UDQ\iEyO$ED~MEDWHOHSOWHJ\FVRSRUWMXNPDJXNNDOKR]WDKDQJV~O\WDODQ|]Q\HOYMiUiVXNDW
$Q\HOYMiUiVV]LJHWPiLJPHJUL]WHDKDQJV~O\WDODQ|]pVWDKDQJV~O\RVV]yWDJ]iUWsMHD]RQEDQQ\tO WDEEiYiOW
)LJ\HOHPUHPpOWyKRJ\PLQGNpWQ\HOYMiUiVWtSXVEDQDQpSHVVpJPR]JDOPDNNDONDSFVRODWRVPHJ ILJ\HOpVHNDODSMiQ~J\W&QLNKRJ\D]HIRQpPiNNLHJ\HQOtWGpVHD]HGGLJJRQGROWQiOOpQ\HJHVHQDNiU W|EEV]i]pYYHOLVNRUiEEDQW|UWpQKHWHWWPHJ$IHOPHUOWLGHJHQQ\HOYLLQWHUIHUHQFLDOHKHWVpJpWWH NLQWYHDWHOHSOpVpVQpSHVHGpVW|UWpQHWLNpUGpVHNHWLVW]HWHVHQYL]VJiOQLNHOO
$IHOYHWHWWJRQGRODWRNNRUiQWVHPOH]iUiVDLHJ\NpUGpVN|UQHN6RNNDOLQNiEEDUUDNtYiQMiNIHO KtYQLDILJ\HOPHWKRJ\DQ\HOYI|OGUDM]LJHROLQJYLV]WLNDLNXWDWiVRNpVDW|UWpQHWLJHROLQJYLV]WLNDV]i PRV~MHUHGPpQQ\HONHFVHJWHW
=(//,*(5(5=6e%(7
$]ÈUSiGNRUL)LOpV6]HPV]HPpO\QHYHNUO
6]HPpO\QHYHNEODODNXOWI|OGUDM]LQHYHLQNKHO\QHYHLQNHUHGHWpQHNYL]VJiODWiKR]DKHO\HV PDJ\DUi]DWRNIHOiOOtWiViKR]HOHQJHGKHWHWOHQÈUSiGNRULV]HPpO\QHYHLQNLVPHUHWHpVHQ\HOYLDODNXOD WRNQDNW|EEpYHQYDJ\pYV]i]DGRNRQiWtYHOYiOWR]DWDLQDNKHO\HVpUWpNHOpVH+DHJ\WpPDN|UEHQ
~MDEEDGDWRNNHUOQHNHODNNRUDQ\HOYW|UWpQHWLQpYW|UWpQHWLNXWDWiVRNIHMOGpVHpUGHNpEHQQHPFVDN OHKHWVpJHVKDQHPV]NVpJHVLVDWpPiYDONDSFVRODWRVNRUiEELPHJiOODStWiVRNIHOOYL]VJiODWD
$]ÈUSiGNRULRNOHYHOHNOHtUiViEDQN|]UHP&N|GPDJ\DUpVLGHJHQDQ\DQ\HOY&tUQRNRNIHOWpWH OH]KHWQ\HOYLQHKp]VpJHLPLDWWLVDODWLQV]|YHJEHiJ\D]RWWNO|QE|]KHO\HVtUiVVDOOHtUWWXODMGRQQH YHNVRNHVHWEHQHOWRU]XOWDODNEDQPDUDGWDND]XWyNRUUD$PDJ\DUQpYNLQFVEHEHpSOLGHJHQHUHGHW&
V]HPpO\QHYHNSHGLJDQpSDMNiQiWDODNXOWDNH]pUWVRNHJ\pE]DYDUyN|UOPpQ\N|]UHMiWV]iVDPHOOHWW H]LVRNDOHKHWDNRUiEEDQPHJDONRWRWWÄWXGyVHWLPROyJLiN´QDNDQpYWDQLURPDQWLNDROWiUiQIHOiOGR ]RWWM|YHYpQ\QHYHNPDJ\DUtWiViQDNpUWHOPHVtWpVpQHN$IHOQHPLVPHUWIpOUHLVPHUWLGHJHQHUHGHW&
V]HPpO\QHYHNPDJ\DUN|]V]yYiDODNtWiViQDNNpUGpVpYHOLOOHWYHD]tJ\OpWUHM|WWWpYHVQpYPDJ\DUi]DWRN NLLJD]tWiViYDOPiUW|EEV]|UIRJODONR]WDP-HOHQPRQGDQGyPLVUpV]EHQHWpPDN|UK|]NDSFVROyGLN.pW KHO\QpYFVRSRUWDODSMiXOV]ROJiOyDIOpVDV]HPN|]V]DYDNEyODODNXOWV]HPpO\QHYHNPDJ\DUi]DWiEDQ IHOPHUOHOOHQWPRQGiVRNUDNtYiQRPIHOKtYQLDILJ\HOPHW
3$,6'(=6Ä5pJLV]HPpO\QHYHLQNMHOHQWpVWDQD´FtP&P&YpEHQDN|]V]DYDNEyODODNXOWÈU SiGNRULV]HPpO\QHYHLQNHWMHOHQWpVNDODSMiQFVRSRUWRVtWRWWDpVD]$IFVRSRUWÄ.H]GHWOHJHVQHYHN´
EÄ$]HJ\HVWHVWUpV]HNUOYHWWQHYHN´DOFVRSRUWMiEDVRUROWDD6FLP¶V]HP¶QHYHWXJ\DQFVDND¶V]HP¶
MHOHQWpV&QHYHNGNpS]V6FHPG=HPG=HPG\6FHPGL6FLPHGYiOWR]DWDLWWRYiEEi¶V]HPHV¶MHOHQWp V&QHNtWpOWW|EEQpYDODNXODWRWYDODPLQWDV]HPEOpHKNpS]V=HPH=HPHKpVD6FHPDDNpS]V QHYHNHW8J\DQFVDNDWHVWUpV]HNUOYHWWQHYHNN|]pVRUROWDDÄ)LOHVD]D]IOHV´V]HPpO\QHYHW01\
LOO01\7.1pKiQ\pYYHONpVEEXJ\DQIHOLVPHUWHKRJ\QHPPLQGHQyPDJ\DU )Oa)LOQpYDODND]RQRVD WHVWUpV]WMHOHQWIQpYYHOpVÄ$ODWLQ3KLOLSSXVPDJ\DUV]iUPD]pNDL´FtP&
PXQNiMiEDQV]iPRVQ\HOYW|UWpQHWLDGDWRWLGp]YHD)LOa)O)OHa)LOH)LOHGL)LOHV)LONH)LOHN V]HPpO\QHYHNHWD]HJ\Ki]LODWLQ3KLOLSSXVEyOOHWWPDJ\DU)LOLSa)O|SU|YLGOWpVNpS]HWWDODNMDLEyO YH]HWWHOH01\
