The Art of Public Speaking, 10th Edition(2009)BBS

0YGEW 8LI %VX SJ 4YFPMG &EGO 1EXXIV %TTIRHM\ 7TIIGLIW JSV  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR %REP]WMW ERH (MWGYWWMSR 'SQTERMIW

8LI 9PXMQEXI +MJX

GSRRIGXPYGEW GSQ %W XLI 6IH 'VSWW WXEXIW q&PSSH MW PMOI E TEVEGLYXI -J MXtW RSX XLIVI [LIR ]SY RIIH MX
:MI[ q8LI 9PXMQEXI +MJXr MR XLI GLERGIW EVI ]SYtPP RIZIV RIIH MX EKEMR r %PXLSYKL %QIVMGERW XEOI MX JSV KVERXIH XLEX XLI]
SRPMRI 1IHME 0MFVEV] JSV XLMW [MPP FI EFPI XS KIX E XVERWJYWMSR [LIRIZIV XLI] RIIH SRI FPSSH HSREXMSRW LEZI HMTTIH WS
ETTIRHM\ :MHIS 'PMT %
PS[ MR VIGIRX ]IEVW XLEX E WIVMSYW REXMSR[MHI WLSVXEKI GSYPH VIWYPX q;LIR ]SY RIIH WYV
KIV] [LIR ]SY RIIH GERGIV XVIEXQIRX [LIR E [SQER KMZIW FMVXLh[I EPP EWWYQI XLI
FPSSH [MPP FI XLIVI r WE]W (V %VXLYV 'ETPER SJ XLI 9RMZIVWMX] SJ 4IRRW]PZERME q=SY GERtX
QEOI XLEX EWWYQTXMSR ER] QSVI r

8LI JSPPS[MRK WTIIGL KMZIR F] E WXYHIRX EX XLI 9RMZIVWMX] SJ ;MWGSRWMR YVKIW XLI
EYHMIRGI XS FIGSQI VIKYPEV FPSSH HSRSVW 0MOI QER] WTIIGLIW XLEX WIIO MQQIHMEXI EGXMSR
XLMW SRI JSPPS[W 1SRVSItW QSXMZEXIH WIUYIRGI %W ]SY VIEH MX WXYH] LS[ XLI WTIEOIV
HIZIPSTW IEGL WXIT MR XLI QSXMZEXIH WIUYIRGI ,S[ HSIW WLI KEMR XLI EXXIRXMSR SJ LIV
PMWXIRIVW# (SIW WLI TVIWIRX E GSRZMRGMRK GEWI XLEX XLIVI MW E RIIH JSV FPSSH HSRSVW# -W LIV
TPER I\TPEMRIH MR WYJJMGMIRX HIXEMP# ,S[ HSIW WLI ZMWYEPM^I XLI FIRIJMXW SJ LIV TPER# (SIW
LIV GEPP JSV EGXMSR LEZI WXVSRK TIVWYEWMZI ETTIEP#

-R EHHMXMSR XS VIEHMRK XLMW WTIIGL ]SY GER [EXGL XLI ZMHIS MR XLI SRPMRI 1IHME 0MFVEV]
JSV XLMW ETTIRHM\ EX GSRRIGXPYGEW GSQ

%VI ]SY EX PIEWX ]IEVW SPH# (S ]SY [IMKL QSVI XLER TSYRHW# (S
]SY GSRWMHIV ]SYVWIPJ JEMVP] LIEPXL]#

-J ]SY ERW[IVIH ]IW XS EPP SJ XLIWI UYIWXMSRW ]SY WLSYPH FI HSREXMRK
FPSSH IZIV] X[S QSRXLW -R Q] WYVZI] SJ XLI GPEWW - JSYRH XLEX SRP] TIV
GIRX SJ ]SY LEZI IZIV HSREXIH FPSSH ERH XLEX SRP] SYX SJ SJ ]SY HSREXI
SR E VIKYPEV FEWMW 8LI PEGO SJ TEVXMGMTEXMSR SJ IPMKMFPI HSRSVW MW E WIVMSYW TVSF
PIQ XLEX VIUYMVIW MQQIHMEXI EGXMSR 8LVSYKL I\XIRWMZI VIWIEVGL ERH X[S ]IEVW
SJ JEMXLJYPP] HSREXMRK FPSSH - LEZI GSQI XS VIEPM^I XLI QEKRMXYHI SJ XLMW TVSF
PIQ ERH NYWX LS[ IEW] XLI WSPYXMSR GER FI

8SHE] - [SYPH PMOI XS WLS[ [L] FPSSH HSRSVW EVI MR WYGL HIWTIVEXI
RIIH ERH IRGSYVEKI ]SY XS XEOI EGXMSR XS GSQFEX XLMW RIIH 0IXtW JMVWX XEOI E
PSSO EX XLI SZIV[LIPQMRK RIIH JSV FPSSH HSRSVW

8LI PEGO SJ TEVXMGMTEXMSR SJ IPMKMFPI FPSSH HSRSVW TSWIW E XLVIEX XS XLI
PMZIW SJ QER] %QIVMGERW %GGSVHMRK XS XLI %QIVMGER 6IH 'VSWW ;IF TEKIW
[LIVI - SFXEMRIH ER IRSVQSYW EQSYRX SJ MRJSVQEXMSR MR XLI 9RMXIH 7XEXIW
EPSRI WSQISRI YRHIVKSIW E FPSSH XVERWJYWMSR SRGI IZIV] XLVII WIGSRHW [LMGL
EQSYRXW XS KEPPSRW SJ FPSSH IZIV] LSYV HE] ERH RMKLX 4ISTPI [LS FIR
IJMX JVSQ HSREXMSRW VERKI JVSQ GERGIV TEXMIRXW XS SVKER XVERWTPERX TEXMIRXW XS
WYVKMGEP TEXMIRXW IZIR TVIQEXYVI MRJERXW ERH XVEYQE ZMGXMQW FIRIJMX JVSQ HSRE
XMSRW 8LI RIIH JSV FPSSH RIZIV XEOIW E ZEGEXMSR ERH RIMXLIV WLSYPH HSRSVW

0IX QI XIPP ]SY EFSYX &VSSOI E XLVII ]IEV SPH KMVP [MXL PSRK GYVP] FPSRH
LEMV ERH FVMKLX FPYI I]IW &VSSOI MW E ZMGXMQ SJ GERGIV ERH LEH QENSV WYVKIV] XS
VIQSZI E PEVKI XYQSV MR LIV EFHSQIR 7LI LEW WTIRX ETTVS\MQEXIP] LEPJ SJ LIV
PMJI MR XLI LSWTMXEP VIGIMZMRK GLIQSXLIVET] ERH SXLIV XVIEXQIRXW JSV MRJIGXMSRW
XLEX VIWYPXIH JVSQ E HIGVIEWI MR LIV [LMXI FPSSH GIPP GSYRX EJXIV IEGL WIWWMSR

%GGSVHMRK XS 8I\EW 'LMPHVIRtW ,SWTMXEP &VSSOItW XVIEXQIRX [MPP VIUYMVI
FPSSH TVSHYGXW [MXL E VITPEGIQIRX ZEPYI SJ YRMXW SJ FPSSH SJ [LMGL SRP]
YRMXW LEZI FIIR VITPEGIH 7LI WXMPP RIIHW QSVI XLER YRMXW SJ FPSSH XS
GSRXMRYI LIV XVIEXQIRX -J WLI HSIWRtX VIGIMZI XLMW FPSSH WLI [MPP RSX PMZI XS
EXXIRH OMRHIVKEVXIR XS KS XS XLI TVSQ MR LMKL WGLSSP SV XS KIX QEVVMIHh
PY\YVMIW [I EPP XSS SJXIR XEOI JSV KVERXIH

% %44)2(-< 74))',)7 *36 %2%0=7-7 %2( (-7'977-32

0YGEW 8LI %VX SJ 4YFPMG &EGO 1EXXIV %TTIRHM\ 7TIIGLIW JSV  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR %REP]WMW ERH (MWGYWWMSR 'SQTERMIW

'EWIW PMOI &VSSOItW EVI FIGSQMRK EPP XSS GSQQSR XLIWI HE]W [MXL SRP]
MR IPMKMFPI %QIVMGERW HSREXMRK FPSSH ERH XLI HSRSV VEXI HVSTTMRK WXIEHMP]
EX TIVGIRX ERRYEPP] 8LIWI JEGXW EVI TEVXMGYPEVP] HMWXVIWWMRK GSRWMHIVMRK XLEX
RIEVP] LEPJ SJ YW LIVI [MPP VIGIMZI FPSSH WSQIXMQI MR SYV PMZIW

=SY GER RS[ WII XLI QEKRMXYHI SJ XLI TVSFPIQ [MXL XLI PEGO SJ FPSSH
HSREXMSRW *SVXYREXIP] MX MW E TVSFPIQ XLEX GER FI IEWMP] WSPZIH )EGL ERH IZIV]
SRI SJ ]SY GER FI TEVX SJ XLI WSPYXMSR %PP ]SY LEZI XS HS XS WEZI TVMGIPIWW PMZIW
MW KS XS XLI RIEVIWX 6IH 'VSWW ERH HSREXI ]SYV FPSSH

*SV XLSWI SJ ]SY [LS LEZI RIZIV HSREXIH FPSSH FIJSVI XLI TVSGIWW MW
WS WMQTPI ERH IEW] *MVWX ]SY JMPP SYX E HSRSV MRJSVQEXMSR JSVQ XLEX EWOW ]SY
UYIWXMSRW EFSYX ]SYV WI\YEP LMWXSV] ERH LIEPXL =SY [MPP XLIR VIGIMZI E QMRM
TL]WMGEP 8LI] [MPP XEOI E HVST SJ FPSSH JVSQ ]SYV JMRKIV XS QIEWYVI XLI TIV
GIRX SJ VIH GIPPW MR ]SYV FPSSH 8LIR XLI] [MPP XEOI ]SYV FPSSH TVIWWYVI EW [IPP
EW ]SYV XIQTIVEXYVI ERH TYPWI 7S RSX SRP] EVI ]SY WEZMRK PMZIW F] HSREXMRK
FPSSH ]SY EVI EPWS GLIGOMRK SR ]SYV S[R

%JXIV ]SYV TL]WMGEP ]SY [MPP FI EWOIH JVSQ [LMGL EVQ ]SY TVIJIV XS
HSREXI 8LIR ]SY [MPP FI EWOIH XS PMI SR E HSRSV GLEMV % WXEJJ QIQFIV [MPP
GPIER ]SYV EVQ ERH MRWIVX E WXIVMPI RSRVIYWEFPI RIIHPI WS XLIVI MW RS [E] XS
GSRXVEGX %-(7 JVSQ HSREXMRK FPSSH %JXIV E TMRX SJ ]SYV FPSSH LEW FIIR XEOIR
[LMGL YWYEPP] XEOIW EFSYX QMRYXIW ]SY [MPP FI EWOIH XS VIWX JSV XS
QMRYXIW [LMPI ]SY IRNS] NYMGI ERH GSSOMIW 8LI TVSGIWW MW SZIV ERH MR IMKLX
[IIOW ]SY GER HSREXI EKEMR

1ER] SJ ]SY QE] FI WGEVIH EX XLI XLSYKLX SJ XLI ERXMGMTEXIH TEMR ERH
RIIHPIW - EHQMX - [EW XIVVMJMIH XLI JMVWX XMQI - KEZI FPSSH FYX XLIR - VIEPM^IH -
[EW WGEVIH SZIV RSXLMRK 8LI I\XIRX SJ XLI TEMR EW XLI] MRWIVX XLI RIIHPI MW
IUYMZEPIRX XS WSQISRI WGVEXGLMRK ]SYV EVQ JSV E FVMIJ WIGSRH ERH [LMPI XLI
RIIHPI MW MR ]SYV EVQ ]SY HSRtX JIIP E XLMRK %RH EW - WXEXIH FIJSVI MX MW MQTSW
WMFPI XS GSRXVEGX %-(7 JVSQ HSREXMRK FPSSH

2S[ XLEX ]SY ORS[ LS[ IEW] ERH WEJI XLI WSPYXMSR MW XS XLI PEGO SJ
FPSSH HSREXMSRW PIXtW XEOI E PSSO EX NYWX LS[ QYGL HMJJIVIRGI ]SYV HSREXMSRW
GER QEOI )ZIV] YRMX SJ FPSSH ]SY HSREXI GER LIPT WEZI YT XS XLVII PMZIW =SY
WII XLI FPSSH ]SY HSREXI MW HMZMHIH XLVII [E]WhMRXS VIH FPSSH GIPPW [LMXI
FPSSH GIPPW ERH TPEXIPIXW )EGL SJ XLIWI EVI WXSVIH WITEVEXIP] ERH YWIH JSV HMJ
JIVIRX X]TIW SJ XVIEXQIRX 6IH FPSSH GIPPW EVI YWIH XS XVIEX ERIQME ;LMXI FPSSH
GIPPW EVI YWIH XS JMKLX MRJIGXMSRW [LMPI TPEXIPIXW EVI MQTSVXERX XS GSRXVSP FPIIH
MRK ERH EVI YWIH MR TEXMIRXW [MXL PIYOIQME ERH SXLIV JSVQW SJ GERGIV

8LI NS] ]SY KIX JVSQ LIPTMRK XLVII TISTPI GER FI MRGVIEWIH QER] XMQIW
SZIV =SY WII ]SY GER HSREXI FPSSH WM\ XMQIW MR E ]IEV 8LSWI WM\ HSREXMSRW GSYPH
LIPT EW QER] EW TISTPI .YWX XLMRO MJ ]SY HSREXIH JSV ]IEVW ]SY GSYPH LIPT
WEZI XLI PMZIW SJ RIEVP] TISTPI ;LS ORS[WhSRI SJ XLSWI PMZIW GSYPH FI XLEX
SJ E JVMIRH E JEQMP] QIQFIV SV IZIR ]SYV S[R WMRGI ]SY GER RS[ HSREXI MR
EHZERGI SJ ]SYV S[R WYVKIV]

2S[ XLEX ]SY ORS[ [LEX E HMJJIVIRGI NYWX SRI HSREXMSR GER QEOI -
[ERX XS IRGSYVEKI ]SY XS XEOI EGXMSR - YVKI ]SY XS XEOI E WXERH ERH FIGSQI E
VIKYPEV FPSSH HSRSV *SVX] JMZI QMRYXIW SYX SJ ]SYV HE] MW E WQEPP TVMGI XS TE]
JSV XLI PMJIXMQI SJ WEXMWJEGXMSR ]SY VIGIMZI F] ORS[MRK ]SY QE] LEZI WEZIH E
PMJI -J ]SY LEZI RIZIV HSREXIH FPSSH FIJSVI TYPP HIIT MRWMHI ]SYVWIPJ XS JMRH
WSQI GSYVEKI ERH FIGSQI E TVSYH [IEVIV SJ XLI q- EQ E JMVWX XMQI FPSSH
HSRSVr WXMGOIV -J ]SY LEZI HSREXIH FIJSVI XLMRO FEGO XS XLI JIIPMRK SJ TVMHI
]SY VIGIMZIH JVSQ QEOMRK ]SYV HSREXMSR

