$%JMMVNJOBUJPOCVUUPO
oJOGPSNBUJPOBOEFYQPTVSF-$%JMMVNJOBUJPO
 .JESPMMSFXJOECVUUPO
oGPSSFXJOEJOHêMNCFGPSFDPNQMFUJPO
1SPHSBN.0%&CVUUPO
oGPSQSPHSBNNJOHPGDBNFSBTFUUJOHT
6QEPXOCVUUPOT
oGPSQSPHSBNNJOHPGDBNFSBTFUUJOHT
 4IVUUFSTQFFETFMFDUPSEJBM
oGPSNBOVBMPSBVUPNBUJDTIVUUFSNPEFT
 4IVUUFSTQFFETFMFDUPSMPDL
oSFMFBTFTTFMFDUPSGSPNBVUPNBUJDTFUUJOH


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 'JMNQMBOFJOEFY
o GPSDSJUJDBMGPDVTJOHEJTUBODFNFBTVSFNFOU
 4IVUUFSSFMFBTFCVUUPO
o GPSDBNFSBBDUJWBUJPOXIFOQSFTTFEIBMGXBZ
BOETIVUUFSSFMFBTFXIFOQSFTTFEDPNQMFUFMZ
&YQPTVSFDPVOUFS-$%
o JOEJDBUFTOVNCFSPGVOFYQPTFEGSBNFTMFѫPO
êMNBOEGPSNBUJOEJDBUJPO3FGFSSFEUPJOUIF
UFYUBTFYQ-$%
 4IPPUJOHNPEFTFMFDUPSMFWFS
o GPSDIPJDFCFUXFFO4$BOETFMGUJNFSNPEFT 
(FUUJOH4UBSUFE
"UUBDIJOHUIFTUSBQ 
8JUIUIFCVDLMFBOESFUBJOFSBMSFBEZBUUBDIFEUPUIF
TUSBQQBTTUIFTUSBQFOEGJSTUUISPVHIUIFTUSBQMVH
POUIFDBNFSBUIFOUISPVHIUIFSFUBJOFSBOEêOBMMZ
CBDLUISPVHIUIFCVDLMFBHBJO"MMPXBUMFBTUmDN
PGMPPTFTUSBQCFZPOEUIFCVDLMF4FFUIFJMMVTUSBUJPO
GPSEFUBJMT
-PBEJOHUIFCBUUFSJFT 
4FUUIFTIPPUJOHNPEFTFMFDUPSUP0''6OTDSFXUIF
CBUUFSZDPNQBSUNFOUDBQmTJUVBUFEPOUIFCBTFQMBUF
mDPVOUFSDMPDLXJTFTFWFSBMUVSOTCZJOTFSUJOHBTNBMM
DPJOPSTJNJMBSJOUIFHSPPWF*OTFSUUXPGSFTICBUUFSJFT
-JUIJVN$37XJUIUIFUFSNJOBMTQPTJUJPOFEBTJO
UIFJMMVTUSBUJPO3FQMBDFUIFDBQBOETDSFXDMPDLXJTF
TFWFSBMUVSOTVOUJMTFDVSF
ѮFDBNFSBJTXIPMMZCBUUFSZEFQFOEFOUBOETPJUXJMM
OPUGVODUJPOJOBOZXBZJGUIFCBUUFSJFTIBWFCFFO
PNJUUFEBSFFYIBVTUFEPSIBWFCFFOêUUFEJODPSSFDUMZ
"MXBZTVTFGSFTICBUUFSJFTBOEEPOPUNJYPMEXJUI
OFX1MFBTFEJTDBSEVTFECBUUFSJFTJOBOFOWJSPONFO
UBMMZDPSSFDUXBZ
#BUUFSZDIFDL   
4FUUIFTIPPUJOHNPEFTFMFDUPSUP4$PS ѮFDBN-$%
XJMMJOEJDBUFUIFCBUUFSZTUBUVTCZUIFGPMMPXJOHJDPOT
t 5IFCBUUFSZDBQBDJUZJTBEFRVBUF
t 5IFCBUUFSJFTBSFMPX5IFDBNFSBXJMMGVODUJPOCVUSFQMBDF
CBUUFSJFTTPPO
t 'MBTIJOHCBUUFSZJDPO5IFCBUUFSJFTBSFFYIBVTUFEBOEUIF
DBNFSBXJMMOPUGVODUJPO
ѮFCBUUFSZDIFDLJDPOJTBMXBZTWJTJCMFXIFOUIFDBN
FSBJTJOBDUJWFNPEF$IFDLCBUUFSZTUBUVTSFHVMBSMZ
1PXFS   
0/
4FUUIFTIPPUJOHNPEFTFMFDUPSUP4$PS 
4 oTJOHMFFYQPTVSFNPEF
$ oDPOUJOVPVTFYQPTVSFNPEF
oTFMGUJNFSNPEF
8JUIPVUGJMNJOUIFDBNFSBUIFDBN-$%XJMMEJTQMBZ
BO*40TZNCPMUIFNBOVBMMZTFU*40SBUJOHPSAJO
UIFDBTFPGBOBVUPNBUJD%9TFUUJOHPUIFSDBNFSBTFU
UJOHTBOEBCBUUFSZJDPOTFFêHGPSFYBNQMF8IFO
MPBEFEXJUIêMNIPXFWFSUIFFYQ-$%XJMMBMTPEJTQMBZ
BêHVSFUIBUTIPXTUIFOVNCFSPGVOFYQPTFEGSBNFT
MFѫPOUIFêMNêH
8IFOUIFTIVUUFSSFMFBTFCVUUPOJTQSFTTFEIBMGXBZ
EPXOUIF*40TZNCPMEJTBQQFBSTBOEB5WTZNCPMBQ
QFBSTUJNFWBMVFUPHFUIFSXJUIUIFTFMFDUFETIVUUFS
TQFFEGJH"GUFSUFOTFDPOETPGOPSFTQPOTFUIF
*40TZNCPMBQQFBSTBHBJOSFQMBDJOHUIF5WTZNCPMѮF
WJFX-$%EJTQMBZXJMMTIPXTFMFDUFETIVUUFSTQFFEBOE
FYQPTVSFJOGPSNBUJPO
0''
4FUUIFTIPPUJOHNPEFTFMFDUPSUP0''
"MMJOEJDBUJPOTPOBMMUISFF-$%TEJTBQQFBS
108&34"7&
"GUFSUISFFNJOVUFTPGOPSFTQPOTFGSPNUIFDBNFSB
DPOUSPMTBMMJOEJDBUJPOTPOUIF-$%TXJMMEJTBQQFBS
BOEUIFDBNFSBTXJUDIFTPWFSUPTUBOECZTUBUVTBV
UPNBUJDBMMZ
ЅFDBNFSBXJMMSFBDUJWBUFXIFO
t UIFTIPPUJOHNPEFTFMFDUPSJTNPWFEGSPN0''UP4$PS 
t UIFTIVUUFSSFMFBTFCVUUPOJTQSFTTFEIBMGXBZEPXO

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 'JMNQMBOFJOEFY
o GPSDSJUJDBMGPDVTJOHEJTUBODFNFBTVSFNFOU
 4IVUUFSSFMFBTFCVUUPO
o GPSDBNFSBBDUJWBUJPOXIFOQSFTTFEIBMGXBZ
BOETIVUUFSSFMFBTFXIFOQSFTTFEDPNQMFUFMZ
&YQPTVSFDPVOUFS-$%
o JOEJDBUFTOVNCFSPGVOFYQPTFEGSBNFTMFѫPO
êMNBOEGPSNBUJOEJDBUJPO3FGFSSFEUPJOUIF
UFYUBTFYQ-$%
 4IPPUJOHNPEFTFMFDUPSMFWFS
o GPSDIPJDFCFUXFFO4$BOETFMGUJNFSNPEFT 
(FUUJOH4UBSUFE
"UUBDIJOHUIFTUSBQ 
8JUIUIFCVDLMFBOESFUBJOFSBMSFBEZBUUBDIFEUPUIF
TUSBQQBTTUIFTUSBQFOEGJSTUUISPVHIUIFTUSBQMVH
POUIFDBNFSBUIFOUISPVHIUIFSFUBJOFSBOEêOBMMZ
CBDLUISPVHIUIFCVDLMFBHBJO"MMPXBUMFBTUmDN
PGMPPTFTUSBQCFZPOEUIFCVDLMF4FFUIFJMMVTUSBUJPO
GPSEFUBJMT
-PBEJOHUIFCBUUFSJFT 
4FUUIFTIPPUJOHNPEFTFMFDUPSUP0''6OTDSFXUIF
CBUUFSZDPNQBSUNFOUDBQmTJUVBUFEPOUIFCBTFQMBUF
mDPVOUFSDMPDLXJTFTFWFSBMUVSOTCZJOTFSUJOHBTNBMM
DPJOPSTJNJMBSJOUIFHSPPWF*OTFSUUXPGSFTICBUUFSJFT
-JUIJVN$37XJUIUIFUFSNJOBMTQPTJUJPOFEBTJO
UIFJMMVTUSBUJPO3FQMBDFUIFDBQBOETDSFXDMPDLXJTF
TFWFSBMUVSOTVOUJMTFDVSF
ѮFDBNFSBJTXIPMMZCBUUFSZEFQFOEFOUBOETPJUXJMM
OPUGVODUJPOJOBOZXBZJGUIFCBUUFSJFTIBWFCFFO
PNJUUFEBSFFYIBVTUFEPSIBWFCFFOêUUFEJODPSSFDUMZ
"MXBZTVTFGSFTICBUUFSJFTBOEEPOPUNJYPMEXJUI
OFX1MFBTFEJTDBSEVTFECBUUFSJFTJOBOFOWJSPONFO
UBMMZDPSSFDUXBZ
#BUUFSZDIFDL   
4FUUIFTIPPUJOHNPEFTFMFDUPSUP4$PS ѮFDBN-$%
XJMMJOEJDBUFUIFCBUUFSZTUBUVTCZUIFGPMMPXJOHJDPOT
t 5IFCBUUFSZDBQBDJUZJTBEFRVBUF
t 5IFCBUUFSJFTBSFMPX5IFDBNFSBXJMMGVODUJPOCVUSFQMBDF
CBUUFSJFTTPPO
t 'MBTIJOHCBUUFSZJDPO5IFCBUUFSJFTBSFFYIBVTUFEBOEUIF
DBNFSBXJMMOPUGVODUJPO
ѮFCBUUFSZDIFDLJDPOJTBMXBZTWJTJCMFXIFOUIFDBN
FSBJTJOBDUJWFNPEF$IFDLCBUUFSZTUBUVTSFHVMBSMZ
1PXFS   
0/
4FUUIFTIPPUJOHNPEFTFMFDUPSUP4$PS 
4 oTJOHMFFYQPTVSFNPEF
$ oDPOUJOVPVTFYQPTVSFNPEF
oTFMGUJNFSNPEF
8JUIPVUGJMNJOUIFDBNFSBUIFDBN-$%XJMMEJTQMBZ
BO*40TZNCPMUIFNBOVBMMZTFU*40SBUJOHPSAJO
UIFDBTFPGBOBVUPNBUJD%9TFUUJOHPUIFSDBNFSBTFU
UJOHTBOEBCBUUFSZJDPOTFFêHGPSFYBNQMF8IFO
MPBEFEXJUIêMNIPXFWFSUIFFYQ-$%XJMMBMTPEJTQMBZ
BêHVSFUIBUTIPXTUIFOVNCFSPGVOFYQPTFEGSBNFT
MFѫPOUIFêMNêH
8IFOUIFTIVUUFSSFMFBTFCVUUPOJTQSFTTFEIBMGXBZ
EPXOUIF*40TZNCPMEJTBQQFBSTBOEB5WTZNCPMBQ
QFBSTUJNFWBMVFUPHFUIFSXJUIUIFTFMFDUFETIVUUFS
TQFFEGJH"GUFSUFOTFDPOETPGOPSFTQPOTFUIF
*40TZNCPMBQQFBSTBHBJOSFQMBDJOHUIF5WTZNCPMѮF
WJFX-$%EJTQMBZXJMMTIPXTFMFDUFETIVUUFSTQFFEBOE
FYQPTVSFJOGPSNBUJPO
0''
4FUUIFTIPPUJOHNPEFTFMFDUPSUP0''
"MMJOEJDBUJPOTPOBMMUISFF-$%TEJTBQQFBS
108&34"7&
"GUFSUISFFNJOVUFTPGOPSFTQPOTFGSPNUIFDBNFSB
DPOUSPMTBMMJOEJDBUJPOTPOUIF-$%TXJMMEJTBQQFBS
BOEUIFDBNFSBTXJUDIFTPWFSUPTUBOECZTUBUVTBV
UPNBUJDBMMZ
ЅFDBNFSBXJMMSFBDUJWBUFXIFO
t UIFTIPPUJOHNPEFTFMFDUPSJTNPWFEGSPN0''UP4$PS 
t UIFTIVUUFSSFMFBTFCVUUPOJTQSFTTFEIBMGXBZEPXO



t UIFSFNPUFSFMFBTFJTPQFSBUFETFFA3FNPUFSFMFBTF
t UIF-$%CBDLMJHIUJMMVNJOBUJPOCVUUPOJTQSFTTFE
t UIFDBNFSBCBDLJTPQFOFEPSDMPTFE
t UIF.0%&CVUUPOJTQSFTTFE
t UIFPSCVUUPOJTQSFTTFE
-FOTFT
5IF91BO**VTFTJOUFSDIBOHFBCMFCBZPOFUGJUUJOH
)BTTFMCMBEMFOTFTTQFDJGJDBMMZEFTJHOFEGPSUIF9QBO
9QBO**DBNFSBT5ISFFMFOTFTBSFBWBJMBCMFBNN
"TQIFSJDBMBNNBOEBNN5IFGPMMPXJOHJT
HFOFSBMVTFSJOGPSNBUJPOGPSCPUIUIFNNBOE
UIFNNMFOTFT5IFNNMFOTSFRVJSFTNPSFTQF
DJGJDJOGPSNBUJPOBOEJTUIFSFGPSFTVQQMJFEXJUIJUT
PXOVTFSNBOVBM4FFUIFA5FDIOJDBM4QFDJGJDBUJPOT
UBCMFUPXBSETUIFFOEPGUIJTNBOVBMGPSGVSUIFSEF
UBJMTPGBMMUISFFMFOTFTBTXFMMBTEFQUIPGGJFMEUBCMFT
GPSUIFNNBOENNMFOTFT'VSUIFSJOGPSNB
UJPOPOGJMUFSTDBOBMTPCFGPVOEVOEFSA"DDFTTPSJFT
UPXBSETUIFFOEPGUIJTNBOVBM
-FOTDBTF   
5IFMFOTDBTFDPOTJTUTPGBDPWFSDPWFSCBTFBOEBO
JOUFHSBMSFBSMFOTDBQ5IFMFOTDPWFSJTVOTDSFXFE
BQQSPYJNBUFMZäUVSODPVOUFSDMPDLXJTFUPSFNPWF
ѮFMFOTDBOUIFOCFVOTDSFXFEBQQSPYJNBUFMZäUVSO
DPVOUFSDMPDLXJTFUPSFNPWFGSPNUIFCBTF*GIPX
FWFSZPVDPOUJOVFUPUVSOUIFMFOTDPVOUFSDMPDLXJTF
UIFSFBSMFOTDBQXJMMBMTPCFSFMFBTFEGSPNUIFCBTF
"TUIFDBQJTUIFOBMTPGSFFGSPNUIFMFOTUBLFDBSFOPU
UPESPQJU
-FOTDBQ   
5IFMFOTDBQJTSFNPWFEBOEBUUBDIFECZQJODIJOH
JOXBSETUIFUXPQSPKFDUJPOTPOUIFSJNPGUIFDBQUP
SFMFBTFJUTHSJQ

"MXBZTSFQMBDFUIFDBNFSBCPEZQSPUFDUJWFDPWFSBOEUIFMFOT
DBQTXIFODBNFSBBOEMFOTBSFTFQBSBUFE
"UUBDIJOHMFOTFT  
'JSTUMZUVSOUIFQSPUFDUJWFDPWFSPOUIFDBNFSBCPEZ
DPVOUFSDMPDLXJTFBOESFNPWFJU"MJHOUIFJOEFYPO
UIFMFOTXJUIUIFJOEFYPOUIFDBNFSBCPEZ(SJQQJOH
UIFMFOTCZUIFLOVSMFEBUUBDINFOUSJOHUVSOUIFMFOT
DMPDLXJTFXIFOTFFOGSPNUIFGSPOUVOUJMJUDMJDLTBOE
MPDLTJOUPQPTJUJPOѮFDBNFSBBVUPNBUJDBMMZBEKVTUT
UIFGSBNFJOUIFWJFXêOEFSUPNBUDIUIFGPDBMMFOHUI
PGUIFDIPTFOMFOT
3FNPWJOHMFOTFT BCD
(SJQQJOHUIFMFOTCZUIFLOVSMFEBUUBDINFOUSJOH
UVSOUIFMFOTJOBDPVOUFSDMPDLXJTFEJSFDUJPOXIJMF
EFQSFTTJOHUIFMFOTSFMFBTFCVUUPO

"MXBZTHSJQUIFMFOTCZUIFBUUBDINFOUSJOHXIFOBUUBDIJOH
BOESFNPWJOHBOEOPUCZUIFBQFSUVSFSJOHGPDVTJOHSJOHPS
MFOTTIBEF
-FOTDPNQPOFOUT 
  "QFSUVSFTDBMF
 "QFSUVSFJOEFY
  'PDVTJOHSJOH
 -FOTBUUBDINFOUBMJHONFOUJOEFY
  %JTUBODFTDBMF
 %FQUIPGGJFMETDBMF
  $FOUSBMJOEFY
 *OGSBSFEJOEFY
  "UUBDINFOUSJOH
'JMUFST
4UBOEBSETDSFXUISFBEFE.NNGJMUFSTTIPVMECF
VTFE5XPêMUFSTUPHFUIFSNBZCFVTFEXJUIPVUQSPC
MFNTXJUIWJHOFUUJOH"TUIF91BO**IBTB55-FYQP
TVSFTZTUFNGJMUFSGBDUPSTmUIFBNPVOUPGFYQPTVSF
JODSFBTFOFDFTTBSZGPSFBDIGJMUFSmDBOJOHFOFSBMCF
JHOPSFEBTUIFZBSFBVUPNBUJDBMMZUBLFOJOUPBDDPVOU
5FTUTPSBMUFSOBUJWFFYQPTVSFTTIPVMECFNBEFJOTQF
DJBMDBTFTIPXFWFSUPFOTVSFUIFSFRVJSFESFTVMU
5ISFFEFEJDBUFE)BTTFMCBEGJMUFSTBSFBWBJMBCMF"
674LZGPSHFOFSBMQVSQPTFTBOEUXPDFOUSFGJMUFST
XJUISFTQFDUJWFMZNNBOENNêUUJOHGPSDSJUJDBM
BQQMJDBUJPOTVTJOHUSBOTQBSFODZêMN&BDIêMUFSDBO
BMTPCFDPNCJOFEXJUIPOFBEEJUJPOBMêMUFSJODMVEJOH
QPMêMUFSUZQF
4FFVOEFSA"DDFTTPSJFTGPSGVSUIFSJOGPSNBUJPOBCPVU
EFEJDBUFE674LZBOE$FOUSFGJMUFSTGPS)BTTFMCMBE
91BOMFOTFT

8IFOVTJOHGJMUFSTBOEBIBOEIFMENFUFSCFTVSFUPJODMVEF
BOZGJMUFSGBDUPSTJOUIFFYQPTVSFDBMDVMBUJPOT


t UIFSFNPUFSFMFBTFJTPQFSBUFETFFA3FNPUFSFMFBTF
t UIF-$%CBDLMJHIUJMMVNJOBUJPOCVUUPOJTQSFTTFE
t UIFDBNFSBCBDLJTPQFOFEPSDMPTFE
t UIF.0%&CVUUPOJTQSFTTFE
t UIFPSCVUUPOJTQSFTTFE
-FOTFT
5IF91BO**VTFTJOUFSDIBOHFBCMFCBZPOFUGJUUJOH
)BTTFMCMBEMFOTFTTQFDJGJDBMMZEFTJHOFEGPSUIF9QBO
9QBO**DBNFSBT5ISFFMFOTFTBSFBWBJMBCMFBNN
"TQIFSJDBMBNNBOEBNN5IFGPMMPXJOHJT
HFOFSBMVTFSJOGPSNBUJPOGPSCPUIUIFNNBOE
UIFNNMFOTFT5IFNNMFOTSFRVJSFTNPSFTQF
DJGJDJOGPSNBUJPOBOEJTUIFSFGPSFTVQQMJFEXJUIJUT
PXOVTFSNBOVBM4FFUIFA5FDIOJDBM4QFDJGJDBUJPOT
UBCMFUPXBSETUIFFOEPGUIJTNBOVBMGPSGVSUIFSEF
UBJMTPGBMMUISFFMFOTFTBTXFMMBTEFQUIPGGJFMEUBCMFT
GPSUIFNNBOENNMFOTFT'VSUIFSJOGPSNB
UJPOPOGJMUFSTDBOBMTPCFGPVOEVOEFSA"DDFTTPSJFT
UPXBSETUIFFOEPGUIJTNBOVBM
-FOTDBTF   
5IFMFOTDBTFDPOTJTUTPGBDPWFSDPWFSCBTFBOEBO
JOUFHSBMSFBSMFOTDBQ5IFMFOTDPWFSJTVOTDSFXFE
BQQSPYJNBUFMZäUVSODPVOUFSDMPDLXJTFUPSFNPWF
ѮFMFOTDBOUIFOCFVOTDSFXFEBQQSPYJNBUFMZäUVSO
DPVOUFSDMPDLXJTFUPSFNPWFGSPNUIFCBTF*GIPX
FWFSZPVDPOUJOVFUPUVSOUIFMFOTDPVOUFSDMPDLXJTF
UIFSFBSMFOTDBQXJMMBMTPCFSFMFBTFEGSPNUIFCBTF
"TUIFDBQJTUIFOBMTPGSFFGSPNUIFMFOTUBLFDBSFOPU
UPESPQJU
-FOTDBQ   
5IFMFOTDBQJTSFNPWFEBOEBUUBDIFECZQJODIJOH
JOXBSETUIFUXPQSPKFDUJPOTPOUIFSJNPGUIFDBQUP
SFMFBTFJUTHSJQ

"MXBZTSFQMBDFUIFDBNFSBCPEZQSPUFDUJWFDPWFSBOEUIFMFOT
DBQTXIFODBNFSBBOEMFOTBSFTFQBSBUFE
"UUBDIJOHMFOTFT  
'JSTUMZUVSOUIFQSPUFDUJWFDPWFSPOUIFDBNFSBCPEZ
DPVOUFSDMPDLXJTFBOESFNPWFJU"MJHOUIFJOEFYPO
UIFMFOTXJUIUIFJOEFYPOUIFDBNFSBCPEZ(SJQQJOH
UIFMFOTCZUIFLOVSMFEBUUBDINFOUSJOHUVSOUIFMFOT
DMPDLXJTFXIFOTFFOGSPNUIFGSPOUVOUJMJUDMJDLTBOE
MPDLTJOUPQPTJUJPOѮFDBNFSBBVUPNBUJDBMMZBEKVTUT
UIFGSBNFJOUIFWJFXêOEFSUPNBUDIUIFGPDBMMFOHUI
PGUIFDIPTFOMFOT
3FNPWJOHMFOTFT BCD
(SJQQJOHUIFMFOTCZUIFLOVSMFEBUUBDINFOUSJOH
UVSOUIFMFOTJOBDPVOUFSDMPDLXJTFEJSFDUJPOXIJMF
EFQSFTTJOHUIFMFOTSFMFBTFCVUUPO