0(/,&+-È126D](W6]IOV]yFLNNpEHQV]iPRVV]HPpO\QpYLpVV]HPpO\QpYEODODNXOWKHO\QpYL DGDWRWN|]|OPHO\HNHJ\DUiQWDODNXOKDWWDNDIO¶DXULVGDV2KU¶N|]QpYEOYDODPLQWD]HJ\Ki]LODWLQ 3KLOLSSXVV]HPpO\QpY)LOLSa)O|SYiOWR]DWiEyOpVQpYPDJ\DUi]DWDLEDQXWDOW3$,6'(=6IHQWHPOt WHWWGROJR]DWDLUD0(/,&+ÄWHOMHVHQYDOyV]tQ&WOHQQHN´WDUWRWWDD]WDNRUiEELYpOHNHGpVWDPHO\V]HULQW YDODPHQQ\L)LOH)OHV]HPpO\pVKHO\QpYNL]iUyODJDIO¶DXULVGDV2KU¶N|]QpYYHOOHQQHHJ\HQO VWD)LORpV)LOHVHQpYDODNXODWRNV]HULQWHOHKHWQHNV]OiYM|YHYpQ\QHYHN(W6],WWpUGH
PHVLGp]QLD]yOHQJ\HO)LO)LOD)LONR)LOXV]V]HPpO\QHYHNHW6á612> 6áRZQLNVWDURSROVNLFK QD]ZRVRERZ\FK3RGUHGDNFML]HZVWSHP:,72/'$7$6=<&.,(*2±:URFáDZ±:DUV]DZD±
.UDNyZ±*GDVN±àyG( ±@ ± PHO\HN V]LQWpQ EL]RQ\tWpNXO V]ROJiOQDN D ODWLQ 3KLOLSSXVV]HPpO\QpYQHNHJ\V]OiYQ\HOYEHQNLDODNXOWU|YLGOWpVNpS]HWWYiOWR]DWDLUD± $](W6]V]H ULQWD]EOV]iUPD]y1\XOI\OPiVRGLNWDJMDWHUPpV]HWHVHQDION|]QpYEOYDOyKDVRQOyDQD)O WySLVF)\OWRX*<g5))<EiUH] XWyEELW3$,6DIHOaI|O¶VXSHUILFLHV¶EOYH]HWWHOHL P$7(6]pVD](:8QJD]EODGDWROW)LOHVV]HPpO\QHYHWHJ\DUiQWDIO¶DXULVGDV 2KU¶V]yFLNNEHQLGp]L$)1(6]D)LONHKi]DKHO\QHYHWD)LONHV]HPpO\QpYEOYH]HWLOHPHO\DÄ)LO V]QQHNDNLFVLQ\tWEHFp]NpS]ERNURVV]iUPD]pND´pVHOIRJDGMDD](W6]0(/,&+YpOHPpQ\pWD UpJLPDJ\DUÄ)LOV]QYDJ\DP)O|Sa)LOHSV]QFVDOiGMiEDWDUWR]LNPLQWU|YLGOpVHVDODNYDJ\SH GLJDPIOa5ILOWHVWUpV]QpYEONHOHWNH]HWW´$](UGIOH)LOHIDOYD)|OGHiN)OHVG )OHWHONH)OHNKHO\QHYHNQpYFLNNHNEHQD)LONHKi]DDODWWLPDJ\DUi]DWUDXWDO
3$,6pV0(/,&+IHOLVPHUpVHPHO\V]HULQWD]ÈUSiGNRUL)LO)LOH)LOHVVWEV]HPpO\QHYHNU|YL GOpVVHOpVWRYiEENpS]pVVHODODNXOKDWWDND]LJHQQpSV]HU&pVJ\DNRULHJ\Ki]LODWLQ3KLOLSSXVV]HPpO\
QpYEOQHPFVDNQ\HOYpV]HWLQpYW|UWpQHWLYL]VJiOyGiVKDQHPDORJLNXVJRQGRONRGiVHUHGPpQ\HLV -yOOHKHWPDQHPWXGMXNNLGHUtWHQLD;,,±;,9V]i]DGLQpYDGiVLQGtWpNDLWD]HVHWOHJHVJ~Q\ROyGiV YDJ\NHGYHVNHGpVEHFp]pVPHJQ\LOYiQXOiVDLWPpJLVIHONHOOWHQQHPDNpUGpVWXJ\DQPLpUWQHYH]Qp QHNHORO\VRN± DIHOVEEWiUVDGDOPLRV]WiO\KR]WDUWR]y± V]HPpO\WLVDIOWHVWUpV]QpYYHO"$QRUPiOLV HPEHULIOQHPIHOW&QNO|Q|VILJ\HOPHWQHPpUGHPOMHOOHP]MHD]HPEHUQHNH]pUWQHPDGKDWRNRW DV]HPpO\ PHJNO|QE|]WHWpVpUHHOQHYH]pVpUH0pJD)OHV"¶QDJ\ IO&¶PHJQHYH]pVQHNVLQFV J\HUPHNYDJ\IHOQWWHVHWpEHQVRNpUWHOPHDPDIOHV¶KtUKtUKR]y¶MHOHQWpV&N|]V]y;,,,V]i]DGL HOIRUGXOiVDSHGLJNL]iUKDWy$QQiOLQNiEEHJ\pUWHOP&HNDEQWHWpVEOYDJ\EDMYtYiVEDQOHYiJRWWIO UHXWDOyEOV]iUPD]y7KRPDPGLFWXP)\OHWKOHQÏP2OYpVD]pYL3DXOXPGLFWXP
=DJ\XUZDJRXDOLRQRPLQH)LOHWOHQSDO=LFK\2NPHOQHYH]pVHN
.|]LVPHUWYLV]RQWD]ÈUSiGNRUEDQDWHOMHVDODN~ODWLQV]HPpO\QHYHNN|]WND3KLOLSSXVU|YL GOWpVNpS]HWWDODNMDLQDNNHGYHOWVpJHpVMHOHQOpWH%iUOHKHWHWOHQPHJiOODStWDQLKRJ\DQDJ\V]iP~
)LODa3KLOD)LOHa)LOHKa3KLOH)LOHFKH)LOHGL)LOHN)OHND)LOHRa)LOHW)LOHVa3KLOHV)LOHVH )LOL)LONHa3KLONH)LOS)LOSHa)LOSHKa3KLOSH)LOSHVa3KLOSHV)LOSXVa3KLOSXV)LOX)LOXSDY|