*MREPP] - EWO EPP SJ ]SY XS XLMRO SJ E PSZIH SRI ]SY LSPH WS HIEV XS ]SYV
LIEVX -QEKMRI XLI] RIIH E FPSSH XVERWJYWMSR ERH XLIVI MW E WLSVXEKI SJ

8LI 9PXMQEXI +MJX %

0YGEW 8LI %VX SJ 4YFPMG &EGO 1EXXIV %TTIRHM\ 7TIIGLIW JSV  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR %REP]WMW ERH (MWGYWWMSR 'SQTERMIW

HSREXMSRW XLEX HE] WS XLI] GERtX VIGIMZI XLI XVIEXQIRX XLI] WS HIWTIVEXIP]
RIIHhNYWX PMOI &VSSOI XLI XLVII ]IEV SPH KMVP - XEPOIH EFSYX IEVPMIV +S XS XLI
RIEVIWX 6IH 'VSWW MR 1EHMWSR [LMGL MW SR 7LIFS]KER %ZIRYI SV EXXIRH XLI
RI\X FPSSH HVMZI LIVI SR GEQTYW 8LIWI HVMZIW EVI LIPH MR ZEVMSYW TEVXW SJ GEQ
TYW MRGPYHMRK XLI HSVQW -R JEGX XLI RI\X HVMZI [MPP FI LIPH MR XLI 3KK 6IWM
HIRGI ,EPP MR X[S [IIOW

4PIEWI XEOI XLMW STTSVXYRMX] XS WEZI PMZIW ERH QEOI ]SYVWIPJ JIIP PMOI E
QMPPMSR FYGOW +MZI XLI YPXMQEXI KMJXhXLI KMJX SJ PMJI (SREXI FPSSH

1] 'VE^] %YRX 7YI

GSRRIGXPYGEW GSQ 8LI EMQ SJ E GSQQIQSVEXMZI WTIIGL MW XS TE] XVMFYXI XS E TIVWSR E KVSYT SJ TISTPI
:MI[ q 1] 'VE^] %YRX 7YIr MR XLI ER MRWXMXYXMSR SV ER MHIE -R XLI JSPPS[MRK WXYHIRX WTIIGL XLI WTIEOIV GSQQIQSVEXIW LIV
SRPMRI 1IHME 0MFVEV] JSV XLMW EYRX 7YI ERH LIV LIVSMG FEXXPI EKEMRWX XLI HIFMPMXEXMRK HMWIEWI SJ VLIYQEXSMH EVXLVMXMW
ETTIRHM\ :MHIS 'PMT %

%W ]SY VIEH XLI WTIIGL RSXMGI XLEX MX MW RSX E FMSKVETL] XLEX WMQTP] VIGSYRXW XLI
HIXEMPW SJ EYRX 7YItW PMJI -RWXIEH MX JSGYWIW SR LIV GSYVEKI LIV WIRWI SJ LYQSV ERH LIV
VIJYWEP XS GSQTPEMR EFSYX LIV JEXI 8LI WTIEOIV TVSZMHIW IRSYKL HIXEMPW XS QEOI GPIEV
[L] LIV EYRX MW WS GSQQIRHEFPI FYX LIV YPXMQEXI TYVTSWI MW XS MRWTMVI XLI EYHMIRGI
VEXLIV XLER XS MRJSVQ MX 8LI WTIEOIV EPWS YWIW ZMZMH PERKYEKI VITIXMXMSR ERH TEVEPPIP
WXVYGXYVI XS KMZI XLI WTIIGL XLI OMRH SJ JSVQEP XSRI ETTVSTVMEXI JSV E GSQQIQSVEXMZI
WTIIGL

-R EHHMXMSR XS VIEHMRK XLMW WTIIGL ]SY GER ZMI[ MX MR XLI SRPMRI 1IHME 0MFVEV] JSV XLMW
ETTIRHM\ EX GSRRIGXPYGEW GSQ

8LI WXVSRKIWX TIVWSR - ORS[ GERRSX TIIP E TSXEXS 8LI WXVSRKIWX TIVWSR
- ORS[ LEW XVSYFPI TYXXMRK SR LIV QEOIYT 8LI WXVSRKIWX TIVWSR - ORS[ RIIHW
E WTIGMEP OI] LSPHIV XS XYVR XLI OI] MR LIV GEVtW MKRMXMSR

*SV XLI TEWX ]IEVW Q] ]IEV SPH EYRX 7YI LEW FIIR PMZMRK [MXL
VLIYQEXSMH EVXLVMXMW E TEMRJYPP] HIFMPMXEXMRK HMWIEWI MR [LMGL XLI NSMRXW SJ XLI
FSH] FIGSQI MRXIRWIP] MRJPEQIH HYI XS XLI MQQYRI W]WXIQtW EGXMZMX] =IX
HIWTMXI XLI HEMP] XSVQIRXW SJ XLMW HMWIEWI Q] EYRX 7YI MW WXVSRKIV XLER ER]
[SQER SV QER - LEZI IZIV QIX

2SX E QSQIRX TEWWIW XLEX Q] EYRX 7YI MW RSX GSRJVSRXIH [MXL XLMW
HIQSR SJ E HMWIEWI ERH VIQMRHIH SJ LIV HMWEFMPMX] XLVSYKL XLI TMPPW WLI QYWX
XEOI ERH XLI TEMR WLI QYWX IRHYVI -X LYVXW XS WXERH MX LYVXW XS [EPO MX LYVXW
XS WMX %JXIV ER MRJMRMXI RYQFIV SJ JEMPIH QIHMGEXMSRW EYRX 7YI MW RS[ YRHIVKS
MRK LIV QSWX EKKVIWWMZI XVIEXQIRX [LMGL MRGPYHIW [IIOP] SVEP GLIQSXLIVET]
%JXIV LEPJ E HS^IR WYVKIVMIW LIV JVEMP FSH] MW MR RIIH SJ WXMPP QSVI

%RH ]IX HIWTMXI EPP SJ XLMW - GERtX VIGEPP IZIV LIEVMRK LIV GSQTPEMR
EFSYX LIV JEXI %JXIV EPP XLI MRHMKRMXMIW ERH MRGSRZIRMIRGIW LIV MPPRIWW LEW
XLVS[R EX LIV Q] EYRX 7YI WXMPP JMRHW XLI IRIVK] XS HIZSXI QYGL SJ LIV XMQI
RSX XS LIVWIPJ FYX XS XLSWI PIWW JSVXYREXI XLER LIV 8LMW TEWX 8LEROWKMZMRK JSV
I\EQTPI WLI LIPTIH SVKERM^I E HMRRIV JSV QSVI XLER TSSV ERH LSQIPIWW
TISTPI 1] EYRX 7YI [LS LEW LIV QIHMGEXMSRW TYX MR RSR GLMPHTVSSJ GSRXEMR
IVW WS WLI GER STIR XLIQ LIPTIH GSSVHMREXI E HMRRIV JSV XLSWI MR RIIH

8LI TMGXYVI - LEZI TEMRXIH SJ Q] EYRX 7YI XLYW JEV MW SJ E OMRH [SQER
E HIXIVQMRIH [SQER E [EVQLIEVXIH [SQER [LSWI S[R WYJJIVMRK WIIQW
MRGSRWIUYIRXMEP [LIR GSQTEVIH XS XLEX SJ SXLIVW 8LMW MW EPP GSQTPIXIP] XVYI
FYX XLIVI MW WSQIXLMRK IPWI EFSYX Q] EYRX 7YI XLEX QEOIW QI EHQMVI LIV WS
%GXYEPP] MXtW [LEX QEOIW QI PSZI LIV EW QYGL EW - HS

% %44)2(-< 74))',)7 *36 %2%0=7-7 %2( (-7'977-32

0YGEW 8LI %VX SJ 4YFPMG &EGO 1EXXIV %TTIRHM\ 7TIIGLIW JSV  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR %REP]WMW ERH (MWGYWWMSR 'SQTERMIW

%X JMZI JIIX X[S MRGLIW ERH TSYRHW [MXL XLI WTYRO SJ E XIIREKIV
WLI MRXVSHYGIW LIVWIPJ EW q'VE^] 7YIrhERH WSQIXMQIW -tH LEZI XS EKVII [MXL
LIV 7SQILS[ WLI MW EFPI XS ETTVSEGL XLMW HIQSRMG HMWIEWI [MXL E WIRWI SJ
LYQSV %RH RSX NYWX ER] WIRWI SJ LYQSV 1] EYRX 7YI MW SRI SJ XLI JYRRMIWX
TISTPI - ORS[

=IEVW EKS [LIR XLI HMWIEWI FIKER XS LMX LIV VIEPP] LEVH SRI SJ XLI
EXXSVRI]W EX LIV PE[ JMVQ EWOIH [L] WLI [EW PMQTMRK 7LI XSPH LMQ WLI JIPP SJJ
E XVETI^I TIVJSVQMRK LIV [IIOIRH LSFF]hERH LI FIPMIZIH LIV *SPPS[MRK ER
EROPI WTVEMR ERH JYVXLIV GSQTPMGEXMSRW LIV EROPI FIGEQI HIJSVQIH ERH XLI
EVGL SJ LIV JSSX GSQTPIXIP] GSPPETWIH ;LIVIEW QSWX TISTPI [SYPH [EPPS[ MR
XLIMV QMWIV] EYRX 7YI GEPPW MX LIV qGEVXSSR JSSX r

1] EYRX 7YI LEW QEHI E TSWMXMZI MQTVIWWMSR SR GSYRXPIWW TISTPI
XLVSYKLSYX LIV PMJI FYX - LSTI WLI ORS[W LS[ QYGL SJ ER MQTVIWWMSR WLI LEW
QEHI SR QIhERH LS[ QYGL - EHQMVI LIV

- GSQTPEMR EFSYX XVYHKMRK XLVSYKL XLI WRS[ XS GPEWW FYX -tQ [EPOMRK
TEMR JVII - GSQTPEMR EFSYX HVMZMRK Q] JVMIRHW EVSYRH XS[R FYX -tQ WXIIVMRK
XLI [LIIP TEMR JVII - GSQTPEMR EFSYX XLI JMREP I\EQW -tPP LEZI XS [VMXI FYX -
LEZI XLI QSFMPMX] MR Q] [VMWX XS [VMXI TEMR JVII - LEZI PIEVRIH JVSQ Q] EYRX
7YI XLEX - RIIH XS HS E FIXXIV NSF EFSYX FIMRK LETT] JSV XLI XLMRKW XLEX - LEZI
VEXLIV XLER [SVV]MRK EFSYX XLI RSX WS TIVJIGX XLMRKW MR Q] PMJI

%YRX 7YI QE] GEPP LIVWIPJ GVE^] FYX - GEPP LIV TLIRSQIREPhE NS] XS FI
EVSYRH ERH E VIQMRHIV XLEX LEZMRK E TL]WMGEP HMWEFMPMX] MR RS [E] HMQMRMWLIW
E TIVWSRtW WTMVMX SV MRRIV FIEYX]

1] 'VE^] %YRX 7YI %

0YGEW 8LI %VX SJ 4YFPMG &EGO 1EXXIV 2SXIW  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

2SXIW

'LETXIV ERH 7TIGYPEXMSR r MR .SLR % (EP] .EQIW ' 1G'VSWOI]
.SI %]VIW 8MQ ,STJ ERH (IFFMI 1 %]VIW IHW
%ZSMHMRK
4IVMGPIW UYSXIH MR 6MGLEVH ;LEXIP] )PIQIRXW SJ 6LIXSVMG 'SQQYRMGEXMSR 7L]RIWW 6IXMGIRGI ERH 'SQQYRMGEXMSR
XL IH 0SRHSR .SLR ; 4EVOIV
T %TTVILIRWMSR RH IH 'VIWWOMPP 2. ,EQTXSR 4VIWW

TT i
%PFIVX 6 /EVV q% 7TIGMEP 2I[W 6ITSVX %FSYX 0MJI SR XLI (MGO 'EZIXX UYSXIH MR 7XIZI %PPIR ,S[ XS 1EOI E 7TIIGL
.SF ERH 8VIRHW 8EOMRK 7LETI 8LIVI r ; EPP 7XVIIX .SYVREP 2I[ =SVO 1G+VE[ ,MPP
T
(IGIQFIV T % %RHVI[ % >IOIVM q'SPPIKI *SV QSVI HIXEMP SR XLI MHIEW MR XLMW TEVEKVETL WII
'YVVMGYPYQ 'SQTIXIRGMIW ERH 7OMPPW *SVQIV 7XYHIRXW 1MGLEIP 8 1SXPI] 3ZIVGSQMRK =SYV *IEV SJ 4YFPMG 7TIEOMRK
*SYRH )WWIRXMEP XS 8LIMV 'EVIIVW r 'SPPIKI 7XYHIRX .SYVREP % 4VSZIR 1IXLSH &SWXSR ,SYKLXSR 1MJJPMR


TT i 'LVMW 6 7E[]IV ERH 6EPTL 6 &ILROI q6IHYGXMSR MR
4YFPMG 7TIEOMRK 7XEXI %R\MIX] (YVMRK 4IVJSVQERGI EW E
7XITLERMI %VQSYV q*EMPYVI XS 'SQQYRMGEXI 'SWXP] JSV *YRGXMSR SJ 7IRWMXM^EXMSR 4VSGIWWIW r 'SQQYRMGEXMSR
'SQTERMIW r 97% 8SHE] %TVMP T & 1MHKI 5YEV XIVP]
i
'SWXER^E UYSXIH MR 7LEVSR 2IPWSR q%HHVIWW JSV 7YGGIWW r *SV QSVI HIXEMP SR XLI HMQIRWMSRW SJ GVMXMGEP XLMROMRK
2EXMSRtW &YWMRIWW *IFVYEV]
TT i WII 1 2IMP &VS[RI ERH 7XYEVX 1 /IIPI] %WOMRK XLI
6MKLX 5YIWXMSRW % +YMHI XS 'VMXMGEP 8LMROMRK XL IH
+ISVKI % /IRRIH] 'SQTEVEXMZI 6LIXSVMG %R ,MWXSVMGEP ERH 9TTIV 7EHHPI 6MZIV 2. 4IEVWSR 4VIRXMGI ,EPP