"MXBZTHSJQUIFMFOTCZUIFBUUBDINFOUSJOHXIFOBUUBDIJOH
BOESFNPWJOHBOEOPUCZUIFBQFSUVSFSJOHGPDVTJOHSJOHPS
MFOTTIBEF
-FOTDPNQPOFOUT 
  "QFSUVSFTDBMF
 "QFSUVSFJOEFY
  'PDVTJOHSJOH
 -FOTBUUBDINFOUBMJHONFOUJOEFY
  %JTUBODFTDBMF
 %FQUIPGGJFMETDBMF
  $FOUSBMJOEFY
 *OGSBSFEJOEFY
  "UUBDINFOUSJOH
'JMUFST
4UBOEBSETDSFXUISFBEFE.NNGJMUFSTTIPVMECF
VTFE5XPêMUFSTUPHFUIFSNBZCFVTFEXJUIPVUQSPC
MFNTXJUIWJHOFUUJOH"TUIF91BO**IBTB55-FYQP
TVSFTZTUFNGJMUFSGBDUPSTmUIFBNPVOUPGFYQPTVSF
JODSFBTFOFDFTTBSZGPSFBDIGJMUFSmDBOJOHFOFSBMCF
JHOPSFEBTUIFZBSFBVUPNBUJDBMMZUBLFOJOUPBDDPVOU
5FTUTPSBMUFSOBUJWFFYQPTVSFTTIPVMECFNBEFJOTQF
DJBMDBTFTIPXFWFSUPFOTVSFUIFSFRVJSFESFTVMU
5ISFFEFEJDBUFE)BTTFMCBEGJMUFSTBSFBWBJMBCMF"
674LZGPSHFOFSBMQVSQPTFTBOEUXPDFOUSFGJMUFST
XJUISFTQFDUJWFMZNNBOENNêUUJOHGPSDSJUJDBM
BQQMJDBUJPOTVTJOHUSBOTQBSFODZêMN&BDIêMUFSDBO
BMTPCFDPNCJOFEXJUIPOFBEEJUJPOBMêMUFSJODMVEJOH
QPMêMUFSUZQF
4FFVOEFSA"DDFTTPSJFTGPSGVSUIFSJOGPSNBUJPOBCPVU
EFEJDBUFE674LZBOE$FOUSFGJMUFSTGPS)BTTFMCMBE
91BOMFOTFT

8IFOVTJOHGJMUFSTBOEBIBOEIFMENFUFSCFTVSFUPJODMVEF
BOZGJMUFSGBDUPSTJOUIFFYQPTVSFDBMDVMBUJPOT



-FOTTIBEF  
.BUDIUIFSFEJOEFYPOUIFSFBSPGUIF91BOMFOTTIBEF
TFFJMMVTUSBUJPOXJUIUIFSFEJOEFYPOUIFMFOT5VSO
UIFMFOTTIBEFCBZPOFUGJUUJOHDPVOUFSDMPDLXJTF
XIFOTFFOGSPNCFIJOEUIFDBNFSBVOUJMJUDMJDLT
JOUPQMBDFBOEJTTFDVSFEBHBJOTUVOJOUFOUJPOBMSPUB
UJPOCZUIFMPDLJOHEFWJDF91BOMFOTTIBEFTIBWFCFFO
TQFDJGJDBMMZEFTJHOFEGPS91BOMFOTFTPUIFSUZQFTPG
MFOTTIBEFBSFOPUSFDPNNFOEFEѮF91BOMFOTTIBEF
JTEFTJHOFETPUIBUJUTIPVMECFSFNPWFEGJSTUCFGPSF
BGJMUFSPSMFOTDBQJTBUUBDIFEDIBOHFEPSSFNPWFE
3FNPWFUIFMFOTTIBEFBѫFSêSTUQVTIJOHUIFMPDLJOH
EFWJDFDBUDIDPVOUFSDMPDLXJTF

8IFOBO91BOMFOTTIBEFJTGJUUFEUIFSFJTBQBSUJBMCMPDL
JOHPGWJFXJOUIFCPUUPNSJHIUPGUIFWJFXGJOEFSJNBHF
)PXFWFSUIJTJOOPXBZBGGFDUTUIFSFTVMUT
'PDVTJOH
5IFMFOTJTGPDVTFECZUVSOJOHUIFSVCCFSDPWFSFE
GPDVTJOHSJOHUIBUTVSSPVOETUIFMFOTCBSSFM'PDVTJOH
DBOCFFJUIFSWJTVBMWJBUIFWJFXGJOEFSSBOHFGJOEFS
TZTUFNPSNBOVBM'PSUIFGPSNFSTFFA3BOHFêOEFSGP
DVTJOH'PSNBOVBMGPDVTJOHBMJHOUIFDIPTFOEJTUBODF
POUIFEJTUBODFTDBMFBHBJOTUUIFMFOTDFOUSBMJOEFY
3BOHFGJOEFSGPDVTJOH 
5IFSBOHFGJOEFSJTBDPVQMFEUZQFJOUIFGPSNPGB
TNBMMCSJHIUSFDUBOHMFJOUIFDFOUSFPGUIFGJFMEPG
WJFXGSBNFJOUIFWJFXêOEFSUIBUQSPWJEFTBTVQFSJN
QPTFEAHIPTUFEJNBHFPGBDFOUSBMQBSUPGUIFTVCKFDU
GJH5IFMFOTJTUVSOFEVOUJMUIFAHIPTUFEJNBHF
DPJODJEFTXJUIUIFTVCKFDUJNBHFGJHQSPEVDJOHB
TIBSQGPDVTTFUUJOHGPSUIBUQBSUJDVMBSEJTUBODFGSPN
UIFDBNFSB:PVNBZêOEUIBUTVCKFDUTDPOUBJOJOHGFX
PSOPMJOFTPSTIBSQDPOUSBTUTJOUIFJNBHFBSFNPSF
EJēDVMUUPGPDVT5SZQPJOUJOHUIFDBNFSBUPPUIFSBS
FBTPGUIFTVCKFDUDPOUBJOJOHWFSUJDBMMJOFTPSDPOUSBTU
DIBOHFTUIBUBSFBQQSPYJNBUFMZUIFTBNFEJTUBODF
BXBZGSPNUIFDBNFSBGPDVTBUUIPTFQPJOUTBOEUIFO
SFUVSOUPZPVSPSJHJOBMDPNQPTJUJPO:PVNBZBMTPêOE
JUFBTJFSUPUVSOUIFDBNFSBPOJUTTJEFJGUIFSFBSFPOMZ
IPSJ[POUBMMJOFTXJUIJOUIFJNBHFGPSFYBNQMFXIFO
QIPUPHSBQIJOHBOFBSIPSJ[PO

-PPLEJSFDUMZJOUPUIFWJFXGJOEFSBOEOPUGSPNBOBOHMF
PUIFSXJTFJUDBOSFTVMUJOJOBDDVSBUFGPDVTJOH
%FQUIPGGJFME  
%FQUIPGêFMEmUIFBNPVOUPGBDDFQUBCMFTIBSQOFTT
QSPEVDFEBUBHJWFOBQFSUVSFBOEGPDVTTFUUJOHmDBOCF
DBMDVMBUFEBTJOUIFGPMMPXJOHFYBNQMF
5IFBQFSUVSFIBTCFFOTFUBUGBOEUIFGPDVTBU
NFUSFT#ZSFBEJOHBDSPTTGSPNUIFSFMFWBOUBQFSUVSF
NBSLJOHTPOUIFEFQUIPGêFMETDBMFPOFJUIFSTJEFPG
UIFDFOUSBMJOEFYUPUIFGPDVTJOHEJTUBODFTDBMFZPV
DBOTFFUIFFYUFOUPGUIFTIBSQ[POF*OUIJTFYBNQMF
UIFEFQUIPGêFMESBOHFTGSPNBQQSPYNUPN
ѮFSFBSFUXPUBCMFTBUUIFFOEPGUIFJMMVTUSBUJPOTFD
UJPOPGUIJTNBOVBMUIBUEFTDSJCFUIFEFQUIPGGJFME
QSPEVDFECZUIFWBSJPVTDPNCJOBUJPOTPGBQFSUVSF
TFUUJOHTBOEGPDVTTFUUJOHTSFHBSEJOHNNBOE
NNMFOTFT'PSFYBNQMFXIFOGPDVTFEBUNBOE
TFUBUGUIFEFQUIPGêFMEFYUFOETGSPNUPN
XJUIUIFNNMFOTBOEGSPNUPXJUIUIF
NNMFOT4FFTFQBSBUFVTFSNBOVBMGPSNNEFQUI
PGêFMEUBCMF
7JFXGJOEFS
5IFWJFXGJOEFSJTBDPVQMFESBOHFGJOEFSUZQFXJUI
UIFBEEJUJPOBMGFBUVSFPGBVUPNBUJDGJFMEPGWJFX
GSBNFDIBOHFBDDPSEJOHUPUIFGPDBMMFOHUIPGUIF
MFOTBOEDIPTFOGPSNBU5IFGJFMEPGWJFXGSBNFBMTP
NPWFTBVUPNBUJDBMMZUPDPNQFOTBUFGPSQBSBMMBYFS
SPSXIFOQIPUPHSBQIJOHDMPTFTVCKFDUT5IFNN
MFOTQSPEVDFTBMBSHFSSBOHFGJOEFSEPVCMFJNBHF
DPNQBSFEUPUIFNNMFOT5IFWJFXGJOEFSFZF
QJFDFJTJOUFSDIBOHFBCMFUPTVJUJOEJWJEVBMFZFTJHIU
$IBOHJOHUIFWJFXGJOEFSFZFQJFDF
ѮFTUBOEBSEEJPQUSFPGUIFWJFXêOEFSFZFQJFDFJT
'JWFPUIFSTUSFOHUITBSFBWBJMBCMF%%%%
BOE%ѮFFZFQJFDFTTJNQMZTMJEFJOBOEPVUPGUIF
WJFXêOEFSGSBNFDMJDLJOHJOUPQPTJUJPOBOETFDVSFE
CZUIFMPDLJOHEFWJDF1VTIJOHUIFMPDLJOHEFWJDFCVU
UPOBOETJNVMUBOFPVTMZTMJEJOHUIFFZFQJFDFGSPNJUT
MPDLFEQPTJUJPODBOSFMFBTFJU
1MFBTFSFGFSUPUIFA7JFXêOEFSFZFQJFDFTFMFDUJPOUBCMF
UPXBSETUIFFOEPGUIJTNBOVBMGPSBEFUBJMFEEFTDSJQ
UJPOPGDIPJDF


-FOTTIBEF  
.BUDIUIFSFEJOEFYPOUIFSFBSPGUIF91BOMFOTTIBEF
TFFJMMVTUSBUJPOXJUIUIFSFEJOEFYPOUIFMFOT5VSO
UIFMFOTTIBEFCBZPOFUGJUUJOHDPVOUFSDMPDLXJTF
XIFOTFFOGSPNCFIJOEUIFDBNFSBVOUJMJUDMJDLT
JOUPQMBDFBOEJTTFDVSFEBHBJOTUVOJOUFOUJPOBMSPUB
UJPOCZUIFMPDLJOHEFWJDF91BOMFOTTIBEFTIBWFCFFO
TQFDJGJDBMMZEFTJHOFEGPS91BOMFOTFTPUIFSUZQFTPG
MFOTTIBEFBSFOPUSFDPNNFOEFEѮF91BOMFOTTIBEF
JTEFTJHOFETPUIBUJUTIPVMECFSFNPWFEGJSTUCFGPSF
BGJMUFSPSMFOTDBQJTBUUBDIFEDIBOHFEPSSFNPWFE
3FNPWFUIFMFOTTIBEFBѫFSêSTUQVTIJOHUIFMPDLJOH
EFWJDFDBUDIDPVOUFSDMPDLXJTF

8IFOBO91BOMFOTTIBEFJTGJUUFEUIFSFJTBQBSUJBMCMPDL
JOHPGWJFXJOUIFCPUUPNSJHIUPGUIFWJFXGJOEFSJNBHF
)PXFWFSUIJTJOOPXBZBGGFDUTUIFSFTVMUT
'PDVTJOH
5IFMFOTJTGPDVTFECZUVSOJOHUIFSVCCFSDPWFSFE
GPDVTJOHSJOHUIBUTVSSPVOETUIFMFOTCBSSFM'PDVTJOH
DBOCFFJUIFSWJTVBMWJBUIFWJFXGJOEFSSBOHFGJOEFS
TZTUFNPSNBOVBM'PSUIFGPSNFSTFFA3BOHFêOEFSGP
DVTJOH'PSNBOVBMGPDVTJOHBMJHOUIFDIPTFOEJTUBODF
POUIFEJTUBODFTDBMFBHBJOTUUIFMFOTDFOUSBMJOEFY
3BOHFGJOEFSGPDVTJOH 
5IFSBOHFGJOEFSJTBDPVQMFEUZQFJOUIFGPSNPGB
TNBMMCSJHIUSFDUBOHMFJOUIFDFOUSFPGUIFGJFMEPG
WJFXGSBNFJOUIFWJFXêOEFSUIBUQSPWJEFTBTVQFSJN
QPTFEAHIPTUFEJNBHFPGBDFOUSBMQBSUPGUIFTVCKFDU
GJH5IFMFOTJTUVSOFEVOUJMUIFAHIPTUFEJNBHF
DPJODJEFTXJUIUIFTVCKFDUJNBHFGJHQSPEVDJOHB
TIBSQGPDVTTFUUJOHGPSUIBUQBSUJDVMBSEJTUBODFGSPN
UIFDBNFSB:PVNBZêOEUIBUTVCKFDUTDPOUBJOJOHGFX
PSOPMJOFTPSTIBSQDPOUSBTUTJOUIFJNBHFBSFNPSF
EJēDVMUUPGPDVT5SZQPJOUJOHUIFDBNFSBUPPUIFSBS
FBTPGUIFTVCKFDUDPOUBJOJOHWFSUJDBMMJOFTPSDPOUSBTU
DIBOHFTUIBUBSFBQQSPYJNBUFMZUIFTBNFEJTUBODF
BXBZGSPNUIFDBNFSBGPDVTBUUIPTFQPJOUTBOEUIFO
SFUVSOUPZPVSPSJHJOBMDPNQPTJUJPO:PVNBZBMTPêOE
JUFBTJFSUPUVSOUIFDBNFSBPOJUTTJEFJGUIFSFBSFPOMZ
IPSJ[POUBMMJOFTXJUIJOUIFJNBHFGPSFYBNQMFXIFO
QIPUPHSBQIJOHBOFBSIPSJ[PO

-PPLEJSFDUMZJOUPUIFWJFXGJOEFSBOEOPUGSPNBOBOHMF
PUIFSXJTFJUDBOSFTVMUJOJOBDDVSBUFGPDVTJOH
%FQUIPGGJFME  
%FQUIPGêFMEmUIFBNPVOUPGBDDFQUBCMFTIBSQOFTT
QSPEVDFEBUBHJWFOBQFSUVSFBOEGPDVTTFUUJOHmDBOCF
DBMDVMBUFEBTJOUIFGPMMPXJOHFYBNQMF
5IFBQFSUVSFIBTCFFOTFUBUGBOEUIFGPDVTBU
NFUSFT#ZSFBEJOHBDSPTTGSPNUIFSFMFWBOUBQFSUVSF
NBSLJOHTPOUIFEFQUIPGêFMETDBMFPOFJUIFSTJEFPG
UIFDFOUSBMJOEFYUPUIFGPDVTJOHEJTUBODFTDBMFZPV
DBOTFFUIFFYUFOUPGUIFTIBSQ[POF*OUIJTFYBNQMF
UIFEFQUIPGêFMESBOHFTGSPNBQQSPYNUPN
ѮFSFBSFUXPUBCMFTBUUIFFOEPGUIFJMMVTUSBUJPOTFD
UJPOPGUIJTNBOVBMUIBUEFTDSJCFUIFEFQUIPGGJFME
QSPEVDFECZUIFWBSJPVTDPNCJOBUJPOTPGBQFSUVSF
TFUUJOHTBOEGPDVTTFUUJOHTSFHBSEJOHNNBOE
NNMFOTFT'PSFYBNQMFXIFOGPDVTFEBUNBOE
TFUBUGUIFEFQUIPGêFMEFYUFOETGSPNUPN
XJUIUIFNNMFOTBOEGSPNUPXJUIUIF
NNMFOT4FFTFQBSBUFVTFSNBOVBMGPSNNEFQUI
PGêFMEUBCMF
7JFXGJOEFS
5IFWJFXGJOEFSJTBDPVQMFESBOHFGJOEFSUZQFXJUI
UIFBEEJUJPOBMGFBUVSFPGBVUPNBUJDGJFMEPGWJFX
GSBNFDIBOHFBDDPSEJOHUPUIFGPDBMMFOHUIPGUIF
MFOTBOEDIPTFOGPSNBU5IFGJFMEPGWJFXGSBNFBMTP
NPWFTBVUPNBUJDBMMZUPDPNQFOTBUFGPSQBSBMMBYFS
SPSXIFOQIPUPHSBQIJOHDMPTFTVCKFDUT5IFNN
MFOTQSPEVDFTBMBSHFSSBOHFGJOEFSEPVCMFJNBHF
DPNQBSFEUPUIFNNMFOT5IFWJFXGJOEFSFZF
QJFDFJTJOUFSDIBOHFBCMFUPTVJUJOEJWJEVBMFZFTJHIU
$IBOHJOHUIFWJFXGJOEFSFZFQJFDF
ѮFTUBOEBSEEJPQUSFPGUIFWJFXêOEFSFZFQJFDFJT
'JWFPUIFSTUSFOHUITBSFBWBJMBCMF%%%%
BOE%ѮFFZFQJFDFTTJNQMZTMJEFJOBOEPVUPGUIF
WJFXêOEFSGSBNFDMJDLJOHJOUPQPTJUJPOBOETFDVSFE
CZUIFMPDLJOHEFWJDF1VTIJOHUIFMPDLJOHEFWJDFCVU
UPOBOETJNVMUBOFPVTMZTMJEJOHUIFFZFQJFDFGSPNJUT
MPDLFEQPTJUJPODBOSFMFBTFJU
1MFBTFSFGFSUPUIFA7JFXêOEFSFZFQJFDFTFMFDUJPOUBCMF
UPXBSETUIFFOEPGUIJTNBOVBMGPSBEFUBJMFEEFTDSJQ
UJPOPGDIPJDF



'PSNBU
4UBOEBSE  B
'PSUIFTUBOEBSENNGPSNBUNNYNNUVSO
UIFGPSNBUTFMFDUPSLOPCUPBMJHOUIFJOEFYFTDPVOUFS
DMPDLXJTFJGBMSFBEZTFUBUUIFQBOPSBNBGPSNBUXIJMF
LFFQJOHUIFDFOUSFCVUUPOEFQSFTTFEѮFWJFXêOEFS
XJMMBVUPNBUJDBMMZEJTQMBZUIFDPSSFDUGPSNBUGSBNJOH
BOEUIFFYQPTVSFDPVOUFSXJMMJOEJDBUFUIFOVNCFSPG
GSBNFTSFNBJOJOHBUUIBUDIPTFOGPSNBU
1BOPSBNB   C
'SPNUIFTUBOEBSEGPSNBUUVSOUIFGPSNBUTFMFDUPS
LOPCDMPDLXJTFXIJMFLFFQJOHUIFDFOUSFCVUUPOEF
QSFTTFEBOEBMJHOUIFJOEFYFTUPUIFQBOPSBNBGPSNBU
ѮFMFUUFS1XJMMCFWJTJCMFPOUIFUPQPGUIFEJBM"HBJO
UIFWJFXêOEFSXJMMBVUPNBUJDBMMZEJTQMBZUIFDPSSFDU
GPSNBUGSBNJOHBOEUIFFYQPTVSFDPVOUFSXJMMJOEJDBUF
UIFOVNCFSPGGSBNFTSFNBJOJOHUIPVHIOPXGPSUIF
QBOPSBNBGPSNBUѮFFYQ-$%BMTPEJTQMBZTB1JOUIF
UPQMFѫPGUIFXJOEPX

&OTVSFZPVUVSOUIFLOPCBTGBSBTJUXJMMHPUPUIFTUPQQPTJ
UJPOXIFOTFMFDUJOHUIFQBOPSBNBGPSNBU

"GMBTIJOH1JOUIFFYQ-$%UPHFUIFSXJUIBMPDLFETIVUUFS
SFMFBTFJOEJDBUFTUIBUFJUIFSUIFGPSNBUTFMFDUPSLOPCJTOPU
QPTJUJPOFEDPSSFDUMZPSUIBUZPVIBWFTXJUDIFEGSPNTUBOEBSE
UPQBOPSBNBGPSNBUXIFOPOMZPOFTUBOEBSETJ[FEVOFY
QPTFEGSBNFSFNBJOFEPOUIFGJMN
1SPHSBNNJOH
1SPHSBNNJOHPGDBNFSBTFUUJOHT
ѮFGPMMPXJOHTFUUJOHTDBOCFQSPHSBNNFE
t 'JMNTQFFE*40o"VUP%9
t &YQPTVSFDPNQFOTBUJPOUPGTUPQJOGTUPQ
JODSFNFOUT
t "VUPCSBDLFUJOHGTUPQPSGTUPQ
t .VMUJFYQPTVSFoFYQPTVSFT
t 'MBTITZODBUUIFCFHJOOJOHi/wPSBUUIFFOEi3wPGUIF
FYQPTVSF
t 'JMNUJQPVUPSmMNGVMMZTQPPMFECBDLJOUPUIFDBTTFUUFXIFO
SFXJOEJOHUIFmMNTFFA'JMNMPBEJOHTFDUJPOGPSBDDFTT
EFUBJMT
"DDFTTUIFNFOVCZQVTIJOHUIF.0%&CVUUPOGPST
4FMFDUUIFSFRVJSFEGVODUJPOCZSFQFBUFEQVTIJOHPGUIF
.0%&CVUUPOBOENBLFUIFDIBOHFTCZVTJOHUIFPS
CVUUPOT$POêSNUIFTFMFDUFEWBMVFPSPQFSBUJPOBM
NPEFCZ
t 1VTIJOHUIFSFMFBTFCVUUPOIBMGXBZ
t 1VTIJOHUIF.0%&CVUUPOOPUGPSBMMTFUUJOHT
t 8BJUJOHGPSTFDPOET

$POGJSNBUJPOVTJOHUIF.0%&CVUUPOBDDFTTFTUIFOFYUJUFN
POUIFNFOVBTXFMMBTNBLJOHBOFXTFUUJOH
%FUBJMFEJOTUSVDUJPOTGPSSFTQFDUJWFUZQFPGTFUUJOHT
JTQSPWJEFEVOEFSUIFSFTQFDUJWFGVODUJPOIFBEJOHT
GVSUIFSPOJOUIJTNBOVBM
4FMGUJNFSEFMBZTPSTDBOCFTFMFDUFECZQVTIJOH
UIFBSSPXPSCVUUPOTBѫFSTFUUJOHUIFTIPPUJOH
NPEFTFMFDUPSUP4FMGUJNFS