)(+e57Ï, ÈUSiGNRULV]HPpO\QpYWiU%SDWRYiEELDNEDQÈUS6]QWDODNXODWN|]OPHO\LN DODNXOWDIO¶DXULVGDV2KU¶N|]V]yEyOYpOHPpQ\HPV]HULQWDQHYHNG|QWW|EEVpJHDODWLQ3KLOLSSXV V]HPpO\QpYPDJ\DUYDJ\LGHJHQHUHGHW&EHFp]YiOWR]DWDpVFVDNLJHQFVHNpO\KiQ\DGDN|]V]yLHUHGHW&
0(/,&+-È126QDND)LOa)OVWEV]HPpO\QHYHNIHQWHEENLIHMWHWWPDJ\DUi]DWDLXWiQLQGRNROW DNpUGpVYDMRQDV]HP¶RFXOXV¶MHOHQWpV&QHNWDUWRWWV]HPpO\QHYHNpVNpS]HWWYiOWR]DWDLDGiViQDND]
HIIDMWDHOQHYH]pVHNQHNYDOyMiEDQPLOHKHWHWWDPRWLYiFLyMD"
$] 2NO6] DV]HP ¶$XJH¶ N|]V]yEyO DODNXOW ÈUSiGNRUL V]HPpO\QHYHNVNpS]V6FHPXV 6FLPLV6HPHV6FHPHV6FHPXVYiOWR]DWDLQDN¶SURYLGXVSHUVSLFD[VFKDUIVLFKWLJXPVLFKWLJ¶D]D]
¶pOHVHQOiWyHOUHOiWyJRQGRVHV]HVPHJIRQWROW¶MHOHQWpVWWXODMGRQtW± %/5,1&=<e9$DN|]V]yEyO DODNXOWVaFVNpS]VV]HPpO\QHYHNN|]|WWLGp]WHD6HPHV6FLPLV=HPXV=HPVH6HPHFK6HPF]D 6\PFKD=HPFKL6HPFKLV]HP¶RFXOXV¶YiOWR]DWRNDWpVD]2NO6]EyOiWYHWW¶SURYLGXVSHUVSLFD[¶
MHOHQWpVDODSMiQV]HULQWHD6HPHVa6FLPLVa=HPXVa6FHPXVQHYHNVNpS]MHÄYDODPLYHOEtUiVWHO OiWRWWViJRWIHMH]KHWNL´.pS] pVQpYUHQGV]HUWDQLYL]VJiOyGiVRN$]VaFVNpS]YHODODNXOWQpY DQ\DJD]yPDJ\DUEDQ1\WXGeUW%/5,1&=<WDQXOPiQ\iQDNYpJpQ|VV]HIRJODOiV NpQWPHJiOODStWRWWDKRJ\DÄM|YHYpQ\QHYHNQHPV]DNDGWDNHOWHOMHVPpUWpNEHQD]RNWyOD]LGHJHQ Q\HOYHNWODPHO\HNEOKR]]iQNNHUOWHNKDQHPD]RNNO|QIpOH~WRQPyGRQSpOGiXOD]RQRVKDQJD ODN~LGHJHQQHYHNYDJ\NpS]NDQDOyJLiMiYDOPpJVRNiLJKDWRWWDNUiMXNDM|YHYpQ\QHYHNNpS]L W|EEIRUUiVEyOLVV]iUPD]KDWQDNYDJ\LVOHKHWQHNLGHJHQQ\HOYEOYDOyiWYpWHOHNPiVUpV]WHUHGHWL PDJ\DUNpS]N>%HNH]GpV@$]KRJ\PDPiUyPDJ\DUNRULDGDWDLQNNpS]LWHUHGHWNV]HULQWV]pWYi
ORJDWQLQHPWXGMXNQ\LOYiQYDOy'HD]KRJ\yPDJ\DUNRULVHLQNWXGDWiEDQH]HNDNpV]HQNDSRWWLGH JHQQHYHNpVDPDJ\DUDONRWiVRNN|YHWNH]pVNpSSHQDUDMWXNOHYNpS]NLVWHOMHVHQ|VV]HNHYHUHGWHN V]LQWpQQDJ\RQYDOyV]tQ&´LP± $]LGp]HWWJRQGRODWRNXWiQNpUGpVKRJ\D]2NO6]EDQPHJ DGRWWMHOHQWpVHNYDOyEDQD]ÈUSiGNRULWiUVDGDORPQpYDGiVLV]RNiVDLQDNYDOyGLLQGtWpNiWD]DNNRUpOW V]HPpO\HNÄPHJEHFVOpVpWHOLVPHUpVpWGLFVpUHWpW´IHMH]LNHNL"$]D]HJ\PDJ\DUN|]V]yLHUHGHW&QHN WDUWRWWV]HPpO\QpYEL]RQ\WDODQHUHGHW&VNpS]MHV]ROJiOWDWHHOpJVpJHVLQGRNRWDUUDKRJ\SpOGiXO D]EHQpOW6HPHVQHY&XGYDUQRNRW¶HOUHOiWyJRQGRVHV]HVPHJIRQWROW¶NRUXQNEDQSR]LWtYQDN WDUWRWWWXODMGRQViJRNNDOUXKi]]XNIHO"
+$-'Ò0,+È/<DQpYDGiVLQGtWpNDV]HPSRQWMiEyOD]~QÄOHtUyQHYHN´FVRSRUWMiEDVRUROWDD]
=HPG\¶V]HPHFVNH¶QHYHWPHO\ÄN|]YHWOHQPHJQHYH]pVVHONHOHWNH]HWW´pVÄNOVWXODMGRQViJRW´
IHMH]NL$QHYHNMHOHQWpVWDQLFVRSRUWRVtWiViEDQD]6FHPHUD¶V]HPHFVNH¶QHYHWDÄIHOW&Q WHVWUpV]HNSDUVSURWRWR¶UpV]PHO\D]HJpV]UHXWDO¶FVRSRUWEDQHPOtWHWWHÈOWDOiQRVpVPDJ\DUQpY WDQ%S± $](:8QJXWDOD]2NO6]6FHPG6HPG=HPG\QHYHNQHN¶JUDQXP JHPPD¶D]D]¶PDJUJ\V]HP¶MHOHQWpVpUHPHO\ÄPHWDIRULNXVMHOHQWpViWYLWHO´HUHGPpQ\HNpQWXJ\DQ FVDNDV]HP¶RFXOXV¶N|]V]yEyOM|WWOpWUH
$V]HPpO\QHYHNMHOHQWpVpYHOpVDQpYDGiVLQGtWpNiYDONDSFVRODWRVIHQWHEELVPHUWHWHWWPDJ\DUi ]DWRNPHOOHWWWRYiEEUDLVNpWVpJHVYDMRQPLQGHQÈUSiGNRUL6FHP6FLP6HP=HPVWEV]HPpO\QpY WHVWUpV]WMHOHQWN|]V]yEyODODNXOWH"9ROWDNpSSHQD]¶UV]HP¶MHOHQWpVD]HJ\HWOHQDPHO\HOIRJDGKDWy LQGtWpNDOHKHWHWWDQpYDGiVQDNHJ\pENpQW± PLQWDIOWHVWUpV]QpYEODODNXOWV]HPpO\QHYHNHVHWpEHQ±