'VSWW 'YPXYVEP -RXVSHYGXMSR 2I[ =SVO 3\JSVH 9RMZIVWMX] *SV XLI XVERWJIVIRGI SJ GVMXMGEP XLMROMRK WOMPPW JVSQ TYFPMG
4VIWW
WTIEOMRK XS SXLIV EGXMZMXMIW WII 1MOI %PPIR 7ERHVE
&IVOS[MX^ 7XIZI ,YRX ERH %PPIR 0SYHIR q% 1IXE
*SV ER I\GIPPIRX WIPIGXMSR SJ [SVOW JVSQ XLI JMKYVIW HMW %REP]WMW SJ XLI -QTEGX SJ *SVIRWMGW ERH 'SQQYRMGEXMSR
GYWWIH MR XLMW ERH XLI TVIZMSYW TEVEKVETL WII 4EXVMGME )HYGEXMSR SR 'VMXMGEP 8LMROMRK r 'SQQYRMGEXMSR )HYGE
&M^^IPP ERH &VYGI ,IV^FIVK IHW
8 LI 6LIXSVMGEP 8VEHM XMSR
i
XMSR 6IEHMRKW JVSQ 'PEWWMGEP 8MQIW XS XLI 4VIWIRX RH IH *SV SXLIV QSHIPW SJ XLI WTIIGL GSQQYRMGEXMSR TVSGIWW
2I[ =SVO &IHJSVH 7X 1EVXMRtW
WII 7XITLIR ; 0MXXPINSLR ERH /EVIR % *SWW 8LISVMIW SJ
,YQER 'SQQYRMGEXMSR XL IH &IPQSRX '% 8LSQWSR
+ISJJVI] &VI[IV q7REOIW 8ST 0MWX SJ %QIVMGERWt *IEVW r ;EHW[SVXL
)Q +VMJJMR % *MVWX 0SSO EX 'SQQYRM
+EPPYT 2I[W 7IVZMGI *IFVYEV] %PI\ &P]XL q,S[ GEXMSR 8LISV] XL IH 2I[ =SVO 1G+VE[ ,MPP

XS +IX XLI 1SWX 3YX SJ 4YFPMG 7TIEOMRK 8VEMRMRK r .SLR )PWSR q8LI +VIEX 1MKVEXMSR r 8MQI *EPP

8VEMRMRK 1EKE^MRI .YRI
T T 1IPZMPPI UYSXIH MR 6SREPH 8EOEOM % (MJJIVIRX
1MVVSV % ,MWXSV] SJ 1YPXMGYPXYVEP %QIVMGE &SWXSR 0MXXPI
(ERMIP +SPIQER q7SGMEP %R\MIX] 2I[ *SGYW 0IEHW XS &VS[R
T
-RWMKLXW ERH 8LIVET] r 2 I[ =SVO 8MQIW (IGIQFIV 7II 1MGLEIP &EVSRI 8LI 2I[ %QIVMGERW ,S[ XLI 1IPXMRK
4SX 'ER ;SVO %KEMR 2I[ =SVO 6IKRIV]

& IR . ;EXXIRFIVK 8LI *MVWX 9RMZIVWEP 2EXMSR 0IEHMRK -RHM
'MGIVS (I 3VEXSVI XVERW ) ; 7YXXSR 'EQFVMHKI 1% GEXSVW ERH -HIEW %FSYX XLI 7YVKI SJ %QIVMGE MR XLI W
,EVZEVH 9RMZIVWMX] 4VIWW
T \\ZM 2I[ =SVO *VII 4VIWW
*SV E QSVI XLISVIXMGEP
TIVWTIGXMZI WII 7XITLIR & 'VSJX q6IXLMROMRK 2EXMSR
(MKF] .SRIW q4YFPMG 7TIEOMRK 8IWXW XLI 2IVZIW SJ 1SWX EPMX] MR XLI 'SRXI\X SJ +PSFEPM^EXMSR r 'SQQYRMGEXMSR
(MVIGXSVW r &MVQMRKLEQ 4SWX %YKYWX 8LISV]
i
;MPPMEQ & +YH]OYRWX ERH =SYRK =YR /MQ ' SQQYRMGEX
5YSXIH MR &IVX ) &VEHPI] * YRHEQIRXEPW SJ 7TIIGL 'SQQY MRK [MXL 7XVERKIVW %R %TTVSEGL XS -RXIVGYPXYVEP 'SQQYRM
RMGEXMSR 8LI 'VIHMFMPMX] SJ -HIEW XL IH (YFYUYI -% GEXMSR XL IH 2I[ =SVO 1G+VE[ ,MPP
T
; ' &VS[R
T *SV QSVI HIXEMP SR KIWXYVIW ERH SXLIV EWTIGXW SJ MRXIVGYP
XYVEP GSQQYRMGEXMSR WII *VIH ) .ERHX %R -RXVSHYGXMSR
)PE]RI 7]RHIV 7TIEO JSV =SYVWIPJh;MXL 'SRJMHIRGI 2I[ XS -RXIVGYPXYVEP 'SQQYRMGEXMSR -HIRXMXMIW MR E +PSFEP
=SVO 2I[ %QIVMGER 0MFVEV]
T 'SQQYRMX] XL IH 8LSYWERH 3EOW '% 7EKI

%HETXIH JVSQ 6SKIV ) %\XIPP IH
(StW ERH 8EFSSW
7LEVSR % WGLEMIO q'SRUYIV =SYV *IEV SJ 4YFPMG 7TIEO %VSYRH XLI ;SVPH VH IH 2I[ =SVO .SLR ;MPI] ERH
MRK r 8 SVSRXS 7YR 1EVGL 7SRW
T

% RYQFIV SJ WXYHMIW LEZI WLS[R XLEX XEOMRK E TYFPMG
WTIEOMRK GSYVWI MW IJJIGXMZI MR VIHYGMRK WXEKI JVMKLX
7II JSV I\EQTPI 6EPTL 6 &ILROI ERH 'LVMW 6 7E[]IV
q4YFPMG 7TIEOMRK %R\MIX] EW E *YRGXMSR SJ 7IRWMXM^EXMSR
ERH ,EFMXYEXMSR 4VSGIWWIW r 'SQQYRMGEXMSR )HYGEXMSR

i

0MPP] ;EPXIVW 7IGVIXW SJ 7YGGIWWJYP 7TIEOIVW 2I[ =SVO
1G+VE[ ,MPP
TT i

7II 7XIZIR 9RKIVPIMHIV 1 IRXEP 8VEMRMRK JSV 4IEO 4IVJSVQERGI
VIZ IH )QQEYW 4% 6SHEPI &SSOW


.SI %]VIW 8MQ ,STJ ERH (IFFMI 1 %]VIW q:MWYEPM^EXMSR
ERH 4IVJSVQERGI :MWYEPM^EXMSR %TTPMGEXMSRW )ZMHIRGI

2

0YGEW 8LI %VX SJ 4YFPMG &EGO 1EXXIV 2SXIW  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

1]VSR ; 0YWXMK ERH .SPIRI /SIWXIV -RXIVGYPXYVEP 'SQTI 7II JSV I\EQTPI 6MGO &SQQIPNI .SLR 1 ,SYWXSR ERH
XIRGI -RXIVTIVWSREP 'SQQYRMGEXMSR %GVSWW 'YPXYVIW XL 6SFIVX 7QMXLIV q4IVWSREPMX] 'LEVEGXIVMWXMGW SJ )JJIGXMZI
IH &SWXSR %PP]R ERH &EGSR
TT i 0MWXIRIVW % *MZI *EGXSV 4IVWTIGXMZI r -RXIVREXMSREP .SYV
REP SJ 0MWXIRMRK
i
*SV E GSQTVILIRWMZI VIZMI[ SJ WGLSPEVWLMT SR QYPXMGYPXYV
EPMWQ ERH GSQQYRMGEXMSR WII ;MPPMEQ & +YH]OYRWX %RHVI[ ; ;SPZMR ERH 'EVSP]R +[]RR 'SEOPI] 0 MWXIR
ERH &IPPE 1SSH] IHW
, ERHFSSO SJ -RXIVREXMSREP ERH MRK XL IH (YFYUYI -% &VS[R ERH &IRGLQEVO
-RXIVGYPXYVEP 'SQQYRMGEXMSR RH IH 8LSYWERH 3EOW
TT i
'% 7EKI

*SV QSVI SR XLMW TSMRX WII :MVKMRME 3t/IIJI (IZIPSTMRK
'LETXIV 'VMXMGEP 8LMROMRK 8LI 7TIEOMRK 0MWXIRMRK 'SRRIGXMSR
4SVXWQSYXL 2, &S]RXSR 'SSO

6MGLEVH 0 .SLERRIWIR /EXLPIIR 7 :EPHI ERH /EVIR )
;LIHFII ) XLMGW MR ,YQER 'SQQYRMGEXMSR XL IH .YHM &VS[RIPP 0MWXIRMRK %XXMXYHIW 4VMRGMTPIW ERH 7OMPPW
4VSWTIGX ,IMKLXW -0 ;EZIPERH 4VIWW
T VH IH &SWXSR 1% 4IEVWSR %PP]R ERH &EGSR

T
.SLERRIWIR :EPHI ERH ;LIHFII )XLMGW MR ,YQER 'SQ
QYRMGEXMSR T 0SYMW 2M^IV 1 ] 0MJI MR 'SYVX 2I[ =SVO (SYFPIHE]

TT i
7II JSV I\EQTPI :MRGIRX 6]ER 6YKKMIVS 8LMROMRK 'VMXM
GEPP] %FSYX )XLMGEP -WWYIW XL IH 2I[ =SVO 1G+VE[ %HETXIH JVSQ 0]QER / 7XIMP 0EVV] 0 &EVOIV ERH /MXXMI
,MPP
; ;EXWSR )JJIGXMZI 0MWXIRMRK 6IEHMRK 1% %HHMWSR
;IWPI]

,EMK % &SWQENMER 8LI 0ERKYEKI SJ 3TTVIWWMSR 0ERLEQ
1( 9RMZIVWMX] 4VIWW SJ %QIVMGE
T +ISVKI , 4YXREQ %FVELEQ 0MRGSPR 2I[ =SVO 4YXREQ

TT i
7II 7XIZIR . ,I]QER * VII 7TIIGL ERH ,YQER (MKRMX]
2I[ ,EZIR '8 =EPI 9RMZIVWMX] 4VIWW
1 7GSXX 4IGO 8LI 6SEH 0IWW 8VEZIPIH % 2I[ 4W]GLSPSK] SJ
0SZI 8VEHMXMSREP :EPYIW ERH 7TMVMXYEP +VS[XL XL ERRM
8LSQEW 0 8IHJSVH ERH (EPI % ,IVFIGO *VIIHSQ SJ 7TIIGL ZIVWEV] IH 2I[ =SVO 8SYGLWXSRI &SSOW

MR XLI 9RMXIH 7XEXIW XL IH 7XEXI 'SPPIKI 4% 7XVEXE T
4YFPMWLMRK
TT i
6SFIVX -RKVEQ q7SYRH 7SPYXMSRW JSV 6MWMRK ,IEPXLGEVI
/IRRIXL &PERGLEVH ERH 2SVQER :MRGIRX 4IEPI 8 LI 4S[IV 'SWXW r :MXEP 7TIIGLIW
i
SJ )XLMGEP 1EREKIQIRX 2I[ =SVO &EPPERXMRI &SSOW

T 7II 6EPTL + 2MGLSPW ERH 0ISREVH % 7XIZIRW %VI =SY 0MW
XIRMRK# 2I[ =SVO 1G+VE[ ,MPP
TT i
.SWITL +MFEPHM 10% ,ERHFSSO JSV ;VMXIVW SJ 6IWIEVGL 8LMW GPEWWMG [SVO WXMPP LEW QYGL SJ ZEPYI XS WE] EFSYX MXW
4ETIVW XL IH 2I[ =SVO 1SHIVR 0ERKYEKI %WWSGME WYFNIGX
XMSR SJ %QIVMGE
T
7II JSV I\EQTPI 6SFIVX 0 ;MPPMEQW ERH %PER ' )KKIVX
1IVV] *MVWGLIMR q7GLSSP 'LMIJ 'EPPW 7TIIGL s%R )VVSV MR q2SXIXEOMRK MR 'SPPIKI 'PEWWIW 7XYHIRX 4EXXIVRW ERH
.YHKQIRX t r 8 LI 6IGSVH .YRI q7YTIVMRXIRHIRXtW -RWXVYGXMSREP 7XVEXIKMIW r . SYVREP SJ +IRIVEP )HYGEXMSR
7TIIGL 7XMVW 8EPO SJ 4PEKMEVMWQ r 2 I[ =SVO 8MQIW .YRI
i
1IVV] *MVWGLIMR q8IEGLIVW ;SVVMIH %FSYX
&SWWtW 0EWX =IEV r 8LI 6IGSVH .YRI *SV SRI WXYH] XLEX GSRJMVQW XLI QYPXMTPI FIRIJMXW SJ RSXI
XEOMRK WII & 7GSXX 8MXW[SVXL ERH /IRRIXL % /MI[VE
&VYGI 4IVV] 1EPGSPQ 8LI 0MJI SJ XLI 1ER ;LS 'LERKIH q7TSOIR 3VKERM^EXMSREP 0IGXYVI 'YIW ERH 7XYHIRX
&PEGO %QIVMGE 8EVV]XS[R 2= 7XEXMSR ,MPP
2SXIXEOMRK EW *EGMPMXEXSVW SJ 7XYHIRX 0IEVRMRK r ' SR
T XIQTSVEV] )HYGEXMSREP 4W]GLSPSK]
i

8LI GVIHS MW EZEMPEFPI EX [[[ REXGSQ SVK RGE 8IQTPEXI 'LETXIV
EWT#FMH !
7IIMRK XLI WTIIGL GPEWWVSSQ EW E VIEP EYHMIRGI MW EPWS
7II [ [[ REXGSQ SVK RGE 8IQTPEXI EWT#FMH! MQTSVXERX FIGEYWI MX IRKEKIW WXYHIRXW MR E JSVQ SJ VLI
XSVMGEP EGXMZMX] XLEX MW ZMXEP XS TEVXMGMTEXSV] HIQSGVEG]
'LETXIV 7II 6SWE % )FIVP] q6LIXSVMG ERH XLI %RXM 0SKSW
(SYKLFEPP 8IEGLMRK (IPMFIVEXMRK &SHMIW XLI 4VEGXMGIW
0EVV] &EVOIV ERH /MXXMI ;EXWSR 0MWXIR 9T ;LEX =SYtZI SJ 4EVXMGMTEXSV] (IQSGVEG] r 6 LIXSVMG ERH 4YFPMG %JJEMVW
2IZIV ,IEVH %FSYX XLI 3XLIV ,EPJ SJ )ZIV] 'SRZIVWEXMSR

2I[ =SVO 7X 1EVXMRtW
T
5YSXIH MR ,EPJSVH 6 6]ER q,EVV] )QIVWSR *SWHMGO r MR
1MGLEIP 4 2MGLSPW 8LI 0SWX %VX SJ 0MWXIRMRK 2I[ =SVO &IVREVH / (YJJ] ERH ,EPJSVH 6 6]ER IHW
%QIVMGER
+YMPJSVH
3VEXSVW SJ XLI 8[IRXMIXL 'IRXYV] 2I[ =SVO +VIIR[SSH
4VIWW
T
7II 0]QER / 7XIMP ERH 6MGLEVH / &SQQIPNI 0MWXIRMRK
0IEHIVW 8LI 8IR +SPHIR 6YPIW XS 0MWXIR 0IEH ERH 7YGGIIH 7EYP %PMRWO] 6YPIW JSV 6EHMGEPW 2I[ =SVO 6ERHSQ ,SYWI
)HMRE 12 &IEZIVtW 4SRH 4VIWW