"MMTFUQBSBNFUFSTFYDFQUGPS"VUPCSBDLFUJOHBOE.VMUJ
FYQPTVSFSFNBJOTUPSFEBGUFSUIFDBNFSBJTTXJUDIFEPGG
'JMN
'JMNTQFFE*40TFUUJOH
*GZPVXBOUUPFYQPTFUIFGJMNBUUIFSFDPNNFOEFE
TQFFE*40"4"%*/BOEUIFGJMNIBTB%9CBSDPEF
POJUBMBSHFQBUUFSODPOTJTUJOHPGFYQPTFENFUBMTVS
GBDFTUIFOTFUUIFTIPPUJOHNPEFTFMFDUPSUP41SFTTUIF
.0%&CVUUPOPOUIFDBN-$%GPST1SFTTSFQFBUFEMZVO
UJM*40BQQFBSTPOUIFUPQMFѫPGUIFEJTQMBZ4FMFDU"VUP
%9CZQSFTTJOHUIFCVUUPOT$POêSNCZQVTIJOH
.0%&BHBJOPSCZQVTIJOHUIFSFMFBTFCVUUPOIBMGXBZ"
%9TZNCPMJTTIPXOPOUIFEJTQMBZBOEUIFDPSSFTQPOE
JOH*40SBUJOHJTJOEJDBUFEBѫFSMPBEJOHUIFêMN
*GUIFSFJTOP%9CBSDPEFPOUIFDBTTFUUFPSZPVXBOUUP
BMUFSUIFSFDPNNFOEFE*40SBUJOHPGUIFêMNTFUUIF
êMNTQFFENBOVBMMZCFGPSFMPBEJOHUIFDBTTFUUFJOUP
UIFDBNFSB%PUIJTCZFOUFSJOHUIFGJMNTQFFEQSP
HSBNNJOHNPEFBTEFTDSJCFEGPS%9TFUUJOH4FUUPUIF
SFRVJSFEWBMVFBOEDPOêSNUIFTFUUJOHѮFêMNTQFFE
DBOCFTFUBUèJOUFSWBMTGSPN*40UISPVHIBOE
UIFTFMFDUJPOXJMMCFWJTJCMFPOUIFDBN-$%1SPDFFEUP
MPBEUIFDBNFSBBTEFTDSJCFECFMPX


'PSNBU
4UBOEBSE  B
'PSUIFTUBOEBSENNGPSNBUNNYNNUVSO
UIFGPSNBUTFMFDUPSLOPCUPBMJHOUIFJOEFYFTDPVOUFS
DMPDLXJTFJGBMSFBEZTFUBUUIFQBOPSBNBGPSNBUXIJMF
LFFQJOHUIFDFOUSFCVUUPOEFQSFTTFEѮFWJFXêOEFS
XJMMBVUPNBUJDBMMZEJTQMBZUIFDPSSFDUGPSNBUGSBNJOH
BOEUIFFYQPTVSFDPVOUFSXJMMJOEJDBUFUIFOVNCFSPG
GSBNFTSFNBJOJOHBUUIBUDIPTFOGPSNBU
1BOPSBNB   C
'SPNUIFTUBOEBSEGPSNBUUVSOUIFGPSNBUTFMFDUPS
LOPCDMPDLXJTFXIJMFLFFQJOHUIFDFOUSFCVUUPOEF
QSFTTFEBOEBMJHOUIFJOEFYFTUPUIFQBOPSBNBGPSNBU
ѮFMFUUFS1XJMMCFWJTJCMFPOUIFUPQPGUIFEJBM"HBJO
UIFWJFXêOEFSXJMMBVUPNBUJDBMMZEJTQMBZUIFDPSSFDU
GPSNBUGSBNJOHBOEUIFFYQPTVSFDPVOUFSXJMMJOEJDBUF
UIFOVNCFSPGGSBNFTSFNBJOJOHUIPVHIOPXGPSUIF
QBOPSBNBGPSNBUѮFFYQ-$%BMTPEJTQMBZTB1JOUIF
UPQMFѫPGUIFXJOEPX

&OTVSFZPVUVSOUIFLOPCBTGBSBTJUXJMMHPUPUIFTUPQQPTJ
UJPOXIFOTFMFDUJOHUIFQBOPSBNBGPSNBU

"GMBTIJOH1JOUIFFYQ-$%UPHFUIFSXJUIBMPDLFETIVUUFS
SFMFBTFJOEJDBUFTUIBUFJUIFSUIFGPSNBUTFMFDUPSLOPCJTOPU
QPTJUJPOFEDPSSFDUMZPSUIBUZPVIBWFTXJUDIFEGSPNTUBOEBSE
UPQBOPSBNBGPSNBUXIFOPOMZPOFTUBOEBSETJ[FEVOFY
QPTFEGSBNFSFNBJOFEPOUIFGJMN
1SPHSBNNJOH
1SPHSBNNJOHPGDBNFSBTFUUJOHT
ѮFGPMMPXJOHTFUUJOHTDBOCFQSPHSBNNFE
t 'JMNTQFFE*40o"VUP%9
t &YQPTVSFDPNQFOTBUJPOUPGTUPQJOGTUPQ
JODSFNFOUT
t "VUPCSBDLFUJOHGTUPQPSGTUPQ
t .VMUJFYQPTVSFoFYQPTVSFT
t 'MBTITZODBUUIFCFHJOOJOHi/wPSBUUIFFOEi3wPGUIF
FYQPTVSF
t 'JMNUJQPVUPSmMNGVMMZTQPPMFECBDLJOUPUIFDBTTFUUFXIFO
SFXJOEJOHUIFmMNTFFA'JMNMPBEJOHTFDUJPOGPSBDDFTT
EFUBJMT
"DDFTTUIFNFOVCZQVTIJOHUIF.0%&CVUUPOGPST
4FMFDUUIFSFRVJSFEGVODUJPOCZSFQFBUFEQVTIJOHPGUIF
.0%&CVUUPOBOENBLFUIFDIBOHFTCZVTJOHUIFPS
CVUUPOT$POêSNUIFTFMFDUFEWBMVFPSPQFSBUJPOBM
NPEFCZ
t 1VTIJOHUIFSFMFBTFCVUUPOIBMGXBZ
t 1VTIJOHUIF.0%&CVUUPOOPUGPSBMMTFUUJOHT
t 8BJUJOHGPSTFDPOET

$POGJSNBUJPOVTJOHUIF.0%&CVUUPOBDDFTTFTUIFOFYUJUFN
POUIFNFOVBTXFMMBTNBLJOHBOFXTFUUJOH
%FUBJMFEJOTUSVDUJPOTGPSSFTQFDUJWFUZQFPGTFUUJOHT
JTQSPWJEFEVOEFSUIFSFTQFDUJWFGVODUJPOIFBEJOHT
GVSUIFSPOJOUIJTNBOVBM
4FMGUJNFSEFMBZTPSTDBOCFTFMFDUFECZQVTIJOH
UIFBSSPXPSCVUUPOTBѫFSTFUUJOHUIFTIPPUJOH
NPEFTFMFDUPSUP4FMGUJNFS

"MMTFUQBSBNFUFSTFYDFQUGPS"VUPCSBDLFUJOHBOE.VMUJ
FYQPTVSFSFNBJOTUPSFEBGUFSUIFDBNFSBJTTXJUDIFEPGG
'JMN
'JMNTQFFE*40TFUUJOH
*GZPVXBOUUPFYQPTFUIFGJMNBUUIFSFDPNNFOEFE
TQFFE*40"4"%*/BOEUIFGJMNIBTB%9CBSDPEF
POJUBMBSHFQBUUFSODPOTJTUJOHPGFYQPTFENFUBMTVS
GBDFTUIFOTFUUIFTIPPUJOHNPEFTFMFDUPSUP41SFTTUIF
.0%&CVUUPOPOUIFDBN-$%GPST1SFTTSFQFBUFEMZVO
UJM*40BQQFBSTPOUIFUPQMFѫPGUIFEJTQMBZ4FMFDU"VUP
%9CZQSFTTJOHUIFCVUUPOT$POêSNCZQVTIJOH
.0%&BHBJOPSCZQVTIJOHUIFSFMFBTFCVUUPOIBMGXBZ"
%9TZNCPMJTTIPXOPOUIFEJTQMBZBOEUIFDPSSFTQPOE
JOH*40SBUJOHJTJOEJDBUFEBѫFSMPBEJOHUIFêMN
*GUIFSFJTOP%9CBSDPEFPOUIFDBTTFUUFPSZPVXBOUUP
BMUFSUIFSFDPNNFOEFE*40SBUJOHPGUIFêMNTFUUIF
êMNTQFFENBOVBMMZCFGPSFMPBEJOHUIFDBTTFUUFJOUP
UIFDBNFSB%PUIJTCZFOUFSJOHUIFGJMNTQFFEQSP
HSBNNJOHNPEFBTEFTDSJCFEGPS%9TFUUJOH4FUUPUIF
SFRVJSFEWBMVFBOEDPOêSNUIFTFUUJOHѮFêMNTQFFE
DBOCFTFUBUèJOUFSWBMTGSPN*40UISPVHIBOE
UIFTFMFDUJPOXJMMCFWJTJCMFPOUIFDBN-$%1SPDFFEUP
MPBEUIFDBNFSBBTEFTDSJCFECFMPX




.BLFBNBOVBM*40TFUUJOHCFGPSFVTJOHBOVODPEFEDBT
TFUUFPUIFSXJTFUIFDBNFSBXJMMOPUQSFXJOEUIFGJMN

*GZPVNBLFUIFNBOVBM*40TFUUJOHXJUIUIFGJMNUJQFYUSBDU
FEUPJUTBVUPNBUJDMPBEJOHQPTJUJPOUIFDBNFSBXJMMQSFXJOE
UIFGJMNPOMZBGUFSPQFOJOHBOEDMPTJOHUIFDBNFSBCBDL

*GZPVNBLFBNBOVBM*40TFUUJOHEPOPUGPSHFUUPNBLFUIF
BQQSPQSJBUFDIBOHFTBGUFSXBSETGPSUIFOFYUGJMN
'JMNMPBEJOH  
*OTVCEVFEMJHIUJOHMJѫUIFDBNFSBCBDLSFMFBTFDBUDI
BTJOUIFJMMVTUSBUJPOBOEQVTIVQXBSET5IFDBNFSB
CBDLXJMMOPXCFSFMFBTFE

#FDBSFGVMOPUUPVDIUIFTIVUUFSPSGPSNBUCMJOETXJUIZPVS
GJOHFSTPSMFUBGJMNDBTTFUUFESPQPOUPUIFN
8JUIUIFTIPPUJOHNPEFTFMFDUPSTFUBU0''JOTFSUB
NNêMNDBTTFUUFJOUPUIFêMNDPNQBSUNFOUBTJO
UIFJMMVTUSBUJPO/PUFXIJDIXBZSPVOEUIFDBTTFUUF
JTJOTFSUFE5JMUUIFAUPQPGUIFDBTTFUUFBMJUUMFBUêSTU
TPUIBUUIFDBTTFUUFJTTFBUFETFDVSFMZJOUIFDPNQBSU
NFOU1VMMPVUKVTUFOPVHImCVUOPNPSFmêMNMFBEFSUP
BMJHOUIFUPOHVFPGUIFêMNBHBJOTUUIFHSFFOAêMNUJQ
JOEFYMJOFTPUIBUJUSFTUTPOUIFUBLFVQTQPPM&OTVSF
UIFêMNJTMBZJOHEPXOëBUBHBJOTUUIFTIVUUFSIPVTJOH
BOEUIFDBTTFUUFPQFOJOHJTQVMMFEEPXOBDDPSEJOHMZ
*GUIFêMNCPXTVQXBSETJUNBZQVMMUIFêMNUJQCBDL
BOEBXBZGSPNUIFJOEFYQPTJUJPO$BSFGVMMZDMPTFUIF
DBNFSBCBDL1SFTTUIFMFѫQBSUPGUIFCBDLUPXBSETUIF
NBJODBNFSBCPEZVOUJMZPVIFBSBDMJDLUPFOTVSFJU
JTMPDLFE5IFGJMNJTBVUPNBUJDBMMZXJUIESBXODPN
QMFUFMZGSPNUIFDBTTFUUFTFUBUUIFêSTUGSBNFBOEUIF
DBNFSBQPXFSUVSOFEPĒ
ѮFXJOEJOHPGUIFêMNCBDLJOUPUIFDBTTFUUFBѫFSUIF
MBTUFYQPTVSFDBOCFQSPHSBNNFEUPFJUIFSXJOEUIF
êMNGVMMZJOUPUIFDBTTFUUFPSMFBWFBêMNUJQPVUPGUIF
DBTTFUUF.BLFZPVSDIPJDFCZTXJUDIJOHUIFDBNFSB
GSPN0''UP4XIJMFIPMEJOHEPXOUIF.0%&CVUUPOPO
UIFDBN-$%"DBTTFUUFTZNCPMBDDPNQBOJFEXJUIUIF
UFYUPVUPSJOXJMMCFTIPXO4FMFDUXJUIUIFCVU
UPOTXIJDIUZQFZPVQSFGFS$POêSNCZCZQVTIJOHUIF
SFMFBTFCVUUPOIBMGXBZ"DBTTFUUFTZNCPMJMMVTUSBUJOH
ZPVSDIPJDFXJMMOPXTIPXOPOUIFEJTQMBZ

*GBOPO%9GJMNIBTCFFOMPBEFEXIJMFUIF*40QSPHSBNNJOH
XBTTFUBUA"VUPA%9UIFOJUXJMMOPUCFXPVOEGPSXBSEBOE
UIFDBNFSBXJMMOPUPQFSBUF.BLFBNBOVBMGJMNTQFFEQSP
HSBNNJOHBOEMPBEUIFGJMNBHBJO

-PBEUIFDBNFSBXJUIUIFNPEFTFUUJOHBUA0''
8IJMFUIFGJMNJTCFJOHXJUIESBXOUIFDBN-$%XJMM
TIPXUIFêMNTQFFEXIJMFUIFFYQ-$%XJMMDPVOUEPXO
UIFFYQPTVSFT8IFOUIFGJMNIBTCFFODPNQMFUFMZ
XJUIESBXOGSPNUIFDBTTFUUFUIFDBN-$%XJMMUVSO
PĒѮFFYQ-$%XJMMJOEJDBUFUIFOVNCFSPGFYQPTVSFT
SFNBJOJOHBDDPSEJOHUPGPSNBUTFUUJOH

5IFOVNCFSPGFYQPTVSFTSFNBJOJOHXJMMEFQFOEPOUIF
GPSNBUTFUUJOH5IFSFGPSFXJUIBOFXFYQPTVSFDBTTFUUF
GPSJOTUBODFUIFDPVOUFSXJMMTIPXFYQPTVSFTBUTUBOEBSE
GPSNBUCVUPOMZBUQBOPSBNBGPSNBU

*GUIFFYQPTVSFDPVOUFSEPFTOPUTIPXIPXNBOZFYQPTVSFT
BSFSFNBJOJOHJUJTBOJOEJDBUJPOPGBGBVMU0QFOUIFDBNFSB
CBDLBOESFBMJHOUIFUJQPGUIFGJMNXJUIUIFUBLFVQTQPPM

*GUIFFYQPTVSFDPVOUFSGMBTIFTJUJTBOJOEJDBUJPOPGBGBVMU
3FXJOEUIFGJMNBOESFMPBEUIFDBNFSB

5IFDBNFSBXJMMBQQFBSUPPQFSBUFOPSNBMMZFWFOJGJUJT
FNQUZ)PXFWFSOPGJHVSFTXJMMCFWJTJCMFJOUIFFYQ-$%
BOEPGDPVSTFOPJOGPSNBUJPODBOCFTFFOJOUIFGJMNUZQF
XJOEPX
&YQPTVSFDPVOUFS 
ѮFFYQ-$%JOEJDBUFTUIFOVNCFSPGVOFYQPTFEGSBNFT
SFNBJOJOHBVUPNBUJDBMMZDIBOHJOHBGUFSFWFSZFY
QPTVSF*UBMTPUBLFTJOUPBDDPVOUUIFDIPTFOGPSNBU
TFUUJOHBVUPNBUJDBMMZ5IJTNFBOTUIBUCZTXJUDIJOH
UIFGPSNBUTFMFDUPSLOPCCBDLBOEGPSUIZPVDBOTFF
IPXNBOZGSBNFTBSFSFNBJOJOHJOFJUIFSGPSNBUBU
BOZUJNF5IFGJHVSFJOEJDBUFTUIFMBTUGSBNFBOE
XIFOUIBUIBTCFFOFYQPTFEUIFDBNFSBBVUPNBUJDBMMZ
SFXJOETUIFSFNBJOEFSPGUIFGJMNJOUPUIFDBTTFUUF
8IFOUIFNPUPSTUPQTUIFFYQPTVSFDPVOUFSXJMMJO
EJDBUF&FNQUZ
*GUIFDBNFSBCBDLJTPQFOFEUIFDBNFSBXJMMSFXJOE
UIFSFNBJOJOHVOFYQPTFEêMNXIFODMPTJOHUIFCBDL
BHBJO"GUFSUIFGJMNIBTCFFOGVMMZSFXPVOEFYQ-$%
XJMMJOEJDBUFBëBTIJOH&FNQUZBTBXBSOJOH
&YQPTVSF$POUSPM
&YQPTVSFDPOUSPMDBOCFBVUPNBUJDBQFSUVSFQSJPS
JUZPSNBOVBM"QFSUVSFQSJPSJUZNFBOTUIBUUIF
DBNFSBBVUPNBUJDBMMZDIPPTFTBTIVUUFSTQFFEUP
NBUDIUIFBQFSUVSFUIBUZPVIBWFTFU5IF55-FY
QPTVSFNFUFSQSPWJEFTBDFOUSFXFJHIUFEBWFSBHF
SFBEJOHBOENFBTVSFTUIFMJHIUBUUIFTIVUUFSQMBOF



.BLFBNBOVBM*40TFUUJOHCFGPSFVTJOHBOVODPEFEDBT
TFUUFPUIFSXJTFUIFDBNFSBXJMMOPUQSFXJOEUIFGJMN

*GZPVNBLFUIFNBOVBM*40TFUUJOHXJUIUIFGJMNUJQFYUSBDU
FEUPJUTBVUPNBUJDMPBEJOHQPTJUJPOUIFDBNFSBXJMMQSFXJOE
UIFGJMNPOMZBGUFSPQFOJOHBOEDMPTJOHUIFDBNFSBCBDL

*GZPVNBLFBNBOVBM*40TFUUJOHEPOPUGPSHFUUPNBLFUIF
BQQSPQSJBUFDIBOHFTBGUFSXBSETGPSUIFOFYUGJMN
'JMNMPBEJOH  
*OTVCEVFEMJHIUJOHMJѫUIFDBNFSBCBDLSFMFBTFDBUDI
BTJOUIFJMMVTUSBUJPOBOEQVTIVQXBSET5IFDBNFSB
CBDLXJMMOPXCFSFMFBTFE

#FDBSFGVMOPUUPVDIUIFTIVUUFSPSGPSNBUCMJOETXJUIZPVS
GJOHFSTPSMFUBGJMNDBTTFUUFESPQPOUPUIFN
8JUIUIFTIPPUJOHNPEFTFMFDUPSTFUBU0''JOTFSUB
NNêMNDBTTFUUFJOUPUIFêMNDPNQBSUNFOUBTJO
UIFJMMVTUSBUJPO/PUFXIJDIXBZSPVOEUIFDBTTFUUF
JTJOTFSUFE5JMUUIFAUPQPGUIFDBTTFUUFBMJUUMFBUêSTU
TPUIBUUIFDBTTFUUFJTTFBUFETFDVSFMZJOUIFDPNQBSU
NFOU1VMMPVUKVTUFOPVHImCVUOPNPSFmêMNMFBEFSUP
BMJHOUIFUPOHVFPGUIFêMNBHBJOTUUIFHSFFOAêMNUJQ
JOEFYMJOFTPUIBUJUSFTUTPOUIFUBLFVQTQPPM&OTVSF
UIFêMNJTMBZJOHEPXOëBUBHBJOTUUIFTIVUUFSIPVTJOH
BOEUIFDBTTFUUFPQFOJOHJTQVMMFEEPXOBDDPSEJOHMZ
*GUIFêMNCPXTVQXBSETJUNBZQVMMUIFêMNUJQCBDL
BOEBXBZGSPNUIFJOEFYQPTJUJPO$BSFGVMMZDMPTFUIF
DBNFSBCBDL1SFTTUIFMFѫQBSUPGUIFCBDLUPXBSETUIF
NBJODBNFSBCPEZVOUJMZPVIFBSBDMJDLUPFOTVSFJU
JTMPDLFE5IFGJMNJTBVUPNBUJDBMMZXJUIESBXODPN
QMFUFMZGSPNUIFDBTTFUUFTFUBUUIFêSTUGSBNFBOEUIF
DBNFSBQPXFSUVSOFEPĒ
ѮFXJOEJOHPGUIFêMNCBDLJOUPUIFDBTTFUUFBѫFSUIF
MBTUFYQPTVSFDBOCFQSPHSBNNFEUPFJUIFSXJOEUIF
êMNGVMMZJOUPUIFDBTTFUUFPSMFBWFBêMNUJQPVUPGUIF
DBTTFUUF.BLFZPVSDIPJDFCZTXJUDIJOHUIFDBNFSB
GSPN0''UP4XIJMFIPMEJOHEPXOUIF.0%&CVUUPOPO
UIFDBN-$%"DBTTFUUFTZNCPMBDDPNQBOJFEXJUIUIF
UFYUPVUPSJOXJMMCFTIPXO4FMFDUXJUIUIFCVU
UPOTXIJDIUZQFZPVQSFGFS$POêSNCZCZQVTIJOHUIF
SFMFBTFCVUUPOIBMGXBZ"DBTTFUUFTZNCPMJMMVTUSBUJOH
ZPVSDIPJDFXJMMOPXTIPXOPOUIFEJTQMBZ

*GBOPO%9GJMNIBTCFFOMPBEFEXIJMFUIF*40QSPHSBNNJOH
XBTTFUBUA"VUPA%9UIFOJUXJMMOPUCFXPVOEGPSXBSEBOE
UIFDBNFSBXJMMOPUPQFSBUF.BLFBNBOVBMGJMNTQFFEQSP
HSBNNJOHBOEMPBEUIFGJMNBHBJO

-PBEUIFDBNFSBXJUIUIFNPEFTFUUJOHBUA0''
8IJMFUIFGJMNJTCFJOHXJUIESBXOUIFDBN-$%XJMM
TIPXUIFêMNTQFFEXIJMFUIFFYQ-$%XJMMDPVOUEPXO
UIFFYQPTVSFT8IFOUIFGJMNIBTCFFODPNQMFUFMZ
XJUIESBXOGSPNUIFDBTTFUUFUIFDBN-$%XJMMUVSO
PĒѮFFYQ-$%XJMMJOEJDBUFUIFOVNCFSPGFYQPTVSFT
SFNBJOJOHBDDPSEJOHUPGPSNBUTFUUJOH

5IFOVNCFSPGFYQPTVSFTSFNBJOJOHXJMMEFQFOEPOUIF
GPSNBUTFUUJOH5IFSFGPSFXJUIBOFXFYQPTVSFDBTTFUUF
GPSJOTUBODFUIFDPVOUFSXJMMTIPXFYQPTVSFTBUTUBOEBSE
GPSNBUCVUPOMZBUQBOPSBNBGPSNBU

*GUIFFYQPTVSFDPVOUFSEPFTOPUTIPXIPXNBOZFYQPTVSFT
BSFSFNBJOJOHJUJTBOJOEJDBUJPOPGBGBVMU0QFOUIFDBNFSB
CBDLBOESFBMJHOUIFUJQPGUIFGJMNXJUIUIFUBLFVQTQPPM