V]iPRPUDDV]HPV]HPHVN|]V]yEyODODNXOWV]HPpO\QpYYHOYDOyPHJNO|QE|]WHWpVHNPRWLYiFLyMDVHP HJ\pUWHOP&$]ÈUSiGNRULV]HPpO\QHYHNMHOHQWpVpWDQHYHNDGiViQDNLQGtWpNiWPDQHPWXGMXNEL]
WRQViJJDOHOG|QWHQLGHNpUGpVHVQHNW&QLNKRJ\DQDJ\V]iP~KHO\QpYV]HUWHD]RUV]iJEDQFVDNLVD V]HP¶$XJH¶DODSV]DY~V]HPpO\QpYEOM|WWHOpWUHYDJ\HMHOHQVpJUHWDOiOXQN± D)LO)LOHVWE3KL OLSSXVV]HPpO\QHYHNPLQWiMiUDpVN|]pSNRULWiUVDGDOPXQNpOHWpKH]JRQGRONRGiVKR]N|]HOtWYH± HOIR JDGKDWyEEPDJ\DUi]DWRW"
$]ÈUSiGNRULV]HPpO\QHYHNtJ\D6HP6HPHVMHOHQWpVpQHNNpUGpVHLVUpJHQIRJODONR]WDWpVD 6]HPHO\pV6]HPHQ\HKHO\QHYHN)1(6]EHQN|]|OWPDJ\DUi]DWDL|V]W|Q|]WHNDWpPDDODSRVDEEYL]V JiODWiUD$]HPOtWHWWKHO\QHYHNHUHGHWHXJ\DQLVEL]RQ\WDODQLOOHWOHJW|EEPDJ\DUi]DWXNLVOHKHWVpJHV
$)1(6]PDJ\DUi]DWDV]HULQWD%DUDQ\DPHJ\HL6]HPHO\6FKHPHOÄSXV]WDV]QEONHOHWNH ]HWWPDJ\DUQpYDGiVVDOY|6FHPHOV]Q$]DODSMiXOV]ROJiOyV]QIRUUiViWQpPHO\HND ODW6LPLOLVV]QEHQNHUHVLN,O\HQQHY&DSiWMDYROWDSDQQRQKDOPLDSiWViJQDNDV]YpJpQ´Y|
'+$$)1(6]V]HULQWOHKHWVpJHVDKHO\QHYHWDPDJ\DUV]HPpO\IQpYEOLVPDJ\DUi]QLYD ODPLQWV]iPtWiVEDM|KHWDFVHK6HPLOYDJ\DOHQJ\HO6LHPLOV]HPpO\QHYHNiWYpWHOH,VPHUHWHVDV]H PpO\ IQHYHW LV DV]HP ¶$XJH¶ NpS]HWW DODNMiQDN YpOLN Y| 7(6] (:8QJ $ 9DV PHJ\HL 6]HPHQ\H=FHPHQHÄYDOyV]tQ&OHJSXV]WDV]QEONHOHWNH]HWWPDJ\DUQpYDGiVVDO$]
DODSMiXOV]ROJiOyV]QDPV]HPIQFVDOiGMiEDWDUWR]KDWY|=HPH\QV]QpV=HPHQXV V]Q0iVIHOWHYpVV]HULQWV]OiYHUHGHW&Y|HJ\IHOOV]EKY56HPLQDV]QPiVIHOODV]E KY6HPLQFVHK6HPLQKQ´$6]HPHQ\HKHO\QpYKDUPDGLNPDJ\DUi]DWDNpQWD)1(6]OHKHWVpJHVQHN WDUWMDKRJ\DKHO\QpYDODSMiXOV]ROJiOyV]HPpO\QpYD]RURV]HJ\Ki]LV]OiYF{fXgt¶DKi]QpSKH]WDU WR]yV]HPpO\V]ROJD¶MHOHQWpV&N|]V]yiWYpWHOpYHOpSOWEHDPDJ\DUQ\HOYEH
$)1(6]IHQWLKHO\QpYPDJ\DUi]DWDLEDQDPDJ\DUV]HP¶RFXOXV¶IQpYEODODNXOWV]HPpO\
QHYHNPHOOHWWDV]OiYHUHGHW&V]HPpO\QHYHNiWYpWHOpQHNOHKHWVpJHNpV]WHWHWWDUUDKRJ\|VV]HJ\&MWVHP pVWiEOi]DWEDQEHPXWDVVDPD3$,6pVPiVRNiOWDODV]HP¶RFXOXV¶MHOHQWpV&QHNWDUWRWWV]HPpO\QHYHNHW pVNpS]HWWDODNMDLNDWD]]DODFpOODOKRJ\|VV]HYHVVHPDKDVRQOyDODN~V]OiYpVQpPHWV]HPpO\QHYHN NHOPLQWOHKHWVpJHVM|YHYpQ\QHYHNNHO$]ÈUSiGNRULV]HPpO\QHYHNOHOKHO\HLWQHPN|]O|PPHUWD WiEOi]DWEDIHOYHWWV]HPpO\QpYLYiOWR]DWRNPLQGHJ\LNHPHJWDOiOKDWyD]ÄÈUSiGNRULV]HPpO\QpYWiU´
EDQ0LYHOD]ÈUSiGNRULV]HPpO\QpYLDGDWRNJ\&MWpVHNH]GHWpQFpOXOW&]WHPNLKRJ\YDODPHQQ\L N|]V]yLHUHGHW&QHNWDUWRWWQpYDODNpVD]RNPLQGHQEHFp]HWWNpS]HWWtUiVYiOWR]DWDNHUOM|QEHDQpY
WiUEDH]pUWDQpYWiUEyOHJ\pUWHOP&HQNLW&QLND]ÈUSiGNRULN|]V]yLHUHGHW&QHNWDUWRWWV]HPpO\QHYHN tJ\D6HP6FHP6FHPHVVWENHGYHOWVpJHDUiQ\D
$WiEOi]DWHOVRV]ORSiEDQtUiVNpSNHMWpVNpVYpJ]GpVNV]HULQW|VV]HWDUWR]yQDNYpOWQpY DODNRNN|YHWLNHJ\PiVW$PiVRGLNRV]ORSEDQD]RNDWDV]HU]NHWpVP&YHNHWWQWHWWHPIHODNLNDPH O\HND]HOVRV]ORSQpYDODNXODWDLWDV]HP¶RFXOXV¶WHVWUpV]QpYEOYH]HWLNOH3$,6LP7(5(6 7<e1,)(5(1&0DJ\DUN|]V]yLHUHGHW&V]HPpO\QHYHND]LWLKDQ\L|VV]HtUiVEDQ01\7.