T

&IZIVP] (EZIRTSVX 7]TLIV 6SFIVX 2 &SWXVSQ ERH .S] *SV E FVSEHIV HMWGYWWMSR SJ KIRHIV MWWYIW MR GSQQYRMGE
,EVX 7IMFIVX q0MWXIRMRK 'SQQYRMGEXMSR %FMPMXMIW ERH XMSR WII .YPME 8 ;SSH +IRHIVIH 0MZIW 'SQQYRMGEXMSR
7YGGIWW EX ;SVO r .SYVREP SJ &YWMRIWW 'SQQYRMGEXMSR +IRHIV ERH 'YPXYVI XL IH &IPQSRX '% 8LSQWSR

i ;EHW[SVXL
(MERE / -Z] ERH 4LMP &EGOPYRH
)\TPSVMRK +IRHIV7TIEO 4IVWSREP )JJIGXMZIRIWW MR +IRHIV
7II XLI WXYHMIW GMXIH F] %RHVI[ ( ;SPZMR ERH 'EVSP]R 'SQQYRMGEXMSR XL IH &SWXSR 1% 4IEVWSR %PP]R
+[]RR 'SEOPI] q% 7YVZI] SJ XLI 7XEXYW SJ 0MWXIRMRK ERH &EGSR

8VEMRMRK MR 7SQI *SVXYRI 'SVTSVEXMSRW r ' SQQY
RMGEXMSR )HYGEXMSR
q*IVVEVStW *PYF r 2I[ =SVO (EMP] 2I[W 1EVGL

;SPZMR ERH 'SEOPI] q7YVZI] SJ XLI 7XEXYW SJ 0MWXIRMRK
8VEMRMRK r i

2

0YGEW 8LI %VX SJ 4YFPMG &EGO 1EXXIV 2SXIW  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

(MERE 0 )GO % 2I[ 6IPMKMSYW %QIVMGE 2I[ =SVO ,EVTIV 4VIWW
TVSZMHIW E JEWGMREXMRK PSSO EX XLI YWI
'SPPMRW
T ERH QMWYWI SJ WXEXMWXMGW *SV E QSVI XIGLRMGEP
ETTVSEGL WII 2IMP . 7EPOMRH 7XEXMWXMGW JSV 4ISTPI ;LS
6IWIEVGL WLS[W XLEX WTIEOIVW EVI YWYEPP] QSVI TIVWYEWMZI 8LMRO 8LI]
,EXI 7XEXMWXMGW VH IH 8LSYWERH 3EOW
[LIR XLI] EXXIQTX XS VIJYXI STTSWMRK EVKYQIRXW VEXLIV '% 7EKI

XLER MKRSVMRK XLIQ 7II 6MGLEVH 1 4IVPSJJ 8LI &SF 4ETTIV q% 6YR JSV XLI 1SRI] r 6 82(% 'SQQYRMGE
(]REQMGW SJ 4IVWYEWMSR 'SQQYRMGEXMSR ERH %XXMXYHIW MR XSV 1E] .YRI
TT i
XLI WX 'IRXYV] VH IH 2I[ =SVO 0E[VIRGI )VPFEYQ 1 %PPIR 6 &VYJPEX 6 *YGMPPE 1 /VEQIV 7 1G/IPPMTW
%WWSGMEXIW
TT i ( . 6]ER ERH 1 7TMIKIPLSJJ q8IWXMRK XLI 4IVWYEWMZI
RIWW SJ )ZMHIRGI 'SQFMRMRK 2EVVEXMZI ERH 7XEXMWXMGEP
'LETXIV *SVQW r 'SQQYRMGEXMSR 6IWIEVGL 6ITSVXW

i
*SV QSVI HIXEMP SR -RXIVRIX VIWIEVGL WII 1EYVE ( 7LE[ *SV VIWIEVGL GSRJMVQMRK XLI MQTSVXERGI SJ GMXMRK WSYVGIW
1EWXIVMRK 3RPMRI 6IWIEVGL % 'SQTVILIRWMZI +YMHI 'MR [LIR TVIWIRXMRK IZMHIRGI WII 6SHRI] % 6I]RSPHW ERH
GMRREXM 3, ;VMXIVtW (MKIWX &SSOW
6ERHSPTL . 0]RR 6I]RSPHW q)ZMHIRGI r MR .EQIW 4VMGI (MPPEVH
,SGO 8LI )\XVIQI 7IEVGLIVtW -RXIVRIX ,ERHFSSO % +YMHI ERH 1MGLEIP 4JEY IHW
8 LI 4IVWYEWMSR ,ERHFSSO
JSV XLI 7IVMSYW 6IWIEVGLIV RH IH 1IHJSVH 2. ']FIV (IZIPSTQIRXW MR 8LISV] ERH 4VEGXMGI 8LSYWERH 3EOW
%KI &SSOW
'% 7EKI
TT i
7II 6MGLEVH 1 4IVPSJJ 8LI (]REQMGW SJ 4IVWYEWMSR 'SQ
8LIWI GVMXIVME EVI EHETXIH JVSQ 7LIVMHER 0MFVEVMIW q)ZEPY QYRMGEXMSR ERH %XXMXYHIW MR XLI WX 'IRXYV] VH IH
EXMRK -RJSVQEXMSR *SYRH SR XLI -RXIVRIX r .SLRW ,ST 2I[ =SVO 0E[VIRGI )VPFEYQ
TT i
OMRW 9RMZIVWMX] ;IF .YP]
'LETXIV
*SV QSVI MRJSVQEXMSR SR GSRHYGXMRK VIWIEVGL MRXIVZMI[W
WII .SLR &VEH] 8LI -RXIVZMI[IVtW ,ERHFSSO % +YIVVMPPE )VRIWX ' 8LSQTWSR q%R )\TIVMQIRXEP -RZIWXMKEXMSR SJ
+YMHI 8IGLRMUYIW JSV 6ITSVXIVW ERH ;VMXIVW ;EYOIWLE XLI 6IPEXMZI )JJIGXMZIRIWW SJ 3VKERM^EXMSREP 7XVYGXYVI
;- ;VMXIV &SSOW
'LEVPIW . 7XI[EVX ERH ;MP MR 3VEP 'SQQYRMGEXMSR r 7SYXLIVR 7TIIGL .SYVREP
PMEQ & 'EWL .V - RXIVZMI[MRK 4VMRGMTPIW ERH 4VEGXMGIW
TT i
XL IH 2I[ =SVO 1G+VE[ ,MPP
TVSZMHIW
MRWMKLX SR ZEVMSYW MRXIVZMI[ X]TIW ERH WMXYEXMSRW ,EVV] 7LEVT .V ERH 8LSQEW 1G'PYRK q)JJIGXW SJ 3VKE
RM^EXMSR SR XLI 7TIEOIVtW )XLSW r 7TIIGL 1SRSKVETLW
*SV ER MRXIVIWXMRK WXYH] XLEX GSRJMVQW XLI I\XIRX XS
TT i
[LMGL XLI TVSGIWW SJ VIWIEVGLMRK ERH HIZIPSTMRK
WTIIGLIW GER EJJIGX XLI FIPMIJW ERH EXXMXYHIW SJ WXYHIRX *SV VIGIRX WXYHMIW WII & 7GSXX 8MXW[SVXL q7XYHIRXWt
WTIEOIVW WII &EVFEVE 1EI +E]PI q8VERWJSVQEXMSRW MR E 2SXIXEOMRK 8LI )JJIGXW SJ 8IEGLIV -QQIHMEG] ERH
'MZMP (MWGSYVWI 4YFPMG 7TIEOMRK 'PEWW 7TIEOIVWt ERH 'PEVMX] r 'SQQYRMGEXMSR )HYGEXMSR
TT i
0MWXIRIVWt %XXMXYHI 'LERKI r 'SQQYRMGEXMSR )HYGEXMSR .SWITL 0 'LIWIFVS q)JJIGXW SJ 8IEGLIV 'PEVMX]

i ERH 2SRZIVFEP -QQIHMEG] SR 7XYHIRX 0IEVRMRK
6IGIMZIV %TTVILIRWMSR ERH %JJIGX r 'SQQYRMGEXMSR
*SV QSVI SR XLI TVMRGMTPIW ERH TVEGXMGI SJ EGEHIQMG )HYGEXMSR
TT i
VIWIEVGL WII ;E]RI ' &SSXL +VIKSV] + 'SPSQF ERH
.SWITL 1 ;MPPMEQW 8 LI 'VEJX SJ 6IWIEVGL VH IH 'LM 'LETXIV
GEKS 9RMZIVWMX] SJ 'LMGEKS 4VIWW

.YHMXL 7 /E]I q+EXLIVMRK (VIEQW ERH +MZMRK 8LIQ
'LETXIV 0MJI r : MXEP 7TIIGLIW
TT i

7II JSV I\EQTPI 2YVMX 8EP 3V (EZMH 7 &SRMRKIV %QMV 6SFIVX 7 1YIPPIV --- q'LMPH 4SVRSKVETL] ERH XLI -RXIV
4SVER ERH *EMXL +PIMGLIV q'SYRXIVJEGXYEP 8LMROMRK EW RIX 4VSXIGXMRK XLI 1SWX :YPRIVEFPI %QSRK 9W r :MXEP
E 1IGLERMWQ MR 2EVVEXMZI 4IVWYEWMSR r ,YQER 'SQQY 7TIIGLIW
TT i
RMGEXMSR 6IWIEVGL
i
(SVSXL] 7EVRSJJ 7TIIGL 'ER 'LERKI =SYV 0MJI +EVHIR
- [SYPH PMOI XS XLERO WX 'IRXYV] ERH ' LMRE (EMP] JSV TIV 'MX] 2= (SYFPIHE]
T
QMWWMSR XS MRGPYHI XLMW I\GIVTX JVSQ 7YR =ERtW WTIIGL
MR XLI SRPMRI 1IHME 0MFVEV] JSV XLMW IHMXMSR SJ 8LI %VX 7EVRSJJ 7 TIIGL 'ER 'LERKI =SYV 0MJI T
SJ 4YFPMG 7TIEOMRK
'LETXIV
)PPMSX %VSRWSR 8LI 7SGMEP %RMQEP XL IH 2I[ =SVO
;SVXL
TT i 6 SFIVX 8 3PMZIV , MWXSV] SJ 4YFPMG 7TIEOMRK MR %QIVMGE &SW
XSR %PP]R ERH &EGSR
T
8LMW TSMRX [EW QEHI F] .EQIW % ;MRERW MR LMW GPEWWMG
7TIIGL 1EOMRK 2I[ =SVO %TTPIXSR 'IRXYV] 'VSJXW 3PMZIV , MWXSV] SJ 4YFPMG 7TIEOMRK T

T
'LETXIV
3ZIV XLI ]IEVW XLIVI LEW FIIR QYGL HIFEXI SZIV [LIXLIV
WXEXMWXMGW SV I\EQTPIW LEZI QSVI MQTEGX SR PMWXIRIVW (SVSXL] 7EVRSJJ 7TIIGL 'ER 'LERKI =SYV 0MJI 2I[ =SVO
*SV E VIGIRX WXYH] XLEX EHHVIWWIW XLMW WYFNIGX WII )RR] (SYFPIHE]
T
(EW 4IXIV /IVOLSJ ERH .S]GI /YMTIV q-QTVSZMRK XLI
)JJIGXMZIRIWW SJ *YRHVEMWMRK 1IWWEKIW 8LI -QTEGX SJ %RRQEVMI 1YRKS q% 'LMPH -W &SVR r ; MRRMRK 3VEXMSRW
'LEVMX] +SEP %XXEMRQIRX 1IWWEKI *VEQMRK ERH )ZM 1EROEXS 12 -RXIVWXEXI 3VEXSVMGEP %WWSGMEXMSR
HIRGI SR 4IVWYEWMSR r .SYVREP SJ %TTPMIH 'SQQYRMGEXMSR
TT i
6IWIEVGL
TT i
%HETXIH JVSQ 6MGLEVH 'SRRMJJ q=SY 2IZIV /RS[ ;LEX
.SIP &IWX 1 SVI (EQRIH 0MIW ERH 7XEXMWXMGW ,S[ 2YQFIVW XLI *MVI %RX -W +SMRK XS (S 2I\X r 7 QMXLWSRMER .YP]
'SRJYWI 4YFPMG -WWYIW &IVOIPI] 9RMZIVWMX] SJ 'EPMJSVRME T

2

0YGEW 8LI %VX SJ 4YFPMG &EGO 1EXXIV 2SXIW  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

)H[EVH &PMWW .V IH
- R 7IEVGL SJ 0MKLX 8LI &VSEHGEWXW SJ %TTIRHM\
)H[EVH 6 1YVVS[ i 2I[ =SVO /RSTJ

T .SI (S[RMRK ERH 'IGMPI +EVQSR q8IEGLMRK 7XYHIRXW MR
XLI &EWMG 'SYVWI ,S[ XS 9WI 4VIWIRXEXMSR 7SJX[EVI r
;MPPMEQ 7EJMVI 3 R 0ERKYEKI 2I[ =SVO 8MQIW &SSOW 'SQQYRMGEXMSR )HYGEXMSR
T 0MRHE

T \MZ 1ELMR q4S[IV4SMRX 4IHEKSK] r & YWMRIWW 'SQQYRMGEXMSR
5YEVXIVP]
TT i
6SWEPMI 1EKKMS 8 EPOMRK %FSYX 4ISTPI % +YMHI XS *EMV ERH
%GGYVEXI 0ERKYEKI 4LSIRM\ %> 3V]\ 4VIWW
T ,IVFIVX ; 0SZIPEGI q8LI 1IHMYQ -W 1SVI 8LER XLI
1IWWEKI r -RJSV QEXMSR[IIO GSQ .YP]
T
'LETXIV
7II JSV I\EQTPI (EZMH + 0IZEWWIYV ERH . /ERER 7E[
-VZMRK &EVXPIXX ; IRHIPP 4LMPPMTW &SWXSR &VELQMR &SWXSR ]IV q4IHEKSK] 1IIXW 4S[IV4SMRX % 6IWIEVGL 6IZMI[
&IEGSR 4VIWW
T SJ XLI )JJIGXW SJ 'SQTYXIV +IRIVEXIH 7PMHIW MR XLI
'PEWWVSSQ r 6 IZMI[ SJ 'SQQYRMGEXMSR

% 'VEMK &EMVH 6LIXSVMG % 4LMPSWSTLMGEP -RUYMV] 2I[ =SVO TT i
6SREPH 4VIWW
T
*SV QSVI MRJSVQEXMSR GLIGO XLI 'ST]VMKLX ERH -QEKI
(ERMIP . 3t/IIJI 4IVWYEWMSR 8LISV] ERH 6IWIEVGL RH IH 1EREKIQIRX ;IF WMXI [[[ YXW]WXIQ IHY SKG
8LSYWERH 3EOW '% 7EKI
T MRXIPPIGXYEPTVSTIVX] MQEKI LXQ IPIG
ERH XLI 'ST]VMKLX
&EWMGW TEKI [ [[ PMFVEV] [MWG IHY GST]VMKLX FEWMGW LXQP