*GUIFFYQPTVSFDPVOUFSGMBTIFTJUJTBOJOEJDBUJPOPGBGBVMU
3FXJOEUIFGJMNBOESFMPBEUIFDBNFSB

5IFDBNFSBXJMMBQQFBSUPPQFSBUFOPSNBMMZFWFOJGJUJT
FNQUZ)PXFWFSOPGJHVSFTXJMMCFWJTJCMFJOUIFFYQ-$%
BOEPGDPVSTFOPJOGPSNBUJPODBOCFTFFOJOUIFGJMNUZQF
XJOEPX
&YQPTVSFDPVOUFS 
ѮFFYQ-$%JOEJDBUFTUIFOVNCFSPGVOFYQPTFEGSBNFT
SFNBJOJOHBVUPNBUJDBMMZDIBOHJOHBGUFSFWFSZFY
QPTVSF*UBMTPUBLFTJOUPBDDPVOUUIFDIPTFOGPSNBU
TFUUJOHBVUPNBUJDBMMZ5IJTNFBOTUIBUCZTXJUDIJOH
UIFGPSNBUTFMFDUPSLOPCCBDLBOEGPSUIZPVDBOTFF
IPXNBOZGSBNFTBSFSFNBJOJOHJOFJUIFSGPSNBUBU
BOZUJNF5IFGJHVSFJOEJDBUFTUIFMBTUGSBNFBOE
XIFOUIBUIBTCFFOFYQPTFEUIFDBNFSBBVUPNBUJDBMMZ
SFXJOETUIFSFNBJOEFSPGUIFGJMNJOUPUIFDBTTFUUF
8IFOUIFNPUPSTUPQTUIFFYQPTVSFDPVOUFSXJMMJO
EJDBUF&FNQUZ
*GUIFDBNFSBCBDLJTPQFOFEUIFDBNFSBXJMMSFXJOE
UIFSFNBJOJOHVOFYQPTFEêMNXIFODMPTJOHUIFCBDL
BHBJO"GUFSUIFGJMNIBTCFFOGVMMZSFXPVOEFYQ-$%
XJMMJOEJDBUFBëBTIJOH&FNQUZBTBXBSOJOH
&YQPTVSF$POUSPM
&YQPTVSFDPOUSPMDBOCFBVUPNBUJDBQFSUVSFQSJPS
JUZPSNBOVBM"QFSUVSFQSJPSJUZNFBOTUIBUUIF
DBNFSBBVUPNBUJDBMMZDIPPTFTBTIVUUFSTQFFEUP
NBUDIUIFBQFSUVSFUIBUZPVIBWFTFU5IF55-FY
QPTVSFNFUFSQSPWJEFTBDFOUSFXFJHIUFEBWFSBHF
SFBEJOHBOENFBTVSFTUIFMJHIUBUUIFTIVUUFSQMBOF



"ZFMMPX-$%EJTQMBZJOTJEFUIFWJFXGJOEFSTIPXT
UIFTIVUUFSTQFFEBOEUSJBOHMFTZNCPMTJOEJDBUJOH
PWFSPSVOEFSFYQPTVSF
5IFQBUUFSOPGUIFTFOTJUJWFBSFBSFNBJOTUIFTBNF
GPSCPUIUIFOPSNBMBOEQBOPSBNBGPSNBUT*UPD
DVQJFTBDFOUSBMBSFBPGBQQSPYJNBUFMZYNN
WFSUJDBMMZYIPSJ[POUBMMZBOEJTTVJUBCMFGPSSFBEJOHT
XJUIUIFDBNFSBJOCPUIUIFIPSJ[POUBMBOEWFSUJDBM
QPTJUJPOT/PSNBMQIPUPHSBQIJDQSFDBVUJPOTBOE
QSBDUJDFTBQQMZXIFOUBLJOHBOFYQPTVSFSFBEJOH
JOFJUIFSNBOVBMPSBVUPNBUJDNPEFXJUISFHBSEUP
UIFUPOBMWBMVFPGUIFDIPTFONFUFSFEBSFBUIFFG
GFDUPGCSJHIUTLJFTJOMBOETDBQFTUIFDPOUSBTUSBOHF
PGUIFTDFOFCBDLMJHIUTJUVBUJPOTFUD
"VUPNBUJD   
*GTFUXJUIJOUIFNBOVBMTQFFESBOHFUVSOUIFTIVU
UFSTQFFETFMFDUPSEJBMUPBMJHO"BHBJOTUUIFJOEFYPO
UIFDBNFSBCPEZ*UXJMMDMJDLJOUPQPTJUJPO
1SFTTUIFTIVUUFSSFMFBTFCVUUPOIBMGXBZUPBDUJWBUF
UIFNFUFS
"EKVTUUIFBQFSUVSFTFUUJOHBDDPSEJOHUPUIFTJHOBMT
JOUIFWJFXGJOEFSUPFOTVSFUIFFYQPTVSFXJMMCF
XJUIJOUIFNFUFSJOHSBOHFBTJOUIFUBCMF

&OTVSFZPVDIFDLUIJTJOGPSNBUJPOXIFOVTJOHBVUPNBUJD
NPEFJODBTFUIFMJHIUJOHDPOEJUJPOTBSFCFZPOEUIFSBOHF
PGUIFNFUFSDBNFSBTFUUJOHTGPSUIFTFOTJUJWJUZPGUIFGJMN
JOVTF5IJTNJHIUIBQQFOXIFOVTJOHBGBTUGJMNJOWFSZ
CSJHIUDPOEJUJPOTPSBTMPXGJMNJOQPPSMJHIUJOHDPOEJUJPOT
GPSFYBNQMF

*OBVUPNBUJDNPEFUIFMPOHFTUFYQPTVSFQPTTJCMFJT
TFDPOET
)PMEJOHUIFTIVUUFSSFMFBTFCVUUPOIBMGXBZEPXOXJMM
MPDLUIFFYQPTVSFSFBEJOH8IFOUIFTIVUUFSSFMFBTF
CVUUPOSFUVSOTUPJUTOPSNBMQPTJUJPOUIFDBNFSBDPO
UJOVFTUPNFBTVSFMJHIUGPSBQQSPYJNBUFMZTFDPOET
5IFDBN-$%BOEWJFX-$%XJMMBMTPTIPXUIF5WWBMVF
TIVUUFSTQFFEGPSUIBUQBSUJDVMBSFYQPTVSFTFUUJOHJO
&7TUFQT
"GMBTIJOHTIVUUFSTQFFEJOEJDBUFTMJHIUNFUFSPVUPG
SBOHFUPPEBSLPSUPPCSJHIUTDFOF
.BOVBM  
*GTFUBU"EFQSFTTUIFTIVUUFSTQFFEDPOUSPMMPDL
CVUUPO"UUIFTBNFUJNFUVSOUIFTIVUUFSTQFFE
DPOUSPMUPBOZEFTJSFETIVUUFSTQFFEFYDFQU"PS#CZ
BMJHOJOHJUBHBJOTUUIFJOEFY:PVDBOUIFOUVSOUIF
TIVUUFSTQFFEDPOUSPMXJUIPVUIBWJOHUPQSFTTUIF
B 4IVUUFSTQFFEBOEnBTIJOH CFZPOENFUFSJOHSBOHFUPPEBSL
C 4IVUUFSTQFFETUBCMF DPSSFDUFYQPTVSFUJNF
D 4IVUUFSTQFFETUBCMFBOEnBTIJOH DBMDVMBUFEFYQPTVSFUJNFPGMFTTUIBOTDMPTF
UIFBQFSUVSFVOUJMUIFTZNCPMEJTBQQFBSTBOE
UIFTIVUUFSTQFFEJTTUBCMF
E 4IVUUFSTQFFEBOEnBTIJOH CFZPOENFUFSJOHSBOHFUPPCSJHIUDMPTFUIFBQFS
UVSFVOUJMUIFTZNCPMEJTBQQFBSTBOEUIFTIVUUFS
TQFFEJTTUBCMF
B 4IVUUFSTQFFEBOEnBTIJOH CFZPOENFUFSJOHSBOHFUPPEBSL
C nBTIJOH NPSFUIBO&7VOEFSFYQPTVSF
D TIPXJOH &7VOEFSFYQPTVSF
E TIPXJOH DPSSFDUFYQPTVSF
F TIPXJOH &7PWFSFYQPTVSF
G nBTIJOH NPSFUIBO&7PWFSFYQPTVSF
H 4IVUUFSTQFFEBOEnBTIJOH CFZPOENFUFSJOHSBOHFUPPCSJHIU
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

"ZFMMPX-$%EJTQMBZJOTJEFUIFWJFXGJOEFSTIPXT
UIFTIVUUFSTQFFEBOEUSJBOHMFTZNCPMTJOEJDBUJOH
PWFSPSVOEFSFYQPTVSF
5IFQBUUFSOPGUIFTFOTJUJWFBSFBSFNBJOTUIFTBNF
GPSCPUIUIFOPSNBMBOEQBOPSBNBGPSNBUT*UPD
DVQJFTBDFOUSBMBSFBPGBQQSPYJNBUFMZYNN
WFSUJDBMMZYIPSJ[POUBMMZBOEJTTVJUBCMFGPSSFBEJOHT
XJUIUIFDBNFSBJOCPUIUIFIPSJ[POUBMBOEWFSUJDBM
QPTJUJPOT/PSNBMQIPUPHSBQIJDQSFDBVUJPOTBOE
QSBDUJDFTBQQMZXIFOUBLJOHBOFYQPTVSFSFBEJOH
JOFJUIFSNBOVBMPSBVUPNBUJDNPEFXJUISFHBSEUP
UIFUPOBMWBMVFPGUIFDIPTFONFUFSFEBSFBUIFFG
GFDUPGCSJHIUTLJFTJOMBOETDBQFTUIFDPOUSBTUSBOHF
PGUIFTDFOFCBDLMJHIUTJUVBUJPOTFUD
"VUPNBUJD   
*GTFUXJUIJOUIFNBOVBMTQFFESBOHFUVSOUIFTIVU
UFSTQFFETFMFDUPSEJBMUPBMJHO"BHBJOTUUIFJOEFYPO
UIFDBNFSBCPEZ*UXJMMDMJDLJOUPQPTJUJPO
1SFTTUIFTIVUUFSSFMFBTFCVUUPOIBMGXBZUPBDUJWBUF
UIFNFUFS
"EKVTUUIFBQFSUVSFTFUUJOHBDDPSEJOHUPUIFTJHOBMT
JOUIFWJFXGJOEFSUPFOTVSFUIFFYQPTVSFXJMMCF
XJUIJOUIFNFUFSJOHSBOHFBTJOUIFUBCMF

&OTVSFZPVDIFDLUIJTJOGPSNBUJPOXIFOVTJOHBVUPNBUJD
NPEFJODBTFUIFMJHIUJOHDPOEJUJPOTBSFCFZPOEUIFSBOHF
PGUIFNFUFSDBNFSBTFUUJOHTGPSUIFTFOTJUJWJUZPGUIFGJMN
JOVTF5IJTNJHIUIBQQFOXIFOVTJOHBGBTUGJMNJOWFSZ
CSJHIUDPOEJUJPOTPSBTMPXGJMNJOQPPSMJHIUJOHDPOEJUJPOT
GPSFYBNQMF

*OBVUPNBUJDNPEFUIFMPOHFTUFYQPTVSFQPTTJCMFJT
TFDPOET
)PMEJOHUIFTIVUUFSSFMFBTFCVUUPOIBMGXBZEPXOXJMM
MPDLUIFFYQPTVSFSFBEJOH8IFOUIFTIVUUFSSFMFBTF
CVUUPOSFUVSOTUPJUTOPSNBMQPTJUJPOUIFDBNFSBDPO
UJOVFTUPNFBTVSFMJHIUGPSBQQSPYJNBUFMZTFDPOET
5IFDBN-$%BOEWJFX-$%XJMMBMTPTIPXUIF5WWBMVF
TIVUUFSTQFFEGPSUIBUQBSUJDVMBSFYQPTVSFTFUUJOHJO
&7TUFQT
"GMBTIJOHTIVUUFSTQFFEJOEJDBUFTMJHIUNFUFSPVUPG
SBOHFUPPEBSLPSUPPCSJHIUTDFOF
.BOVBM  
*GTFUBU"EFQSFTTUIFTIVUUFSTQFFEDPOUSPMMPDL
CVUUPO"UUIFTBNFUJNFUVSOUIFTIVUUFSTQFFE
DPOUSPMUPBOZEFTJSFETIVUUFSTQFFEFYDFQU"PS#CZ
BMJHOJOHJUBHBJOTUUIFJOEFY:PVDBOUIFOUVSOUIF
TIVUUFSTQFFEDPOUSPMXJUIPVUIBWJOHUPQSFTTUIF
B 4IVUUFSTQFFEBOEnBTIJOH CFZPOENFUFSJOHSBOHFUPPEBSL
C 4IVUUFSTQFFETUBCMF DPSSFDUFYQPTVSFUJNF
D 4IVUUFSTQFFETUBCMFBOEnBTIJOH DBMDVMBUFEFYQPTVSFUJNFPGMFTTUIBOTDMPTF
UIFBQFSUVSFVOUJMUIFTZNCPMEJTBQQFBSTBOE
UIFTIVUUFSTQFFEJTTUBCMF
E 4IVUUFSTQFFEBOEnBTIJOH CFZPOENFUFSJOHSBOHFUPPCSJHIUDMPTFUIFBQFS
UVSFVOUJMUIFTZNCPMEJTBQQFBSTBOEUIFTIVUUFS
TQFFEJTTUBCMF
B 4IVUUFSTQFFEBOEnBTIJOH CFZPOENFUFSJOHSBOHFUPPEBSL
C nBTIJOH NPSFUIBO&7VOEFSFYQPTVSF
D TIPXJOH &7VOEFSFYQPTVSF
E TIPXJOH DPSSFDUFYQPTVSF
F TIPXJOH &7PWFSFYQPTVSF
G nBTIJOH NPSFUIBO&7PWFSFYQPTVSF
H 4IVUUFSTQFFEBOEnBTIJOH CFZPOENFUFSJOHSBOHFUPPCSJHIU
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

JOUFSJPSXIFSFBêHVSFJTTUBOEJOHJOGSPOUPGBXJOEPX
GPSJOTUBODFPSBHBJOTUTOPXBTBOEZCFBDITJMIPVFU
UFEBHBJOTUBTLZFUDXIFSFUIFCBDLHSPVOEJTWFSZ
MJHIUXIJMFBNVDITNBMMFSCVUJNQPSUBOUQBSUPGUIF
JNBHFJTDPNQBSBUJWFMZNVDIEBSLFS
ѮFPQQPTJUFTJUVBUJPODBOBMTPCFDPSSFDUFEXIFSFGPS
FYBNQMFBMJHIUDPMPVSFEPCKFDUJTQPTJUJPOFEJOGSPOU
PGBWFSZEBSLCBDLHSPVOE*OUIJTDBTFBOBWFSBHFE
55-NFUFSSFBEJOHXJMMTVHHFTUBSFBEJOHUIBUXPVME
QSPEVDFBOPWFSFYQPTFEJNBHF"EFDSFBTFDPNQFOTB
UJPOPGGPSFYBNQMFDBOCFBQQMJFEQSPEVDJOHB
CBDLHSPVOEUPOFUIBUXBTDMPTFSUPUIFPSJHJOBMBOE
EBSLFOJOHUIFPCKFDUUPBNPSFAOBUVSBMUPOF4JNJMBS
TJUVBUJPOTNJHIUCFBOPCKFDUQMBDFEJOTVOMJHIU
BHBJOTUBCBDLHSPVOEJOTIBEPXGPSFYBNQMF
ѮFBNPVOUPGDPNQFOTBUJPOSFRVJSFEXJMMEJĒFSGSPN
DBTFUPDBTFEFQFOEBOUPOUIFTJUVBUJPOBOEUIFEFTJSFE
FĒFDU

%POPUGPSHFUUPSFTFUUIFFYQPTVSFDPNQFOTBUJPOCBDLUP
[FSPBGUFSVTF
"VUPCSBDLFUJOH
5IFBVUPCSBDLFUJOHGVODUJPOBMMPXTZPVUPNBLFB
TFSJFTPGJODSFBTFEBOEEFDSFBTFEFYQPTVSFTJOSBQJE
TVDDFTTJPOUPFOTVSFBOPQUJNBMFYQPTVSFXJUIPVU
IBWJOHUPBMUFSUIFTFUUJOHTBѫFSFBDIFYQPTVSFѮJT
JTQBSUJDVMBSMZVTFGVMXIFOVTJOHSFWFSTBMGJMNUIBU
JOIFSFOUMZIBTMJUUMFUPMFSBODFGPSFYQPTVSFFSSPS*U
VOEFSBOEPWFSFYQPTFTCZBMUFSJOHUIFTIVUUFSTQFFE
VTJOHUIFDIPTFOFYQPTVSFTFUUJOHBTTUBOEBSEQSPWJE
JOHUISFFTFQBSBUFFYQPTVSFT)BMGPSGVMM&7TUFQWBSJ
BUJPOTDBOCFNBEF1SPDFFEBTGPMMPXT
4FUUIFêMNUSBOTQPSUNPEFUP4PS$
1VTIUIF.0%&CVUUPOPOUIFDBN-$%GPST1VTISF
QFBUFEMZVOUJMBO"&#BOEBTZNCPMBQQFBSJOUIF
MPXFSSJHIUGSBNFPOUIFEJTQMBZ4FMFDUUIFFYQPTVSF
EFWJBUJPOXJUIUIFCVUUPOT$POGJSNCZ
QSFTTJOH.0%&BHBJOPSCZQSFTTJOHUIFSFMFBTFCVU
UPOIBMGXBZ"O"&#TZNCPMJTTIPXOPOUIFEJTQMBZ
BTXFMMBTUIFTFUFYQPTVSFEFWJBUJPO"TZNCPMJT
BMTPTIPXOPOUIFWJFX-$%
%FUFSNJOFUIFFYQPTVSFBTOPSNBMJONBOVBMPS
ABVUPNBUJDNPEF
1SFTTUIFTIVUUFSSFMFBTFCVUUPOPSSFNPUFSFMFBTF
BOELFFQJUQSFTTFEVOUJMUIFUISFFGSBNFTIBWFCFFO
FYQPTFE
ѮFFYQPTVSFTXJMMDPOTFDVUJWFMZCFTUBOEBSEVOEFS
PWFSѮFZBSFBMTPJOEJDBUFEJOUIFDBN-$%BTGPMMPXT
BTTVNJOH&7JTZPVSDIPJDFPGWBSJBUJPOGPSUIJT
FYBNQMF
MPDLCVUUPOBHBJO*USFNBJOTMPDLFEPOMZBUUIF
"TFUUJOH#FTVSFUPTFUUIFEJBMBUBTQFDJGJDTQFFE
BOEOPUJOCFUXFFOUXPTQFFETBTUIJTXJMMDBVTF
FYQPTVSFFSSPST
1SFTTUIFTIVUUFSSFMFBTFCVUUPOIBMGXBZUPBDUJWBUF
UIFNFUFS
"EKVTUUIFBQFSUVSFBOEPSTIVUUFSTQFFEDPOUSPMT
VOUJMUIFUSJBOHMFTZNCPMTCPUIBQQFBSJOUIFWJFX
êOEFSGPSDPSSFDUFYQPTVSF
ѮFDBN-$%BOEWJFX-$%XJMMBMTPJOEJDBUFUIF5WTIVU
UFSTQFFETFUUJOH

"GMBTIJOHTIVUUFSTQFFEJOEJDBUFTMJHIUNFUFSPVUPGSBOHF
UPPEBSLPSUPPCSJHIUTDFOF
&YQPTVSFDPNQFOTBUJPO
*ODFSUBJOTJUVBUJPOTBQSFGFSBCMFFYQPTVSFNBZCF
PCUBJOFEmUFDIOJDBMMZPSDSFBUJWFMZmCZPWFSSJEJOH
UIFTVHHFTUFEFYQPTVSFѮFSFBSFUXPBMUFSOBUJWFXBZT
UPEPUIJTJOBVUPNBUJDNPEFUIFDIPJDFPGNFUIPE
EFQFOEJOHPOUIFUZQFPGTDFOF8IFSFUIFSFBSFMBSHF
CSJHIUBSFBTmBMBOETDBQFXJUIMBSHFXIJUFDMPVETGPS
FYBNQMFmQPJOUUIFDBNFSBEPXOUPXBSETGPSFHSPVOE
UPOFTBOEQSFTTUIFSFMFBTFCVUUPOIBMGXBZUPMPDLUIF
FYQPTVSF8IJMFNBJOUBJOJOHUIFQSFTTVSFPOUIFCVU
UPOSFUVSOUPUIFEFTJSFEDPNQPTJUJPOBOEQSFTTUIF
CVUUPOBMMUIFXBZEPXOGPSFYQPTVSF
*OTJUVBUJPOTXIFSFUIJTNFUIPEJTOPUQPTTJCMFmXIFSF
UIFSFBSFOPTVJUBCMFBSFBTUPNBLFBSFBEJOHGSPNPS
XIFSFZPVBSFUBLJOHTFWFSBMQJDUVSFTJORVJDLTVDDFT
TJPOGPSFYBNQMFmVTFQSPHSBNNJOHPGUIFFYQPTVSF
DPNQFOTBUJPOJOTUFBE4FUUJOHJOIBMG&7TUFQTJUXJMM
QSPWJEFZPVXJUIUIFEFTJSFEBNPVOUPGDPSSFDUJPO
BVUPNBUJDBMMZ
1SFTTUIF.0%&CVUUPOPOUIFDBN-$%GPST
1SFTTSFQFBUFEMZVOUJMBDPNCJOFETZNCPMBQ
QFBSTJOUIFMPXFSSJHIUGSBNFPOUIFEJTQMBZOPU
UIF"&#TZNCPM
4FMFDUUIFBNPVOUPGDPNQFOTBUJPOXJUIUIF
 CVUUPOTBOEDPOêSNCZQVTIJOH.0%&BHBJOPS
CZQVTIJOHUIFSFMFBTFCVUUPOIBMGXBZ
"TZNCPMJTTIPXOPOUIFEJTQMBZBTXFMMBTUIF
BNPVOUPGDPNQFOTBUJPO"TZNCPMBMTPBQQFBSTPO
UIFWJFX-$%UIPVHIOPUUIFBNPVOUPGDPNQFOTBUJPO
'PSFYBNQMFJGZPVXBOUUPQIPUPHSBQIBEBSLêHVSF
BHBJOTUBEPNJOBOUMJHIUCBDLHSPVOEUIFFYQPTVSF
TVHHFTUFEBWFSBHFE55-NFUFSSFBEJOHXJMMQSPEVDF
BOVOEFSFYQPTFEJNBHF#ZTFUUJOHBOFYQPTVSFDPN
QFOTBUJPOPGGPSFYBNQMFUIFSFTVMUXJMMCFNPSF
OBUVSBM"DPNNPOTJUVBUJPOJTBACBDLMJUTVCKFDUmBO