%(55È5-2/È11LQHYHLQNLJ01\7.%/5,1&=<e9$LP±7(6]
(:8QJ$WiEOi]DWKDUPDGLNRV]ORSDDPDJ\DUV]HPpO\QHYHNKH]KDVRQOyYDJ\D]RQRVDODN~V]OiY yFVHKyOHQJ\HOpVQpPHWHUHGHW&V]HPpO\QHYHNHWWQWHWLIHODOHOKHO\U|YLGtWpVpYHO(]HNIHOROGiVD 692%2'$ -$1692%2'$6WDURþHVNiRVREQtMPpQDDQDãHStMPHQL3UDKD%(1(â -26()
%(1(â 2 þHVNêFK StMPHQtFK 3UDKD 6&+/,03(57 *(5+$5'6&+/,03(57 6ODZLVFKH 3HUVRQHQQDPHQLQPLWWHODOWHUOLFKHQ4XHOOHQ]XUGHXWVFKHQ*HVFKLFKWH%HUOLQ)g567(0$11
(5167)g567(0$11$OWGHXWVFKHV1DPHQEXFK3HUVRQHQQDPHQ=ZHLWHY|OOLJXPJHDUEHLWHWH
$XIODJH%RQQ6á612IHOROGiViWOIHQWHEE352)286 $1721Ë1352)2860tVWQtMPpQD YýHFKiFK-HMLFKY]QLNS$YRGQtYê]QDPD]PQ\±3UDKD±(J\pEU|YLGtWpVHNIHOROGi ViKR]OD)1(6]LOOD]ÈUS6]QWU|YLGtWpVMHJ\]pNpW
6]HPpO\QHYHN 0DJ\DUHUHGHW
V]HP¶$XJH¶ /HKHWVpJHVV]OiYYDJ\QpPHW HUHGHW
6FHP6FKHP6HP6HHP=HP
± 6FLP=LP 3$,6 7(5(67<e1, %(55È5
% /5,1&=< 7(6= (:8QJ
6P692%2'$
352)286
6HP%(1(â
6HKP6HPP)g567(0$11
äLP692%2'$
6LP6LPRQ%(1(â 6FHPD6HPD=HPD± =LPD 3$,6 %(55È5 7(5(67<e1,
% /5,1&=<
6PD692%2'$
=HPD6á612
6FKHPFKD6HPF]D6FHPVFD
6FHPVFX± 6FLPFKD6FLQFKD % /5,1&=< âLPãD6FKLPãD%(1(6
692%2'$
6HQFKH=HPFKH=HQFKH±
6FKLPFKH6LPFKH
6HPFKL=HPFKL 7(5(67<e1, % /5,1&=<
6FHPG6HPG=HPG 7(5(67<e1, % /5,1&=<
6FHPGL=HPGL=HPSGL=HPGLM 3$,6 7(5(67<e1, +$-'Ò
6FHPH6HPH=HPH=HPHK 3$,6 7(5(67<e1, %(55È5
6HPHFK % /5,1&=< 6PHFK=PHFK692%2'$
6HPHþ352)286 6HPHN352)286 6PHN692%2'$
=HPHFKD 6HPND692%2'$
6FHPHG± 6FLPHG 3$,6 7(5(67<e1, (:8QJ 6FXPHGL± 6FLPLGH 7(6] (:8QJ
6FHPH\=HPHL 6HP\H\6á612
6FHPHLQ=HPHLQ± 6FLPHLQ 3$,6 6HPtQ%(1(â 6PLQ352)286
6]HPpO\QHYHN 0DJ\DUHUHGHW
V]HP¶$XJH¶ /HKHWVpJHVV]OiYYDJ\QpPHW HUHGHW
6FHPHO6HPHO (:8QJ 6HPHO%(1(â
6HPLO692%2'$
6HPLO6&+/,03(57 6LHPLá6á612
=HPHNH=HPHNHL 6HPHNH6&+/,03(57
6FHPHQ6HPHQ=HPHQXV 6HPDQ%(1(â
6HPtQ%(1(â
6HPLQXV)g567(0$11
6FHPHQH 6HPLQD)1(6]
=HPHQWH=HP\QGH =HPHQWKD6á612
6FHPHU=HPHU6FHPDU 6DPHU6LPHU%(1(â
6HPHU6&+/,03(57 6HPDU6á612 6FHPHUD=HPHUD6FHPXUD
6FHPHUH=HPHUH6FHPXUH 3$,6 %(55È5 +$-'Ò âLPHUD692%2'$
6FHPHV6HPHV6FHPXV
6HPXV=HPXV± 6FLPLV 3$,6 %(55È5 % /5,1&=<
7(6] (:8QJ 6PHã6PRã692%2'$
6HPVFK%(1(â 6HPLã%(1(â
6HPLVFK6&+/,03(57
6FHPHWH6FHPHWD6FHPHWHQ 6PDWD692%2'$
6FHPKHJL6FHPEHJL
6FHPL=HPL 7(6= (:8QJ 6PL692%2'$
6FHPRX6FHPHX 6HPR6&+/,03(57
6HPSFK=HPSFK
6FHPVH6HPVH=HPVH 7(5(67<e1,
6FHPVFD6FHPVX % /5,1&=<
6FHPWH6HPWH6FHQWH6FHQWKH %(55È5
6FLPWRX %(55È5
$V]HP¶RFXOXV¶DODSV]DY~V]HPpO\QpYEOPDJ\DUi]RWWQDJ\V]iP~KHO\QpYDGDWDLWXJ\DQFVDN WiEOi]DWEDIRJODOWDP$]HOVRV]ORSWDUWDOPD]]DD&6È1.,pV*<g5))<W|UWpQHWLI|OGUDM]LN|WHWHLEO NLJ\&MW|WWKHO\QHYHNHOVpVYDJ\NRUDLtUiVYiOWR]DWDLWPHO\HNDKHO\QHYHNPDJ\DUi]DWiXOV]ROJiOWDN
$PiVRGLNRV]ORSEDQDPHJ\HIHOWQWHWpVpYHODKHO\QpYPDLDODNMDROYDVKDWy$KDUPDGLNRV]ORSEDQ D]WDV]HPpO\QpYLDODNRWWQWHWWHPIHOPHO\EOD)1(6]KHO\QpYPDJ\DUi]DWDNLLQGXOW$WiEOi]DWEyO NLW&QLNKRJ\D6]HPHO\pV6]HPHQ\HNLYpWHOpYHODKHO\QHYHNV]HPpO\QpYLHO]PpQ\HLD)1(6]PD J\DUi]DWDpUWHOPpEHQ± W|EEQ\LUHDNRUiEELPDJ\DUi]DWRNDWHOIRJDGYD± DV]HP¶RFXOXV¶WHVWUpV]QpY EODODNXOWDN$WiEOi]DWEDQV]HUHSHOKDWD]HOEELHNKH]KDVRQOyDODN~UpV]EHQPiUNLKDOWKHO\QpYL DGDWH]HNHWD)1(6]QHPPDJ\DUi]WD