.EQIW .S]GI q'LEQFIV 1YWMG <<<: r JVSQ 'SPPIGXIH
4SIQW IH ,EVV] 0IZMR 2I[ =SVO :MOMRK i
'LETXIV
6ITVMRXIH F] TIVQMWWMSR SJ 4IRKYMR 4YXREQ -RG
.SLR 6 .SLRWSR ERH 2ERG] 7^G^YTEOMI[MG^ q8LI 4YFPMG
(SVSXL] 7EVRSJJ 7TIIGL 'ER 'LERKI =SYV 0MJI +EVHIR 7TIEOMRK 'SYVWI -W -X 4VITEVMRK 7XYHIRXW [MXL ;SVO
'MX] 2= (SYFPIHE]
T 6IPEXIH 4YFPMG 7TIEOMRK 7OMPPW#r 'SQQYRMGEXMSR )HYGE
XMSR
TT i %RHVI[ ( ;SPZMR ERH
*SV QSVI HIXEMP WII ;EPX ;SPJVEQ ERH &IR ;EVH IHW
(MERE 'SVPI] q8LI 8IGLRMGEP 7TIIGL 'SQQYRMGEXMSR
%QIVMGER :SMGIW ,S[ (MEPIGXW (MJJIV JVSQ 'SEWX XS 'SEWX 'SYVWI % :MI[ JVSQ XLI *MIPH r %WWSGMEXMSR JSV 'SQQY
1EPHIR 1% &PEGO[IPP
RMGEXMSR %HQMRMWXVEXMSR &YPPIXMR
TT i

*SV E QSVI HIXEMPIH KYMHI SR ZSGEP GSQQYRMGEXMSR GSRWYPX 6MGLEVH ) 1E]IV 7LIVV] *IRRIPP 0MRHWE] *EVQIV ERH
0]PI : 1E]IV *YRHEQIRXEPW SJ :SMGI ERH (MGXMSR XL IH .YPMI 'EQTFIPP q% 4IVWSREPM^EXMSR )JJIGX MR 1YPXMQIHME
2I[ =SVO 1G+VE[ ,MPP
0IEVRMRK 7XYHIRXW 0IEVR &IXXIV ;LIR ;SVHW %VI MR
'SRZIVWEXMSREP 7X]PI 6EXLIV 8LER *SVQEP 7X]PI r .SYVREP
7II 1EVO 0 /RETT ERH .YHMXL % ,EPP 2SRZIVFEP 'SQQYRM SJ )HYGEXMSREP 4W]GLSPSK]
TT i
GEXMSR MR ,YQER -RXIVEGXMSR XL IH &IPQSRX '%
;EHW[ SVXL
TT i .SWITL 'SRVEH q=SYXL % 2EVVEXMZI r MR 7EQYIP ,]RIW
IH
'SPPIGXIH 7XSVMIW SJ .SWITL 'SRVEH ,STI[IPP 2.
6MGLEVH 1 4IVPSJJ 8LI (]REQMGW SJ 4IVWYEWMSR 'SQQYRM )GGS 4VIWW
T
GEXMSR ERH %XXMXYHIW MR XLI WX 'IRXYV] VH IH 2I[
=SVO 0E[VIRGI )VPFEYQ
TT i . EQIW ,YQIW 6 SPIW 7TIEOIVW 4PE] 2I[ =SVO ,EVTIV ERH
6S[
T
*SV QSVI SR QEREKMRK UYIWXMSR ERH ERW[IV WIWWMSRW
GSRWYPX 8LSQEW * 'EPGEKRM 8SYKL 5YIWXMSRWh+SSH 'LETXIV
%RW[IVW 8EOMRK 'SRXVSP SJ %R] -RXIVZMI[ 7XIVPMRK :%
'ETMXEP &SSOW
8LIVI EVI QER] GSQTIXMRK HIJMRMXMSRW SJ TIVWYEWMSR
1MRI MW HVE[R JVSQ +IVEPH 6 1MPPIV q3R &IMRK 4IV
'LETXIV WYEHIH 7SQI &EWMG (MWXMRGXMSRW r MR .EQIW 4VMGI (MP
PEVH ERH 1MGLEIP 4JEY IHW
8LI 4IVWYEWMSR ,ERHFSSO
*SV E GSQTIRHMYQ SJ VIWIEVGL SR XLMW WYFNIGX WII 6MGL (IZIPSTQIRXW MR 8LISV] ERH 4VEGXMGI 8LSYWERH 3EOW
EVH ) 1E]IV IH
'EQFVMHKI ,ERHFSSO SJ 1YPXMQIHME '% 7EKI
TT i
0IEVRMRK 2I[ =SVO 'EQFVMHKI 9RMZIVWMX] 4VIWW

%QERHE &IRRIXX q)GSRSQMGW 1IIXMRK ! % >MPPMSR
'EYWIW ERH )JJIGXW r 8LI ;EPP 7XVIIX .SYVREP .ERYEV]
(SYKPEW 6 :SKIP +EV] ; (MGOWSR ERH .SLR % 0ILQER &
4IVWYEWMSR ERH XLI 6SPI SJ :MWYEP 4VIWIRXEXMSR 7YTTSVX 8LI
91 1 7XYH] 1MRRIETSPMW 9RMZIVWMX] SJ 1MRRIWSXE 7II 6MGLEVH 0 .SLERRIWIR /EXLPIIR 7 :EPHI ERH /EVIR
7GLSSP SJ 1EREKIQIRX
) ;LIHFII )XLMGW MR ,YQER 'SQQYRMGEXMSR XL IH
4VSWTIGX ,IMKLXW -0 ;EZIPERH 4VIWW
JSV E JYPP
7II 7XITLIR *I[ 7 LS[ 1I XLI 2YQFIVW (IWMKRMRK 8EFPIW PSSO EX GSQQYRMGEXMSR IXLMGW
ERH +VETLW XS )RPMKLXIR 3EOPERH '% %REP]XMGW 4VIWW

JSV ER EYXLSVMXEXMZI PSSO EX XLI EVX SJ WXEXMWXMGEP % HETXIH JVSQ ,IVFIVX ; 7MQSRW 4IVWYEWMSR MR 7SGMIX]
KVETLMGW 8LSYWERH 3EOW '% 7EKI
T

* SV VIWIEVGL SR XLMW TSMRX WII 6MGLEVH ) 1E]IV ERH 8LMW ZMI[ SJ XLI MRXIVEGXMSR FIX[IIR WTIEOIV ERH PMWXIRIV
'LIV]P - .SLRWSR q6IZMWMRK XLI 6IHYRHERG] 4VMRGMTPI VIJPIGXW GSKRMXMZI TVSGIWWMRK QSHIPW SJ TIVWYEWMSR MR
MR 1YPXMQIHME 0IEVRMRK r .SYVREP SJ )HYGEXMSREP 4W]GLSP KIRIVEP ERH XLI )PEFSVEXMSR 0MOIPMLSSH 1SHIP MR TEV
SK ]
TT i XMGYPEV *SV E GSRGMWI I\TPEREXMSR SJ XLI PEXXIV WII )Q
+VMJJMR % *MVWX 0SSO EX 'SQQYRMGEXMSR 8LISV] XL IH
'PEYH]RI ;MPHIV 8LI 4VIWIRXEXMSRW /MX 7XITW JSV 7IPPMRK 2I[ =SVO 1G+VE[ ,MPP
TT i
=SYV -HIEW VIZ IH 2I[ =SVO ;MPI]
T
8LIVI MW E KVIEX HIEP SJ VIWIEVGL GSRJMVQMRK XLI RIIH JSV
%HETXIH JVSQ )VMG % ;EPOIV q%FSYX XLI s(IEXLt SJ ER TIVWYEWMZI WTIEOIVW XS ERW[IV TSXIRXMEP SFNIGXMSRW XS
)RKMRIIV r 'IRXVI (EMP] 8MQIW %TVMP XLIMV EVKYQIRXW 7II JSV I\EQTPI 'LEWY %R ERH

*SV EHHMXMSREP MRJSVQEXMSR SR XLI IJJIGXMZI YWI SJ ZMWYEP
EMHW WII +EVV 6I]RSPHW 4 VIWIRXEXMSR >IR 7MQTPI -HIEW SR
4VIWIRXEXMSR ERH (IPMZIV] &IVOIPI] '% 2I[ 6MHIVW
4VIWW


2

0YGEW 8LI %VX SJ 4YFPMG &EGO 1EXXIV 2SXIW  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

1MGLEIP 4JEY q8LI )JJMGEG] SJ -RSGYPEXMSR MR 8IPIZMWIH 0MSRIP 6YF] 8LI %VX SJ 1EOMRK 7IRWI 4LMPEHIPTLME 0MT
4SPMXMGEP (IFEXIW r .SYVREP SJ 'SQQYRMGEXMSR
TMRGSXX
T
i
*SV E WYTIVF PSSO EX XLI VIWIEVGL SR GSYVXVSSQ TIVWYE -R GPEWWMGEP W]WXIQW SJ PSKMG VIEWSRMRK JVSQ E KIRIVEP
WMSR WII .SLR ' 6IMREVH q4IVWYEWMSR MR XLI 0IKEP 7IX TVIQMWI XS E WTIGMJMG GSRGPYWMSR [EW ORS[R EW HIHYG
XMRK r MR (MPPEVH ERH 4JEY 4IVWYEWMSR ,ERHFSSO XMSR &YX NYWX EW GSRXIQTSVEV] PSKMGMERW LEZI VIHI
TT i JMRIH MRHYGXMSR WII RSXI
XLI] LEZI VIHIJMRIH
6MGLEVH 1 4IVPSJJ 8 LI (]REQMGW SJ 4IVWYEWMSR 'SQQYRM HIHYGXMSR EW ER] MRWXERGI SJ VIEWSRMRK MR [LMGL XLI
GEXMSR ERH %XXMXYHIW MR XLI WX 'IRXYV] VH IH 2I[ GSRGPYWMSR JSPPS[W JVSQ MXW TVIQMWIW [MXL GIVXEMRX]
=SVO 0E[VIRGI )VPFEYQ
TT i 7SQI HIHYGXMZI EVKYQIRXW QSZI JVSQ KIRIVEP TVIQ
(ERMIP . 3t/IIJI 4IVWYEWMSR 8LISV] ERH 6IWIEVGL RH IH MWIW XS E WTIGMJMG GSRGPYWMSR FYX SXLIVW QSZI JVSQ
8LSYWERH 3EOW '% 7EKI
TT i WTIGMJMG TVIQMWIW XS E KIRIVEP GSRGPYWMSR 1ER] WTIIGL
7II JSV I\EQTPI %QFIV 1EVMI 6IMRLEVX ,IEXLIV 1 1EV XI\XFSSOW GSRJYWI VIEWSRMRK JVSQ TVMRGMTPI [LMGL MW
WLEPP 8LSQEW ,YKL *IIPI] ERH *VERO 8YX^EYIV q8LI SRI JSVQ SJ HIHYGXMSR [MXL HIHYGXMZI VIEWSRMRK MR
4IVWYEWMZI )JJIGXW SJ 1IWWEKI *VEQMRK MR 3VKER (SRE KIRIVEP
XMSR 8LI 1IHMEXMRK 6SPI SJ 4W]GLSPSKMGEP 6IEGXERGI r
'SQQYRMGEXMSR 1SRSKVETLW
TT i *SV QSVI SR JEPPEGMIW ERH QIXLSHW SJ VIEWSRMRK WII
(SYKPEW ;EPXSR -RJSVQEP 0SKMG % 4VEKQEXMG %TTVSEGL
'LETXIV RH IH 'EQFVMHKI 'EQFVMHKI 9RMZIVWMX] 4VIWW


.EQIW ' 1G'VSWOI] % R -RXVSHYGXMSR XS 6LIXSVMGEP 'SQQY
RMGEXMSR XL IH &SWXSR %PP]R ERH &EGSR
, ) &YXPIV XVERW
8LI -RWXMXYXMS 3VEXSVME SJ 5YMRXMPMER
TT i 'EQFVMHKI 1% ,EVZEVH 9RMZIVWMX] 4VIWW
-:
T
)H[EVH 0 *MRO (IFSVEL % 'EM 7XER % /ETPS[MX^ 7YRKIYR
'LYRK 1EVO % :ER (]OI ERH .ISRK 2EQ /MQ q8LI +ISVKI 'EQTFIPP 8LI 4LMPSWSTL] SJ 6LIXSVMG IH 0PS]H *
7IQERXMGW SJ 7SGMEP -RJPYIRGI 8LVIEXW ZW 4IVWYEWMSR r &MX^IV 'EVFSRHEPI -0 7SYXLIVR -PPMRSMW 9RMZIVWMX]
'SQQYRMGEXMSR 1SRSKVETLW
TT i 4VIWW
T

6MGLEVH 1 4IVPSJJ 8LI (]REQMGW SJ 4IVWYEWMSR 'SQQYRM 6IWIEVGL SR JIEV ETTIEPW JSV I\EQTPI LEW HIQSRWXVEXIH
GEXMSR ERH %XXMXYHIW MR XLI WX 'IRXYV] VH IH 2I[ XLEX QIWWEKIW HIZSXIH I\GPYWMZIP] XS EVSYWMRK JIEV MR
=SVO 0E[VIRGI )VPFEYQ
TT i XLI EYHMIRGI EVI YWYEPP] PIWW IJJIGXMZI XLER QIWWEKIW
XLEX GSQFMRI JIEV ETTIEPW [MXL VIEWSREFPI I\TPEREXMSRW
7II JSV I\EQTPI 'LEWY %R ERH 1MGLEIP 4JEY q8LI )JJM SJ LS[ XS IPMQMREXI SV GSTI [MXL XLI WSYVGI SJ JIEV *SV
GEG] SJ -RSGYPEXMSR MR 8IPIZMWIH (IFEXIW r .SYVREP SJ ER I\GIPPIRX VIZMI[ SJ XLEX VIWIEVGL WII 4IVPSJJ (]REQ
'SQQYRMGEXMSR
TT i MGW SJ 4IVWYEWMSR TT i

.SLR ' 6IMREVH q8LI )QTMVMGEP 7XYH] SJ XLI 4IVWYEWMZI 'LETXIV
)JJIGXW SJ )ZMHIRGI 8LI 7XEXYW EJXIV *MJX] =IEVW SJ
6IWIEVGL r ,YQER 'SQQYRMGEXMSR 6IWIEVGL
.EQIW ' ,YQIW 6 SPIW 7TIEOIVW 4PE] 2I[ =SVO ,EVTIV
TT i ERH 6S[
T

7II JSV I\EQTPI 1MGLEIP 8 7XITLIRWSR q)\EQMRMRK *SV FSXL WTIIGLIW WII q6IQEVOW F] 4VIWMHIRX 'PMRXSR ERH
%HSPIWGIRXWt 6IWTSRWIW XS %RXMQEVMNYERE 47%W r ,YQER 4VIWMHIRX 2IPWSR 1ERHIPE EX 4VIWIRXEXMSR SJ XLI 'SR
'SQQYRMGEXMSR 6IWIEVGL
TT i KVIWWMSREP +SPH 1IHEP XS 4VIWMHIRX 2IPWSR 1ERHIPE r
7ITXIQFIV LXXT GPMRXSR REVE KSZ ;, 2I[
6SHRI] % 6I]RSPHW ERH . 0]RR 6I]RSPHW q)ZMHIRGI r MR LXQP LXQP
.ERYEV]
.EQIW 4VMGI (MPPEVH ERH 1MGLEIP 4JEY IHW
8LI 4IVWYE
WMSR ,ERHFSSO (IZIPSTQIRXW MR 8LISV] ERH 4VEGXMGI ,YQIW 6SPIW 7TIEOIVW 4PE] TT i
8LSYWERH 3EOW '% 7EKI
TT i
'LETXIV
(ERMIP . 3t/IIJI 4IVWYEWMSR 8LISV] ERH 6IWIEVGL RH IH
8LSYWERH 3EOW '% 7EKI
TT i +PSVME . +EPERIW ERH /EXLIVMRI %HEQW )JJIGXMZI +VSYT
(MWGYWWMSR 8LISV] ERH 4VEGXMGI XL IH 2I[ =SVO
%HETXIH JVSQ .EQIW ' ,YQIW % 7TIEOIVtW 8VIEWYV] SJ 1G+VE[ ,MPP
TT i
%RIGHSXIW %FSYX XLI *EQSYW 2I[ =SVO ,EVTIV ERH 6S[