JOUFSJPSXIFSFBêHVSFJTTUBOEJOHJOGSPOUPGBXJOEPX
GPSJOTUBODFPSBHBJOTUTOPXBTBOEZCFBDITJMIPVFU
UFEBHBJOTUBTLZFUDXIFSFUIFCBDLHSPVOEJTWFSZ
MJHIUXIJMFBNVDITNBMMFSCVUJNQPSUBOUQBSUPGUIF
JNBHFJTDPNQBSBUJWFMZNVDIEBSLFS
ѮFPQQPTJUFTJUVBUJPODBOBMTPCFDPSSFDUFEXIFSFGPS
FYBNQMFBMJHIUDPMPVSFEPCKFDUJTQPTJUJPOFEJOGSPOU
PGBWFSZEBSLCBDLHSPVOE*OUIJTDBTFBOBWFSBHFE
55-NFUFSSFBEJOHXJMMTVHHFTUBSFBEJOHUIBUXPVME
QSPEVDFBOPWFSFYQPTFEJNBHF"EFDSFBTFDPNQFOTB
UJPOPGGPSFYBNQMFDBOCFBQQMJFEQSPEVDJOHB
CBDLHSPVOEUPOFUIBUXBTDMPTFSUPUIFPSJHJOBMBOE
EBSLFOJOHUIFPCKFDUUPBNPSFAOBUVSBMUPOF4JNJMBS
TJUVBUJPOTNJHIUCFBOPCKFDUQMBDFEJOTVOMJHIU
BHBJOTUBCBDLHSPVOEJOTIBEPXGPSFYBNQMF
ѮFBNPVOUPGDPNQFOTBUJPOSFRVJSFEXJMMEJĒFSGSPN
DBTFUPDBTFEFQFOEBOUPOUIFTJUVBUJPOBOEUIFEFTJSFE
FĒFDU

%POPUGPSHFUUPSFTFUUIFFYQPTVSFDPNQFOTBUJPOCBDLUP
[FSPBGUFSVTF
"VUPCSBDLFUJOH
5IFBVUPCSBDLFUJOHGVODUJPOBMMPXTZPVUPNBLFB
TFSJFTPGJODSFBTFEBOEEFDSFBTFEFYQPTVSFTJOSBQJE
TVDDFTTJPOUPFOTVSFBOPQUJNBMFYQPTVSFXJUIPVU
IBWJOHUPBMUFSUIFTFUUJOHTBѫFSFBDIFYQPTVSFѮJT
JTQBSUJDVMBSMZVTFGVMXIFOVTJOHSFWFSTBMGJMNUIBU
JOIFSFOUMZIBTMJUUMFUPMFSBODFGPSFYQPTVSFFSSPS*U
VOEFSBOEPWFSFYQPTFTCZBMUFSJOHUIFTIVUUFSTQFFE
VTJOHUIFDIPTFOFYQPTVSFTFUUJOHBTTUBOEBSEQSPWJE
JOHUISFFTFQBSBUFFYQPTVSFT)BMGPSGVMM&7TUFQWBSJ
BUJPOTDBOCFNBEF1SPDFFEBTGPMMPXT
4FUUIFêMNUSBOTQPSUNPEFUP4PS$
1VTIUIF.0%&CVUUPOPOUIFDBN-$%GPST1VTISF
QFBUFEMZVOUJMBO"&#BOEBTZNCPMBQQFBSJOUIF
MPXFSSJHIUGSBNFPOUIFEJTQMBZ4FMFDUUIFFYQPTVSF
EFWJBUJPOXJUIUIFCVUUPOT$POGJSNCZ
QSFTTJOH.0%&BHBJOPSCZQSFTTJOHUIFSFMFBTFCVU
UPOIBMGXBZ"O"&#TZNCPMJTTIPXOPOUIFEJTQMBZ
BTXFMMBTUIFTFUFYQPTVSFEFWJBUJPO"TZNCPMJT
BMTPTIPXOPOUIFWJFX-$%
%FUFSNJOFUIFFYQPTVSFBTOPSNBMJONBOVBMPS
ABVUPNBUJDNPEF
1SFTTUIFTIVUUFSSFMFBTFCVUUPOPSSFNPUFSFMFBTF
BOELFFQJUQSFTTFEVOUJMUIFUISFFGSBNFTIBWFCFFO
FYQPTFE
ѮFFYQPTVSFTXJMMDPOTFDVUJWFMZCFTUBOEBSEVOEFS
PWFSѮFZBSFBMTPJOEJDBUFEJOUIFDBN-$%BTGPMMPXT
BTTVNJOH&7JTZPVSDIPJDFPGWBSJBUJPOGPSUIJT
FYBNQMF
MPDLCVUUPOBHBJO*USFNBJOTMPDLFEPOMZBUUIF
"TFUUJOH#FTVSFUPTFUUIFEJBMBUBTQFDJGJDTQFFE
BOEOPUJOCFUXFFOUXPTQFFETBTUIJTXJMMDBVTF
FYQPTVSFFSSPST
1SFTTUIFTIVUUFSSFMFBTFCVUUPOIBMGXBZUPBDUJWBUF
UIFNFUFS
"EKVTUUIFBQFSUVSFBOEPSTIVUUFSTQFFEDPOUSPMT
VOUJMUIFUSJBOHMFTZNCPMTCPUIBQQFBSJOUIFWJFX
êOEFSGPSDPSSFDUFYQPTVSF
ѮFDBN-$%BOEWJFX-$%XJMMBMTPJOEJDBUFUIF5WTIVU
UFSTQFFETFUUJOH

"GMBTIJOHTIVUUFSTQFFEJOEJDBUFTMJHIUNFUFSPVUPGSBOHF
UPPEBSLPSUPPCSJHIUTDFOF
&YQPTVSFDPNQFOTBUJPO
*ODFSUBJOTJUVBUJPOTBQSFGFSBCMFFYQPTVSFNBZCF
PCUBJOFEmUFDIOJDBMMZPSDSFBUJWFMZmCZPWFSSJEJOH
UIFTVHHFTUFEFYQPTVSFѮFSFBSFUXPBMUFSOBUJWFXBZT
UPEPUIJTJOBVUPNBUJDNPEFUIFDIPJDFPGNFUIPE
EFQFOEJOHPOUIFUZQFPGTDFOF8IFSFUIFSFBSFMBSHF
CSJHIUBSFBTmBMBOETDBQFXJUIMBSHFXIJUFDMPVETGPS
FYBNQMFmQPJOUUIFDBNFSBEPXOUPXBSETGPSFHSPVOE
UPOFTBOEQSFTTUIFSFMFBTFCVUUPOIBMGXBZUPMPDLUIF
FYQPTVSF8IJMFNBJOUBJOJOHUIFQSFTTVSFPOUIFCVU
UPOSFUVSOUPUIFEFTJSFEDPNQPTJUJPOBOEQSFTTUIF
CVUUPOBMMUIFXBZEPXOGPSFYQPTVSF
*OTJUVBUJPOTXIFSFUIJTNFUIPEJTOPUQPTTJCMFmXIFSF
UIFSFBSFOPTVJUBCMFBSFBTUPNBLFBSFBEJOHGSPNPS
XIFSFZPVBSFUBLJOHTFWFSBMQJDUVSFTJORVJDLTVDDFT
TJPOGPSFYBNQMFmVTFQSPHSBNNJOHPGUIFFYQPTVSF
DPNQFOTBUJPOJOTUFBE4FUUJOHJOIBMG&7TUFQTJUXJMM
QSPWJEFZPVXJUIUIFEFTJSFEBNPVOUPGDPSSFDUJPO
BVUPNBUJDBMMZ
1SFTTUIF.0%&CVUUPOPOUIFDBN-$%GPST
1SFTTSFQFBUFEMZVOUJMBDPNCJOFETZNCPMBQ
QFBSTJOUIFMPXFSSJHIUGSBNFPOUIFEJTQMBZOPU
UIF"&#TZNCPM
4FMFDUUIFBNPVOUPGDPNQFOTBUJPOXJUIUIF
 CVUUPOTBOEDPOêSNCZQVTIJOH.0%&BHBJOPS
CZQVTIJOHUIFSFMFBTFCVUUPOIBMGXBZ
"TZNCPMJTTIPXOPOUIFEJTQMBZBTXFMMBTUIF
BNPVOUPGDPNQFOTBUJPO"TZNCPMBMTPBQQFBSTPO
UIFWJFX-$%UIPVHIOPUUIFBNPVOUPGDPNQFOTBUJPO
'PSFYBNQMFJGZPVXBOUUPQIPUPHSBQIBEBSLêHVSF
BHBJOTUBEPNJOBOUMJHIUCBDLHSPVOEUIFFYQPTVSF
TVHHFTUFEBWFSBHFE55-NFUFSSFBEJOHXJMMQSPEVDF
BOVOEFSFYQPTFEJNBHF#ZTFUUJOHBOFYQPTVSFDPN
QFOTBUJPOPGGPSFYBNQMFUIFSFTVMUXJMMCFNPSF
OBUVSBM"DPNNPOTJUVBUJPOJTBACBDLMJUTVCKFDUmBO



&YQPTVSFEJTQMBZTATUBOEBSE
&YQPTVSFEJTQMBZTAmVOEFS
&YQPTVSFEJTQMBZTAPWFS
ѮFCSBDLFUJOHGVODUJPOXJMMBVUPNBUJDBMMZCFEFBDUJ
WBUFEXIFOUIFDBNFSBJTUVSOFEPĒBOEXJMMIBWFUPCF
SFBDUJWBUFEXIFOTXJUDIFEPOBHBJOѮFGVODUJPODBO
BMTPCFUVSOFEPĒCZQSFTTJOHUIF.0%&CVUUPOBHBJO

*GZPVSFMFBTFUIFQSFTTVSFPOUIFTIVUUFSSFMFBTFCVUUPOPS
SFNPUFSFMFBTFUPPTPPOUIFPQFSBUJPOXJMMOPUDPNQMFUF
8IFOEFQSFTTFEBHBJOUIFTFRVFODFXJMMDBSSZPOGSPN
XIFSFJUTUPQQFE5IBUJTUPTBZJGZPVSFMFBTFUIFQSFTTVSF
BGUFSUIFGJSTUFYQPTVSFGPSFYBNQMFUIFUXPGJOBMFYQPTVSFT
SFNBJOQSPHSBNNFEJOUIFDBNFSB5IFSFGPSFXIFOZPV
EFQSFTTUIFSFMFBTFBHBJOBTTVNJOHZPVIBWFOPUUVSOFE
PGGUIF"&#NPEFPSUIFDBNFSBUIFGJSTUFYQPTVSFXJMM
CFVOEFSFYQPTFECZ&7BOEUIFFYQPTVSFBGUFSUIBU
PWFSFYQPTFECZ&75IFJOGPSNBUJPODPODFSOJOHUIF
SFNBJOJOHGSBNFTSFNBJOTJOUIFDBNFSBFWFOJGJUIBTHPOF
JOUPUIFTUBOECZNPEFCVUUIF"&#TZNCPMBOEUIFGJHVSFT
XJMMCFWJTJCMFBHBJOJOUIFDBN-$%XIFOUIFDBNFSBJT
SFBDUJWBUFE

1BZBUUFOUJPOUPUIFJOGPSNBUJPOJOUIFDBN-$%XIFOXPSL
JOHJOUIF"&#NPEFBOEUPSFNFNCFSUPDBODFMUIJTNPEF
BGUFSVTFFJUIFSCZQSFTTJOHUIF"&#CVUUPOBHBJOPSCZUVSO
JOHPGGUIFDBNFSB'BJMVSFUPEPTPDBODBVTFGSBNFTUPCF
JODPSSFDUMZFYQPTFEBTZPVNBZIBWFJOBEWFSUFOUMZDPOUJOVFE
BOJOUFSSVQUFETFRVFODFPSTUBSUFEBOFXPOF

5IFTUBOEBSEFYQPTVSFXJMMJODMVEFBOZFYQPTVSFDPNQFOTB
UJPOZPVIBWFTFU8IFOVTJOHCPUIFYQPTVSFDPNQFOTB
UJPOBOE"&#POMZUIF"&#TFUUJOHXJMMCFTIPXOPOUIF
DBN-$%

"&#DBOOPUCFBDUJWBUFEXIFOPOMZPOFPSUXPQJDUVSFT
SFNBJOVOFYQPTFEPOUIFGJMN

5IFTIVUUFSXJMMMPDLBOEUIFDBN-$%XJMMJOEJDBUFBGMBTIJOH
"&#ABOEBOVNCFSXIFOUIFCSBDLFUJOHGVODUJPOJTBDUJWBUFE
JOTUBOEBSEGPSNBUXJUIPOMZUISFFQJDUVSFTMFGUBOEUIFGPSNBU
TXJUDIJTDIBOHFEUPQBOPSBNB

5IFTIVUUFSXJMMMPDLBOEBGMBTIJOH1XJMMBQQFBSJOUIF
FYQ-$%JGUIFGPSNBUJTDIBOHFEBGUFSPOFPSUXPFYQPTVSFT
XIJMFUIFDBNFSBJTTFUBU"&#

:PVDBOBOZUJNFDBODFMUIF"&#CZQVTIJOHUIF.0%&
CVUUPO

"&#DBOOPUCFDPNCJOFEXJUI.VMUJFYQPTVSF
'JMNBEWBODF
5IFGJMNJTBEWBODFEBVUPNBUJDBMMZUPUIFOFYU
GSBNFXJUIDPOTJTUFOUTQBDJOHCFUXFFOGSBNFT
SFHBSEMFTTPGGPSNBU5IJTSFTFUUJOHPGUIFGSBNF
QPTJUJPODBOCFIFBSEXIFOUIFGPSNBUTFMFDUPSJT
NPWFE
8IFOUIFNPEFEJBMJTTFUBU4POFFYQPTVSFJTNBEF
8IFOUIFNPEFEJBMJTTFUBU$DPOTFDVUJWFFYQPTVSFT
BSFNBEFBTMPOHBTUIFSFMFBTFCVUUPOSFNBJOTEF
QSFTTFE*OUIF$NPEFUIFFYQPTVSFSBUFJTGSBNFTT
JOUIFTUBOEBSEGPSNBUBOEGSBNFTTJOUIFQBOP
SBNBGPSNBU


*GPOMZPOFVOFYQPTFEGSBNFJTMFGUPOUIFGJMNUPDPWFSUIF
TUBOEBSEGPSNBUBOEUIFGPSNBUTFMFDUPSJTTXJUDIFEUPAQBO
PSBNBUIFTIVUUFSXJMMMPDLBOEB1XJMMGMBTIBTBXBSOJOH
(FOFSBM
-$%JMMVNJOBUJPO
8IFOUIFBNCJFOUMJHIUJOHDPOEJUJPOTBSFUPPEBSLUPP
SFBEUIF-$%JOGPSNBUJPOQBOFMTQSFTTUIF-$%CBDL
MJHIUJMMVNJOBUJPOCVUUPOMPDBUFECFMPXUIFDBN-$%
QBOFMBTJOUIFJMMVTUSBUJPOѮFQBOFMTXJMMCFJMMVNJ
OBUFEBOESFNBJOTPVOUJMUIFDBNFSBSFNBJOTJOBDUJWF
GPSBQFSJPEPGêWFTFDPOETѮFMJHIUJOHXJMMUIFOHP
PVUBVUPNBUJDBMMZѮFCVUUPOBMTPIBTBUPHHMFGVOD
UJPOTPZPVDBOUVSOUIFMJHIUJOHPĒTJNQMZCZQSFTTJOH
CVUUPOBHBJO
ѮFWJFX-$%IBTBCBDLMJHIUJOHCSJHIUOFTTBVUPNBUJ
DBMMZDPOUSPMMFECZUIFBNCJFOUMJHIUMFWFM
$MPTFSBOHFQIPUPHSBQIZ
ѮFWJFXêOEFSIBTBOJOUFHSBMQBSBMMBYDPNQFOTBUJPO
GBDJMJUZѮJTBVUPNBUJDBMMZNPWFTUIFQPTJUJPOPGUIF
CSJHIUGSBNFJOUIFWJFXêOEFSJOBDDPSEBODFXJUIUIF
GPDVTJOHEJTUBODFUPFOTVSFDPSSFDUGSBNJOHPGUIF
TVCKFDU


&YQPTVSFEJTQMBZTATUBOEBSE
&YQPTVSFEJTQMBZTAmVOEFS
&YQPTVSFEJTQMBZTAPWFS
ѮFCSBDLFUJOHGVODUJPOXJMMBVUPNBUJDBMMZCFEFBDUJ
WBUFEXIFOUIFDBNFSBJTUVSOFEPĒBOEXJMMIBWFUPCF
SFBDUJWBUFEXIFOTXJUDIFEPOBHBJOѮFGVODUJPODBO
BMTPCFUVSOFEPĒCZQSFTTJOHUIF.0%&CVUUPOBHBJO

*GZPVSFMFBTFUIFQSFTTVSFPOUIFTIVUUFSSFMFBTFCVUUPOPS
SFNPUFSFMFBTFUPPTPPOUIFPQFSBUJPOXJMMOPUDPNQMFUF
8IFOEFQSFTTFEBHBJOUIFTFRVFODFXJMMDBSSZPOGSPN
XIFSFJUTUPQQFE5IBUJTUPTBZJGZPVSFMFBTFUIFQSFTTVSF
BGUFSUIFGJSTUFYQPTVSFGPSFYBNQMFUIFUXPGJOBMFYQPTVSFT
SFNBJOQSPHSBNNFEJOUIFDBNFSB5IFSFGPSFXIFOZPV
EFQSFTTUIFSFMFBTFBHBJOBTTVNJOHZPVIBWFOPUUVSOFE
PGGUIF"&#NPEFPSUIFDBNFSBUIFGJSTUFYQPTVSFXJMM
CFVOEFSFYQPTFECZ&7BOEUIFFYQPTVSFBGUFSUIBU
PWFSFYQPTFECZ&75IFJOGPSNBUJPODPODFSOJOHUIF
SFNBJOJOHGSBNFTSFNBJOTJOUIFDBNFSBFWFOJGJUIBTHPOF
JOUPUIFTUBOECZNPEFCVUUIF"&#TZNCPMBOEUIFGJHVSFT
XJMMCFWJTJCMFBHBJOJOUIFDBN-$%XIFOUIFDBNFSBJT
SFBDUJWBUFE

1BZBUUFOUJPOUPUIFJOGPSNBUJPOJOUIFDBN-$%XIFOXPSL
JOHJOUIF"&#NPEFBOEUPSFNFNCFSUPDBODFMUIJTNPEF
BGUFSVTFFJUIFSCZQSFTTJOHUIF"&#CVUUPOBHBJOPSCZUVSO
JOHPGGUIFDBNFSB'BJMVSFUPEPTPDBODBVTFGSBNFTUPCF
JODPSSFDUMZFYQPTFEBTZPVNBZIBWFJOBEWFSUFOUMZDPOUJOVFE
BOJOUFSSVQUFETFRVFODFPSTUBSUFEBOFXPOF

5IFTUBOEBSEFYQPTVSFXJMMJODMVEFBOZFYQPTVSFDPNQFOTB
UJPOZPVIBWFTFU8IFOVTJOHCPUIFYQPTVSFDPNQFOTB
UJPOBOE"&#POMZUIF"&#TFUUJOHXJMMCFTIPXOPOUIF
DBN-$%

"&#DBOOPUCFBDUJWBUFEXIFOPOMZPOFPSUXPQJDUVSFT
SFNBJOVOFYQPTFEPOUIFGJMN

5IFTIVUUFSXJMMMPDLBOEUIFDBN-$%XJMMJOEJDBUFBGMBTIJOH
"&#ABOEBOVNCFSXIFOUIFCSBDLFUJOHGVODUJPOJTBDUJWBUFE
JOTUBOEBSEGPSNBUXJUIPOMZUISFFQJDUVSFTMFGUBOEUIFGPSNBU
TXJUDIJTDIBOHFEUPQBOPSBNB

5IFTIVUUFSXJMMMPDLBOEBGMBTIJOH1XJMMBQQFBSJOUIF
FYQ-$%JGUIFGPSNBUJTDIBOHFEBGUFSPOFPSUXPFYQPTVSFT
XIJMFUIFDBNFSBJTTFUBU"&#

:PVDBOBOZUJNFDBODFMUIF"&#CZQVTIJOHUIF.0%&
CVUUPO

"&#DBOOPUCFDPNCJOFEXJUI.VMUJFYQPTVSF
'JMNBEWBODF
5IFGJMNJTBEWBODFEBVUPNBUJDBMMZUPUIFOFYU
GSBNFXJUIDPOTJTUFOUTQBDJOHCFUXFFOGSBNFT
SFHBSEMFTTPGGPSNBU5IJTSFTFUUJOHPGUIFGSBNF
QPTJUJPODBOCFIFBSEXIFOUIFGPSNBUTFMFDUPSJT
NPWFE
8IFOUIFNPEFEJBMJTTFUBU4POFFYQPTVSFJTNBEF
8IFOUIFNPEFEJBMJTTFUBU$DPOTFDVUJWFFYQPTVSFT
BSFNBEFBTMPOHBTUIFSFMFBTFCVUUPOSFNBJOTEF
QSFTTFE*OUIF$NPEFUIFFYQPTVSFSBUFJTGSBNFTT
JOUIFTUBOEBSEGPSNBUBOEGSBNFTTJOUIFQBOP
SBNBGPSNBU


*GPOMZPOFVOFYQPTFEGSBNFJTMFGUPOUIFGJMNUPDPWFSUIF
TUBOEBSEGPSNBUBOEUIFGPSNBUTFMFDUPSJTTXJUDIFEUPAQBO
PSBNBUIFTIVUUFSXJMMMPDLBOEB1XJMMGMBTIBTBXBSOJOH
(FOFSBM
-$%JMMVNJOBUJPO
8IFOUIFBNCJFOUMJHIUJOHDPOEJUJPOTBSFUPPEBSLUPP
SFBEUIF-$%JOGPSNBUJPOQBOFMTQSFTTUIF-$%CBDL
MJHIUJMMVNJOBUJPOCVUUPOMPDBUFECFMPXUIFDBN-$%
QBOFMBTJOUIFJMMVTUSBUJPOѮFQBOFMTXJMMCFJMMVNJ
OBUFEBOESFNBJOTPVOUJMUIFDBNFSBSFNBJOTJOBDUJWF
GPSBQFSJPEPGêWFTFDPOETѮFMJHIUJOHXJMMUIFOHP
PVUBVUPNBUJDBMMZѮFCVUUPOBMTPIBTBUPHHMFGVOD
UJPOTPZPVDBOUVSOUIFMJHIUJOHPĒTJNQMZCZQSFTTJOH
CVUUPOBHBJO
ѮFWJFX-$%IBTBCBDLMJHIUJOHCSJHIUOFTTBVUPNBUJ
DBMMZDPOUSPMMFECZUIFBNCJFOUMJHIUMFWFM
$MPTFSBOHFQIPUPHSBQIZ
ѮFWJFXêOEFSIBTBOJOUFHSBMQBSBMMBYDPNQFOTBUJPO
GBDJMJUZѮJTBVUPNBUJDBMMZNPWFTUIFQPTJUJPOPGUIF
CSJHIUGSBNFJOUIFWJFXêOEFSJOBDDPSEBODFXJUIUIF
GPDVTJOHEJTUBODFUPFOTVSFDPSSFDUGSBNJOHPGUIF
TVCKFDU