$KHO\QHYHNHOVHOIRUGXOiVDL 0DLDODNMD )1(6]
6FKHPHO6HPHO=HPHO
6FHPHO=HPXO6F\PLO %DUDQ\D6]HPHO\ 6FHPHOV]Q ODW6LPLOLVPV]HPpO\ayFVHK6HPLOV]QV]Q
6FHPHV=HPHV 6RPRJ\9DONy6]HPHV 6HPHVV]QPV]HP
$KHO\QHYHNHOVHOIRUGXOiVDL 0DLDODNMD )1(6]
6FHPHUD6FHPHUH6HPHUH
=HPHUH $ED~M%DUDQ\D%RUVRG
*\U+RQW.RPiURP3HVW 6RPRJ\6RSURQ6]DWPiU
=DOD6]HPHUH6]HPHUHODND 6]HPHUHWHONH
=HPHUDa=HPHUHV]QPV]HP
6FHQG=HQG $ED~M%RUVRG)HMpU.R
PiURP6RPRJ\7ROQD 6]HQG
=HPGV]QPV]HP
6FHPVH6HPSVH6HPSVH
6HPFKH $ED~M6HPVH =HPVHV]QPV]HP
=HPFKH=HQF]H=HQFKH
=HPSFKH 7ROQD6]HQFVH
,UHJV]HPFVH =HPFK\=HPVHPV]HP
=HPH=HPHL 1\LWUD6]LP =HPHa=HP\V]QPV]HP
6FHPHQ\H=FHPHQH 9DV6]HPHQ\H =HPH\Q=HPHQXVV]Q PV]HP
V]O6HPLQV]Q V]O6HPLQDV]Q
RURV]HV]OF{fXgt¶DKi]QpSKH]
WDUWR]yV]HPpO\V]ROJD¶
6\HPIDOZD6HQHIDOZD
=HPHIDOZD
=HPHHJKD]D
7ROQD6]HPHIDOYD
&VDQiG*<g5))< =HPHV]Q
=HPHIHOGH 9DUDVG.DU0QHP]
6]WS
=HPWHOHNH )HMpU=HPWHONH
=HPHQ=HPXO %DUDQ\D6]HPHQ\
=HPHQHZHOJH=HPHQ 3R]VHJD6]HPHQ\
6FHPOHQ %RGURJ6]HPOpQ\
6FHPDVLOYD 9DV
6HQWKD=HQWKD=HQFKD=\QWD 6RPRJ\6]HQWD
&VRQJUiG=HQWD 6FHPWHV]QPV]HP 6FHQWHV]Q PV]HQW
=HPWKH=HPSF]H %LKDU6]HPWH
=HPFK 3R]VRQ\6]HQF 6HQFX6HQFV]QPV]HP
0DLLVPHUHWHLQNV]HULQWKLKHWHKRJ\IOHJD;,,±;9V]i]DGEyOPHJ\pEOQpOW|EE IHQQPDUDGWKHO\QpYLDGDWPDMGPLQGHJ\LNHDPDJ\DUV]HP¶RFXOXV¶MHOHQWpV&V]HPpO\QpYEODODNXOW"
$QDJ\V]iP~Wt]PHJ\pEHQLVHOIRUGXOy6]HPHUHa6]HPHUHODNDa6]HPHUHWHONHKHO\QHYHNPDJ\DUi ]DWiXOV]ROJiOKDWDKtUHVpVNLWHUMHGWELUWRNRNNDOUHQGHONH]6]HPHUHQHP]HWVpJPLQWDKHO\QHYHN QpYDGyMD$QHP]HWVpJ;,,V]i]DGYpJpQpOWVpQHNQHYpW$QRQ\PXVLVIHOMHJ\H]WHVpOWD;,,,V]i]DG EDQDQHP]HWVpJKH]WDUWR]y6]HPHUHLVSiQ.DU01HP]±(NpWMHOHVV]HPpO\HQNtYODQHP ]HWVpJKH]QHPWDUWR]y6]HPHUHQHY&HNLVELUWRNROKDWWDNDMHO]HWWPHJ\pNYDODPHO\LNpEHQpVtJ\
IHQQPDUDGKDWRWWQHYN
$6]HPHUHa6]HPHUDV]HPpO\QHYHW3$,6DV]HP¶RFXOXV¶UDaHNLFVLQ\tWNpS]VDODNMi QDNPDJ\DUi]WDDPLW$QRQ\PXVV]|YHJpYHOWiPDV]WRWWDOi$QRQ\PXV+XEDOHV]iUPD]RWWMiQDNYpOWH ÄSUXGHQV=HPHUD´WpV3$,6DODWLQSUXGHQV¶HOUHOiWyWXGypUWHOPHVRNRV¶MHO]WDPDJ\DUV]HPHV
¶VROOHUVSURYLGXV¶D]D]¶P&YpV]LJ\HVRNRVHV]HVHOUHOiWyJRQGRV¶MHO]YHOWDUWRWWDHJ\HQpUWpN&
QHN$QRQ\PXVV]HUHSOMpQHNHONpSHYDJ\D]EHQHPOtWHWW6HPSWHL6]HPHUHLVSiQYDJ\D;,,V]i
]DGHOHMpQ±IHOW&QWQ\LWUDLSVS|NOHKHWHWW65+Y|*<g5))<
ÈUS6]QW$]EHQ*<g5))<*<g5*<EHYH]HWWDQXOPiQ\iYDOpVMHJ\]HWHLYHOPHJMHOHQW*HVWD +XQJDURUXPEyO*<g5))<NLKDJ\WDD3$,6IpOH6]HPHUHV]HPpO\QpYPDJ\DUi]DWRWPHUWIHOWHKHWHQ
*<g5))<VHPKLWWHHOKRJ\D;,,V]i]DGEDQpOWNpWPDJDVUDQJ~Q\LWUDLV]HPpO\QHNDPDJ\DUV]HP
¶RFXOXV¶N|]V]yEyOPDJ\DUUDNLFVLQ\tWNpS]NNHODODNXOWQHYHOHWWYROQDODWiEOi]DWEDQD]
yFVHKâLPHUDWRYiEEiD+XGHUD&KXGHUD-DQGHUDâHEHUDVWEV]HPpO\QHYHNHW692%2'$
+DWPHJ\pEHQ6]HQGNpWPHJ\pEHQ6]HPHVpVWRYiEELWt]PHJ\pEHQYROWDNPpJDV]HP
¶RFXOXV¶MHOHQWpV&V]HPpO\QpYEOPDJ\DUi]RWWKHO\QHYHN± $)1(6]D3R]VRQ\PHJ\HL6]HQF
=HPFK6\QFLV]HPpO\QpYLHO]PpQ\pQHNÄV]HPUV]HP´MHOHQWpVWWXODMGRQtWRWWPLYHODKHO\