T 7II 'LEVPER .IERRI 2IQIXL ERH .EGO % +SRGEPS q-RJPY
IRGI ERH 4IVWYEWMSR MR 7QEPP +VSYTW r MR 8MQSXL] '
-R GPEWWMGEP W]WXIQW SJ PSKMG VIEWSRMRK JVSQ TEVXMGYPEV &VSGO ERH 1IPERMI ' +VIIR IHW
4IVWYEWMSR 4W]GLS
JEGXW XS E KIRIVEP GSRGPYWMSR [EW ORS[R EW MRHYGXMSR PSKMGEP -RWMKLXW ERH 4IVWTIGXMZIW RH IH 8LSYWERH 3EOW
'SRXIQTSVEV] PSKMGMERW LS[IZIV LEZI VIHIJMRIH '% 7EKI
TT i JSV E LIPTJYP VIZMI[ SJ
MRHYGXMSR EW ER] MRWXERGI SJ VIEWSRMRK MR [LMGL XLI WGLSPEVWLMT SR XLMW WYFNIGX
GSRGPYWMSR JSPPS[W JVSQ MXW TVIQMWIW [MXL TVSFEFMPMX]
VIKEVHPIWW SJ [LIXLIV XLI VIEWSRMRK QSZIW JVSQ WTI (IRRMW 7 +SYVER q0IEHIVWLMT EW XLI %VX SJ 'SYRXIVEG
GMJMG MRWXERGIW XS E KIRIVEP GSRGPYWMSR SV JVSQ E KIRIVEP XMZI -RJPYIRGI MR (IGMWMSR 1EOMRK ERH 4VSFPIQ 7SPZMRK
TVIQMWI XS E WTIGMJMG GSRGPYWMSR -R XLMW WGLIQI VIE +VSYTW r MR 6ERH] = ,MVSOE[E 6SFIVX 7 'EXLGEVX
WSRMRK JVSQ WTIGMJMG MRWXERGIW MW SRI OMRH SJ MRHYGXMZI 0EVV] % 7EQSZEV ERH 0MRHE ( ,IRQER IHW
7QEPP
EVKYQIRXhEW EVI GEYWEP VIEWSRMRK ERH EREPSKMGEP VIE +VSYT 'SQQYRMGEXMSR 8LISV] ERH 4VEGXMGI XL IH 0SW
WSRMRK 7II JSV I\EQTPI ,S[EVH /ELERI ERH 2ERG] %RKIPIW 6S\FYV]
TT i
'EZIRHIV 0 SKMG ERH 'SRXIQTSVEV] 6LIXSVMG 8LI 9WI SJ
6IEWSR MR )ZIV]HE] 0MJI XL IH &IPQSRX '% 8LSQ 7II JSV I\EQTPI %RHVI[ . *PEREKMR ,II 7YR 4EVO ERH
WSR ;EHW[SVXL
(EZMH 6 7IMFSPH q+VSYT 4IVJSVQERGI ERH 'SPPEFSVE
XMZI 8IGLRSPSK] % 0SRKMXYHMREP ERH 1YPXMPIZIP %REP]
WMW SJ -RJSVQEXMSR 5YEPMX] 'SRXVMFYXMSR )UYMX] ERH

2

0YGEW 8LI %VX SJ 4YFPMG &EGO 1EXXIV 2SXIW  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

1IQFIVWt 7EXMWJEGXMSR MR 'SQTYXIV 1IHMEXIH +VSYTW r 3GGYVVMRK 'SRXI\XW 'SQTPI\ %TTVSTVMEXMSR SJ 7MQTPI
'SQQYRMGEXMSR 1SRSKVETLW
i +VSYT 4VSGIHYVI r , YQER 'SQQYRMGEXMSR 6IWIEVGL
*SV QSVI SR HIEPMRK [MXL GSRJPMGX MR WQEPP KVSYTW WII
i
7GSXX % 1]IVW ERH 'EVSP]R %RHIVWSR 8LI *YRHEQIR *SV JYVXLIV VIEHMRK SR VIWIEVGL MR WQEPP KVSYT GSQQYRM
XEPW SJ 7QEPP +VSYT 'SQQYRMGEXMSR 0SW %RKIPIW 7EKI GEXMSR WII 1EVWLEPP 7GSXX 4SSPI ERH %RHVIE & ,SP

TT i PMRKWLIEH IHW
8 LISVMIW SJ 7QEPP +VSYTW
'LEVPIW 4EZMXX ERH /IPP] / .SLRWSR q7GLIMHIP ERH -RXIVHMWGMTPMREV] 4IVWTIGXMZIW 8LSYWERH 3EOW '% 7EKI
'VS[IPP 6IZMWMXIH % (IWGVMTXMZI 7XYH] SJ +VSYT

4VSTSWEP 7IUYIRGMRK r ' SQQYRMGEXMSR 1SRSKVETLW *SV QSVI MRJSVQEXMSR SR WQEPP KVSYT SVEP TVIWIRXEXMSRW

i WII /EXLIVMRI %HEQW ERH +PSVME . +EPERIW 'SQQYRM
*SV VIWIEVGL SR XLMW WYFNIGX WII 1MGLIPI , .EGOWSR ERH GEXMRK MR +VSYTW %TTPMGEXMSRW ERH 7OMPPW XL IH 2I[
1EVWLEPP 7GSXX 4SSPI q-HIE +IRIVEXMSR MR 2EXYVEPP] =SVO 1G+VE[ ,MPP
TT i

2

0YGEW 8LI %VX SJ 4YFPMG &EGO 1EXXIV 4LSXS 'VIHMXW  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

4LSXS 'VIHMXW

'LETXIV 'LETXIV

 .SIP +SVHSR 4LSXSKVETL]  8SQ +VMPP -42 7XSGO  .SIP +SVHSR 4LSXSKVETL]  'LVMW 7XSGO
 .IJJ 1MXGLIPP 6IYXIVW 'SVFMW  %FHIPLEO 7IRRE 4LSXSKVETL] %PEQ] %4 4LSXS (SYK 1MPPW
%*4 +IXX] -QEKIW  4LSXSHMWG +IXX] -QEKIW 7XIJER
;IVQYXL 6IYXIVW 0ERHSZ 'LETXIV

'LETXIV  (EZMH =SYRK ;SPJJ 4LSXS)HMX -RG *VIH
4VSYWIV 6IYXIVW 0ERHSZ %4 4LSXS 4EYP *VER^
 .MQ =SYRK 6IYXIVW 'SVFMW  8ERRIR 1EYV] 8LI  0]RR +SPHWQMXL 'SVFMW  .EQIW 6YPMWSR
-QEKI ;SVOW  (MGO &PYQI 7]VEGYWI 2I[WTETIVW 8LI 2I[7TSVX 'SVFMW
-QEKI ;SVOW 8LI 1G+VE[ ,MPP 'SQTERMIW -RG )VMGE
7 0IIHW TLSXSKVETLIV  6SKIV 0 ;SPPIRFIVK 94- 'LETXIV
2I[WGSQ
%4 4LSXS /I]WXSRI 1EVXMEP 8VI^^MRM .SIP 4EKI %4
'LETXIV 4LSXS  4EXMXYGGM 4LSXS %YVSVE 4LSXSW *VIH
4VSYWIV 6IYXIVW 0ERHSZ  %*4 +IXX] -QEKIW
 1EWXIVJMPI  1MGLEIP 2I[QER 4LSXS)HMX -RG  8MQ ;MQFSVRI 6IYXIVW 'SVFMW
 .EGUYI &VYRH (IWMKR 'SRGITXMSRW  .IJJ
.EGSFWSR 6IHY\ 'LETXIV

%TTIRHM\  %RHVIE 1SLMR 8LI 2I[ =SVO 8MQIW 6IHY\  .MQ
>YGOIVQER 'SVFMW 1ERRMG 1IHME 1G+VE[ ,MPP -RG
1ERRMG 1IHME 1G+VE[ ,MPP -RG
%TTIRHM\
'LETXIV
 'VIEXEW 4LSXSPMFVEV] 'SYVXIW] SJ 8LI 0MFVEV]
 'LVMW ;EVI 8LI -QEKI ;SVOW  8SQ 7QEVX 8LI SJ 'SRKVIWW  (MKMXEP :MWMSR %PEQ]
2I[ =SVO 8MQIW 6IHY\  (0-00' 'SVFMW
 .SWI 0YMW 4IPEI^ -RG 'SVFMW 'LETXIV

'LETXIV  (EZMH 6 *VE^MIV 8LI -QEKI ;SVOW %4 4LSXS
,EVV] 'EFPYGO 'PEVS 'SVXIW -: 6IYXIVW 0ERHSZ
8MQ 7LEJJIV 6IYXIVW 0ERHSZ  &SF (EIQQVMGL 8LI  7Y^ERRI (I'LMPPS 8LI 2I[ =SVO 8MQIW 6IHY\
-QEKI ;SVOW  1EV[ER 2EEQERM %*4 +IXX] -QEKIW (IROSY -QEKIW HVV RIX
%4 4LSXS 8LI +VIIR[MGL 8MQI &SF 0YGOI]
 (EZMH =SYRK ;SPJJ 4LSXS)HMX -RG 'LETXIV

'LETXIV %4 4LSXS 4EYP 7EOYQE %4 4LSXS 6MGO &S[QIV
 6EMRIV .IRWIR )4% 'SVFMW  .SIP +SVHSR
+ISVKI 7LIPPI] %VX0MJI  8IXVE -QEKIW +IXX] 4LSXSKVETL]  1EVO 0I[MW 87- +IXX] -QEKIW
-QEKIW %4 4LSXS :MVKMRME 1E]S  6EGLIP  6EQMR 8EPEMI 'SVFMW
)TWXIMR 4LSXS)HMX -RG  0;% 7LEVMI /IRRIH]
;MPPMEQW 'SVFMW 'LETXIV

'LETXIV .EQMI 6IGXSV &PSSQFIVK 2I[W 0ERHSZ  6EGLIP
)TWXIMR 4LSXS)HMX -RG %4 4LSXS (IRRMW 'SSO
 0]RR +SPHWQMXL 'SVFMW %4 4LSXS &IFIXS  8MQ 4ERRIPP 'SVFMW 7XIZI 4STI &PSSQFIVK 2I[W
1EXXLI[W %4 4LSXS 'LVMWXSTLIV 4JYLP 1ERRMG 0ERHSZ  1EVMIPE 0SQFEVH >YQE 4VIWW
1IHME 1G+VE[ ,MPP -RG  6EQMR 8EPEMI 'SVFMW

'LETXIV 'LETXIV

 6YFFIV&EPP %KI *SXSWXSGO (EZMH /EVT  (EZMH =SYRK ;SPJJ %PEQ] %4 4LSXS (EMER
&PSSQFIVK 2I[W 0ERHSZ  &MPP %VSR 4LSXS)HMX -RG (SZEVKERIW  7GSXX 0SRHSR
/IZMR 0EQEVUYI 6IYXIVW 0ERHSZ
'LETXIV
'LETXIV
 QSSHFSEVH 7YTIV7XSGO  'SVFMW  6]ER
 &SF (EIQQVMGL 8LI -QEKI ;SVOW  .SIP 1G:E] +IXX] -QEKIW  'S[ 7XYHMS 1EH 4LSXS
+SVHSR 4LSXSKVETL]  (MKMXEP :MWMSR 'VIEXEW 0MFVEV]
 ,IRRMRK /EMWIV %*4 +IXX] -QEKIW  &IVREVH ;IMP
8SVSRXS 7XEV %KI *SXSWXSGO  4IXIV =EXIW 'SVFMW

'

0YGEW 8LI %VX SJ 4YFPMG &EGO 1EXXIV -RHI\  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

-RHI\

% %YHMIRGI 'SRX
'LEQFIVW .SLR
WMXYEXMSREP EREP]WMW SJ i 'LERRIP
%FWXVEGX [SVHW WXEVXPMRK XLI 'LEVEGXIV
%FWXVEGXMSRW i XEMPSVMRK ]SYV QIWWEKI XS i 'LEVXW EW ZMWYEP EMHW i
%FWXVEGXW i 'LIGOPMWXW
%FYWMZI PERKYEKI TIVWSREP HMKRMX] ERH XEVKIX i
7II EPWS 0MWXIRIV GIRXVEP MHIE
i GMXEXMSR SJ WYTTSVXMRK QEXIVMEP
%GGITXERGI WTIIGL %YHMIRGI GIRXIVIHRIWW i GSRGPYWMSR
%GXMSR MR 1SRVSItW QSXMZEXIH %YXLSVWLMT SJ -RXIVRIX HSGYQIRXW IXLMGEP TYFPMG WTIEOMRK
IZEPYEXMRK -RXIVRIX HSGYQIRXW
WIUYIRGI i i IZMHIRGI
%GXMZI PMWXIRMRK I\EQTPIW
%H LSQMRIQ JEPPEG] & MRXVSHYGXMSR
%HVIREPMRI QEMR TSMRXW
%KI SJ EYHMIRGI &EGSR *VERGMW TVITEVEXMSR SYXPMRI
%OEOE (ERMIP &EPJSYV 0SVH VIJPIGXMZI XLMROMRK QIXLSH
%PMRWO] 7EYP &ERH[EKSR JEPPEG] WTIEOMRK [MXL GSRJMHIRGI
%PPMXIVEXMSR &EV KVETL WTIGMJMG TYVTSWI
%QIVMGER 'MZMP 0MFIVXMIW 9RMSR &MFPMSKVETL] WXEXMWXMGW
%REPSKMGEP VIEWSRMRK i XIWXMQSR]
%REPSK] MRZEPMH i HIJMRIH ZMWYEP EMHW TVITEVEXMSR SJ