'JMNQMBOFJOEFY
ѮFêMNQMBOFJOEFYJTTJUVBUFEPOUIFUPQQMBUFPGUIF
DBNFSBUPUIFMFѫPGUIFëBTIIPUTIPFѮJTQSPWJEFT
UIFNPTUBDDVSBUFNBSLGPSEJTUBODFNFBTVSFNFOU
GSPNUIFTVCKFDU
4FMGUJNFS  
4FUUIFNBJOTFMFDUPSEJBMUPUIF JDPOBTJOUIFJM
MVTUSBUJPO
ѮF JDPOBOETFUEFMBZUJNFBQQFBSTJOUIFDBN-$%
QBOFM
4FUEFMBZUJNFDBOCFDIBOHFETPSTXJUIUIF
VQEPXOCVUUPOTPOUIFDBN-$%QBOFM
1SFTTUIFTIVUUFSSFMFBTFCVUUPO
8IFOEFMBZUJNFJTTFUUPTUIFTFMGUJNFSMBNQ
MPDBUFEPOUIFGSPOUPGUIFDBNFSBUPUIFSJHIUPG
UIFWJFXêOEFSXJOEPXMJHIUTVQGPSTFWFOTFDPOET
BOEëBTIFTGPSUISFFTFDPOETBTBDPVOUEPXOJOEJ
DBUJPO8IFOEFMBZUJNFJTTFUUPTUIFTFMGUJNFS
MBNQTUBSUëBTIJOHJNNFEJBUFMZBѫFSSFMFBTF
ѮFTIVUUFSXJMMUIFOêSFBOEUIFêMNXJMMBEWBODF
&WFOJGUIFTFMGUJNFSPQFSBUJPOIBTTUBSUFEZPVDBO
TUPQJUTJNQMZCZUVSOJOHUIFNPEFTXJUDICBDLUP4$
PS0''

8IFOTFUJOUIFBVUPNBUJDNPEFEPOPUTUBOEJOGSPOUPG
UIFDBNFSBXIFOQSFTTJOHUIFSFMFBTFCVUUPOBTUIJTDPVME
BEWFSTFMZBGGFDUUIFFYQPTVSFSFBEJOH

5IFFYQPTVSFSFBEJOHJTGJYFEBUUIFUJNFPGQSFTTJOHUIF
TIVUUFSSFMFBTFCVUUPOFWFOJO"&NPEF$IFDLUIFSFGPSFUP
TFFUIBUUIFSFIBTCFFOOPDIBOHFJOUIFMJHIUJOHDPOEJUJPOT
EVSJOHUIFEFMBZUJNFCFGPSFFYQPTVSF
.VMUJFYQPTVSF
ѮFDBNFSBDBOCFQSPHSBNNFEUPNBLFVQUPFYQP
TVSFTPGUIFTBNFGSBNF
5PTFMFDUNVMUJFYQPTVSFNPEFQVTIUIF.0%&CVUUPO
POUIFDBN-$%GPST1VTISFQFBUFEMZVOUJMBëBTI
JOHEPVCMFGSBNFTZNCPMBQQFBSTPOUIFEJTQMBZ
4FMFDUNVMUJFYQPTVSFXJUIUIFCVUUPOTUP
TFMFDUBOPOëBTIJOHEPVCMFGSBNFTZNCPM$POêSN
UIFTFUUJOHCZQVTIJOHUIFSFMFBTFCVUUPOIBMGXBZ
BOEBEPVCMFGSBNFTZNCPMJTTIPXOPOUIFDBN-$%
#ZQVTIJOHUIFCVUUPOSFQFBUFEMZZPVDBOOPX
TFMFDUVQUPFYQPTVSFTEJTQMBZFEPOUIFFYQ-$%
:PVDBOBOZUJNFDBODFMUIFNVMUJFYQPTVSFGVODUJPO
CZQVTIJOHUIF.0%&CVUUPO.VMUJFYQPTVSFDBOOPUCF
DPNCJOFEXJUI"VUPCSBDLFUJOH
*OGSBSFEQIPUPHSBQIZ 
*OGSBSFE*3SBZTXBWFMFOHUITMPOHFSUIBOON
GPSNBOJNBHFPOBQMBOFGVSUIFSBXBZGSPNUIFMFOT
UIBOUIFJNBHFQMBOFGPSWJTJCMFMJHIU5PDPNQFOTBUF
GPSUIJTEJGGFSFODFZPVIBWFUPBMJHOUIFDIPTFOEJT
UBODFBHBJOTUUIFSFE*3JOEFYBOEOPUUIFOPSNBM
DFOUSBMJOEFY1SPDFFEBTGPMMPXT
'PDVTBTVTVBM
/PUFUIFEJTUBODFPOUIFGPDVTJOHTDBMFUIBUJTPQ
QPTJUFUIFDFOUSBMJOEFYMJOFPOUIFMFOT
/PXSPUBUFUIFGPDVTJOHSJOHUPTFUUIJTEJTUBODFPQ
QPTJUFUIFSFE*3JOEFYTQPUJOTUFBEPGUIFDFOUSBM
JOEFYMJOF
5IFJMMVTUSBUJPOTIPXTBMFOTGPDVTFEBUBQQSPY
NFUSFTGPSJOGSBSFEêMN4FFTQFDJêDêMNJOTUSVDUJPO
MFBëFUGPSEFUBJMTPGêMUFSTêMNTUPSBHFIBOEMJOHBOE
EFWFMPQNFOU

1MFBTFNBLFUFTUTXJUIZPVSDIPJDFPGJOGSBSFEGJMNCFGPSFVTF
)JHITQFFECMBDLBOEXIJUFJOGSBSFEGJMNGPSFYBNQMFDBO
CFTMJHIUMZGPHHFEPOUIFFEHFPGUIFGJMNGSBNFCZUIFGJMN
USBOTQPSUFNJUUFSTFOTPSTZTUFN
'MBTI   
ѮFSFJTëBTITZODBUBMMTQFFETGSPN#UPWJBUIF
1$ëBTITPDLFUPSIPUTIPFDPOOFDUPS1MFBTFTFFZPVS
ëBTIVOJUTVTFSNBOVBMGPSGVSUIFSJOGPSNBUJPO
8IFOUIFQBOPSBNBGPSNBUJTTFMFDUFEUIFGMBTI
TIPVMECFBEKVTUFEUPDPWFSUIFêFMEPGWJFX8JUIUIF
NNMFOTZPVTIPVMEDIPPTFBOBOHMFUIBUXPVME
OPSNBMMZCFTVJUBCMFGPSBNNMFOTJOUIFNN
GPSNBU8JUIUIFNNMFOTZPVTIPVMEDIPPTFBO
BOHMFUIBUXPVMEOPSNBMMZCFTVJUBCMFGPSBNNMFOT
JOUIFNNGPSNBU
5IFGMBTIDBOCFQSPHSBNNFEUPCFUSJHHFSFEFJUIFS
BUUIFCFHJOOJOHPSBUUIFFOEPGUIFFYQPTVSF1SFTT
UIF.0%&CVUUPOPOUIFDBN-$%GPST1SFTTSFQFBUFEMZ
VOUJMBGMBTITZNCPMBQQFBSTPOUIFMPXFSMFGUPGUIF
EJTQMBZBDDPNQBOJFECZ/USJHHFSJOHBUUIFCFHJO
OJOHPGUIFFYQPTVSFPS3USJHHFSJOHBUUIFFOEPGUIF
FYQPTVSF4FMFDUZPVSDIPJDFXJUIUIFCVUUPOT
$POGJSNCZQVTIJOH.0%&BHBJOPSCZQSFTTJOHUIF
SFMFBTFCVUUPOIBMGXBZ"ëBTITZNCPMJTTIPXOPOUIF
EJTQMBZBTXFMMBTZPVSDIPJDF/PS3


'JMNQMBOFJOEFY
ѮFêMNQMBOFJOEFYJTTJUVBUFEPOUIFUPQQMBUFPGUIF
DBNFSBUPUIFMFѫPGUIFëBTIIPUTIPFѮJTQSPWJEFT
UIFNPTUBDDVSBUFNBSLGPSEJTUBODFNFBTVSFNFOU
GSPNUIFTVCKFDU
4FMGUJNFS  
4FUUIFNBJOTFMFDUPSEJBMUPUIF JDPOBTJOUIFJM
MVTUSBUJPO
ѮF JDPOBOETFUEFMBZUJNFBQQFBSTJOUIFDBN-$%
QBOFM
4FUEFMBZUJNFDBOCFDIBOHFETPSTXJUIUIF
VQEPXOCVUUPOTPOUIFDBN-$%QBOFM
1SFTTUIFTIVUUFSSFMFBTFCVUUPO
8IFOEFMBZUJNFJTTFUUPTUIFTFMGUJNFSMBNQ
MPDBUFEPOUIFGSPOUPGUIFDBNFSBUPUIFSJHIUPG
UIFWJFXêOEFSXJOEPXMJHIUTVQGPSTFWFOTFDPOET
BOEëBTIFTGPSUISFFTFDPOETBTBDPVOUEPXOJOEJ
DBUJPO8IFOEFMBZUJNFJTTFUUPTUIFTFMGUJNFS
MBNQTUBSUëBTIJOHJNNFEJBUFMZBѫFSSFMFBTF
ѮFTIVUUFSXJMMUIFOêSFBOEUIFêMNXJMMBEWBODF
&WFOJGUIFTFMGUJNFSPQFSBUJPOIBTTUBSUFEZPVDBO
TUPQJUTJNQMZCZUVSOJOHUIFNPEFTXJUDICBDLUP4$
PS0''

8IFOTFUJOUIFBVUPNBUJDNPEFEPOPUTUBOEJOGSPOUPG
UIFDBNFSBXIFOQSFTTJOHUIFSFMFBTFCVUUPOBTUIJTDPVME
BEWFSTFMZBGGFDUUIFFYQPTVSFSFBEJOH

5IFFYQPTVSFSFBEJOHJTGJYFEBUUIFUJNFPGQSFTTJOHUIF
TIVUUFSSFMFBTFCVUUPOFWFOJO"&NPEF$IFDLUIFSFGPSFUP
TFFUIBUUIFSFIBTCFFOOPDIBOHFJOUIFMJHIUJOHDPOEJUJPOT
EVSJOHUIFEFMBZUJNFCFGPSFFYQPTVSF
.VMUJFYQPTVSF
ѮFDBNFSBDBOCFQSPHSBNNFEUPNBLFVQUPFYQP
TVSFTPGUIFTBNFGSBNF
5PTFMFDUNVMUJFYQPTVSFNPEFQVTIUIF.0%&CVUUPO
POUIFDBN-$%GPST1VTISFQFBUFEMZVOUJMBëBTI
JOHEPVCMFGSBNFTZNCPMBQQFBSTPOUIFEJTQMBZ
4FMFDUNVMUJFYQPTVSFXJUIUIFCVUUPOTUP
TFMFDUBOPOëBTIJOHEPVCMFGSBNFTZNCPM$POêSN
UIFTFUUJOHCZQVTIJOHUIFSFMFBTFCVUUPOIBMGXBZ
BOEBEPVCMFGSBNFTZNCPMJTTIPXOPOUIFDBN-$%
#ZQVTIJOHUIFCVUUPOSFQFBUFEMZZPVDBOOPX
TFMFDUVQUPFYQPTVSFTEJTQMBZFEPOUIFFYQ-$%
:PVDBOBOZUJNFDBODFMUIFNVMUJFYQPTVSFGVODUJPO
CZQVTIJOHUIF.0%&CVUUPO.VMUJFYQPTVSFDBOOPUCF
DPNCJOFEXJUI"VUPCSBDLFUJOH
*OGSBSFEQIPUPHSBQIZ 
*OGSBSFE*3SBZTXBWFMFOHUITMPOHFSUIBOON
GPSNBOJNBHFPOBQMBOFGVSUIFSBXBZGSPNUIFMFOT
UIBOUIFJNBHFQMBOFGPSWJTJCMFMJHIU5PDPNQFOTBUF
GPSUIJTEJGGFSFODFZPVIBWFUPBMJHOUIFDIPTFOEJT
UBODFBHBJOTUUIFSFE*3JOEFYBOEOPUUIFOPSNBM
DFOUSBMJOEFY1SPDFFEBTGPMMPXT
'PDVTBTVTVBM
/PUFUIFEJTUBODFPOUIFGPDVTJOHTDBMFUIBUJTPQ
QPTJUFUIFDFOUSBMJOEFYMJOFPOUIFMFOT
/PXSPUBUFUIFGPDVTJOHSJOHUPTFUUIJTEJTUBODFPQ
QPTJUFUIFSFE*3JOEFYTQPUJOTUFBEPGUIFDFOUSBM
JOEFYMJOF
5IFJMMVTUSBUJPOTIPXTBMFOTGPDVTFEBUBQQSPY
NFUSFTGPSJOGSBSFEêMN4FFTQFDJêDêMNJOTUSVDUJPO
MFBëFUGPSEFUBJMTPGêMUFSTêMNTUPSBHFIBOEMJOHBOE
EFWFMPQNFOU

1MFBTFNBLFUFTUTXJUIZPVSDIPJDFPGJOGSBSFEGJMNCFGPSFVTF
)JHITQFFECMBDLBOEXIJUFJOGSBSFEGJMNGPSFYBNQMFDBO
CFTMJHIUMZGPHHFEPOUIFFEHFPGUIFGJMNGSBNFCZUIFGJMN
USBOTQPSUFNJUUFSTFOTPSTZTUFN
'MBTI   
ѮFSFJTëBTITZODBUBMMTQFFETGSPN#UPWJBUIF
1$ëBTITPDLFUPSIPUTIPFDPOOFDUPS1MFBTFTFFZPVS
ëBTIVOJUTVTFSNBOVBMGPSGVSUIFSJOGPSNBUJPO
8IFOUIFQBOPSBNBGPSNBUJTTFMFDUFEUIFGMBTI
TIPVMECFBEKVTUFEUPDPWFSUIFêFMEPGWJFX8JUIUIF
NNMFOTZPVTIPVMEDIPPTFBOBOHMFUIBUXPVME
OPSNBMMZCFTVJUBCMFGPSBNNMFOTJOUIFNN
GPSNBU8JUIUIFNNMFOTZPVTIPVMEDIPPTFBO
BOHMFUIBUXPVMEOPSNBMMZCFTVJUBCMFGPSBNNMFOT
JOUIFNNGPSNBU
5IFGMBTIDBOCFQSPHSBNNFEUPCFUSJHHFSFEFJUIFS
BUUIFCFHJOOJOHPSBUUIFFOEPGUIFFYQPTVSF1SFTT
UIF.0%&CVUUPOPOUIFDBN-$%GPST1SFTTSFQFBUFEMZ
VOUJMBGMBTITZNCPMBQQFBSTPOUIFMPXFSMFGUPGUIF
EJTQMBZBDDPNQBOJFECZ/USJHHFSJOHBUUIFCFHJO
OJOHPGUIFFYQPTVSFPS3USJHHFSJOHBUUIFFOEPGUIF
FYQPTVSF4FMFDUZPVSDIPJDFXJUIUIFCVUUPOT
$POGJSNCZQVTIJOH.0%&BHBJOPSCZQSFTTJOHUIF
SFMFBTFCVUUPOIBMGXBZ"ëBTITZNCPMJTTIPXOPOUIF
EJTQMBZBTXFMMBTZPVSDIPJDF/PS3



3FNPUFSFMFBTF  
"WBSJFUZPGSFNPUFSFMFBTFTDBOCFBUUBDIFEUPUIF
91BO**XIJDIIBTBTUBOEBSEDBCMFSFMFBTFQPSU"OZ
UZQFPGSFMFBTFJTTVJUBCMFPODPOEJUJPOUIBUUIFGJOBM
DPOOFDUPSIBTBTUBOEBSEGJUUJOHBTJOUIFJMMVTUSB
UJPO5IFSFJTBMTPBOPQUJPOBMFMFDUSJDBMSFMFBTFDPSE
GPS91BO***UVTFTUIFTBNFQPSUBTGPSUIFTUBOEBSE
NFDIBOJDBMDBCMFSFMFBTFT
5IFVTFPGBSFNPUFSFMFBTFBDUJWBUFTUIFDBNFSB
JODMVEJOHUIFFYQPTVSFNFUFSBOEGJSFTUIFTIVUUFS
JNNFEJBUFMZ*O"VUPNPEFZPVDBOTFFXIJDITIVUUFS
TQFFEXBTDIPTFOCZUIFDBNFSBPOUIFWJFX-$%BOE
DBN-$%JO.BOVBMNPEFQSFTTUIFTIVUUFSSFMFBTFCVU
UPOIBMGXBZUPBDUJWBUFUIFFYQPTVSFNFUFSBOEBEKVTU
UIFTFUUJOHTCFGPSFNBLJOHBOFYQPTVSFXJUIBDBCMF
SFMFBTF

8IFOUIFTIVUUFSTQFFEJTTFUBUA#UIFESBJOPOUIFCBUUFSJFT
JTTVCTUBOUJBM5IFNBYJNVNFYQPTVSFUJNFBUUIJTTFUUJOHJT
TFDPOET
.JESPMMSFXJOE 
/PSNBMMZUIFêMNJTBVUPNBUJDBMMZSFXPVOEJOUPUIF
DBTTFUUFBGUFSUIFMBTUGSBNFIBTCFFOFYQPTFE5P
SFNPWFUIFêMNCFGPSFIBOEIPXFWFSZPVNVTUQSFTT
UIFNJESPMMSFXJOECVUUPOMPDBUFECFMPXUIFDBN-$%
QBOFMѮFCVUUPOJTSFDFTTFEUPQSFWFOUVOJOUFOUJPOBM
VTFTPVTFUIFUJQPGBCBMMQPJOUQFOPSTJNJMBSUPBD
DFTTJU
&YQPTVSFIJTUPSZ
ѮFUPUBMOVNCFSPGFYQPTVSFTUBLFOXJUIUIFDBNFSB
DBOCFDIFDLFEPOUIFDBN-$%8JUIUIFDBNFSBUVSOFE
PĒEFQSFTTUIFCVUUPOBOELFFQJUEFQSFTTFEXIJMF
ZPVTXJUDIUIFTIPPUJOHNPEFTFMFDUPSUP4
&BDIVOJUTJHOJGJFTUFOFYQPTVSFT:PVNBZGJOEUIBU
FWFOBCSBOEOFXDBNFSBJOEJDBUFTBSPVOEFYQP
TVSFTUBLFOѮJTJTBSFTVMUPGUFTUJOHEVSJOHNBOVGBD
UVSFBOEJTOPUBTJHOPGVTFEFRVJQNFOU
ѮJTGBDJMJUZJTBIBOEZDIFDLUPTFFXIFUIFSUIFDBN
FSBTIPVMECFTFSWJDFE
'JMNQSPDFTTJOH  
*GZPVIBWFQBOPSBNBGPSNBUFYQPTVSFTPSBNJYUVSF
PGTUBOEBSEBOEQBOPSBNBGPSNBUFYQPTVSFTPOUIF
TBNFSPMMPGêMNCFTVSFUPVTFBêMNQSPDFTTJOHMBCP
SBUPSZUIBUJTBXBSFPGUIFTJUVBUJPOBOEJTRVBMJêFEUP
IBOEMFTVDIDBTFT/PSNBMDPOTVNFSêMNQSPDFTTJOH
GBDJMJUJFTBSFOPUTVJUBCMFBTUIFJSTZTUFNTDBOOPUBMMPX
GPSUIFNJYPGGPSNBUTBOEXJMMDVUUIFêMNJODPSSFDUMZ
'JMNTDPOUBJOJOHPOMZTUBOEBSEGPSNBUJNBHFTIPX
FWFSSFNBJOVOBGGFDUFEBOEZPVNBZVTFBOPSNBM
DPOTVNFSMBC
5IFMBCTUJDLFSTBSFQSPWJEFEBTBDPOWFOJFOUXBZPG
JOGPSNJOHPSSFNJOEJOHUIFêMNMBCPGUIFTJUVBUJPO
&OTVSFUIBUUIFTUJDLFSDPWFSTUIFêMNUZQFCBSDPEF
BOEUIF%9DPEFTUSJQPOUIFDBTTFUUF"EEJUJPOBMTUJDL
FSTBSFBWBJMBCMFGSPNZPVS)BTTFMCMBEEFBMFS:PVNBZ
PGDPVSTFNBSLUIFDBTTFUUFTWFSZDMFBSMZJOTPNFPUIFS
XBZUPFOTVSFUIBUUIFêMNJTDVUNBOVBMMZ

"MXBZTDIFDLXJUIUIFMBCPSBUPSZGJSTUUPBWPJEQSPCMFNT
'VSUIFSJOGPSNBUJPOBCPVUQBOPSBNBGPSNBUQSJOUJOH
BOEUIFMPDBUJPOPGTVJUBCMFQSPDFTTJOHMBCTDBOCFPC
UBJOFEGSPNZPVSMPDBM)BTTFMCMBEEFBMFS
"DDFTTPSJFT
5IF91BO**JTTVQQMJFEXJUIBGSPOUQSPUFDUJWFDBQ
B2VJDLDPVQMJOHQMBUF91BOUPHFUIFSXJUIBIFY
XSFODI"MMFOLFZBOEGJYJOHCPMUBTQJSJUMFWFMBOE
BTUSBQ"UUIFFOEPGUIJTNBOVBMZPVXJMMGJOEBMJTU
DPOUBJOJOHUIFPQUJPOBMBDDFTTPSJFTBWBJMBCMFGPS
UIF91BO**TPNFPGXIJDIBSFEFTDSJCFECFMPX
7BSJPVTGMBTIHVOTDBOCFBUUBDIFEUPUIFIPUTIPF
BOEGMBTICSBDLFUTDBOCFBUUBDIFEWJBUIFUSJQPE
TDSFXPOUIFCBTFQMBUF3FNPUFSFMFBTFToDBCMF
QOFVNBUJDPSFMFDUSJDoDBOCFBUUBDIFEWJBUIF
DBCMFSFMFBTFTPDLFU
2VJDLDPVQMJOHQMBUF
ѮF2VJDLDPVQMJOHQMBUF91BOBMMPXTZPVUP
VTFUIF)BTTFMCMBE5SJQPERVJDLDPVQMJOH4
mBOPQUJPOBMBDDFTTPSZBWBJMBCMFGSPNUIF)BTTFMCMBE
7TZTUFNSBOHFmGPSSBQJEBOETFDVSFBUUBDINFOUUPB
USJQPEBOEJTPOMZOFDFTTBSZGPSVTFJOUIJTDBTF
5IFQMBUFJTTVQQMJFEUPHFUIFSXJUIBGJYJOHCPMUBOE
BIFYBHPOBMA"MMFOLFZXSFODI"MJHOUIFQMBUFBMPOH


3FNPUFSFMFBTF  
"WBSJFUZPGSFNPUFSFMFBTFTDBOCFBUUBDIFEUPUIF
91BO**XIJDIIBTBTUBOEBSEDBCMFSFMFBTFQPSU"OZ
UZQFPGSFMFBTFJTTVJUBCMFPODPOEJUJPOUIBUUIFGJOBM
DPOOFDUPSIBTBTUBOEBSEGJUUJOHBTJOUIFJMMVTUSB
UJPO5IFSFJTBMTPBOPQUJPOBMFMFDUSJDBMSFMFBTFDPSE
GPS91BO***UVTFTUIFTBNFQPSUBTGPSUIFTUBOEBSE
NFDIBOJDBMDBCMFSFMFBTFT
5IFVTFPGBSFNPUFSFMFBTFBDUJWBUFTUIFDBNFSB
JODMVEJOHUIFFYQPTVSFNFUFSBOEGJSFTUIFTIVUUFS
JNNFEJBUFMZ*O"VUPNPEFZPVDBOTFFXIJDITIVUUFS
TQFFEXBTDIPTFOCZUIFDBNFSBPOUIFWJFX-$%BOE
DBN-$%JO.BOVBMNPEFQSFTTUIFTIVUUFSSFMFBTFCVU
UPOIBMGXBZUPBDUJWBUFUIFFYQPTVSFNFUFSBOEBEKVTU
UIFTFUUJOHTCFGPSFNBLJOHBOFYQPTVSFXJUIBDBCMF
SFMFBTF