QpPHWQHYH:DUWEHUJWXODMGRQNpSSHQÄUKHO\HVKHJ\´YROW$KHO\QpYPDJ\DUi]DWKR]LGp]HWW6HQFX 6HQFV]HPpO\QHYHNHWD]RQEDQQHPWDUWRPDV]HP¶RFXOXV¶YiOWR]DWDLQDNPLYHOKDVRQOyQpYDÄWyW RUV]iJLQHP]HWVpJ´WDJMDLN|]|WWIRUGXOHOY|.DU01HP]-D]HQ6HQNILOLLV,VDQHW ,VDQILOLR5DGR]ODLGHJHQHUH5DWD%ODJD\2NOpVD6HQD6HQF6HQFD6HQFX6HQN6HQND6HQNH 6HQNHWHEL]RQ\iUDV]OiYM|YHYpQ\QHYHN±$3R]VRQ\PHJ\HL&VHQNH6HPN\a6HPNH\a 6HPNH)1(6]D1\LWUDPHJ\HL&VHNH6HND&VDOiG6XODG&VLWiU6LWDUa 6FLWDU&VDEDMa&DEDM6FRERO*<g5))<D%pNpVPHJ\HL&VDO 6KROD%LKDUPHJ\HL&VDWiU6DWDU&V|P|J6HPHF*<g5))<
D.RPiURPPHJ\HL&VLFVy6\VRX*<g5))<VWEKHO\QHYHNHOVDGDWDLWRYiEEiD
&VDEDa6DED&VHSHOa6HSHO&VDQiGa6DQDG6XQDG&ViNiQ\a6DFDQ6DNDQ&VREiQNDa 6KXEDQFD&ViV]Oya6KD]ORXV]HPpO\QHYHNÈUSiGNRULtUiVYiOWR]DWDLY|ÈUS6]QWIHOKtYMiNDIL J\HOPHWDUUDLVKRJ\DV]HPpO\QHYHNHWWDUWDOPD]yWiEOi]DWEDQIHOVRUROWQHYHN6a6FNH]GEHW&MHHVHW OHJMHO|OKHWHWWFVKDQJRWLV
0HJJ\]GpVHPKRJ\KDDV]HP¶RFXOXV¶MHOHQWpV&QHNWDUWRWWV]HPpO\QpYEOLO\HQMHOHQWVPHQ\
Q\LVpJ&KHO\QpYDODNXOWYROQDDNNRUDWiUVDGDORPEDQHQpYHQQ\LOYiQOpQ\HJHVHQW|EEV]HPpO\QHNNHOOHWW pOQLHKLV]HQQHPPLQGHQ6HP6FHP=HPHVWEQHY&V]HPpO\UOQHYH]WHNHOELUWRNRWI|OGHWWHONHWIDOXW HUGW$V]HPWHVWUpV]UOLO\HQPpUWpN&HOQHYH]pVD)Oa)LOQHYHNNHONDSFVRODWEDQPRQGRWWDNPLDWWLVHJ\
V]HU&HQQHPpOHWV]HU&QLQFVHOHJHQGPRWLYiFLyHUHQGNtYOJ\DNRULQDNWDUWRWWQpYDGiVKR]
$.iUSiWPHGHQFHÈUSiGNRULQpSHVVpJpQHN|VV]HWpWHOHV]OiYHUHGHW&M|YHYpQ\V]DYDLQNpVM|
YHYpQ\QHYHLQNQDJ\V]iPDQHPNO|QEHQD6]HPHO\pV6]HPHQ\HKHO\QHYHNQHN)1(6]EHQN|]|OWpV IHOWpWHOH]HWWV]OiYHO]PpQ\HLDODSXOV]ROJiOKDWQDNDV]HP¶RFXOXV¶MHOHQWpV&QHNWDUWRWWQHYHNHUHGHWp QHNPiVV]HPSRQW~PHJN|]HOtWpVpUHLVDKRJ\DQD]W3$,6pV0(/,&+D)Oa)LO3KLOLSSXVV]H PpO\QHYHNNHOPHJWHWWpN
$WiEOi]DWEDQIHOVRUROWDPDJ\DUV]HP¶$XJH¶MHOHQWpV&V]HPpO\QHYHNKH]pVNpS]HWWYiOWR]DWD LKR] K D V R Q O y V]OiYV]HPpO\QHYHNN|]OQpKiQ\D]yV]OiYVPvD]RURV]EDQpVV]HUEKRUYiWEDQ
¶SHUVRQD¶D]D]¶V]HPpO\¶VPLQ¶6NODYH+DXVJHQRVVH¶D]D]¶UDEV]ROJDFVHOpG¶VPvMD¶)DPLOLH PDQFLSLD¶D]D]¶FVDOiGKi]QpS¶V]DYDNEyODODNXOW7RYiEEi6PvOHKHWDOHQJ\HO6LHPLGURJ 6LHPLUDG6LHPRZLW6LHPRP\Vá%5h&.1(56á(WFVHK6PLERU V]HUEKRUYiW6HPLYLWVWE|VV]H WHWWQHYHNHOVWDJMD$V]OiY6HP¶SHUVRQDV]HPpO\¶YDJ\|QiOOyV]HPpO\QpYOHWWYDJ\NO|QIpOH V]HPpO\QpYNpS]NNHOHJpV]OWNL6P6PD6PHFK6PL6HPLãVWE6&+/,03(57692%2'$
DV]OiYV]yFVDOiGUyOUpV]OHWHVHEEHQY|758%$ý(96O7HUP5RG±$KDVRQOyDODN~PDJ\DU pVV]OiYV]HPpO\QHYHN|VV]HKDVRQOtWiVDEL]RQ\RVPpUWpNLJ|VV]KDQJEDQYDQD9DVPHJ\HL6]HPHQ\H KHO\QpYKDUPDGLNRURV]HJ\Ki]LV]OiYF{fXgt¶Ki]QpSKH]WDUWR]yV]HPpO\V]ROJD¶V]yEyOYDOyPD J\DUi]DWiYDO)1(6]$IHOWpWHOH]HWWV]OiYHUHGHW&6HP6FHPD=HPHÄM|YHYpQ\QHYHN´QHN± MHOHQ WpVNQpOIRJYDpVDNRUV]DNWiUVDGDOPLiOODSRWiEyON|YHWNH]HQ± D]ÈUSiGNRULV]HPpO\QpYiOORPi Q\XQNHJpV]pEHQYDOyPHJMHOHQpVHORJLNXVDEEPDJ\DUi]DWRWNtQiOV DODSRVDEELQGtWpNNDOV]ROJiO KDWQDNPLQWDV]HPWHVWUpV]WMHOHQWV]yEyODODNXOWQHYHN$]HGGLJUHQGHONH]pVQNUHiOOyDGDWRNEyO D]GHUONLKRJ\D6FHP6FHPH6FHPD6HP6HPH6HPDVWEQpYHQIHOMHJ\]HWWHN]|PPHOD]DOVyEE WiUVDGDOPLRV]WiO\EyONHUOWHNNL/HJW|EEYROWDV]ROJDV]ROJDQV]DEDGRVXGYDUQRNMREEiJ\HJ\
HJ\KDUDQJR]yGLV]QySiV]WRUORYDVV]ROJDYLQFHOOpU
.|]LVPHUWHND]EOV]iUPD]y'|P|VLpVD]pYL7LKDQ\L|VV]HtUiVRNEDQIHQQ PDUDGWKDWDOPDVW|EEV]i]QHYHWWDUWDOPD]yVHUYXV¶V]ROJD¶QpYVRURN0pJLVDV]OiYHUHGHW&=XOJD
=XOJDG=XOXJDG6FXOJDG=ROJDW=ROFDG6XOJDGL¶V]ROJD¶V]HPpO\QHYHNOpQ\HJHVHQNLVHEEV]iPEDQ IRUGXOQDNHO± IOHJD]DVpYHNHOHMpWO±PLQWDWDOiQV]LQRQLPiLQDNV]iPtWypVD]RNDWNLV]RUt WyIHOWHKHWHQV]OiYHUHGHW&6FHP6FHPG=HPGVWEV]HPpO\QHYHNY|ÈUS6]QW