%RMQEXMSR MR 4S[IV4SMRX TVIPMQMREV] ZMWYEP EMHW TVIWIRXEXMSR SJ

%RXMXLIWMW MR TVITEVEXMSR SYXPMRI 'LMRS] 7ENNMH >ELMV i % i
%TTIEVERGI JSGYWMRK SR &MPP SJ 6MKLXW 'LVSRSPSKMGEP SVHIV i
%TTVIGMEXMZI PMWXIRMRK &MSKVETLMGEP EMHW 'LYVGLMPP ;MRWXSR i
%TTVSTVMEXIRIWW SJ PERKYEKI i &MVH[LMWXIPP 6E]
%VMWXSXPI &SH] PERKYEKI SJ WTIEOIV i i
%VXMGYPEXMSR i I]I GSRXEGX i i 'MGIVS
%XXIRXMSR MR 1SRVSItW QSXMZEXIH KIWXYVIW 'MXEXMSR SJ WYTTSVXMRK QEXIVMEP
QSZIQIRX i
WIUYIRGI i TIVWSREP ETTIEVERGI i
%YHMIRGI &SH] SJ WTIIGL 'PMGLÍ
MR TVITEVEXMSR SYXPMRI i 'PMRXSR &MPP
EHETXMRK XS i TVIZMI[MRK i 'PYWXIVMRK i
EKI SJ &VEMRWXSVQMRK i 'PYXXIV IPMQMREXMRK i
ERW[IVMRK UYIWXMSRW TSWIH F] i GPYWXIVMRK i 'SPSV MR ZMWYEP EMHW
ETTVSTVMEXIRIWW SJ PERKYEKI JSV HIJMRIH 'SQQIQSVEXMZI WTIIGLIW i
EVSYWMRK GYVMSWMX] SJ -RXIVRIX WIEVGL i 'SQQSR KVSYRH GVIEXMRK i
GPEWWQEXIW EW i TIVWSREP MRZIRXSV] 'SQQYRMGEXMSR
GYPXYVEP HMZIVWMX] SJ i VIJIVIRGI WIEVGL
HIQSKVETLMG EREP]WMW SJ i &VMIJ I\EQTPI RSRZIVFEP
HMWTSWMXMSR SJ XS[EVH XSTMG i &YVHIR SJ TVSSJ X[S [E] i
IWXEFPMWLMRK GSQQSR KVSYRH [MXL &YVOI /IRRIXL 'SQQYRMGEXMSR WOMPPW
MQTSVXERGI SJ
i ' 7II EPWS 7TIIGL GSQQYRMGEXMSR TVSGIWW
IWXMQEXMRK [LEX MW ORS[R F] i 'SQTEVEXMZI EHZERXEKIW SVHIV i
IXLRMG FEGOKVSYRH SJ i 'EPEFVS .SERRI i 'SQTEVMWSR
KIRHIV SJ 'EPP RYQFIV 'SQTIXIRGI i
KIXXMRK MRJSVQEXMSR EFSYX i 'EXEPSKYI PMFVEV] 'SQTVILIRWMZI PMWXIRMRK
QIRXEP HMEPSKYI [MXL 'EYWEP SVHIV i 'SRGIRXVEXMSR HYVMRK PMWXIRMRK i
TW]GLSPSK] SJ i 'EYWEP VIEWSRMRK i 'SRGITXW
UYIWXMSRMRK XLI i 'IRXVEP MHIE i HIJMRIH
VIPEXMRK XLI XSTMG XS i WTIIGLIW EFSYX i
VIPMKMSR SJ KYMHIPMRIW JSV i
WI\YEP SVMIRXEXMSR SJ i MR TVITEVEXMSR SYXPMRI

-

0YGEW 8LI %VX SJ 4YFPMG &EGO 1EXXIV -RHI\  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

'SRGPYWMSR i (IPMZIV] 'SRX
)ZIRXW
GLIGOPMWX JSV QIXLSHW SJ i HIJMRIH
MR TVITEVEXMSR SYXPMRI i TEYWIW MR WTIIGLIW EFSYX i
EW VIMRJSVGIQIRX SJ GIRXVEP MHIE TIVWSREP ETTIEVERGI ERH
i TMXGL )ZMHIRGI
WEQTPI [MXL GSQQIRXEV] TVEGXMGMRK i GLIGOPMWX JSV
EW WMKREP SJ IRH SJ WTIIGL i VEXI SJ i HIJMRIH
XMTW JSV TVITEVMRK ZSGEP ZEVMIX] i LS[ MX [SVOW i
ZSPYQI SJ PMWXIRMRK JSV i
'SRGVIXI [SVHW 7II EPWS 7TIEOIV :SMGI SJ WTIEOIV XMTW JSV YWMRK i
'SRJMHIRGI
(IPMZIV] GYIW )\EQTPIW i
HIZIPSTMRK i (IQSKVETLMG EYHMIRGI EREP]WMW FVMIJ
WTIEOMRK [MXL HIJMRIH
'SRRIGXMZIW EKI I\XIRHIH i
MRXIVREP TVIZMI[W HIJMRIH L]TSXLIXMGEP
MRXIVREP WYQQEVMIW KIRHIV XMTW JSV YWMRK i
WMKRTSWXW i KVSYT QIQFIVWLMT
XVERWMXMSRW i VEGMEP IXLRMG ERH GYPXYVEP FEGO )\TIVX XIWXMQSR]
'SRRSXEXMZI QIERMRK i )\XIQTSVERISYW WTIIGL i
'SRVEH .SWITL KVSYRH i
'SRWIRWYW i VIPMKMSR i
'SRXVEWX WI\YEP SVMIRXEXMSR i )\XIRHIH I\EQTPI i
'SRZIVWEXMSR TYFPMG WTIEOMRK ERH i (IRSXEXMZI QIERMRK )]I GSRXEGX i
'SRZIVWEXMSREP UYEPMX] SJ HIPMZIV] (IVMZIH GVIHMFMPMX]
'ST]VMKLX (IWGVMTXMSR i
'VIHMFMPMX] (IWMKREXIH PIEHIV
FYMPHMRK i (MEPIGX i *
HIJMRIH (M'ETVMS 0ISREVHS
HIVMZIH (MVIGX UYSXEXMSR *EGX UYIWXMSRW SJ i
IRLERGMRK i (MWWSPZI IRHMRK i *EMV YWI
JEGXSVW SJ (MWXVEGXMSRW VIWMWXMRK i *EPPEGMIW
MRMXMEP (VE[MRKW EW ZMWYEP EMHW
XIVQMREP (]EH EH LSQMRIQ
X]TIW SJ i FERH[EKSR
'VIHS JSV )XLMGEP 'SQQYRMGEXMSR ) HIJMRIH i
'VIWGIRHS IRHMRK IMXLIV SV i
'VMXIVME )KSGIRXVMWQ JEPWI GEYWI i
'VMXMGEP PMWXIRMRK )MXLIV SV JEPPEG] i LEWX] KIRIVEPM^EXMSR
'VMXMGEP XLMROMRK )QIVKIRX PIEHIV MRZEPMH EREPSK] i
PMWXIRMRK ERH i )QSXMSREP ETTIEPW VIH LIVVMRK
TYFPMG WTIEOMRK ERH i WPMTTIV] WPSTI i
'VSWW VIJIVIRGI IXLMGW ERH i *EPWI GEYWI i
'YPXYVEP FEGOKVSYRH SJ EYHMIRGI KIRIVEXMRK i *IHIVIV 6SKIV
)QTEXLMG PMWXIRMRK *IIHFEGO i
i )RG]GPSTIHMEW i *IVVEVS +IVEPHMRI
'YPXYVEP HMZIVWMX] i )XLMGEP HIGMWMSRW *MKYVEXMZI PERKYEKI
)XLMGEP WTIEOMRK *MVWX %QIRHQIRX
SJ EYHMIRGI i EFYWMZI PERKYEKI i *M\IH EPXIVREXMZI UYIWXMSRW i
IXLRSGIRXVMWQ i GLIGOPMWX JSV *SRXW
MRGPYWMZI PERKYEKI i 'VIHS JSV )XLMGEP 'SQQYRMGEXMSR MR 4S[IV4SMRX i
QYPXMGYPXYVEP -RXIVRIX VIWSYVGIW IXLMGEPP] WSYRH KSEPW i X]TIW SJ
TYFPMG WTIEOMRK ERH i LSRIWX] MR GSRXIRX YWI SJ i
WXIVISX]TMRK WTIIGL TVITEVEXMSR i *SWHMGO ,EVV] )QIVWSR
)XLMGW *VEQI SJ VIJIVIRGI
( HIJMRIH *VII I\TVIWWMSR VMKLX SJ i
IQSXMSREP ETTIEPW ERH i *VII WTIIGL REQI GEPPMRK ERH i
(IPMZIV] IXLMGEP PMWXIRMRK i
ERW[IVMRK EYHMIRGI UYIWXMSRW MQTSVXERGI SJ i +
i REQI GEPPMRK i
FSH] PERKYEKI i TIVWYEWMSR ERH +EXLIVMRK QEXIVMEPW 7II 6IWIEVGL
GVIHMFMPMX] ERH i TPEKMEVMWQ i +IPHSJ &SF
HMEPIGX ERH i MR TVEGXMGI +IRHIV SJ EYHMIRGI
I]I GSRXEGX ERH )XLRMG FEGOKVSYRH SJ EYHMIRGI +IRIVEP IRG]GPSTIHME
JSGYWMRK SR +IRIVEP TYVTSWI SJ WTIIGL
KIWXYVIW ERH i +IRIVEPM^EXMSRW
KSSH i )XLRSGIRXVMWQ i
)XLSW LEWX]
+IRIVMG qLI r
+IWXYVIW F] WTIEOIV
+IXX]WFYVK %HHVIWW

- -2()<

0YGEW 8LI %VX SJ 4YFPMG &EGO 1EXXIV -RHI\  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

+PSFEP TPEKMEVMWQ -RXIVRIX XLI 'SRX
0IRS .E]
+PSZIV (ERR] QYPXMGYPXYVEP VIWSYVGIW 0MFVEV] VIWIEVGL
+SEPW MR WQEPP KVSYTW TPEKMEVMWQ ERH
+SSH[MPP IWXEFPMWLMRK WIEVGLMRK i GEXEPSKYI
+VETLW EW ZMWYEP EMHW i XSTMG WIEVGLIW ERH i PMFVEVMERW
+VSYT QIQFIVWLMT SJ EYHMIRGI ZMVXYEP PMFVEVMIW RI[WTETIVW i
TIVMSHMGEP HEXEFEWIW i
, -RXIVTIVWSREP GSRJPMGX MR WQEPP KVSYTW VIJIVIRGI [SVOW i
i ZMVXYEP PMFVEVMIW
,EWX] KIRIVEPM^EXMSR 0MRGSPR %FVELEQ
,IEVMRK -RXIVZMI[W 0MRI KVETL i
EJXIV XLI MRXIVZMI[ 0MWXIRIV i i
7II EPWS 0MWXIRMRK FIJSVI XLI MRXIVZMI[ i 7II EPWS %YHMIRGI
,IRV] 4EXVMGO HYVMRK XLI MRXIVZMI[ 0MWXIRMRK i
,MHHIR EKIRHE EGXMZI
,MXPIV %HSPJ -RXVSHYGXMSR EHETXMRK XS PMWXIRIV JIIHFEGO
,S[ XS 0MI [MXL 7XEXMWXMGW ,YJJ
GLIGOPMWX JSV ETTVIGMEXMZI
,YJJ (EVVIPP IWXEFPMWLMRK GVIHMFMPMX] ERH KSSH[MPP GSQTVILIRWMZI
,YQSV i GVMXMGEP i
,]TSXLIXMGEP I\EQTPI KIXXMRK EXXIRXMSR ERH MRXIVIWX [MXL IQTEXLMG
i IXLMGEP i
- MR TVITEVEXMSR SYXPMRI i JSGYWMRK i
EW TVIZMI[ SJ FSH] SJ WTIIGL i JSGYWMRK SR HIPMZIV] ERH ETTIEVERGI
q- ,EZI E (VIEQr WTIIGL /MRK
VIJIVVIH XS MR GSRGPYWMSR i MQTVSZMRK i
% i VIZIEPMRK XLI XSTMG NYQTMRK XS GSRGPYWMSRW i
WEQTPI [MXL GSQQIRXEV] TSSV PMWXIRMRK i
-HIRXMJMGEXMSR XMTW JSV TVITEVMRK TVINYHKMRK HYVMRK
-QEKIV]
-RXVSHYGXSV] WTIIGLIW i 1
GSRGVIXI [SVHW -RZEPMH EREPSK] i
HIJMRIH 1EG%VXLYV +IR (SYKPEW i
QIXETLSV . 1EMR TSMRXW i
WMQMPI i
-QEKIW MR 4S[IV4SMRX .SRIW :ER RYQFIV SJ i
-QQIHMEXI EGXMSR WTIIGLIW XS KEMR .YHKQIRX WYWTIRHMRK WXVEXIKMG SVHIV i
.YQTMRK XS GSRGPYWMSRW i XMTW JSV TVITEVMRK i
i 1EMRXIRERGI RIIHW
-QTPMIH PIEHIV / 1EPGSPQ 8LI 0MJI SJ XLI 1ER ;LS
-QTVSQTXY WTIIGL
-RGPYWMZI PERKYEKI i /I] [SVH SYXPMRI i 'LERKIH &PEGO %QIVMGE 4IVV]
i
-RGVIQIRXEP TPEKMEVMWQ i /MRIWMGW 1ERHIPE 2IPWSR
-RHIRXEXMSR MR TVITEVEXMSR SYXPMRI /MRK 1EVXMR 0YXLIV .V % i 1ERYWGVMTX WTIIGL
1G0IRHSR 6]ER
i 0 1IER
-RJPIGXMSRW 1IHMER
-RJSVQEXMSR EW TYVTSWI 0EKEVHI 'LVMWXMRI 1IRXEP HMEPSKYI [MXL EYHMIRGI
-RJSVQEXMZI WTIIGL 0ERKYEKI 1IWWEKI
1IXETLSV
EFSYX GSRGITXW i EFYWMZI i 1SHI
EFSYX IZIRXW i EGGYVEXI YWI SJ i 1SHIPW EW ZMWYEP EMHW
EFSYX SFNIGXW i EPPMXIVEXMSR 1SRSXSRI
EFSYX TVSGIWWIW i ERXMXLIWMW 1SRVSI %PER
EFWXVEGXMSRW i ETTVSTVMEXI YWI SJ i 1SRVSItW QSXMZEXIH WIUYIRGI
GSQTEVMWSR GPYXXIV IPMQMREXMSR i
GSRXVEWX GSRGVIXI ZIVWYW EFWXVEGX i
HIJMRIH JMKYVEXMZI 1SZIQIRX SJ WTIEOIV i
HIWGVMTXMSR MRGPYWMZI i 1YPXMQIHME TVIWIRXEXMSRW
KYMHIPMRIW JSV i QIERMRK SJ [SVHW i
TIVWSREPM^MRK MHIEW i QIXETLSV 2
WEQTPI WTIIGL [MXL GSQQIRXEV] TEVEPPIPMWQ MR i
VITIXMXMSR MR 2EQI GEPPMRK i i
i VL]XLQ MR i 7II EPWS %FYWMZI PERKYEKI
X]TIW SJ i WMQMPI i
-RMXMEP GVIHMFMPMX] ZMZMH i 2EXMSREP 'SQQYRMGEXMSR %WWSGMEXMSR
-RXIVJIVIRGI 7II EPWS ;SVHW
-RXIVREP TVIZMI[ 0IEHIVWLMT
-RXIVREP WYQQEV] HIJMRIH 2IIH
-RXIVRIX XLI JYRGXMSRW SJ i MR 1SRVSItW QSXMZEXIH WIUYIRGI
EYXLSVWLMT SJ HSGYQIRXW SR i MR WQEPP KVSYTW i i
IZEPYEXMRK HSGYQIRXW i X]TIW SJ MR UYIWXMSRW SJ TSPMG]
KSZIVRQIRX VIWSYVGIW