8IFOUIFTIVUUFSTQFFEJTTFUBUA#UIFESBJOPOUIFCBUUFSJFT
JTTVCTUBOUJBM5IFNBYJNVNFYQPTVSFUJNFBUUIJTTFUUJOHJT
TFDPOET
.JESPMMSFXJOE 
/PSNBMMZUIFêMNJTBVUPNBUJDBMMZSFXPVOEJOUPUIF
DBTTFUUFBGUFSUIFMBTUGSBNFIBTCFFOFYQPTFE5P
SFNPWFUIFêMNCFGPSFIBOEIPXFWFSZPVNVTUQSFTT
UIFNJESPMMSFXJOECVUUPOMPDBUFECFMPXUIFDBN-$%
QBOFMѮFCVUUPOJTSFDFTTFEUPQSFWFOUVOJOUFOUJPOBM
VTFTPVTFUIFUJQPGBCBMMQPJOUQFOPSTJNJMBSUPBD
DFTTJU
&YQPTVSFIJTUPSZ
ѮFUPUBMOVNCFSPGFYQPTVSFTUBLFOXJUIUIFDBNFSB
DBOCFDIFDLFEPOUIFDBN-$%8JUIUIFDBNFSBUVSOFE
PĒEFQSFTTUIFCVUUPOBOELFFQJUEFQSFTTFEXIJMF
ZPVTXJUDIUIFTIPPUJOHNPEFTFMFDUPSUP4
&BDIVOJUTJHOJGJFTUFOFYQPTVSFT:PVNBZGJOEUIBU
FWFOBCSBOEOFXDBNFSBJOEJDBUFTBSPVOEFYQP
TVSFTUBLFOѮJTJTBSFTVMUPGUFTUJOHEVSJOHNBOVGBD
UVSFBOEJTOPUBTJHOPGVTFEFRVJQNFOU
ѮJTGBDJMJUZJTBIBOEZDIFDLUPTFFXIFUIFSUIFDBN
FSBTIPVMECFTFSWJDFE
'JMNQSPDFTTJOH  
*GZPVIBWFQBOPSBNBGPSNBUFYQPTVSFTPSBNJYUVSF
PGTUBOEBSEBOEQBOPSBNBGPSNBUFYQPTVSFTPOUIF
TBNFSPMMPGêMNCFTVSFUPVTFBêMNQSPDFTTJOHMBCP
SBUPSZUIBUJTBXBSFPGUIFTJUVBUJPOBOEJTRVBMJêFEUP
IBOEMFTVDIDBTFT/PSNBMDPOTVNFSêMNQSPDFTTJOH
GBDJMJUJFTBSFOPUTVJUBCMFBTUIFJSTZTUFNTDBOOPUBMMPX
GPSUIFNJYPGGPSNBUTBOEXJMMDVUUIFêMNJODPSSFDUMZ
'JMNTDPOUBJOJOHPOMZTUBOEBSEGPSNBUJNBHFTIPX
FWFSSFNBJOVOBGGFDUFEBOEZPVNBZVTFBOPSNBM
DPOTVNFSMBC
5IFMBCTUJDLFSTBSFQSPWJEFEBTBDPOWFOJFOUXBZPG
JOGPSNJOHPSSFNJOEJOHUIFêMNMBCPGUIFTJUVBUJPO
&OTVSFUIBUUIFTUJDLFSDPWFSTUIFêMNUZQFCBSDPEF
BOEUIF%9DPEFTUSJQPOUIFDBTTFUUF"EEJUJPOBMTUJDL
FSTBSFBWBJMBCMFGSPNZPVS)BTTFMCMBEEFBMFS:PVNBZ
PGDPVSTFNBSLUIFDBTTFUUFTWFSZDMFBSMZJOTPNFPUIFS
XBZUPFOTVSFUIBUUIFêMNJTDVUNBOVBMMZ

"MXBZTDIFDLXJUIUIFMBCPSBUPSZGJSTUUPBWPJEQSPCMFNT
'VSUIFSJOGPSNBUJPOBCPVUQBOPSBNBGPSNBUQSJOUJOH
BOEUIFMPDBUJPOPGTVJUBCMFQSPDFTTJOHMBCTDBOCFPC
UBJOFEGSPNZPVSMPDBM)BTTFMCMBEEFBMFS
"DDFTTPSJFT
5IF91BO**JTTVQQMJFEXJUIBGSPOUQSPUFDUJWFDBQ
B2VJDLDPVQMJOHQMBUF91BOUPHFUIFSXJUIBIFY
XSFODI"MMFOLFZBOEGJYJOHCPMUBTQJSJUMFWFMBOE
BTUSBQ"UUIFFOEPGUIJTNBOVBMZPVXJMMGJOEBMJTU
DPOUBJOJOHUIFPQUJPOBMBDDFTTPSJFTBWBJMBCMFGPS
UIF91BO**TPNFPGXIJDIBSFEFTDSJCFECFMPX
7BSJPVTGMBTIHVOTDBOCFBUUBDIFEUPUIFIPUTIPF
BOEGMBTICSBDLFUTDBOCFBUUBDIFEWJBUIFUSJQPE
TDSFXPOUIFCBTFQMBUF3FNPUFSFMFBTFToDBCMF
QOFVNBUJDPSFMFDUSJDoDBOCFBUUBDIFEWJBUIF
DBCMFSFMFBTFTPDLFU
2VJDLDPVQMJOHQMBUF
ѮF2VJDLDPVQMJOHQMBUF91BOBMMPXTZPVUP
VTFUIF)BTTFMCMBE5SJQPERVJDLDPVQMJOH4
mBOPQUJPOBMBDDFTTPSZBWBJMBCMFGSPNUIF)BTTFMCMBE
7TZTUFNSBOHFmGPSSBQJEBOETFDVSFBUUBDINFOUUPB
USJQPEBOEJTPOMZOFDFTTBSZGPSVTFJOUIJTDBTF
5IFQMBUFJTTVQQMJFEUPHFUIFSXJUIBGJYJOHCPMUBOE
BIFYBHPOBMA"MMFOLFZXSFODI"MJHOUIFQMBUFBMPOH



UIFMFOHUIPGUIFDBNFSBTCBTFQMBUFBOETDSFXUIFCPMU
DMPDLXJTFJOUPUIFUSJQPETPDLFUBGFXUVSOT&OTVSF
UIFBMJHONFOUQJOPOUIFQMBUFNBUDIFTJUTSFTQFDUJWF
TPDLFUJOUIFDBNFSBCBTFQMBUFBOEDPOUJOVFUPTDSFX
UIFCPMUVOUJMJUJTTFDVSFMZBUUBDIFE
4QJSJUMFWFM  
5IFEVBMEJSFDUJPOBMTQJSJUMFWFMTJNQMZGJUTJOUPUIF
ëBTIIPUTIPFBOEQSPWJEFTBDIFDLGPSCPUIIPSJ[POUBM
BOEWFSUJDBMQIPUPHSBQIZ5IJTDBOCFQBSUJDVMBSMZ
VTFGVMXIFOQIPUPHSBQIJOHCVJMEJOHTGPSFYBNQMF*O
UIFTFDBTFTUIFVTFPGBUSJQPEPSTUBCMFDBNFSBTVQQPSU
JTQBSUJDVMBSMZSFDPNNFOEFE
&OTVSFIPXFWFSUIBUJUJTêUUFEDPSSFDUMZTFFJMMVTUSB
UJPOT/PUFUIFEJGGFSFODFEFQFOEJOHPOXIFUIFSUIF
DBNFSBJTJOUIFIPSJ[POUBMPSUIFWFSUJDBMQPTJUJPO
$IFDLUIBUUIFTQJSJUMFWFMIBTCFFOQVTIFEBMMUIF
XBZJOUPUIFTIPFBTGBSBTJUXJMMHP3FNFNCFSUIBU
UIFTQJSJUMFWFMJTJOUFOEFEUPCFBOBJEJOMFWFMMJOHBOE
DBOOPUHVBSBOUFFDPNQMFUFBDDVSBDZ$IFDLUIFJNBHF
DBSFGVMMZJOUIFWJFXêOEFS
674LZGJMUFS
5IF674LZGJMUFS91BOJTEFTJHOFEGPS
VTFXJUIUIF)BTTFMCMBENNBOEUIF)BTTFMCMBE
NNMFOTFT5IFGJMUFSBCTPSCTTPNFPGUIFVMUSB
WJPMFUSBZTQSFTFOUJOMJHIUXIJDIDBVTFUIFBQQFBS
BODFPGIB[FQBSUJDVMBSMZOPUJDFBCMFJOQIPUPHSBQIZBU
IJHIBMUJUVEFTGPSFYBNQMFѮFVTFPGB674LZêMUFS
DBOSFEVDFUIJTFĒFDUTPNFXIBUBOEBMTPDBVTFBTMJHIU
XBSNJOHPGUPOFPODPMPVSêMN
ѮFêMUFSDBOTBGFMZCFMFѫPOUIFMFOTGPSNPTUQIPUP
HSBQIJDBQQMJDBUJPOTBTJUQSPWJEFTTPNFQSPUFDUJPOGPS
UIFMFOTGSPOUFMFNFOUOPUPOMZBHBJOTUEVTUBOESBJO
FUDCVUBMTPBHBJOTUTDSBUDIFTBOEBDDJEFOUBMEBNBHF
ѮFêMUFSJTNVMUJDPBUFEUPFOTVSFIJHIBOUJSFëFDUJPO
RVBMJUZ/PEFHSBEBUJPOJO.5'JTTFFOBOEUIFSFJTOP
TIJѫJOGPDVT
$FOUSFGJMUFS91BOGPSNN
5IF$FOUSFGJMUFS91BOGPSNNJTEF
TJHOFEGPSVTFPOMZXJUIUIF)BTTFMCMBENNMFOT

ѮFNNMFOTJTGSFFGSPNWJHOFUUJOHXJUIQBOPSBNB
GPSNBUJNBHFTBUMFOTBQFSUVSFTFUUJOHTTNBMMFSUIBO
G)PXFWFSOBUVSBMMJHIUGBMMPĒBCBTJDMBXPGQIZT
JDTSFEVDFTUIFFYQPTVSFBUUIFDPSOFSTPGUIFJNBHFCZ
SPVHIMZGTUPQ
ѮJTMJHIUGBMMPĒBUUIFDPSOFSTDBVTFTWJTJCMFFĒFDUT
JODSJUJDBMQIPUPHSBQIZXIFOVTJOHUSBOTQBSFODZêMN
8IFOVTJOHOFHBUJWFêMNIPXFWFSOBUVSBMMJHIUGBMM
PĒQSFTFOUJOUSBEJUJPOBMPQUJDBMQSJOUJOHTFUVQTNPTU
GJMNMBCTBOENJOJMBCTBVUPNBUJDBMMZDPNQFOTBUFT
GPSUIJTUPBHSFBUFSFYUFOUJOUIFQSJOUѮFSFGPSFXIFO
VTJOHOFHBUJWFGJMNBOEXJUIUIFMFOTTUPQQFEEPXO
UIFSFNBZCFOPOFFEUPVTFBDFOUSFêMUFS
ѮFPOMZXBZUPFMJNJOBUFMJHIUGBMMPĒBUUIFDPSOFSTJT
UPSFEVDFUIFBNPVOUPGFYQPTVSFBUUIFDFOUSFPGUIF
JNBHF5IF$FOUSFGJMUFS91BOXPSLTCZBDPODFOUSB
UJPOPGOFVUSBMEFOTJUZBUUIFDFOUSFBOEBQSPHSFTTJWF
SFEVDUJPOPGEFOTJUZUPXBSETUIFPVUFSFEHFѮFFĒFDU
BUUIFDFOUSFPGUIFêMUFSDPSSFTQPOETUPBGTUPQSF
EVDUJPOJOFYQPTVSF
ѮFêMUFSJTNVMUJDPBUFEUPFOTVSFIJHIBOUJSFëFDUJPO
RVBMJUZ/PEFHSBEBUJPOJO.5'JTTFFOBOEUIFSFJTOP
TIJѫJOGPDVT
ѮFêMUFSQFSGPSNBODFJTPQUJNJTFEUPHJWFFWFOJMMV
NJOBUJPOBUMBSHFSPSNFEJVNTJ[FEBQFSUVSFT
5JQT3FNJOEFST
 1IPUPHSBQIFSTOPSNBMMZVTFEUPXPSLJOHXJUI4-3
DBNFSBTTIPVMEQBSUJDVMBSMZDIFDLUIBUUIFMFOTDBQIBT
CFFOSFNPWFEXIFONBLJOHFYQPTVSFT'MBTIJOHTIVU
UFSTQFFEBOEGMBTIJOHMPXFYQPTVSFTZNCPMXBSOJOH
BQQFBSJOUIFWJFXGJOEFS
 5BLFDBSFJGVTJOHPUIFSUZQFTPGMFOTTIBEFPSGJMUFSIPME
FST"TUIF91BO**EPFTOPUIBWFB55-WJFXJOHTZTUFNJU
XJMMCFEJGGJDVMUUPKVEHFFGGFDUTBOEQPTTJCMFWJHOFUUJOH
5IFZNBZBMTPPCTDVSFUIFSBOHFGJOEFSPQUJDTBOEDBVTF
WJTVBMGPDVTJOHEJGGJDVMUJFTUISPVHIUIFWJFXGJOEFS
 3FHVMBSMZDIFDLUIBUUIFDPOUSPMTBSFTFUDPSSFDUMZCF
GPSFZPVUBLFBQIPUPHSBQI'PSFYBNQMFZPVNBZIBWF
TFUUIFDBNFSBBU"4"*40PWFSSJEFGPSBQSFWJPVTGJMN
BOEIBWFGPSHPUUFOUPSFTFUUIF"VUP%9DPEFTFUUJOH
0SQFSIBQTZPVIBWFGPSHPUUFOUPSFTFUBOFYQPTVSF
DPNQFOTBUJPO
 8IFOVTJOHUIFQBOPSBNBGPSNBUFOTVSFUIBUZPVDPN
QPTFBDDVSBUFMZPSBUMFBTUBMMPXBNBSHJOGPSFSSPS*GZPV
EFDJEFUPDSPQBOJNBHFMBUFSUPMFWFMBIPSJ[POGPSJO
TUBODFZPVNBZCFGPSDFEUPNBTLPGGTMJHIUMZNPSFUIBO
OPSNBMDPNQBSFEUPBTJNJMBSDPSSFDUJPOJOUIFTUBOEBSE
GPSNBUPXJOHUPUIFQBOPSBNBGPSNBUTHSFBUFSMFOHUI


UIFMFOHUIPGUIFDBNFSBTCBTFQMBUFBOETDSFXUIFCPMU
DMPDLXJTFJOUPUIFUSJQPETPDLFUBGFXUVSOT&OTVSF
UIFBMJHONFOUQJOPOUIFQMBUFNBUDIFTJUTSFTQFDUJWF
TPDLFUJOUIFDBNFSBCBTFQMBUFBOEDPOUJOVFUPTDSFX
UIFCPMUVOUJMJUJTTFDVSFMZBUUBDIFE
4QJSJUMFWFM  
5IFEVBMEJSFDUJPOBMTQJSJUMFWFMTJNQMZGJUTJOUPUIF
ëBTIIPUTIPFBOEQSPWJEFTBDIFDLGPSCPUIIPSJ[POUBM
BOEWFSUJDBMQIPUPHSBQIZ5IJTDBOCFQBSUJDVMBSMZ
VTFGVMXIFOQIPUPHSBQIJOHCVJMEJOHTGPSFYBNQMF*O
UIFTFDBTFTUIFVTFPGBUSJQPEPSTUBCMFDBNFSBTVQQPSU
JTQBSUJDVMBSMZSFDPNNFOEFE
&OTVSFIPXFWFSUIBUJUJTêUUFEDPSSFDUMZTFFJMMVTUSB
UJPOT/PUFUIFEJGGFSFODFEFQFOEJOHPOXIFUIFSUIF
DBNFSBJTJOUIFIPSJ[POUBMPSUIFWFSUJDBMQPTJUJPO
$IFDLUIBUUIFTQJSJUMFWFMIBTCFFOQVTIFEBMMUIF
XBZJOUPUIFTIPFBTGBSBTJUXJMMHP3FNFNCFSUIBU
UIFTQJSJUMFWFMJTJOUFOEFEUPCFBOBJEJOMFWFMMJOHBOE
DBOOPUHVBSBOUFFDPNQMFUFBDDVSBDZ$IFDLUIFJNBHF
DBSFGVMMZJOUIFWJFXêOEFS
674LZGJMUFS
5IF674LZGJMUFS91BOJTEFTJHOFEGPS
VTFXJUIUIF)BTTFMCMBENNBOEUIF)BTTFMCMBE
NNMFOTFT5IFGJMUFSBCTPSCTTPNFPGUIFVMUSB
WJPMFUSBZTQSFTFOUJOMJHIUXIJDIDBVTFUIFBQQFBS
BODFPGIB[FQBSUJDVMBSMZOPUJDFBCMFJOQIPUPHSBQIZBU
IJHIBMUJUVEFTGPSFYBNQMFѮFVTFPGB674LZêMUFS
DBOSFEVDFUIJTFĒFDUTPNFXIBUBOEBMTPDBVTFBTMJHIU
XBSNJOHPGUPOFPODPMPVSêMN
ѮFêMUFSDBOTBGFMZCFMFѫPOUIFMFOTGPSNPTUQIPUP
HSBQIJDBQQMJDBUJPOTBTJUQSPWJEFTTPNFQSPUFDUJPOGPS
UIFMFOTGSPOUFMFNFOUOPUPOMZBHBJOTUEVTUBOESBJO
FUDCVUBMTPBHBJOTUTDSBUDIFTBOEBDDJEFOUBMEBNBHF
ѮFêMUFSJTNVMUJDPBUFEUPFOTVSFIJHIBOUJSFëFDUJPO
RVBMJUZ/PEFHSBEBUJPOJO.5'JTTFFOBOEUIFSFJTOP
TIJѫJOGPDVT
$FOUSFGJMUFS91BOGPSNN
5IF$FOUSFGJMUFS91BOGPSNNJTEF
TJHOFEGPSVTFPOMZXJUIUIF)BTTFMCMBENNMFOT

ѮFNNMFOTJTGSFFGSPNWJHOFUUJOHXJUIQBOPSBNB
GPSNBUJNBHFTBUMFOTBQFSUVSFTFUUJOHTTNBMMFSUIBO
G)PXFWFSOBUVSBMMJHIUGBMMPĒBCBTJDMBXPGQIZT
JDTSFEVDFTUIFFYQPTVSFBUUIFDPSOFSTPGUIFJNBHFCZ
SPVHIMZGTUPQ
ѮJTMJHIUGBMMPĒBUUIFDPSOFSTDBVTFTWJTJCMFFĒFDUT
JODSJUJDBMQIPUPHSBQIZXIFOVTJOHUSBOTQBSFODZêMN
8IFOVTJOHOFHBUJWFêMNIPXFWFSOBUVSBMMJHIUGBMM
PĒQSFTFOUJOUSBEJUJPOBMPQUJDBMQSJOUJOHTFUVQTNPTU
GJMNMBCTBOENJOJMBCTBVUPNBUJDBMMZDPNQFOTBUFT
GPSUIJTUPBHSFBUFSFYUFOUJOUIFQSJOUѮFSFGPSFXIFO
VTJOHOFHBUJWFGJMNBOEXJUIUIFMFOTTUPQQFEEPXO
UIFSFNBZCFOPOFFEUPVTFBDFOUSFêMUFS
ѮFPOMZXBZUPFMJNJOBUFMJHIUGBMMPĒBUUIFDPSOFSTJT
UPSFEVDFUIFBNPVOUPGFYQPTVSFBUUIFDFOUSFPGUIF
JNBHF5IF$FOUSFGJMUFS91BOXPSLTCZBDPODFOUSB
UJPOPGOFVUSBMEFOTJUZBUUIFDFOUSFBOEBQSPHSFTTJWF
SFEVDUJPOPGEFOTJUZUPXBSETUIFPVUFSFEHFѮFFĒFDU
BUUIFDFOUSFPGUIFêMUFSDPSSFTQPOETUPBGTUPQSF
EVDUJPOJOFYQPTVSF
ѮFêMUFSJTNVMUJDPBUFEUPFOTVSFIJHIBOUJSFëFDUJPO
RVBMJUZ/PEFHSBEBUJPOJO.5'JTTFFOBOEUIFSFJTOP
TIJѫJOGPDVT
ѮFêMUFSQFSGPSNBODFJTPQUJNJTFEUPHJWFFWFOJMMV
NJOBUJPOBUMBSHFSPSNFEJVNTJ[FEBQFSUVSFT
5JQT3FNJOEFST
 1IPUPHSBQIFSTOPSNBMMZVTFEUPXPSLJOHXJUI4-3
DBNFSBTTIPVMEQBSUJDVMBSMZDIFDLUIBUUIFMFOTDBQIBT
CFFOSFNPWFEXIFONBLJOHFYQPTVSFT'MBTIJOHTIVU
UFSTQFFEBOEGMBTIJOHMPXFYQPTVSFTZNCPMXBSOJOH
BQQFBSJOUIFWJFXGJOEFS
 5BLFDBSFJGVTJOHPUIFSUZQFTPGMFOTTIBEFPSGJMUFSIPME
FST"TUIF91BO**EPFTOPUIBWFB55-WJFXJOHTZTUFNJU
XJMMCFEJGGJDVMUUPKVEHFFGGFDUTBOEQPTTJCMFWJHOFUUJOH
5IFZNBZBMTPPCTDVSFUIFSBOHFGJOEFSPQUJDTBOEDBVTF
WJTVBMGPDVTJOHEJGGJDVMUJFTUISPVHIUIFWJFXGJOEFS
 3FHVMBSMZDIFDLUIBUUIFDPOUSPMTBSFTFUDPSSFDUMZCF
GPSFZPVUBLFBQIPUPHSBQI'PSFYBNQMFZPVNBZIBWF
TFUUIFDBNFSBBU"4"*40PWFSSJEFGPSBQSFWJPVTGJMN
BOEIBWFGPSHPUUFOUPSFTFUUIF"VUP%9DPEFTFUUJOH
0SQFSIBQTZPVIBWFGPSHPUUFOUPSFTFUBOFYQPTVSF
DPNQFOTBUJPO
 8IFOVTJOHUIFQBOPSBNBGPSNBUFOTVSFUIBUZPVDPN
QPTFBDDVSBUFMZPSBUMFBTUBMMPXBNBSHJOGPSFSSPS*GZPV
EFDJEFUPDSPQBOJNBHFMBUFSUPMFWFMBIPSJ[POGPSJO
TUBODFZPVNBZCFGPSDFEUPNBTLPGGTMJHIUMZNPSFUIBO
OPSNBMDPNQBSFEUPBTJNJMBSDPSSFDUJPOJOUIFTUBOEBSE
GPSNBUPXJOHUPUIFQBOPSBNBGPSNBUTHSFBUFSMFOHUI