$IHQWLHNpUWHOPpEHQD=HPH6FHPVHVWEV]HPpO\QpYEODODNXOWKHO\QHYHNHVHWpEHQLVpVV]H U&EEPDJ\DUi]DWUDDGOHKHWVpJHWKDDKHO\QHYHNDODSMiXOD¶SHUVRQDIDPLOLD¶¶V]HPpO\FVDOiGKi]
QpSV]ROJDVWE¶MHOHQWpV&V]OiYHUHGHW&V]HPpO\QHYHNV]ROJiOQDNpVQHPDPDJ\DUV]HP¶RFXOXV¶N|]
V]yEyODODNXOWDN
$IOHOYHV]WpVHXWiQHJ\V]HPpO\WD;,9V]i]DGEDQD)\OHWKOHQPHJNO|QE|]WHWMHO]YHOLO OHWWHNOIHQWHEEpVD]HJ\LNV]HPHOYHV]WpVHXWiQD;9V]i]DGEDQ)HO]HPHZ¶IpOV]HP&¶QHNQHYH]
KHWWpN0LQGNpWNOVWXODMGRQViJUDXWDOyMHO]PHJHJ\H]LNDPDLVKDV]QiODWRVNLIHMH]pVHNNHO(]pUW NO|Q|VVWpUWKHWHWOHQV]iPRPUDD]ÈUSiGNRULÄ.pWV]HP±(J\V]HP´V]HPpO\QHYHNIHOWHKHWHQHJ\
FVDOiGRQEHOOLHJ\WWHVPHJMHOHQpVHpVMHOHQWpVH4YHWVFHPILOLXV0\VNHGH,QDWKD%X]PDHW 3HWUXVILOLL<JVFHPGHYLOOD&KRXU0LFKDHOHGLFWR9NOHOHXILOLR.HWK]HPGH,QDFKDÈUS6]QW Y|*<g5))<+iWKDD]|VV]HWHWWQHYHNPiVRGLNVFHP]HPHOHPHQHPDPDJ\DUV]HP¶RFXOXV¶
KDQHPDV]OiYHUHGHW&VHPpVWDOiQ¶V]ROJD¶HVHWOHJ¶FVDOiGKi]QpS¶MHOHQWpV&"9DJ\LVD]HJ\LNHOQH YH]HWWQHP¶NpWV]HP&¶KDQHPPRQGMXN¶NpWFVDOiGRV¶D]D]NpWKi]QpSHYDQDPiVLNV]HPpO\SHGLJ QHP¶HJ\V]HP&¶KDQHP¶HJ\FVDOiGRV¶YDJ\LVHJ\V]ROJiMDKi]QpSHYDQ-yOOHKHWDQHYHNtJ\V]RNDWODQ PyGRQPDJ\DUpVDIHOWpWHOH]HWWV]OiYHOHPHNNHYHUHGpVpYHODODNXOKDWWDNPpJLVV]iPRPUDD]tJ\NL N|YHWNH]WHWHWWMHOHQWpVNpVV]HU&EEQHNW&QLND]2NO6]EDQPHJDGRWWMHOHQWpVQpO1HPHOKDQ\DJROKDWy V]HPSRQWKRJ\DFVDOiGEDQEL]WRVDQV]OiYHUHGHW&±0\VNHpV%X]PD± V]HPpO\QHYHNIRUGXOWDNHO
$NRUiEEDQ6FLP6FLPDG6FLPFKD6FLPHG6FLPHLQ6FLPWRXV]HPpO\QHYHNHWLVDV]HP
¶RFXOXV¶WHVWUpV]QpYEODODNXOWQHYHNL]YiOWR]DWDLQDNWDUWRWWiN%(55È5LK)LJ\HOPHWpUGHPHO D]RQEDQDFVHK6LPV]HPpO\QpYPHO\DQiOXQNLVLJHQNHGYHOW6LPRQU|YLGOWYDULiQVDY|%(1(â pVDIHOVRUROWV]OiYHUHGHW&V]HPpO\QHYHNQHNLVYROWLLVYiOWR]DWD6LPHUâLPHUD6&+/,03(57
$]ÈUSiGNRUEDQOHKHWVpJHVYROWD]yQpPHW6HKP6HPP6HPLQXV)g567(0$11V]H PpO\QHYHNiWYpWHOHLV$IHOWpWHOH]HWWQpPHWM|YHYpQ\QHYHNKDVRQOyDQDV]OiYHUHGHW&QHYHNKH]NLW&
QHQLOOHQHNDNRUV]DNWiUVDGDOPiQDNQpYDGiViED
$WiEOi]DWRNEDQIHOWQWHWHWWÈUSiGNRULV]HPpO\pVKHO\QHYHNHUHGHWHMHOHQWpVHDODNXOiVXN NpS]pVNPyGMDVWEWRYiEELDODSRVYL]VJiODWRWLJpQ\HO$]LGp]HWWV]OiYV]HPpO\QHYHNiWYpWHOpQHN V]ODYLV]WLNDLV]HPSRQW~V]DNV]HU&pUWpNHOpVpUHQHPYiOODONR]KDWRP$]HODGRWWJRQGRODWRNFVXSiQ D]|WOHWV]LQWMpQNtYiQWiNIHOKtYQLDILJ\HOPHWHJ\ÈUSiGNRULV]HPpO\QpYFVRSRUWPDJ\DUi]DWiQDNOH KHWVpJHV~MUDJRQGROiViUD
)(+e57Ï,.$7$/,1
6 = Ï e 6 6 = Ï / È 6 0 $ * < $ 5 È = $ 7 2 .
$ NDFDEDMND V]yFVDOiGMiQDNDODNYiOWR]DWDLpVNHOHWNH]pVNPyGMDL
(]D¶NO|QIpOHV]DEiV~DIHOVWHVWHQYLVHOWN|QQ\&QLUXKDGDUDENO|Q|VHQNDEiWNDUpNOLRWWKRQND¶
eUW6]PpJD;,;V]i]DGEDQV]pOHVN|U&HQHOYROWWHUMHGYH.|]NHGYHOWVpJHLGHMpEHQPLQGDPD J\DUPLQGDN|UQ\H]QpSHNHJ\pQLt]OpVHN|OFV|QKDWiVDpVVRNV]RURVYLV]RQWKDWiVDHUHGPpQ\HNpQW NO|QE|]PHJMHOHQpVLIRUPiNDW|OW|WW(QQHNDYiOWR]DWRVViJQDND]YROWDÄQ\HOYL´YHOHMiUyMDKRJ\D PDJ\DUQpSDMNiQDODSV]DYXNWyOHONO|QOWNO|Q|VPHJQHYH]pVLNpS]GPpQ\HNLVOpWUHM|WWHND]iOWDO KRJ\D]HJpV]UpV]HLQHN|VV]HWDUWiVDPHJOD]XOWDV]pWYDJ\NO|QYiOWÄW|UHGpNHLN´|QiOOypOHWUHNHO WHN9DJ\LVRO\DQMHOOHJ&± WUpIiVHOYRQiVQDNLVHPOHJHWHWW(W6]EDMNDD± NpS]GPpQ\HNNHOHW