-2()< -

0YGEW 8LI %VX SJ 4YFPMG &EGO 1EXXIV -RHI\  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

2IVZSYWRIWW i 4IVWYEWMSR 'SRX
4VITEVEXMSR SYXPMRI 'SRX

EGUYMVMRK I\TIVMIRGI i MQTSVXERGI SJ i WEQTPI [MXL GSQQIRXEV] i
MRZMWMFMPMX] SJ i TW]GLSPSK] SJ i i WTIGMJMG TYVTSWI
RIIH JSV TIVJIGXMSR ERH EW TYVTSWI WTIIGL XMXPI MR i
SZIVGSQMRK i i VIEWSRMRK ERH i W]QFSPM^EXMSR ERH MRHIRXEXMSR i
TSWMXMZI ZMWYEP JVEQI[SVO JSV i i
TSWMXMZI XLMROMRK ERH i 4IVWYEWMZI WTIIGLIW
TVITEVEXMSR ERH i SR UYIWXMSRW SJ JEGX i 4VIWIRXEXMSR i
ZMWYEPM^EXMSR ERH SR UYIWXMSRW SJ TSPMG] i 4VIWIRXEXMSR WTIIGLIW i
SR UYIWXMSRW SJ ZEPYI i 4VIZMI[ WXEXIQIRX i
2I[WTETIVW JSV VIWIEVGL i WEQTPI WTIIGL [MXL GSQQIRXEV] 4VMRGMTPI VIEWSRMRK JVSQ i
2M^IV 0SYMW i i 4VSFPIQ GEYWI WSPYXMSR SVHIV i
2SRTEVXMWER WMXYEXMSR WEQTPI [MXL GSQQIRXEV] i 4VSFPIQ WSPYXMSR SVHIV i
2SRZIVFEP GSQQYRMGEXMSR 4VSFPIQ WSPZMRK WQEPP KVSYT
2SXI XEOMRK 4LERXSQ SJ XLI 3TIVE
4LMPPMTW ;IRHIPP i
HIZIPSTMRK WOMPPW MR i 4LSXSKVETLW EW ZMWYEP EMHW 4VSGIHYVEP RIIHW
JSV MRXIVZMI[W 4L]WMGEP WIXXMRK SJ WTIIGL ERH EYHMIRGI 4VSGIWWIW
MR VIWIEVGL i
WTIIGL TVITEVEXMSR ERH HIJMRIH
4MI KVETL WTIIGLIW EFSYX i
3 4MXGL 4VSRYRGMEXMSR i
4M^ER 'LVMWXMRI HI 4YFPMG WTIEOMRK
3FEQE &EVEGO 4PEKMEVMWQ i EHETXMRK XS PMWXIRIV MQTEGX
3FNIGXW GSRZIVWEXMSR ERH i
KPSFEP GVMXMGEP XLMROMRK ERH i
HIJMRIH MRGVIQIRXEP i GYPXYVEP HMZIVWMX] ERH i
WTIIGLIW EFSYX i XLI -RXIVRIX ERH TS[IV SJ i
EW ZMWYEP EMHW i TEXGL[SVO i XVEHMXMSR SJ i
3t&VMIR 'SRER 4PER MR UYIWXMSRW SJ TSPMG] 4YVTSWI
3GGEWMSR EYHMIRGI HMWTSWMXMSR XS[EVH 4PEXS KIRIVEP
4SPMG] WTIGMJMG i
i UYIWXMSR SJ
3TIR IRHIH UYIWXMSRW i UYIWXMSRW SJ i 5
3VEP VITSVX i 4SWMXMZI RIVZSYWRIWW
3VKERM^EXMSR i i 4SWMXMZI XLMROMRK i 5YIWXMSR ERH ERW[IV WIWWMSRW i
4SWX LSG IVKS TVSTXIV LSG i 5YIWXMSRREMVI JSV EYHMIRGI EREP]WMW
GSRRIGXMZIW i 4S[IV4SMRX
QEMR TSMRXW i ERMQEXMSR MR i
WYTTSVXMRK QEXIVMEPW i GSPSV MR 5YIWXMSRW
3YXPMRI 7II 4VITEVEXMSR SYXPMRI HIPMZIVMRK E WTIIGL [MXL i
JSRXW MR i SJ JEGX i
7TIEOMRK SYXPMRI JSVQEXXMRK WPMHIW i SJ TSPMG] i
MQEKIW MR TVITEVEXMSR SJ JSV MRXIVZMI[W
4 TPERRMRK XS YWI i VLIXSVMGEP i
TPYWIW ERH QMRYWIW SJ SJ ZEPYI i
4ERIP HMWGYWWMSR WEQTPI WTIIGL [MXL GSQQIRXEV] q5YIWXMSRW SJ 'YPXYVIr 'LMRS]
%
4EVEPPIPMWQ i 5YMRXMPMER
4EVETLVEWIW i i 5YSXEXMSR FSSOW
4EVXMGMTEXMSR MR WQEPP KVSYTW WPMHI WLS[ GSQQERHW 5YSXEXMSRW
4EVXMWER WMXYEXMSR i WTEGI ERH ZMWYEP FEPERGI MR i FIKMRRMRK WTIIGLIW [MXL i
4EWWMZI EKVIIQIRX WTIIGL XS KEMR XI\X MR HMVIGX
4EXGL[SVO TPEKMEVMWQ i 7II EPWS :MWYEP EMHW HMVIGX ZIVWYW TEVETLVEWMRK
4EXLSW i 4VEGXMGEPMX] MR UYIWXMSRW SJ TSPMG] IRHMRK WTIIGLIW [MXL
4EYPWSR ,IRV] 1 .V TPEKMEVMWQ SJ i
4EYWIW MR WTIIGL i UYSXMRK SYX SJ GSRXI\X i
4IIV XIWXMQSR] i 4VINYHKMRK XLI WTIEOIV
4IVMSHMGEP HEXEFEWIW i 4VIPMQMREV] FMFPMSKVETL] 6
4IVV] &VYGI i 4VITEVEXMSR i
4IVWSREP ETTIEVERGI 4VITEVEXMSR SYXPMRI 6EGMEP FEGOKVSYRH SJ EYHMIRGI i
4IVWSREP HMKRMX] REQI GEPPMRK ERH i 6EXI SJ WTIIGL i
4IVWSREP MRZIRXSV] FMFPMSKVETL] MR 6IEKER 6SREPH i
4IVWSREPM^EXMSR i GIRXVEP MHIE 6IEWSRMRK
4IVWYEWMSR GLIGOPMWX JSV
HIJMRIH EREPSKMGEP i
FYMPHMRK GVIHMFMPMX] i JYPP WIRXIRGIW YWIH MR GEYWEP i
HIJMRIH KYMHIPMRIW JSV i HIJMRIH
HIKVII SJ PEFIPMRK MRXVSHYGXMSR FSH] JEPPEGMIW i
IQSXMSREP ETTIEPW i JVSQ TVMRGMTPI i
IXLMGW ERH GSRGPYWMSR i JVSQ WTIGMJMG MRWXERGIW i
IZMHIRGI ERH i

- -2()<

0YGEW 8LI %VX SJ 4YFPMG &EGO 1EXXIV -RHI\  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

6IGIRG] SJ -RXIVRIX HSGYQIRXW i 7PMHI WLS[ MR 4S[IV4SMRX 7YTTSVXMRK QEXIVMEPW
6IGMXEXMSR SJ WTIIGL i 7PMTTIV] WPSTI i GMXMRK i
6IH LIVVMRK 7QEPP KVSYTW HIJMRIH
6IJIVIRGI WIEVGL I\EQTPIW i
6IJIVIRGI [SVOW HIJMRIH i SVKERM^EXMSR ERH i
MRXIVTIVWSREP GSRJPMGX MR i WXEXMWXMGW i
FMSKVETLMGEP EMHW i OIITMRK HMWGYWWMSRW SR XVEGO i XIWXMQSR] i
IRG]GPSTIHMEW i PIEHIVWLMT MR i
UYSXEXMSR FSSOW TEVXMGMTEXMSR MR 7]QFSPM^EXMSR MR TVITEVEXMSR SYXPMRI
]IEVFSSOW TVIWIRXMRK VIGSQQIRHEXMSRW i i
6IJPIGXMZI XLMROMRK QIXLSH JSV TVSFPIQ WSPZMRK
EREP]^MRK XLI TVSFPIQ i VIJPIGXMZI XLMROMRK QIXLSH i 7]QTSWMYQ
GLIGOPMWX JSV VIWTSRWMFMPMXMIW MR i
HIJMRIH 7TEGI MR 4S[IV4SMRX i 8
HIJMRMRK XLI TVSFPIQ i 7TEVI qFVEMR XMQI r
IWXEFPMWLMRK GVMXIVME JSV WSPYXMSRW 7TEXMEP SVHIV i 8EVKIX EYHMIRGI i
KIRIVEXMRK TSXIRXMEP WSPYXMSRW i 7TIEOIV i 8EWO RIIHW
WIPIGXMRK XLI FIWX WSPYXMSR i EYHMIRGI HMWTSWMXMSR XS[EVH 8IVQMREP GVIHMFMPMX]
6ILIEVWEP i YWI SJ S[R FSH] EW ZMWYEP EMH 8IWXMQSR]
6IPMKMSR SJ EYHMIRGI 7II EPWS (IPMZIV]
6ITIXMXMSR 7TIEOMRK SYXPMRI i HIJMRIH
6IWIEVGL HIJMRIH I\TIVX
-RXIVRIX i KYMHIPMRIW JSV i TIIV i
MRXIVZMI[W i WEQTPI [MXL GSQQIRXEV] i UYSXMRK ZIVWYW TEVETLVEWMRK
PMFVEV] i 7TIEOMRK XIGLRMUYI PMWXIRMRK JSV XMTW JSV YWMRK i
RSXI XEOMRK i 7TIGMEP IRG]GPSTIHME 8I\X MR 4S[IV4 SMRX TVIWIRXEXMSR W
TIVWSREP ORS[PIHKI ERH I\TIVMIRGI 7TIGMEP SGGEWMSR WTIIGLIW
TVIPMQMREV] FMFPMSKVETL] EGGITXERGI WTIIGLIW
XMTW JSV i GSQQIQSVEXMZI WTIIGLIW i 8LIWEYVYW
6IWIEVGL MRXIVZMI[ MRXVSHYGXMSRW i 8LSQEW (V .MQ
6IWMHYEP QIWWEKI TVIWIRXEXMSRW i 8MXPI SJ WTIIGL i
6LIXSVMG %VMWXSXPI
7TIGMJMG TYVTSWI SJ WTIIGL i 8STMG
6LIXSVMGEP UYIWXMSRW i
6L]XLQ i i HIJMRIH i
EPPMXIVEXMSR 7TIGMJMG TYVTSWI WXEXIQIRX i WXEXMRK MQTSVXERGI SJ MR MRXVSHYGXMSR
ERXMXLIWMW 7TIIGL GSQQYRMGEXMSR TVSGIWW
HIJMRIH i
TEVEPPIPMWQ i GLERRIP 8STMG WIEVGLIW i
VITIXMXMSR I\EQTPI [MXL GSQQIRXEV] i 8STMG WIPIGXMSR i i
JIIHFEGO i
7 MRXIVJIVIRGI ETTVSTVMEXIRIWW SJ XSTMG
PMWXIRIV i EYHMIRGI HMWTSWMXMSR XS[EVH XSTMG
7EQTPI WTIIGLIW MRXVSHYGXMSRW i QIWWEKI
7ERKIV 1EVKEVIX WMXYEXMSR i
7ERW WIVMJ JSRX WTIEOIV i FVEMRWXSVQMRK i
7EXMWJEGXMSR MR 1SRVSItW QSXMZEXIH 7TIIGL HIZIPSTQIRX i -RXIVRIX WIEVGLIW i
7TIIGLIW 8STMGEP SVHIV i
WIUYIRGI i SJ EGGITXERGI 8VERWMXMSR WXEXIQIRXW
7GEPI UYIWXMSRW i GSQQIQSVEXMZI i 8VERWMXMSRW i
7IEVGL IRKMRIW i XS KEMR MQQIHMEXI EGXMSR i 8VERWTEVIRGMIW EW ZMWYEP EMHW
7IVMJ JSRX XS KEMR TEWWMZI EKVIIQIRX
7I\YEP SVMIRXEXMSR SJ EYHMIRGI i SJ MRXVSHYGXMSR i :
7MKRTSWX SJ TVIWIRXEXMSR i
7MQMPI i 7TSRWSVMRK SVKERM^EXMSR :EPYI UYIWXMSRW SJ i
7MQSR 4EYP 7TSRWSVWLMT SJ -RXIVRIX HSGYQIRXW :MHISW EW ZMWYEP EMHW
7MXYEXMSR 7X %YKYWXMRI :MVXYEP PMFVEVMIW
7MXYEXMSREP EYHMIRGI EREP]WMW 7XEKI JVMKLX :MWYEP EMHW
7XEXMWXMGW
HIJMRIH HIJMRIH i GLEVXW i
HMWTSWMXMSR XS[EVH XLI SGGEWMSR XMTW JSV YWMRK i GSPSV MR
YRHIVWXERHMRK i HVE[MRKW EW
i 7XIVISX]TMRK JSRX YWI i
HMWTSWMXMSR XS[EVH XLI WTIEOIV 7XSVMIW XIPPMRK i KVETLW i
HMWTSWMXMSR XS[EVH XLI XSTMG i 7XVEXIKMG SVKERM^EXMSR QSHIPW EW
TL]WMGEP WIXXMRK 7II EPWS 3VKERM^EXMSR SFNIGXW EW i
WM^I TLSXSKVETLW EW
7M^I SJ EYHMIRGI TVITEVEXMSR SJ i
TVIWIRXEXMSR SJ i
JSV WXEXMWXMGW
XVERWTEVIRGMIW EW
X]TIW SJ i
ZMHISW EW
7II EPWS 4S[IV4SMRX

-2()< -

0YGEW 8LI %VX SJ 4YFPMG &EGO 1EXXIV -RHI\  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

:MWYEP FEPERGI i :SMGI SJ WTIEOIV 'SRX
;SVHW
:MWYEP JVEQI[SVO VEXI i GSRGVIXI
:MWYEPM^EXMSR i ZSGEP ZEVMIX] i JEQMPMEV i
:SGEP ZEVMIX] i ZSPYQI QIERMRK SJ i
:SGEPM^IH TEYWI 7II EPWS (IPMZIV] 7II EPWS 0ERKYEKI
:SMGI SJ WTIEOIV
:SPYQI ;VMKLX .IVIQMEL
EVXMGYPEXMSR i ;]PMI - % 6
HMEPIGX i ;
QSRSXSRI =
TEYWIW ;EWHIR 6E]
TMXGL ;MIWIP )PMI i =IEVFSSOW
TVSRYRGMEXMSR i ;MRJVI] 3TVEL =YRYW 1YLEQQEH

- -2()<