 *GZPVPQFOUIFDBNFSBCBDLCZNJTUBLFCFGPSFZPV
IBWFGJOJTIFEUIFGJMNZPVXJMMPOMZIBWFMPTUUIFMBTU
FYQPTFEGSBNFBOEUIFVOFYQPTFEGSBNFT5IFFYQPTFE
GSBNFTIBWFBMSFBEZCFFOXPVOECBDLJOUPUIFDBTTFUUF
BTUIF91BO**TUBSUTCZXJUIESBXJOHBMMPGUIFGJMNGJSTU
BOEQSPHSFTTJWFMZSFXJOEJOHJUGSBNFCZGSBNF
 .BLFBIBCJUPGUVSOJOHPGGUIFDBNFSBXIFOOPUJOVTF
5IFQPXFSTBWFGVODUJPOXJMMQVUUIFDBNFSBJOTUBOE
CZNPEFBVUPNBUJDBMMZBGUFSUISFFNJOVUFTPGJOBDUJWJUZ
CVUJUNBZSFBDUJWBUFJGTPNFUIJOHQSFTTFTBHBJOTUJUJO
BDBNFSBCBHGPSFYBNQMF
 $IFDLCBUUFSZTUBUVTSFHVMBSMZBOEBMXBZTLFFQTPNF
TQBSFCBUUFSJFTJOZPVSDBNFSBCBH
 "UWFSZMPXUFNQFSBUVSFTUIFCBUUFSJFTNBZOPUQSPWJEF
TVGGJDJFOUQPXFSGPSUIFDBNFSB,FFQTPNFTQBSFCBU
UFSJFTJOZPVSQPDLFUGPSFYBNQMFUPLFFQUIFNXBSN
5IFTFDBOUIFOCFFYDIBOHFEBOECFVTFEBMUFSOBUFMZ
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OPSNBMBOEEPFTOPUTJHOJGZBGBVMU
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QMJDBUJPOT5IJTJTRVJUFOBUVSBMBOEJTOPUEVFUPMFOT
WJHOFUUJOHGPSBTUPQQFEEPXOMFOT5PNJOJNJ[FUIJT
FGGFDUVTFBOBQFSUVSFPGGPSTNBMMFSBOEBWPJEVO
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UIBUJTVTFEJOMJHIUNFUFSJOH5IJTJTQBSUJDVMBSMZJN
QPSUBOUXIFOVTJOHUIFQBOPSBNBGPSNBUJGUIFTDFOF
DPOUBJOTBXJEFSBOHFPGMJHIUJOHPSUPOBMDPOUSBTUT
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UIFJSQPTJUJPOJOSFMBUJPOUPUIFCBDLHSPVOEXJMMBMTPCF
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FGGFDUJTNBJOMZPGDPODFSOXJUIUIFNNMFOT
 -BOETDBQFTDBOPGUFOJODMVEFBHSFBUEFBMPGTLZJO
XJEFBOHMFQIPUPHSBQIZ*GQBMFJOUPOFPSXJUIMBSHF
XIJUFDMPVETGPSFYBNQMFTVDITLJFTDBOBGGFDUUIF
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TVCKFDUFYDMVEJOHNPTUPGUIFTLZPSVTFBOFYUFSOBM
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NBLJOHBOFYQPTVSF
7JFXGJOEFSFZFQJFDFTFMFDUJPO
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FZFQJFDFTBWBJMBCMFJODPOOFDUJPOXJUIBOFZFHMBTT
QSFTDSJQUJPO'JSTUMZEFDJEFXIJDIFZFZPVXPVMEOPS
NBMMZVTFGPSWJFXJOH5IFODIFDLZPVSQSFTDSJQUJPO
CFBSJOHJONJOEUIBUJOPQIUIBMNJDUFSNT0%TUBOET
GPSUIFSJHIUFZFBOE04TUBOETGPSUIFMFѫFZF*OUIF
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TJEFZPVSQSFTDSJQUJPOêHVSFT
*GZPVSDZMJOESJDBMFZFHMBTTQSFTDSJQUJPOJTNPSFUIBO
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ZPVSFZFHMBTTFTGPSWJFXJOHBOEGPDVTJOH
1MFBTFOPUFUIBUUIFFZFQJFDFJODMVEJOHUIFDPSSFDUJPO
HMBTTIPMEFSJTDPOTUSVDUFEGSPNBSVCCFSDPBUFEQMBT
UJDNBUFSJBMUPNJOJNJTFUIFSJTLPGTDSBUDIJOHFZFHMBTT
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IBWFGJOJTIFEUIFGJMNZPVXJMMPOMZIBWFMPTUUIFMBTU
FYQPTFEGSBNFBOEUIFVOFYQPTFEGSBNFT5IFFYQPTFE
GSBNFTIBWFBMSFBEZCFFOXPVOECBDLJOUPUIFDBTTFUUF
BTUIF91BO**TUBSUTCZXJUIESBXJOHBMMPGUIFGJMNGJSTU
BOEQSPHSFTTJWFMZSFXJOEJOHJUGSBNFCZGSBNF
 .BLFBIBCJUPGUVSOJOHPGGUIFDBNFSBXIFOOPUJOVTF
5IFQPXFSTBWFGVODUJPOXJMMQVUUIFDBNFSBJOTUBOE
CZNPEFBVUPNBUJDBMMZBGUFSUISFFNJOVUFTPGJOBDUJWJUZ
CVUJUNBZSFBDUJWBUFJGTPNFUIJOHQSFTTFTBHBJOTUJUJO
BDBNFSBCBHGPSFYBNQMF
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5IFTFDBOUIFOCFFYDIBOHFEBOECFVTFEBMUFSOBUFMZ
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OPSNBMBOEEPFTOPUTJHOJGZBGBVMU
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QMJDBUJPOT5IJTJTRVJUFOBUVSBMBOEJTOPUEVFUPMFOT
WJHOFUUJOHGPSBTUPQQFEEPXOMFOT5PNJOJNJ[FUIJT
FGGFDUVTFBOBQFSUVSFPGGPSTNBMMFSBOEBWPJEVO
EFSFYQPTVSF5IFFGGFDUDBOCFDPNQMFUFMZFMJNJOBUFE
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UIBUJTVTFEJOMJHIUNFUFSJOH5IJTJTQBSUJDVMBSMZJN
QPSUBOUXIFOVTJOHUIFQBOPSBNBGPSNBUJGUIFTDFOF
DPOUBJOTBXJEFSBOHFPGMJHIUJOHPSUPOBMDPOUSBTUT
 8IFOPCKFDUTBSFWFSZDMPTFUPUIFMFOTSFNFNCFSUIBU
UIFJSQPTJUJPOJOSFMBUJPOUPUIFCBDLHSPVOEXJMMBMTPCF
TVCKFDUUPQBSBMMBYBOEUIFSFGPSFEFQFOEFOUPOEJT
UBODFXJMMOPUCFFYBDUMZBTTFFOJOUIFWJFXGJOEFS5IJT
FGGFDUJTNBJOMZPGDPODFSOXJUIUIFNNMFOT
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XJEFBOHMFQIPUPHSBQIZ*GQBMFJOUPOFPSXJUIMBSHF
XIJUFDMPVETGPSFYBNQMFTVDITLJFTDBOBGGFDUUIF
FYQPTVSFNFUFSTVGGJDJFOUMZUPDBVTFVOEFSFYQPTVSF
PGUIFJNBHF%FQFOEBOUPOUIFEFTJSFEFGGFDUUBLFBO
FYQPTVSFSFBEJOHGSPNBNPSFBQQSPQSJBUFQBSUPGUIF
TVCKFDUFYDMVEJOHNPTUPGUIFTLZPSVTFBOFYUFSOBM
FYQPTVSFNFUFS
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NBLJOHBOFYQPTVSF
7JFXGJOEFSFZFQJFDFTFMFDUJPO
5IFUBCMFCFMPXQSPWJEFTUIFDIPJDFPGDPSSFDUJPO
FZFQJFDFTBWBJMBCMFJODPOOFDUJPOXJUIBOFZFHMBTT
QSFTDSJQUJPO'JSTUMZEFDJEFXIJDIFZFZPVXPVMEOPS
NBMMZVTFGPSWJFXJOH5IFODIFDLZPVSQSFTDSJQUJPO
CFBSJOHJONJOEUIBUJOPQIUIBMNJDUFSNT0%TUBOET
GPSUIFSJHIUFZFBOE04TUBOETGPSUIFMFѫFZF*OUIF
UBCMFSFBEPĒUIFBQQSPQSJBUFFZFQJFDFUIBUJTBMPOH
TJEFZPVSQSFTDSJQUJPOêHVSFT
*GZPVSDZMJOESJDBMFZFHMBTTQSFTDSJQUJPOJTNPSFUIBO
EJPQUSFTJUJTSFDPNNFOEFEUIBUZPVBMXBZTXFBS
ZPVSFZFHMBTTFTGPSWJFXJOHBOEGPDVTJOH
1MFBTFOPUFUIBUUIFFZFQJFDFJODMVEJOHUIFDPSSFDUJPO
HMBTTIPMEFSJTDPOTUSVDUFEGSPNBSVCCFSDPBUFEQMBT
UJDNBUFSJBMUPNJOJNJTFUIFSJTLPGTDSBUDIJOHFZFHMBTT
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GSBNFTXJUDIPWFSBDDPSEJOHUPMFOTGJUUFEJOUFHSBM-$%EJTQMBZTIPXJOHTIVUUFS
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-FOTIFMJDPJEJOUFSMPDLFEUPDPVQMFESBOHFGJOEFS
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EFMBZ"DUJWBUFECZCVUUPOPSDBCMFSFMFBTFTPDLFU
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GSBNFTQFSTFDPOEJOTUBOEBSEGPSNBUGSBNFTQFSTFDPOEJOQBOPSBNBGPSNBU
1SPHSBNNBCMFNVMUJFYQPTVSFNPEFXJUIVQUPFYQPTVSFTQFSGSBNF
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DPOUSPMPONBOVBM&7TUFQDPOUSPMPOBVUPNBUJDTFMGUJNFSXJUITPST
EFMBZ"DUJWBUFECZCVUUPOPSDBCMFSFMFBTFTPDLFU
55-NFBTVSFEBUTIVUUFSQMBOFDFOUSFXFJHIUFEBWFSBHJOHTZTUFNBQFSUVSFQSJPS
JUZBVUPNBUJDNBOVBMTXJUDIPWFS&7Go&7GBU*40
&7BU&7TUFQJOUFSWBMT
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1SPHSBNNBCMFBVUP%9TFUUJOHBOENBOVBMTFUUJOH*40&7BDDVSBDZ
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NNMFOTNN-NN NNMFOTNN-NN
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NNMFOTHP[ NNMFOTHP[
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CBZPOFUGJUUJOHGoGDPNQPOFOUTFMFNFOUTGPDVTJOHSBOHFNoɆGJMUFS
NN"OHMFPGWJFXEJBHIPS¡¡TUBOEBSEGPSNBU¡¡QBOPSBNBGPSNBU
ɈNNMFOTJONNDBNFSBUFSNTXIFODBNFSBTFUBUQBOPSBNBGPSNBU
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CBZPOFUGJUUJOHGoGDPNQPOFOUTFMFNFOUTGPDVTJOHSBOHFNoɆGJMUFS
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UJNFTZODNPEFSFXJOENPEFNVMUJFYQPTVSFCBUUFSZTUBUVTBOEFYQPTVSFIJTUPSZ
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NNMFOTNN-NN NNMFOTNN-NN
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NNMFOTHP[ NNMFOTHP[
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NN"OHMFPGWJFXEJBHIPS¡¡TUBOEBSEGPSNBU¡¡QBOPSBNBGPSNBU
ɈNNMFOTJONNDBNFSBUFSNTXIFODBNFSBTFUBUQBOPSBNBGPSNBU
)BTTFMCMBENNMFOT
CBZPOFUGJUUJOHGoGDPNQPOFOUTFMFNFOUTGPDVTJOHSBOHFNoɆGJMUFS
NN"OHMFPGWJFXEJBHIPS¡¡TUBOEBSEGPSNBU¡¡QBOPSBNBGPSNBUɈ
NNMFOTJONNDBNFSBUFSNTXIFODBNFSBTFUBUQBOPSBNBGPSNBU
)BTTFMCMBENNMFOT
CBZPOFUGJUUJOHGoGDPNQPOFOUTFMFNFOUTGPDVTJOHSBOHFNoɆGJMUFS
NN"OHMFPGWJFXEJBHIPS¡¡TUBOEBSEGPSNBU¡¡QBOPSBNBGPSNBUɈ
NNMFOTJONNDBNFSBUFSNTXIFODBNFSBTFUBUQBOPSBNBGPSNBU

$BNFSB-$%JOGPS
NBUJPO
#BUUFSJFT
&YUFSOBMEJNFO
TJPOT
8FJHIU
-&/4&4



5SPVCMFTIPPUJOH
1SPCMFN 1PTTJCMFDBVTFTPMVUJPO
:PVS91BO**JTBGVMMZQSPGFTTJPOBMDBNFSBBOETIPVMEQSPWJEFNBOZZFBSTPGTFSWJDFQBSUJDVMBSMZJGUIFBEWJDFJTGPMMPXFE
VOEFSA&RVJQNFOU$BSF4FSWJDFBOE(VBSBOUFF*GBQSPCMFNBSJTFTIPXFWFSDIFDLCBDLJOUIJTNBOVBMUPUIFSFMFWBOU
TFDUJPOGJSTUUBLJOHQBSUJDVMBSOPUFPGUIFTQFDJGJDXBSOJOHT5IFODIFDLUIFUBCMFCFMPXUPTFFJGZPVDBOTPMWFJU3FGFSUPB
)BTTFMCMBE"VUIPSJTFE4FSWJDF$FOUSFJTUIFQSPCMFNQFSTJTUT
$BNFSBEPFTOPUSFBDUXIFO
UIFSFMFBTFCVUUPOJTQSFTTFE
:PVDBOOPUBUUBDIUIFMFOT
:PVDBOOPUSFNPWFUIFMFOT
/FXGJMNIBTOPUXPVOEPOUP
GJSTUGSBNF
8IPMFGJMNVOEFS
PWFSFYQPTFE
4PNFGSBNFTVOFYQPTFE
t .PEFTFMFDUPSJOA0''QPTJUJPO
t #BUUFSJFTPNJUUFEPSFYIBVTUFE
t &OTVSFMFOTJOEFYFTBSFBMJHOFE
t %FQSFTTMFOTSFMFBTFCVUUPOXIJMFUVSOJOHMFOT
t 'JMNUJQJODPSSFDUMZQPTJUJPOFECFGPSFDMPTJOHDBNFSBCBDL
t *40TFUUJOHUP%9QPTJUJPOXJUIBOPO%9DPEFEGJMNDBTTFUUF
t .BOVBMGJMNTQFFE*40TFUJODPSSFDUMZ
t &YQPTVSFDPNQFOTBUJPOOPUTFUBU[FSP
t -FOTDBQOPUSFNPWFE
&RVJQNFOU$BSF4FSWJDFBOE(VBSBOUFF
&26*1.&/5$"3&
5IF)BTTFMCMBE91BO**JTEFTJHOFEUPXJUITUBOEUIF
SJHPVSTPGQSPGFTTJPOBMVTFJONPTUFOWJSPONFOUT5P
BWPJEUIFQPTTJCJMJUZPGEBNBHFIPXFWFSJUTIPVME
CFQSPUFDUFEGSPNUIFGPMMPXJOH
&YUSFNFTPGUFNQFSBUVSF)JHIUFNQFSBUVSFT
DBOIBWFBOBEWFSTFFGGFDUPOCPUIGJMNBOEFRVJQ
NFOU5SZUPBWPJEGSFRVFOUBOETFWFSFUFNQFSBUVSF
DIBOHFT#FQBSUJDVMBSMZDBSFGVMJOIVNJEFOWJSPO
NFOUT$PSSPTJPOPGFMFDUSJDBMDPOUBDUTNBZPDDVSJO
UIFTFTJUVBUJPOTJGTVGGJDJFOUDBSFJTOPUUBLFO"MMPX
UIFFRVJQNFOUUPBDDMJNBUJ[FCFGPSFEJTBTTFNCMZ
5SZUPFOTVSFUIFTUPSBHFDPOEJUJPOTJOTVDIFOWJSPO
NFOUTBSFBTESZBTQPTTJCMF
%VTUBOEHSJU:PVTIPVMEUBLFDBSFUPQSFWFOUEVTU
BOEHSJUGSPNHFUUJOHJOUPZPVSFRVJQNFOU*ODPBTU
BMBSFBTUBLFNFBTVSFTUPQSPUFDUZPVSFRVJQNFOU
GSPNTBOEBOETBMUXBUFSTQSBZ%VTUPOUIFMFOT
HMBTTDBOCFSFNPWFEXJUIBCMPXFSCSVTIPSWFSZ
TPGUMFOTCSVTIJGOFDFTTBSZ4NFBSTPOUIFMFOTHMBTT
TIPVMECFUSFBUFEXJUIHSFBUDBVUJPO*OTPNFDBTFT
UIFZNBZCFSFNPWFEXJUIBIJHIRVBMJUZMFOTDMFBO
JOHTPMVUJPOPOBUJTTVFCVUCFDBSFGVMOPUUPTDSBUDI
UIFMFOTPSUPVDIBOZPGUIFHMBTTTVSGBDFTXJUIZPVS
GJOHFST*GJOBOZEPVCUEPOPUBUUFNQUUPDMFBO
MFOTHMBTTTVSGBDFTZPVSTFMGCVUBMMPXBi)BTTFMCMBE
"VUIPSJ[FE4FSWJDF$FOUFSwUPUSFBUUIFN
*NQBDU:PVSFRVJQNFOUDBOCFEBNBHFECZTF
WFSFQIZTJDBMTIPDLTTPQSBDUJDBMQSPUFDUJWFQSFDBV
UJPOTTIPVMECFUBLFO8IFOOPUJOVTFUSZUPNBLF
BIBCJUPGTUPSJOHZPVSDBNFSBFRVJQNFOUJOTPNF
GPSNPGQSPUFDUJWFDBTFPSCBHUPBWPJEBDDJEFOUBM
EBNBHF
-PTT)BTTFMCMBEFRVJQNFOUJTNVDITPVHIUBG
UFSBOEZPVTIPVMEUBLFPCWJPVTTUFQTUPQSFWFOU
UIFGU/FWFSMFBWFJUWJTJCMFJOBOVOBUUFOEFEDBSGPS
FYBNQMF4FQBSBUFBOETQFDJGJDDBNFSBJOTVSBODF
DPWFSTIPVMECFDPOTJEFSFECZQSPGFTTJPOBMVTFST


5SPVCMFTIPPUJOH
1SPCMFN 1PTTJCMFDBVTFTPMVUJPO
:PVS91BO**JTBGVMMZQSPGFTTJPOBMDBNFSBBOETIPVMEQSPWJEFNBOZZFBSTPGTFSWJDFQBSUJDVMBSMZJGUIFBEWJDFJTGPMMPXFE
VOEFSA&RVJQNFOU$BSF4FSWJDFBOE(VBSBOUFF*GBQSPCMFNBSJTFTIPXFWFSDIFDLCBDLJOUIJTNBOVBMUPUIFSFMFWBOU
TFDUJPOGJSTUUBLJOHQBSUJDVMBSOPUFPGUIFTQFDJGJDXBSOJOHT5IFODIFDLUIFUBCMFCFMPXUPTFFJGZPVDBOTPMWFJU3FGFSUPB
)BTTFMCMBE"VUIPSJTFE4FSWJDF$FOUSFJTUIFQSPCMFNQFSTJTUT
$BNFSBEPFTOPUSFBDUXIFO
UIFSFMFBTFCVUUPOJTQSFTTFE
:PVDBOOPUBUUBDIUIFMFOT
:PVDBOOPUSFNPWFUIFMFOT
/FXGJMNIBTOPUXPVOEPOUP
GJSTUGSBNF
8IPMFGJMNVOEFS
PWFSFYQPTFE
4PNFGSBNFTVOFYQPTFE
t .PEFTFMFDUPSJOA0''QPTJUJPO
t #BUUFSJFTPNJUUFEPSFYIBVTUFE
t &OTVSFMFOTJOEFYFTBSFBMJHOFE
t %FQSFTTMFOTSFMFBTFCVUUPOXIJMFUVSOJOHMFOT
t 'JMNUJQJODPSSFDUMZQPTJUJPOFECFGPSFDMPTJOHDBNFSBCBDL
t *40TFUUJOHUP%9QPTJUJPOXJUIBOPO%9DPEFEGJMNDBTTFUUF
t .BOVBMGJMNTQFFE*40TFUJODPSSFDUMZ
t &YQPTVSFDPNQFOTBUJPOOPUTFUBU[FSP
t -FOTDBQOPUSFNPWFE
&RVJQNFOU$BSF4FSWJDFBOE(VBSBOUFF
&26*1.&/5$"3&
5IF)BTTFMCMBE91BO**JTEFTJHOFEUPXJUITUBOEUIF
SJHPVSTPGQSPGFTTJPOBMVTFJONPTUFOWJSPONFOUT5P
BWPJEUIFQPTTJCJMJUZPGEBNBHFIPXFWFSJUTIPVME
CFQSPUFDUFEGSPNUIFGPMMPXJOH
&YUSFNFTPGUFNQFSBUVSF)JHIUFNQFSBUVSFT
DBOIBWFBOBEWFSTFFGGFDUPOCPUIGJMNBOEFRVJQ
NFOU5SZUPBWPJEGSFRVFOUBOETFWFSFUFNQFSBUVSF
DIBOHFT#FQBSUJDVMBSMZDBSFGVMJOIVNJEFOWJSPO
NFOUT$PSSPTJPOPGFMFDUSJDBMDPOUBDUTNBZPDDVSJO
UIFTFTJUVBUJPOTJGTVGGJDJFOUDBSFJTOPUUBLFO"MMPX
UIFFRVJQNFOUUPBDDMJNBUJ[FCFGPSFEJTBTTFNCMZ
5SZUPFOTVSFUIFTUPSBHFDPOEJUJPOTJOTVDIFOWJSPO
NFOUTBSFBTESZBTQPTTJCMF
%VTUBOEHSJU:PVTIPVMEUBLFDBSFUPQSFWFOUEVTU
BOEHSJUGSPNHFUUJOHJOUPZPVSFRVJQNFOU*ODPBTU
BMBSFBTUBLFNFBTVSFTUPQSPUFDUZPVSFRVJQNFOU
GSPNTBOEBOETBMUXBUFSTQSBZ%VTUPOUIFMFOT
HMBTTDBOCFSFNPWFEXJUIBCMPXFSCSVTIPSWFSZ
TPGUMFOTCSVTIJGOFDFTTBSZ4NFBSTPOUIFMFOTHMBTT
TIPVMECFUSFBUFEXJUIHSFBUDBVUJPO*OTPNFDBTFT
UIFZNBZCFSFNPWFEXJUIBIJHIRVBMJUZMFOTDMFBO
JOHTPMVUJPOPOBUJTTVFCVUCFDBSFGVMOPUUPTDSBUDI
UIFMFOTPSUPVDIBOZPGUIFHMBTTTVSGBDFTXJUIZPVS
GJOHFST*GJOBOZEPVCUEPOPUBUUFNQUUPDMFBO
MFOTHMBTTTVSGBDFTZPVSTFMGCVUBMMPXBi)BTTFMCMBE
"VUIPSJ[FE4FSWJDF$FOUFSwUPUSFBUUIFN
*NQBDU:PVSFRVJQNFOUDBOCFEBNBHFECZTF
WFSFQIZTJDBMTIPDLTTPQSBDUJDBMQSPUFDUJWFQSFDBV
UJPOTTIPVMECFUBLFO8IFOOPUJOVTFUSZUPNBLF
BIBCJUPGTUPSJOHZPVSDBNFSBFRVJQNFOUJOTPNF
GPSNPGQSPUFDUJWFDBTFPSCBHUPBWPJEBDDJEFOUBM
EBNBHF
-PTT)BTTFMCMBEFRVJQNFOUJTNVDITPVHIUBG
UFSBOEZPVTIPVMEUBLFPCWJPVTTUFQTUPQSFWFOU
UIFGU/FWFSMFBWFJUWJTJCMFJOBOVOBUUFOEFEDBSGPS
FYBNQMF4FQBSBUFBOETQFDJGJDDBNFSBJOTVSBODF
DPWFSTIPVMECFDPOTJEFSFECZQSPGFTTJPOBMVTFST

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